Edmond de Rothschild

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EdR Start Defensive strategies

Defensive strategies
Change in NAV (09/11/2018)
1,077.19 EUR
Benjamin  MELMAN–FR0010773614–
Benjamin MELMAN
Eliezer BENZIMRA–FR0010773614–
Eliezer BENZIMRA
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
Recommended holding period
18 months
1,077.19 EUR
Change in NAV (09/11/2018)
2
1234567
Risk and reward profile
18 months
Recommended holding period
Change in NAV (09/11/2018)
1,077.19 EUR
Risk and reward profile
1234567
Recommended holding period
18 months
Benjamin MELMAN  
Eliezer BENZIMRA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' management strategy is discretionary and opportunistic. The UCITS takes positions on the bond and equity markets and on currencies. The UCITS' objective is to seek absolute performance, decorrelated over the recommended investment period, on the main international equity and bond markets. In the context of its management, the UCITS' target volatility may be up to a maximum of 3%.

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Commentary 31/10/2018

October saw a strong hike in risk aversion. This resulted in a sharp decline on the equity markets (-5.9% on Eurostoxx), widening credit spreads on all bond segments (+68 bps on European high yields, +23 bp on Emerging debt) and an easing on German bonds (-9 bps on the 10-year bund) as core-country bonds have served as a safe haven. US yields, meanwhile, have risen. They have accordingly not benefited from the flight-to-quality phenomenon, but one might well argue that it is in fact their ascent that has triggered the fall on all risky assets. The US economy is still very robust: with its job market very strong, confidence indices stabilising at high levels, and GDP up 3.5% year-on-year in Q3. Given this climate, US yields are following a steep upward curve. What scares investors is that this rise has been powered solely through a hike in real interest rates. In Europe, attention has continued to focus on Italy. Tensions between its Government and the European Commission are high on the subject of next year's budget draft. Spreads on Italian government debt widened by 37 bps over the month, with some contagion spreading to peripheral sovereign markets. Note that ratings agencies have downgraded their outlook (S&P) or rating (Moody's) on Italy, though the country's high yields are for the moment not being censored.

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Change in NAV

Chart – Base 100 (09/11/2018)
Avertissement
You are about to download the historical data for a portfolio. Please note that past performance is not an indication of future performance and it may vary over time. They may be affected, for example, by changes in exchange rates

Performance S-EUR Cumulative Annualised

-0.93 %

-0.36 %

0.62 %

-0.34 %

1.00 %

-0.20 %

Since inception

7.72 %

0.78 %

0.81 %

0.08 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (S-EUR)

Benchmark

7.72 %

0.78 %

Annualised

Share class (S-EUR)

Benchmark

-0.93 %

-0.36 %

0.62 %

-0.34 %

1.00 %

-0.20 %

0.81 %

0.08 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientMax. drawdownAlphaBeta
Share class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmark
1 Year*0.60 %0.07 %-1.22 %
3 Year *0.92 %0.02 %0.07 %-2.13 %0.17 %4.17 %
Max. monthly gain Since inception0.77 %
Max. monthly loss Since inception-0.52 %
Share class S-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.60 % 0.92 % 0.02 %
Tracking Error
Alpha 0.17 %
Correlation coefficient 0.07 % 0.07 %
Max. monthly loss -0.52 %
Max. monthly gain 0.77 %
Max. drawdown -1.22 % -2.13 %
Beta 4.17 %

Fund information

Inception Date (Fund)
14/05/2007
Inception Date (Part)
11/08/2009
Legal form
Mutual Fund
Benchmark
EONIA Capitalise (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
FR0010773614
AuM (fund)
636 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,250 %
Current management fee
0.250 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Performance fee
15,000 %

Fund documentation

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(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.

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