Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Start Defensive strategies

Defensive strategies
Change in NAV (08/12/2017)
1,089.44 USD
Benjamin  MELMAN–FR0011050418–
Benjamin MELMAN
Eliezer BENZIMRA–FR0011050418–
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
1,089.44 USD
Change in NAV (08/12/2017)
2
1234567
Risk and reward profile
18 months
Recommended holding period
Change in NAV (08/12/2017)
1,089.44 USD
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 30/11/2017

Despite near-neutral performances across all bond markets, November witnessed an episode of volatility and pressure on credit spreads in both the developed and emerging regions. Early in the month Venezuela expressed a determination to restructure its external debt, while its Treasury continued to meet its various deadlines in terms of coupons and principal repayments. Since this news had been expected for weeks, and even months, it had no significant impact on the markets. However, after over 18 months' positive performance by the credit markets in Europe and the United States, there was a wave of profit-taking. This was accompanied by volatility on certain big issuers, such as Altice, which is currently experiencing various challenges. This led to a number of downturns of more than 1% over the month, in particular on the credit markets. In terms of yield curves, these movements were fairly limited in absolute terms since the 10Y US T-Note closed up by +2 bps and the German 10Y bund remained unchanged. However, one must pay attention to the level of intra-curve shifts since the US yield curve, for example, has flattened by more than 15 bps on maturities from 5Y to 30Y in a climate of gradually rising interest rates — with no apparent sign of an increase in inflation. Similarly, the European yield curve has flattened by nearly 10 bps on the same maturities, because the ECB's official discourse has weakened conviction that rates will remain low well after its QE ends.

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Change in NAV

Chart – Base 100 (08/12/2017)
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 U-USD Cumulative Annualised
Since 01/01/2017

2.56 %

0.92 %

2.56 %

0.92 %

1 Year

2.96 %

0.96 %

2.96 %

0.96 %

3 Year

6.07 %

1.46 %

1.98 %

0.48 %

5 year

10.42 %

1.64 %

2.00 %

0.33 %

Since inception

8.94 %

2.43 %

1.32 %

0.37 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (U-USD)

Benchmark

2.56 %

0.92 %

2.96 %

0.96 %

6.07 %

1.46 %

10.42 %

1.64 %

8.94 %

2.43 %

Annualised

Share class (U-USD)

Benchmark

2.96 %

0.96 %

1.98 %

0.48 %

2.00 %

0.33 %

1.32 %

0.37 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientMax. drawdownAlpha
Share class U-USDBenchmarkShare class U-USDBenchmarkShare class U-USDBenchmarkShare class U-USDBenchmarkShare class U-USDBenchmark
1 Year*0.43 %0.03 %0.43 %-0.20 %-0.16 %
3 Year *1.07 %0.11 %0.14 %-1.98 %0.11 %
Beta
Share class U-USDBenchmark
1 Year*
3 Year *1.40 %
Max. monthly gain Since inception1.19 %
Max. monthly loss Since inception-0.49 %
Share class U-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.43 % 1.07 % 0.03 % 0.11 %
Tracking Error 0.43 %
Alpha 0.11 %
Correlation coefficient -0.20 % 0.14 %
Max. monthly loss -0.49 %
Max. monthly gain 1.19 %
Max. drawdown -0.16 % -1.98 %
Beta 1.40 %

Fund information

Inception Date (Fund)
14/05/2007
Inception Date (Part)
01/06/2011
Legal form
Mutual Fund
Benchmark
Federal Funds Effective Rate capitalise
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 USD
ISIN Code
FR0011050418
AuM (fund)
821 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
0,300 %
Current management fee
0.300 %
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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