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 (21/01/2019)
98.65 CHF
Benjamin  MELMAN–FR0012538064–
Benjamin MELMAN
Eliezer BENZIMRA–FR0012538064–
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
98.65 CHF
Change in NAV (21/01/2019)
2
1234567
Risk and reward profile
18 months
Recommended holding period
Change in NAV (21/01/2019)
98.65 CHF
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 31/12/2018

December turned out to be one of the worst months for US stocks since 2009, with them ending down by close to 10%. As if in sympathy, all risky assets posted negative performances, while government bonds served as a safe haven. On all core markets interest rates fell, but it was in the United States that this trend was strongest: with a -30 bps dip on all maturities, and even for a few days, an inversion in the yield curve on the 2-5 year stretch. Despite the hope generated by the launch of discussions between the United States and China at the G20 in late November, risk aversion remained high, with ongoing concerns and growing fear of a sharp slowdown in the global economy. While the Fed's Beige Book (commentary on current economic conditions) continues to portray an economy in growth, there are signs of a slowdown in some sectors and industry is still worried over tariffs on trade. At the same time, uncertainty persists over Brexit, with UK PM Theresa May having postponed the vote in Parliament to face a vote of confidence by Tory MPs. Leading PMI indicators fell in Europe over the month, particularly in France following the spate of ‘Yellow Vest' protests. In China, too, economic statistics have been mixed, affected mainly by the automotive sector. ECB members met this month to downgrade its growth scenario and inflation forecast for 2019. The ECB has not altered its decision to terminate asset repurchasing as of January 1, 2019. The Federal Reserve's meeting was awaited eagerly. Rates were raised as expected but the decision was accompanied by comments that were too firm for some, or worried others over the strength of the economy. Whatever the interpretation, it did not provide support for risky assets. Corporate bonds suffered over the period while emerging market bonds showed stronger resistance.

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Change in NAV

Chart – Base 100 (21/01/2019)
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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 ICHF H-CHF Cumulative Annualised

-1.45 %

-0.80 %

Since inception

-1.35 %

-1.77 %

-0.61 %

-0.80 %

Since 01/01/2019 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (ICHF H-CHF)

Benchmark

-1.35 %

-1.77 %

Annualised

Share class (ICHF H-CHF)

Benchmark

-1.45 %

-0.80 %

-0.61 %

-0.80 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class ICHF H-CHFBenchmarkShare class ICHF H-CHFBenchmarkShare class ICHF H-CHFBenchmarkShare class ICHF H-CHFBenchmarkShare class ICHF H-CHFBenchmark
1 Year*0.64 %0.01 %0.64 %0.10 %-1.45 %4.13 %
3 Year *
Max. drawdownAlphaBeta
Share class ICHF H-CHFBenchmarkShare class ICHF H-CHFBenchmarkShare class ICHF H-CHFBenchmark
1 Year*-1.90 %0.07 %6.75 %
3 Year *
Max. monthly gain Since inception0.24 %
Max. monthly loss Since inception-0.53 %
Share class ICHF H-CHF
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.64 % 0.01 %
Tracking Error 0.64 %
Sharpe ratio 4.13 %
Alpha 0.07 %
Correlation coefficient 0.10 %
Information ratio -1.45 %
Max. monthly loss -0.53 %
Max. monthly gain 0.24 %
Max. drawdown -1.90 %
Beta 6.75 %

Fund information

Inception Date (Fund)
14/05/2007
Inception Date (Part)
04/11/2016
Legal form
Mutual Fund
Benchmark
LIBOR CHF 1M Capitalise
Currency (fund)
EUR
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 CHF
ISIN Code
FR0012538064
AuM (fund)
627 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,350 %
Current management fee
0.350 %
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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