Edmond de Rothschild

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EdR FUND II - Income 2024 Income strategies

Income strategies
Change in NAV (17/01/2019)
96.71 EUR
Kris  DEBLANDER–LU1813148001–
Kris DEBLANDER
Julien deSAUSSURE–LU1813148001–
Julien deSAUSSURE
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
5 years
96.71 EUR
Change in NAV (17/01/2019)
4
1234567
Risk and reward profile
5 years
Recommended holding period
Change in NAV (17/01/2019)
96.71 EUR
Risk and reward profile
1234567
Recommended holding period
5 years
Kris DEBLANDER  
Julien deSAUSSURE  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Fund aims to provide medium- to long-term capital growth and ensure the distribution of regular income by investing in corporate bonds and European equities. It favours a “bottom-up” approach through a conviction-based management style. At least 50% of the Fund's net assets are invested in European corporate bonds without any restrictions regarding rating or size. The equities sub-fund, on the other hand, will invest between 0 and 50% of its assets.

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Commentary 31/12/2018

The months roll on, with little change! December saw some acceleration in the decline of equity indices, in all regions: The S&P 500 was down -9%, the MSCI Europe lost -5.5%, emerging markets fell modestly within this overall downtrend. With the ‘risk off' mode activated, the trend taken by oil prices (-11% per barrel on the WTI), and by gold (+5%) has confirmed investors' fears of an economic slowdown. Accordingly, major equity indices have lost over -10% since September's end, or even -18% on the Nasdaq — the exception being Brazil's index, which climbed +10% over the quarter. The risk factors identified several months ago are still there: Brexit and Italy (perhaps even France?) in Europe, the US-China trade war, and climbing US interest rates despite the scenario of a possible slowdown. Turning to Brexit, the situation is more than confused than ever. UK PM Theresa May does not have the majority needed to accept the draft agreement, but there's no majority for a no-deal Brexit either! The possibility of a second referendum, even if it remains somewhat unlikely, is being mentioned more and more often. In this climate, gross exposure (without the equity hedging) has remained at 30% of the portfolio, outperforming the European equity index thanks to overexposure on the defensive sectors, and utilities in particular. However, sector performance in December showed little discrimination: most sectors, including telecoms and pharmaceuticals, lost 5%–6%. Looking at our equity exposure management, the dip recorded at the month's start enabled us to take our profits on the options hedging dated March 2019 and put this cover forward into paper dated June 2019. On the credit side, the primary market remained closed in December. We closed our exposure to Garfunkel and Klöckner Pentaplast, reduced on Spie, while strengthening on Altice International. We also reduced the maturity on our Intrum exposure. At the month end, the financial compartment was unchanged.

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Fund information

Inception Date (Fund)
24/07/2018
Inception Date (Part)
24/07/2018
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1813148001
AuM (fund)
76 M (EUR)
Regulatory authority
CSSF
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
1,200 %
Current management fee
1.200 %
Subscription fee
2.00 % max
Redemption fee
2.50 % max

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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