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Millesima 2021 Corporate bonds

Corporate bonds
Change in NAV (17/11/2017)
109.34 EUR
Raphaël  CHEMLA–FR0013076486–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0013076486–
Julie GUALINO-DALY
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
109.34 EUR
Change in NAV (17/11/2017)
3
1234567
Risk and reward profile
Recommended holding period
Change in NAV (17/11/2017)
109.34 EUR
Risk and reward profile
1234567
Recommended holding period
Raphaël CHEMLA  
Julie GUALINO-DALY  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The management objective is to obtain an annual performance, net of management fees, exceeding 3.8% over the recommended holding period, i.e. from the Fund's launch date to 31 December 2021.

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Commentary 31/10/2017

European credit performed strongly in October, despite investor' anticipation about ECB's policy meeting at the end of the month. Mario Draghi's announcement of a 9-month extension to QE at half the current rate has been seen as supportive for credit markets and led to an acceleration in the pace of spread compression. The tussle between Madrid and Catalonia dominated news this month but had very limited impact on credit markets. Over the month, High Yield corporate cash bonds tightened by 23bps while iTraxx XOver tightened by 27bps. On the supply side, European High Yield experienced the strongest supply month on record, with surely the deal of the year being Wind Tre's refinancing. Wind Tre, the new operator emerging from the 50-50 joint venture between Wind and Hutchison's 3 Italia, has completed the largest euro high-yield debt sale on record, issuing a secured bond in five tranches amounting to EUR 7.3 billion, with investor orders topping EUR 25 billion. Following this jumbo financing, 2017 has already become the best-ever year for high-yield bond issuance in Europe, with more than 80bn euros-equivalent of bonds so far this year, surpassing the previous highest total of 73.7 billion euros in 2014.In company news, despite the recently announced partnership with Airbus, Bombardier was downgraded by Moody's from B2 to B3 and the outlook was cut to negative, thereby sending its bond ratings into Caa1. Spanish construction company OHL (Caa1) intends to sell its entire stake in OHL Concesiones to Australian infrastructure fund IFM for €2.23bn. That will allow OHL to repay all its gross debt (€1.38bn as of June 30). Nyrstar (metals, B3/B-) saw quarterly sales rise 33% and EBITDA 35%. Maxeda (B2/B), a Dutch company specialising in DIY stores, saw second quarter sales slip due to less favourable weather and fewer Sunday openings.

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Change in NAV

Chart – Base 100 (17/11/2017)
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 D-EUR Cumulative Annualised
Since 01/01/2017

3.08 %

3.08 %

1 Year

5.04 %

5.04 %

Since inception

12.58 %

6.91 %

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

Share class (D-EUR)

Benchmark

3.08 %

5.04 %

12.58 %

Annualised

Share class (D-EUR)

Benchmark

5.04 %

6.91 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class D-EURBenchmarkShare class D-EURBenchmark
1 Year*1.56 %-0.72 %
3 Year *
Max. monthly gain Since inception2.77 %
Max. monthly loss Since inception-2.33 %
Share class D-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.56 %
Tracking Error
Max. monthly loss -2.33 %
Max. monthly gain 2.77 %
Max. drawdown -0.72 %

Fund information

Inception Date (Fund)
25/01/2016
Inception Date (Part)
09/02/2016
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0013076486
AuM (fund)
266 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,200 %
Current management fee
1.200 %
Subscription fee
4.00 % 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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