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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Millesima 2021 Corporate bonds

Corporate bonds
Change in NAV (20/09/2018)
105.94 EUR
Raphaël  CHEMLA–FR0013076486–
Raphaël CHEMLA
Léo ABELLARD–FR0013076486–
Léo ABELLARD
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
105.94 EUR
Change in NAV (20/09/2018)
3
1234567
Risk and reward profile
Recommended holding period
Change in NAV (20/09/2018)
105.94 EUR
Risk and reward profile
1234567
Recommended holding period
Raphaël CHEMLA  
Léo ABELLARD  
The identity of the managers presented in this document may change during the life of the product.
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Investment objective

The management objective is to obtain an annual performance, net of management fees, exceeding 4.4% over the recommended holding period, i.e. from the Fund's launch date to 31 December 2021.

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Commentary 31/08/2018

In August the credit market was mainly driven by political headlines with trade discussion between the US and China and Europe. A dispute between the US and Turkey put the Turkish Lira under extreme pressure. At the end of the month, ongoing concern regarding the Italian budget and eventual delays in the Brexit negotiation weighted on the market. The HY market had a flat performance over the month as the negative performance of credit (spreads widened by 13bps) was compensated by the performance of underlying government rates. The negative excess return of HY credit was manly driven by BB's which returned -0.2% while lowest ratings registered decent gain in August (+1.75% for CCC and +0.6% for B). the Xover spread widened by 18 basis point to end the month at 300 bps. There was a great disparity within sectors as Construction & Materials and Consumer Goods lost respectively 2% and -0.9% while Basic Materials, technology and Industrial gained 0.8%. High yield companies' financial results for Q2 2018 were globally good with no specific deception. Nyrstar (Mining & Metals) announced an increase of respectively 7% and 8 % of its revenue and EBITDA. Altice posted a 4.8% decrease of its revenue but it was expected by the market. Loxan published a 4.8% increase in its annual revenues thanks to the improvement in the building sector. We have seen few inflows in European High Yield funds after months of outflows. There was no primary market in August

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Change in NAV

Chart – Base 100 (20/09/2018)
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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 D-EUR Cumulative Annualised

0.88 %

Since inception

13.49 %

4.96 %

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

Share class (D-EUR)

Benchmark

13.49 %

Annualised

Share class (D-EUR)

Benchmark

0.88 %

4.96 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class D-EURBenchmarkShare class D-EURBenchmark
1 Year*1.51 %-1.60 %
3 Year *
Max. monthly gain Since inception4.58 %
Max. monthly loss Since inception-2.35 %
Share class D-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.51 %
Tracking Error
Max. monthly loss -2.35 %
Max. monthly gain 4.58 %
Max. drawdown -1.60 %

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)
185 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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