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Millesima 2021 Corporate bonds

Corporate bonds
Change in NAV (18/10/2017)
112.10 EUR
Raphaël  CHEMLA–FR0013076502–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0013076502–
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
112.10 EUR
Change in NAV (18/10/2017)
3
1234567
Risk and reward profile
Recommended holding period
Change in NAV (18/10/2017)
112.10 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.
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Investment objective

The management objective is to obtain an annual performance, net of management fees, exceeding 3.95% over the recommended holding period, i.e. from the Fund's launch date to 31 December 2021.

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Commentary 29/09/2017

European High Yield continues its slow march tighter in September, after a small bout of widening in August. The macro picture has been supportive with strong economic backdrop (PMIs came in stronger than expected) and minor volatility from geopolitical risks, on top of the central-bank meetings. While the ECB kept the terms of its QE program unchanged, the Federal Reserve announced that it would start scaling back its balance sheet from October.European High Yield market delivered 0.5% total return in September. Top-performing sectors in September included Metals and Mining (1.22%) and Building Materials (0.99%), while the bottom-performing sectors were Aerospace/Defense (-0.42%) and Food and Beverage (-0.35%). Performance continues to be led by CCC bonds and longer dated maturities. XOver S27 index stands at 214bps (-20bps tightening over the month) while cash spreads tightened by 15 bps during the month to 270bps.It was a very busy month on the primary market. The month is closing at almost €8bn, the second-best month of the year. This pushed the total for the year to almost €51bn, much more than the €42.8bn we had last year at the same stage. In results, the tone is encouraging and confirming our supportive macro view. In the retail landscape, But's results (B2/B+) were in line while they were strong at Hema (B3/B-) which continued to recover and reported a 3.3% rise in sales. Hema has also confirmed that Lion Capital was considering selling its stake. CMA-CGM (B1/ B pos) posted a strong 57% increase in sales over a year and a 58% jump in core EBITDA compared to the first quarter. On the downside the Bombardier's (B2/B-) credit spread widened after the US Commerce Department imposed large duties on C series aircraft after Boeing complained of government subsidies. In M&A news, OHL (Caa1) is under pressure to reduce its heavy €2.9bn debt (compared to €1bn in market cap) and is reportedly to dispose of a 51% stake or be sold to China State Construction Engineering (CSCE), the largest construction company in China.

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Change in NAV

Chart – Base 100 (18/10/2017)
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 I-EUR Cumulative Annualised
Since 01/01/2017

4.02 %

4.02 %

1 Year

5.67 %

5.67 %

Since inception

12.10 %

6.86 %

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

Share class (I-EUR)

Benchmark

4.02 %

5.67 %

12.10 %

Annualised

Share class (I-EUR)

Benchmark

5.67 %

6.86 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class I-EURBenchmarkShare class I-EURBenchmark
1 Year*1.85 %-0.95 %
3 Year *
Max. monthly gain Since inception2.92 %
Max. monthly loss Since inception-2.97 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.85 %
Tracking Error
Max. monthly loss -2.97 %
Max. monthly gain 2.92 %
Max. drawdown -0.95 %

Fund information

Inception Date (Fund)
25/01/2016
Inception Date (Part)
29/01/2016
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0013076502
AuM (fund)
270 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,600 %
Current management fee
0.600 %

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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