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Millesima 2021 Corporate bonds

Corporate bonds
Change in NAV (21/08/2017)
106.36 EUR
Raphaël  CHEMLA–FR0013076510–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0013076510–
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
106.36 EUR
Change in NAV (21/08/2017)
3
1234567
Risk and reward profile
Recommended holding period
Change in NAV (21/08/2017)
106.36 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 4.4% over the recommended holding period, i.e. from the Fund's launch date to 31 December 2021.

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Commentary 31/07/2017

In the wake of June and amid fears of turbulence linked to monetary policy, credit markets opened July on an uncertain note. Then, once the uptrend in European core rates was stemmed, the negative correlation between interest rates and credit spreads kicked in again and risk premiums shrunk. Credit indices tightened slightly over the month, with iTraxx Main at 52 bps (-3 bps for the month) and the iTraxx Crossover at 234 bps (-9 bps in the same period). The double-BB segment gained +0.46%, with single-Bs up +0.57% while Investment Grade rose +0.38%. Overall, technical factors remain positive for the European credit market, with the primary market performing positively in July, if flourishing somewhat less than in June. There were also several large issues worth noting this month: two major players in maritime transport, Hapag-Lloyd and CMA CGM, floated a bond to refinance existing debt. Moreover, given the rising rate environment, floating rate bonds were on the up. A number of issuers presented addressed themselves to investors with this type of structure, among them: InfoPro Digital (IT services), United Group (Slovenian telecom operator), Hema (consumer discretionaries) and Anacap (investing in semi-performing and non-performing assets). The half-year corporate reports are continuing to be published. Results already released have generally been positive and beat the consensus, though there have been some disappointments. In a sample of listed European companies, 70% of those on the Stoxx 600 have published, with 57% beating consensus expectations, and profits growth reaching +20% for the quarter. The M&A markets have also continued to pace our market. Artémis sold its stake in Fnac Darty to the German group, Ceconomy (Baa3/BBB-), Metro's former specialised distribution arm. WorldPay and Vantiv announced that they'd reached an agreement in principle on the characteristics of a potential merger. In addition, Spie has signed an agreement to acquire Ziut (market leader for public lighting installation in the Netherlands).

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Change in NAV

Chart – Base 100 (21/08/2017)
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 ID-EUR Cumulative Annualised
Since 01/01/2017

3.07 %

3.07 %

1 Year

5.51 %

5.48 %

Since inception

9.60 %

6.78 %

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

Share class (ID-EUR)

Benchmark

3.07 %

5.51 %

9.60 %

Annualised

Share class (ID-EUR)

Benchmark

5.48 %

6.78 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*2.31 %-1.37 %
3 Year *
Max. monthly gain Since inception2.18 %
Max. monthly loss Since inception-2.27 %
Share class ID-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.31 %
Tracking Error
Max. monthly loss -2.27 %
Max. monthly gain 2.18 %
Max. drawdown -1.37 %

Fund information

Inception Date (Fund)
25/01/2016
Inception Date (Part)
29/03/2016
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0013076510
AuM (fund)
272 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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