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 (16/05/2018)
114.60 USD
Raphaël  CHEMLA–FR0013128527–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0013128527–
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
114.60 USD
Change in NAV (16/05/2018)
3
1234567
Risk and reward profile
Recommended holding period
Change in NAV (16/05/2018)
114.60 USD
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 3.6% over the recommended holding period, i.e. from the Fund's launch date to 31 December 2021.

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Commentary 30/04/2018

After rising political uncertainty resulted in a pushback in risk appetite in 1Q18, credit has stabilized in the past month. Returns have been positive across all sectors, with three achieving 1% or more in April (Oil & Gas, Technology and Media) and the lower rating qualities benefitting most in recent weeks, giving HY solid outperformance vs. IG. The HY Index delivered a 0.65% total return in April. Bund yields finished the month higher and represented -19bp of total return when Excess returns were 0.8%. BB performance has recovered (0.5% mom), but remains the drag within HY YTD (-0.3%) as returns have been capped by the yield increase. B was strongest in April (+0.9%) while CCC added 0.3% mom and is still ahead of most European equity indices YTD (1.8%, Euro STOXX 50 +0.5%). Top-performing sectors in April included Consumer Products (1.72%) and Pharmaceuticals (1.22%), while the bottom performing sectors were Retailers (-0.85%) and Food and Beverage (-0.21%). It was an active month on the primary market. Fives (B3/B+, engineering) raised €600m with two 7-year maturities bonds, one at 5% and the other floating. Vallourec (Ba1/BB, steel tubular solutions) raised €400m over 5.5 years with a 6.375% coupon. SoftBank (Ba1/BB+) sold a 5 and a 7-year maturity in two tranches, one raising €1.45bn at 4% and 4.5% and the other $750m. French telecoms group Iliad raised €1.1bn with 3 and 7-year maturities bonds at 0.625% and 1.875%. Samsonite (Ba2/BB+) raised €350m with an 8-year maturity debt at 3.5%. Atalian (B2/B+, facility services) sold a 7-year bond with euro and sterling-denominated tranches for a total of €610m and with yields of 5.125% and 6.625%.

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Change in NAV

Chart – Base 100 (16/05/2018)
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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 IUH-USD Cumulative Annualised
Since 01/01/2018

0.88 %

0.88 %

1 Year

3.89 %

3.89 %

Since inception

14.60 %

6.45 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (IUH-USD)

Benchmark

0.88 %

3.89 %

14.60 %

Annualised

Share class (IUH-USD)

Benchmark

3.89 %

6.45 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class IUH-USDBenchmarkShare class IUH-USDBenchmark
1 Year*1.49 %-0.93 %
3 Year *
Max. monthly gain Since inception2.23 %
Max. monthly loss Since inception-2.12 %
Share class IUH-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.49 %
Tracking Error
Max. monthly loss -2.12 %
Max. monthly gain 2.23 %
Max. drawdown -0.93 %

Fund information

Inception Date (Fund)
25/01/2016
Inception Date (Part)
11/03/2016
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 USD EQ EUR
ISIN Code
FR0013128527
AuM (fund)
196 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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