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 2024 Corporate bonds

Corporate bonds
Change in NAV (21/02/2018)
117.21 EUR
Raphaël  CHEMLA–FR0011255181–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0011255181–
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
117.21 EUR
Change in NAV (21/02/2018)
2
1234567
Risk and reward profile
Recommended holding period
Change in NAV (21/02/2018)
117.21 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

MILLESIMA 2024 aims, over its recommended investment period, to achieve performance linked to trends on the international fixed-income markets, particularly through exposure to high-yield securities maturing in December 2024 at the latest.

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Commentary 31/01/2018

The first month of 2018 started with a positive tone on equity markets and to a smaller extent to credit markets. At the end of the month, the Main index was back around 43bp while the X-Over dipped below 240bp again. However, the strong spread performance has not been enough to offset the sell-off in sovereign bonds; as such, total returns are digging into negative territory with IG down at -0.30% while HY Corporates Index (non-financials) is doing better with +0.30% YTD thanks to its higher carry and shorter maturity. The 5Y Bund yield has risen by almost 30bp since the start of the year and the 10y Bund yield has risen by around 25bp, and credit spreads have actually tightened by 13bp. Credit remains immune to the plotting of the sovereign bond universe. Corporate investment grade spreads are now at 3 year lows. Two factors were very important to the continued spread compression. Corporate IG issuance supply in January was lighter than expected, and ECB corporate buying continued at the same pace as last year, despite the reduction of the QE program.The Euro HY index, BB-B Non-Financials, returned 0.31% while Subordinated Financials strongly outperformed. Within the Euro HY universe, Construction & Materials (+1%) outperformed for a second consecutive month and even outpaced Financials. Consumer Services (+0.8%) and Oil & Gas (+0.7%) followed suit amid oil prices hitting their highest level (USD 70/bbl) in over three years. Telecoms (-0.3%), Technology (-0.1%) and Health Care (+0.1%) trailed in January. CCC names delivered the best performance this month, with 3.1% total return, when BB generated 0.36% and B 0.70%.

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Change in NAV

Chart – Base 100 (21/02/2018)
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 E-EUR Cumulative Annualised
Since 01/01/2018

-0.48 %

-0.48 %

1 Year

-1.00 %

-1.00 %

3 Year

0.77 %

0.25 %

5 year

10.47 %

2.01 %

Since inception

17.21 %

2.81 %

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

Share class (E-EUR)

Benchmark

-0.48 %

-1.00 %

0.77 %

10.47 %

17.21 %

Annualised

Share class (E-EUR)

Benchmark

-1.00 %

0.25 %

2.01 %

2.81 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class E-EURBenchmarkShare class E-EURBenchmark
1 Year*0.67 %-0.83 %
3 Year *2.11 %-3.33 %
Max. monthly gain Since inception1.67 %
Max. monthly loss Since inception-2.19 %
Share class E-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.67 % 2.11 %
Tracking Error
Max. monthly loss -2.19 %
Max. monthly gain 1.67 %
Max. drawdown -0.83 % -3.33 %

Fund information

Inception Date (Fund)
01/06/2012
Inception Date (Part)
04/06/2012
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011255181
AuM (fund)
22 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,950 %
Current management fee
0.950 %
Subscription and redemption conditions
Daily before 11.00 am C.E.T. on day's net asset value
Subscription fee
4.00 % max
Redemption fee
1.00 % 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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