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 (17/08/2018)
1,004.55 EUR
Raphaël  CHEMLA–FR0013344546–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0013344546–
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
1,004.55 EUR
Change in NAV (17/08/2018)
2
1234567
Risk and reward profile
Recommended holding period
Change in NAV (17/08/2018)
1,004.55 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

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 31/07/2018

Credit markets, and risk assets in general, rebounded strongly in July. On the whole, recent tightening appears to have been driven by (1) improving technicals, (2) better macroeconomic backdrop and (3) easing trade tensions. July was a quiet month for primary markets for both Euro and US Investment Grade and this has eased the supply-demand imbalance that plagued IG credit markets in H1. Moreover, we saw among european credit markets a reversal of the short positioning and particularly for iTraxx indices. European economic data has generally been better, with PMIs and early indicators pointing out that Q1 soft patch is behind us. Precisely, numbers came in strong and above expectations in both Europe and the US (Markit Manufacturing PMI at 55.1 and 55.5 respectively). (3) The outcome of the meeting between President Trump and EC President Juncker has been reassuring. Over the month, iTraxx indices have materially tightened with Main and Xover -13bps and -40bps respectively. Subordinated Financials (and above all Insurance subordinated) and High Yield segments have outperformed the broader european credit market. Spread-wise, Insurance Tier 2 are -51bps tighter, while €High Yield and Banks Tier 2 are -24bps and -25bps tighter respectively. In the meantime, €IG is lagging the credit rally, with €IG average spread -7bps tighter. Volatility has been subdued overall, continued weakness in some markets is a concern: BTP spreads have been quietly widening ahead of the budget in September and pockets of EM FX remain under pressure. Central banks (away from the ECB) continue to normalise policy, albeit each at their own pace. This week the Fed declined to hike but set a clear path to further hikes in September and December. In that context, euro rates are marginally higher with €5yr and €10yr up 0.15% and 0.13% respectively. Primary supply in Euro High yield was active with over 5.5bn euros worth of new issues in 15 transactions. Of the most notable, Nexans issued a EUR325 million 3.75% 5 years bond, Altice refinanced existing bonds with a new EUR1 billion 5.875% 2027 bond and Techem issued a EUR465 million 6% 2026 bond.

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Fund information

Inception Date (Fund)
01/06/2012
Inception Date (Part)
25/07/2018
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0013344546
AuM (fund)
36 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,700 %
Current management fee
0.700 %
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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