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 (15/05/2019)
1,014.11 EUR
Raphaël  CHEMLA–FR0013344546–
Raphaël CHEMLA
Alexis FORET–FR0013344546–
Alexis FORET
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1,014.11 EUR
Change in NAV (15/05/2019)
Risk and reward profile
Recommended holding period
Change in NAV (15/05/2019)
1,014.11 EUR
Risk and reward profile
Recommended holding period
Raphaël CHEMLA  
Alexis FORET  
The identity of the managers presented in this document may change during the life of the product.

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 31/10/2018

Investors' concerns regarding economic growth increased in October on fears that global growth may slow due to trade tension and impacts of emerging markets. The IMF lowered its economic forecast and warned that growth in some of the biggest economies may have already peaked. The Italian risk continued to weight on the market with a one notch downgrade by Moody's for the sovereign rating which remains investment grade. In this context, European High Yield spreads widened by 52 basis points versus government bonds and thus posted a -0.97% loss over the month. Naturally, in this risk aversion move, lower rated bonds sharply underperformed BB's. All sectors had a negative performance excepted Media which posted a 0.3% of total return.On the primary market Warner Music Group (B1/B3) issued €250 million of a 8 years maturity bond with a 3.625% coupon, El Corte Inglès (Ba1/BB) issued a 6 years bonds with a coupon of 3% for an amount of €600 million, Playtech (B2) issued € 530 million of a 5 years bond with a 3% coupon, Rossini (B2/B) issued €1.3 billion through one 6.75% coupon tranche and one variable coupon tranche. Netflix (BB-) issued €1.1 billion and $800 million with respective coupons of 4.625% and 6.375% over a maturity of 11 years.

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Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
Mutual Fund
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
280 M (EUR)
Regulatory authority
Management company
Edmond de Rothschild Asset Management (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.