French Mutual Fund EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT

Transcription

1 French Mutual Fund EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT HALF-YEARLY STATEMENT as at 30 June 2017 Management Company: Edmond De Rothschild Asset Management (France) Custodian: Edmond de Rothschild (France) Statutory auditor: Cabinet Didier Kling & Associés Edmond de Rothschild Asset Management (France) 47 rue du Faubourg Saint-Honoré Paris Cedex 08, France

2 STATEMENT OF ASSETS IN EUR Statement of assets details Amount at time of interim report* a) Eligible financial securities mentioned in paragraph 1, section I of Article L ,545, b) Bank assets 1,770, c) Other assets held by the UCI 3,669, d) Total assets held by the UCI (lines a+b+c) 83,985, e) Liabilities -700, f) Net asset value (lines d+e = net assets of the UCI) 83,284, * The amounts are signed off NUMBER OF UNITS OUTSTANDING AND NET ASSET VALUE PER UNIT Unit Type of unit Net assets per unit EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT C Number of units outstanding Net asset value C 67,303, , EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT I EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT D EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT S EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT E C 10,930, , D 4,719, , C 13, , C 317, ,

3 SECURITIES PORTFOLIO ITEMS Securities portfolio items Percentage Net assets * Total assets ** a) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L of the French Monetary and Financial Code. b) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. c) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of association of the undertaking for collective investment in transferable securities d) Recently issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code. e) Other assets: These are assets referred to in section II of Article R of the French Monetary and Financial Code. * Please refer to f) of the statement of assets ** Please refer to d) of the statement of assets 3

4 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY Securities Currency Amount (EUR) Percentage of net assets * Total percentage of assets ** Euro RABO NEDE 6.625% PERP EUR 1,114, BNP /31/49 EUR 1,093, INTESA SANPAOLO 8.375% 09- EUR 1,078, UBS 4.75% 12/02/2026 EUR 1,068, SCHA VERW ZWE FIX EUR 1,050, UNIT TECH COR 1.125% EUR 1,038, PUBLICIS GROUPE 1.125% EUR 1,033, CRED SUI 1.0% EMTN EUR 1,016, SEB 1.5% EUR 1,009, CAIXABANK 1.125% EUR 1,000, INMOBILIARIA COLONIAL 1.45% EUR 993, HSBC 3.125% EMTN EUR 980, SOGECAP SA 4.125% EUR 979, ING GROEP NV 3.0% EUR 972, DS SMIT 2.25% EMTN EUR 966, ISS GLOB 1.125% EUR 924, VIVENDI 0.75% EUR 910, PLASTIC OMNIUM SYSTEMES EUR 886, LEVI STRAUSS CO 3.375% 15- EUR 872, AMGEN INC 4.375% 05/12/2018 EUR 870, LA BANQUE POSTALE 2.75% EUR 855, BERT AG 3.0% EUR 836, SVEN KULL AB 1.625% EUR 836, CAPGEMINI 1.75% EUR 831, APPLE INC 1.0% EMTN EUR 828, BANCO NTANDER 1.375% EUR 824, K 0.875% EMTN EUR 817, BRI CONCESO RODOVIARIA EUR 811, JCDECAUX 1.0% EUR 807, FROMAGERIES BEL LA VACHE EUR 807, FRANCE TELECOM 3% 15/06/22 EUR 785, MORGAN STANLEY CAPITAL EUR 783, UPC HOLDING BV 3.875% EUR 774, NOKIA 2 03/15/24 EUR 768, BVIFP 3 1/8 01/21/21 EUR 766, KERFP 2 1/2 07/15/20 EUR 766, BELDEN CDT 4.125% EUR 766, CA ASSURANCES 4.25% PERP EUR 762, FEDEX 1.0% EUR 758, KONI AHOL DEL 4.25% EUR 758, AXAL COAT 3.75% EUR 757, RENA CRE 1.0% EMTN EUR 753, ALLIANZ SE 5.625% EUR 749, INTRUM JUSTITIA AB 3.125% 15- EUR 748, SOCI GENE 2.5% EUR 746, CNP ASSURANCES 1.875% 20- EUR 741, ILIAD 2.125% EUR 736, EDP FIN 1.875% EMTN EUR 725, ITV 2.0% EUR 721,

5 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY Securities Currency Amount (EUR) Percentage of net assets * Total percentage of assets ** UNICREDIT SPA 1.5% EUR 719, RAPID 3.875% EUR 719, AT T 1.8% EUR 694, ACHMEA BV 4.25% PERP EMTN EUR 691, AVIVA 0.625% EMTN EUR 689, AUTO PER 1.125% EUR 676, AEROPORTI DI ROMA 1.625% EUR 675, KHC 1 1/2 05/24/24 EUR 655, CARMILA SAS 2.375% EUR 648, MAPFRE SA 4.375% EUR 647, CE 3 1/4 10/15/19 EUR 645, LOXAM 7.0% EUR 634, SPIE 3.125% EUR 632, TOT 3.369% PERP EMTN EUR 627, NASSA TOPCO AS 2.875% 06- EUR 623, WPP FINA 0.75% EMTN EUR 611, IRON MOUNTAIN 3.0% EUR 610, GROUPE FNAC 3.25% EUR 581, ADIE GLOB HOL 3.5% EUR 567, ASF 4.125% 13/04/20 EMTN EUR 559, TDF INFR SAS 2.875% EUR 554, CRH FINANCE BV 5% 25/01/2019 EUR 549, RELX FIN 2.5% EMTN EUR 545, DELHAIZE GROUP 3.125% EUR 544, WMG ACQUISITION 4.125% 01- EUR 532, ATOS ORIGIN 2.375% EUR 524, CELLNEX TELECOM 2.875% 18- EUR 522, UBS GROUP FUNDING 1.5% 30- EUR 517, IMS HEALTH 3.25% EUR 515, ASSICURAZIONI GENERALI EUR 513, SMITHS GROUP 2.0% EUR 511, HOLC FIN 1.375% EUR 511, MDLZ 1 03/07/22 EUR 510, FRESENIUS FINANCE IRELAND EUR 509, BANKINTERSA 2.5% EUR 508, SMITHS GROUP 1.25% EUR 506, GECINA E3R+0.38% EUR 500, MWDP 1 04/20/23 EUR 496, TITIM 3 09/30/25 EUR 488, ALBEMARLE 1.875% EUR 475, INTESA SANPAOLO 7.75% PERP EUR 458, TELEFONICA EMISIONES EUR 457, ASSICURAZIONI GENERALI EUR 436, FORTUM OYJ 2.25% 06/09/2022 EUR 436, TOT 3.875% PERP EMTN EUR 433, HORIZON PARENT HOLDINGS EUR 433, WELLS FARGO 2.25% 09/20 EUR 433, CONS NV 7.0% EUR 425, AMAD CAP 1.625% EUR 423, LBBW 2.875% EUR 423, TELE EURO BV 3.75% PERP EUR 422,

6 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY Securities Currency Amount (EUR) Percentage of net assets * Total percentage of assets ** TEVA PHARM FIN 2.875% 04/19 EUR 421, ZIMMER BIOMET 2.425% EUR 420, WEPA 3.75% EMTN EUR 419, RADI ITAL SPA 1.5% EUR 413, ARKEMA 1.5% EMTN EUR 402, LOXAM 3.5% EUR 394, NUOVO TRASPORTO EUR 355, WPP 3% 11/23 EUR 343, BOMBARDIER 6,125% EUR 328, CAMPARI 2.75% 09/30/20 EUR 327, VALLOUREC 2.25% 30/09/2024 EUR 326, GRUP ANTO DUT 5.125% EUR 320, UPCB FINA IV 4.0% EUR 318, TIME WARNER 1.95% EUR 317, SMUR KAPP ACQ 2.75% EUR 314, CASA LONDON 1.875% EUR 309, CELA US HOLD 1.125% EUR 298, HSBC HOLDINGS PLC 4.75% EUR 274, HYDROPOTHECARY CORP 4.0% EUR 250, CRYSTAL ALMOND SA RL 10.0% EUR 221, COMPASS GROUP 3.125% EUR 212, PLAY TOPCO SA 5.375% EUR 211, AUTO PER L IT 1.625% EUR 208, SWIS REIN CO VIA 2.6% PERP EUR 208, ZIMMER BIOMET 1.414% EUR 204, LANX 1.0% EMTN EUR 194, SUB-TOTAL EUR 78,545, * Please refer to f) of the statement of assets ** Please refer to d) of the statement of assets 6

7 BREAKDOWN OF ASSETS A), B), C), D) OF THE SECURITIES PORTFOLIO, BY COUNTRY OF RESIDENCE OF ISSUER Country Percentage of net assets * Total percentage of assets ** France United States of America Netherlands United Kingdom Italy Spain Germany Switzerland Sweden Luxembourg Finland Denmark Ireland Portugal Norway Canada Jersey Curacao Cayman Islands TOTAL OTHER ASSETS HELD (b+c of the statement of assets) 6.48 TOTAL ASSETS OTHER ASSETS HELD (b+c+e of the statement of assets) 5.69 TOTAL NET ASSETS * Please refer to f) of the statement of assets ** Please refer to d) of the statement of assets 7

8 BREAKDOWN OF OTHER ASSETS BY TYPE * Debt securities Types of assets Traded on a regulated or equivalent market Negotiable debt securities Other debt securities Not traded on a regulated or equivalent market Percentage of net assets ** Total percentage of assets *** Undertakings for collective investment Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries Other funds intended for non-professionals and equivalent investors in other EU member states Professional investment funds and their equivalents in other EU member states and listed special purpose vehicles Other professional investment funds and their equivalents in other EU member states and unlisted special purpose vehicles Other non-european undertakings Other TOTAL * This section concerns eligible financial securities or money market instruments not meeting the conditions outlined in section I of Article R of the French Monetary and Financial Code ** Please refer to f) of the statement of assets *** Please refer to d) of the statement of assets 8

9 CHANGES IN THE SECURITIES PORTFOLIO DURING THE PERIOD IN EUR Securities portfolio items Purchases Changes (amount) Sales a) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L of the French Monetary and Financial Code. b) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. c) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of association of the undertaking for collective investment in transferable securities. 25,796, ,763, ,513, ,054, d) Recently issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code. e) Other assets: These are assets referred to in section II of Article R of the French Monetary and Financial Code. DISTRIBUTION DURING THE PERIOD Unit Net unit amount Tax exemption (1) Gross unit amount (2) Dividends paid EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT D EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT S Dividends payable EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT D EDMOND DE ROTHSCHILD EURO SUSTAINABLE CREDIT S (1) The tax exemption per unit will only be determined on the distribution date, in accordance with the tax provisions in force. (2) The gross unit amount will only be determined on the distribution date, in accordance with the tax provisions in force. 9

10 GENERAL INFORMATION Custodian: Edmond De Rothschild (France) - 47 rue du Faubourg Saint-Honoré Paris, France The itemised half-yearly statement is available within eight weeks of the end of the period. It is available on request from the management company: Edmond De Rothschild Asset Management (France) - 47 rue du Faubourg Saint-Honoré Paris Cedex 08, France 10

11 SECURITIES FINANCING TRANSACTION REGULATION ( SFTR ) During the year, the UCI was not involved in transactions subject to Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse ( SFTR Regulation ). 11

12 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR Security name Currency Quantity or nominal amount Current value % Net assets Bonds and equivalent securities Bonds and equivalent securities traded on a regulated or equivalent market GERMANY ALLIANZ SE 5.625% EUR 600, , BERT AG 3.0% EUR 800, , LANX 1.0% EMTN EUR 200, , LBBW 2.875% EUR 400, , RAPID 3.875% EUR 700, , SCHA VERW ZWE FIX EUR 1,000,000 1,050, WEPA 3.75% EMTN EUR 400, , TOTAL GERMANY 4,392, CANADA BOMBARDIER 6,125% EUR 300, , HYDROPOTHECARY CORP 4.0% EUR 250, , TOTAL CANADA 578, CURACAO TEVA PHARM FIN 2.875% 04/19 EUR 400, , TOTAL CURACAO 421, DENMARK ISS GLOB 1.125% EMTN EUR 900, , TOTAL DENMARK 924, SPAIN AMAD CAP 1.625% EMTN EUR 400, , BANCO NTANDER 1.375% EUR 800, , BANKINTERSA 2.5% EUR 500, , CAIXABANK 1.125% EMTN EUR 1,000,000 1,000, CELLNEX TELECOM 2.875% EUR 500, , INMOBILIARIA COLONIAL 1.45% EUR 1,000, , MAPFRE SA 4.375% EUR 600, , TELEFONICA EMISIONES 3.961% 26/03/2021 EUR 400, , TOTAL SPAIN 5,377, UNITED STATES OF AMERICA ALBEMARLE 1.875% EUR 451, , AMGEN INC 4.375% 05/12/2018 EUR 800, , APPLE INC 1.0% EMTN EUR 800, , AT T 1.8% EUR 700, , BELDEN CDT 4.125% EUR 710, , CE 3 1/4 10/15/19 EUR 600, ,

13 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets CELA US HOLD 1.125% EUR 300, , FEDEX 1.0% EUR 750, , IMS HEALTH 3.25% EUR 500, , IRON MOUNTAIN 3.0% EUR 600, , KHC 1 1/2 05/24/24 EUR 650, , LEVI STRAUSS CO 3.375% EUR 850, , MDLZ 1 03/07/22 EUR 500, , MORGAN STANLEY CAPITAL SERVICE 1.375% EUR 800, , TIME WARNER 1.95% EUR 300, , UNIT TECH COR 1.125% EUR 1,000,000 1,038, WELLS FARGO 2.25% 09/20 EUR 400, , WMG ACQUISITION 4.125% EUR 500, , ZIMMER BIOMET 1.414% EUR 200, , ZIMMER BIOMET 2.425% EUR 400, , TOTAL UNITED STATES OF AMERICA 12,233, FINLAND FORTUM OYJ 2.25% 06/09/2022 SERIE EMTN EUR 400, , NOKIA 2 03/15/24 EUR 750, , TOTAL FINLAND 1,205, FRANCE ARKEMA 1.5% EMTN EUR 400, , ASF 4.125% 13/04/20 EMTN EUR 500, , ATOS ORIGIN 2.375% EUR 500, , BNP /31/49 EUR 1,000,000 1,093, BVIFP 3 1/8 01/21/21 EUR 700, , CA ASSURANCES 4.25% PERP EUR 700, , CAPGEMINI 1.75% EUR 800, , CARMILA SAS 2.375% EUR 600, , CNP ASSURANCES 1.875% EUR 700, , FRANCE TELECOM 3% 15/06/22 EUR 700, , FROMAGERIES BEL LA VACHE QUI RIT 1.5% EUR 800, , GECINA E3R+0.38% EMTN EUR 500, , GROUPE FNAC 3.25% EUR 550, , ILIAD 2.125% EUR 700, , JCDECAUX 1.0% EUR 800, , K 0.875% EMTN EUR 800, , KERFP 2 1/2 07/15/20 EUR 700, , LA BANQUE POSTALE 2.75% TF/TV 19/11/27 EUR 800, , LOXAM 3.5% EUR 375, ,

14 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets LOXAM 7.0% EUR 600, , MWDP 1 04/20/23 EUR 500, , PLASTIC OMNIUM SYSTEMES URBAINS 1.25% EUR 900, , PUBLICIS GROUPE 1.125% 16/12/21 EUR 1,000,000 1,033, RENA CRE 1.0% EMTN EUR 750, , SEB 1.5% EUR 1,000,000 1,009, SOCI GENE 2.5% EUR 700, , SOGECAP SA 4.125% EUR 900, , SPIE 3.125% EUR 600, , TDF INFR SAS 2.875% EUR 500, , TOT 3.369% PERP EMTN EUR 600, , TOT 3.875% PERP EMTN EUR 400, , VALLOUREC 2.25% 30/09/2024 EUR 400, , VIVENDI 0.75% EUR 900, , TOTAL FRANCE 23,409, CAYMAN ISLANDS UPCB FINA IV 4.0% REGS EUR 300, , TOTAL CAYMAN ISLANDS 318, IRELAND FRESENIUS FINANCE IRELAND 1.5% EUR 500, , SMUR KAPP ACQ 2.75% EUR 300, , TOTAL IRELAND 823, ITALY AEROPORTI DI ROMA 1.625% EUR 675, , ASSICURAZIONI GENERALI 4.125% 04/05/2026 EUR 400, , ASSICURAZIONI GENERALI 7.75% 12/42 EUR 400, , AUTO PER L IT 1.625% EUR 200, , AUTO PER 1.125% EMTN EUR 650, , CAMPARI 2.75% 09/30/20 EUR 300, , INTESA SANPAOLO 7.75% PERP EUR 400, , INTESA SANPAOLO 8.375% 09-PERP EUR 900,000 1,078, NUOVO TRASPORTO VIAGGIATORI SPA E3R+3.5% EUR 350, , RADI ITAL SPA 1.5% EUR 400, , TITIM 3 09/30/25 EUR 450, , UNICREDIT SPA 1.5% 19/06/2019 EUR 700, , TOTAL ITALY 6,354, JERSEY ADIE GLOB HOL 3.5% EUR 550, , TOTAL JERSEY 567,

15 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets LUXEMBOURG CRYSTAL ALMOND SA RL 10.0% EUR 200, , HOLC FIN 1.375% EMTN EUR 500, , HORIZON PARENT HOLDINGS SARL 8.25% PIK EUR 400, , PLAY TOPCO SA 5.375% EUR 200, , TOTAL LUXEMBOURG 1,377, NORWAY NASSA TOPCO AS 2.875% EUR 600, , TOTAL NORWAY 623, NETHERLANDS ACHMEA BV 4.25% PERP EMTN EUR 700, , AXAL COAT 3.75% EUR 700, , CONS NV 7.0% EUR 400, , CRH FINANCE BV 5% 25/01/2019 EUR 500, , DELHAIZE GROUP 3.125% 27/02/2020 EUR 500, , EDP FIN 1.875% EMTN EUR 700, , GRUP ANTO DUT 5.125% EUR 300, , ING GROEP NV 3.0% EUR 900, , KONI AHOL DEL 4.25% EUR 700, , RABO NEDE 6.625% PERP EUR 1,000,000 1,114, RELX FIN 2.5% EMTN EUR 500, , SWIS REIN CO VIA 2.6% PERP EUR 200, , TELE EURO BV 3.75% PERP EUR 400, , UPC HOLDING BV 3.875% EUR 800, , TOTAL NETHERLANDS 8,809, PORTUGAL BRI CONCESO RODOVIARIA 2.375% EUR 800, , TOTAL PORTUGAL 811, UNITED KINGDOM AVIVA 0.625% EMTN EUR 700, , CASA LONDON 1.875% EUR 300, , COMPASS GROUP 3.125% 13/02/2019 EUR 200, , CRED SUI 1.0% EMTN EUR 1,000,000 1,016, DS SMIT 2.25% EMTN EUR 900, , HSBC HOLDINGS PLC 4.75% PERP EUR 275, , HSBC 3.125% EMTN EUR 900, , ITV 2.0% EUR 700, , SMITHS GROUP 1.25% EUR 500, , SMITHS GROUP 2.0% EUR 500, ,

16 SECURITIES PORTFOLIO AT 30/06/2017 IN EUR (continued) Security name Currency Quantity or nominal amount Current value % Net assets WPP FINA 0.75% EMTN EUR 600, , WPP 3% 11/23 EUR 300, , TOTAL UNITED KINGDOM 7,145, SWEDEN INTRUM JUSTITIA AB 3.125% EUR 750, , SVEN KULL AB 1.625% EUR 800, , TOTAL SWEDEN 1,585, SWITZERLAND UBS GROUP FUNDING 1.5% EUR 500, , UBS 4.75% 12/02/2026 EUR 950,000 1,068, TOTAL SWITZERLAND 1,585, TOTAL Bonds and equivalent securities traded on a regulated or equivalent market 78,545, TOTAL Bonds and equivalent securities 78,545, Undertakings for collective investment Retail UCITS and AIFs intended for nonprofessionals and equivalent investors in other countries FRANCE Edmond de Rothschild Credit Very Short Term R EUR 31 3,117, TOTAL FRANCE 3,117, TOTAL Retail UCITS and AIFs intended for non professionals and equivalent investors in other countries 3,117, TOTAL Undertakings for collective investment 3,117, Receivables 551, Payables -700, Financial accounts 1,770, Net assets 83,284,