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- Myles Dean
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32 EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Snapshot Global Category Custodian / Administrator Auditor Domicile UCITS Morningstar Rating 3 Yr Morningstar Rating 5 Yr Fund s Data Inception Date Month End Price Fund Size Management Fee Base Currency ISIN Portfolio Characteristics Avg Eff Duration Avg Credit Quality Avg Coupon Avg Price Fund s Manager Comment Euro Fixed Income Banco Inversis SA KPMG Auditores S.L. EDM Ahorro 2,02 BB 2,89 103,20 Spain Yes ÙÙÙÙ ÙÙÙÙ 01/04/ , Euro ES After a prolonged absence in virtually all asset classes, volatility returned to the markets in February. Events that preceded the rebound in volatility, such as economic data that triggered a surge in inflation expectations and, subsequently, rebounds in bond yields, persisted in February. Despite this environmental shift and the presence of higher volatility, bonds did not suffer too much relative to the stock market in the last month. After a sharp uptick in January, sovereign bond yields performed more laterally in February. Despite considerable swings in interest rates, the monthly results were relatively benign. US public debt saw the worst performance, shedding -1% over the course of the month, while in Europe, the German Bund gained 0.2% and Spanish debt dipped -0.1%. For corporate credit, however, yield spreads widened on rebounding volatility and the results were generally negative. In the US, HY declined -0.9%, while IG fell -1.6%. In Europe, HY also had negative results, down -0.7% for the B-BB index and unchanged for investment-grade credit. The European high-yield index, BAML BB-B Euro HY, widened its spread against debt 24bps to 273bps with a return of -0.7% for the month. The fund s benchmark, the BAML 1-3yr. Broad Market Index, widened its spread 3bps to 32bps, with a return of 0.04% for the month and % for the year. Money market interest rates also performed laterally in Europe, but not in the US, where they rebounded considerably, roughly 23bps for 1-year maturities, to 2.06%. Interest rates on 3- and 12-month Spanish T-bills closed the month at -0.45% and -0.41%, respectively. In Germany, the 3-month interest rate closed the month at -0.66% while the 12-month equivalent fell 10bps to -0.66%. In terms of operations, we maintain a defensive approach, which has protected the fund s assets during recent episodes of rate hikes on debt. We continue increasing the weight of floating-coupon bonds and reinvesting monetary assets in promissory notes. We have also bought some corporate bond primaries in companies like Elis and Prosegur, among others, seeking decent returns on the debt of quality firms. We sold the Intrum Justitia bonds after the results, given doubts about the future progress of the company. Sector Breakdown Government % Government Related % Municipal Taxable % Municipal Tax-Exempt % Bank Loan % Convertible % Corporate Bond % Preferred Stock % Agency Mortgage-Backed % Non-Agency Residential Mortgage-Backed % Commercial Mortgage-Backed % Covered Bond % Asset-Backed % Cash & Equivalents % Swap % Forward/Future % Option/Warrant % EDM Category Ahorro Average 2,57 3,81 0,66 65,56 27,40 22,36 4,87 0,02 0,21 46,57 0,29 2,08 0,52 22,77 0,04 0,27 Performance Return 2,75 2,50 2,25 2,00 1,75 1,50 1,25 1,00 0,75 0,50 0,25-0,25-0,50 EDM Ahorro Category Average 5,29 BBB Cash % 3,36 123,92 Equity % 2,43 Asset Allocation Bond % Other % 1,74 0,08 0, YTD Maturity Breakdown 1-3 Yr % 3-5 Yr % 5-7 Yr % 7-10 Yr % Yr % Yr % Yr % 30+ Yr % EDM Ahorro 27,29 0,37 71,68 0,66 Category Average 19,71-0,11 79,53 0,87 % Government 6,4 Municipal 0,0 Corporate 66,2 Securitized 0,0 Cash & Equivalents 27,4 Derivative 0,0 Total 100,0 EDM Ahorro 11,98 33,29 41,80 7,35 Category Average 51,70 28,24 6,56 0,64 0,56 0,12 0,66 1,97 2,50 0,67 1,45 0,25 Europe Diversified Bond - Short Term (Category) Morningstar Style Box -0,08 Morningstar Fixed Income Style Box Fixed-Income Stats Ltd Mod Ext Top 10 Holdings Ford Motor Credit Co FRN Goldman Sachs Grp FRN At&T FRN Grifols Sa 3.2% Parpublica 3.75% High Med Low Obligaciones portuguese Ot Pgb 0, Telecom Italia Spa 5.25% Petrobras Glob Fin 4.25% Petroleos Mexicano 2.5% -0,12 Average Eff Duration 1,7 Average Eff Maturity - Average Coupon 4,4 Average Price 102,0 Average Credit Quality Maturity Date Coupon % Position Market Value (mil) BBB Portfolio Weighting % 01/12/2024 6,06 2,23 26/09/2023 6,05 2,22 04/09/2023 4,10 1,51 01/05/2025 3,20 4,08 1,50 05/07/2021 3,75 3,89 1,43 02/08/2022 0,80 3,73 1,37 10/02/2022 5,25 3,60 1,32 02/10/2023 4,25 3,33 1,22 21/08/2021 2,50 3,15 1,16 EDM Asset Management Tel edm@edm.es
33 EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Investment Growth Time Period: 01/01/2014 to 28/02/ ,5 106,8 106,0 105,3 104,5 103,8 103,0 102,3 101,5 100,8 100,0 08/ / / / / / / /2018 EDM Ahorro Europe Diversified Bond - Short Term (Category) Historical Asset Class Breakdown Time Period: 01/03/2009 to 28/02/ ,0 100,0 80,0 60,0 40,0 20,0 0, Government % Municipal % Corporate % Securitized % Cash & Equivalents % Derivative % Country Exposure -10,0 0,0 10,0 20,0 30,0 40,0 Statistical Risk % Czech Republic 2,3 Denmark 2,1 Finland 1,3 France 7,7 Germany 2,9 Italy 6,6 Mexico 1,4 Netherlands 14,7 Portugal 8,2 Spain 31,8 Sweden 2,7 United Kingdom 3,5 United States 14,7 Unknown 0,0 Total 100,0 Credit Quality % AAA 7,9 AA 5,9 A 47,5 BBB 36,0 BB 1,6 B 0,0 Below B 0,0 Not Rated 1,0 Total 100,0 Time Period: 01/01/2014 to 28/02/2018 Alpha Beta Std Dev Tracking Error Sortino Ratio Correlation Sharpe Ratio EDM Ahorro -5,59 0,31 1,42 10,47-0,29 0,36-1,30 Category Average -5,95 0,26 0,68 10,76-0,43 0,31-4,04 EDM Asset Management Tel edm@edm.es
34 EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Monthly returns Cumulative returns EDM Ahorro Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YEAR 0,12-0,20-0,08 0,08 0,47 0,37-0,06 0,14-0,07 0,26 0,03 0,12 0,25-0,02-0,11 1,45-0,47 0,05 0,99 0,96 0,27-0,08 0,72 0,19-0,16 0,12-0,62 0,53 2,50 0,36 0,52-0,05-0,02-0,07-0,52 0,32-0,45-0,93 1,16 0,43-0,65 0,08 0,62 0,40 0,32 0,21 0,37 0,34-0,05 0,28 0,01 0,04 0,23-0,37 2,43-0,22 0,53 0,35 1,14 0,10-0,71 0,56 0,13 0,48 0,78 0,27 0,06 3,50 1,72 1,13 0,25-0,35-1,11-0,89 1,12 1,96 0,80 1,11 0,60 0,67 7,20-0,20 0,52-0,06 0,16 0,41-0,31-0,08 0,73-0,03 0,63-1,29 1,53 2,00 0,41 0,42 0,38-0,19-0,04 0,01 0,44 0,63-0,23-0,01-0,33 0,23 1,73 0,60 0,52 0,44 1,03 0,43 0,83 1,29 0,38 0,34 0,35 0,63-0,10 6,94 0,34 0,23 0,20 0,30 0,20 0,11 0,51 0,36 0,09-0,45 0,58 0,66 3,15 0,03 0,28-0,07 0,03-0,26 0,02 0,39 0,43 0,17 0,24 0,19 0,13 1,58-0,21-0,02-0,43-0,19 0,15-0,13 0,48 0,34 0,10 0,03 0,10-0,20 0,01 0,25-0,15 0,11 0,48 0,43 0,36-0,16 0,34-0,08-0,41-0,14 0,14 1,18 0,12 0,44 0,31-0,01-0,06 0,04 0,15 0,15 0,03 0,28 0,15 1,61 0,18 0,28 0,43 0,45 0,21-0,11-0,03 0,53-0,28 0,04 0,50 2,22 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years -0,08 0,83 4,35 3,08 9,91 20,16 34,50 43,75 62,41 Europe Diversified Bond - Short Term (Category) -0,12 0,08 0,96 0,20 3,89 8,91 13,81 25,37 49,01 Annualized returns EDM Ahorro Annualized volatility EDM Ahorro 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 0,59 1,27 1,57 1,48 2,01 1,82 1,58 1,55 Europe Diversified Bond - Short Term (Category) 0,36 0,53 0,68 0,74 1,05 1,04 0,91 0,91 Sharpe Ratio EDM Ahorro Europe Diversified Bond - Short Term (Category) Sortino Ratio EDM Ahorro Europe Diversified Bond - Short Term (Category) YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years -0,08 0,83 2,15 1,02 1,91 2,66 3,01 2,45 2,45 Europe Diversified Bond - Short Term (Category) -0,12 0,08 0,48 0,07 0,77 1,23 1,30 1,52 2,01 Benchmark correlation Alpha Beta Return Information Ratio (geo) Tracking Error Correlation R2 Statistical risk Up Capture Ratio Down Capture Ratio Longest Down-Streak Start Date Longest Down-Streak End Date Down Number Up Number Best Quarter Worst Quarter Gain/Loss Ratio Max Drawdown Overall Deviation Overall Capture Ratio 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 2,01 0,87 0,36-0,02 0,02-0,01 0,14 0,06 1,90 0,69 0,25-0,16-0,13-0,16 0,06 0,02 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 4,62 1,56 0,56-0,02 0,03-0,02 0,20 0,08 4,33 1,18 0,38-0,21-0,17-0,21 0,08 0,02 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 0,74 2,62 3,29-0,64 0,25 0,94 0,59 0,77 0,37 0,46 0,31 0,36 0,42 0,42 0,41 0,29 0,83 2,15 1,02 1,91 2,66 3,01 2,45 2,45 0,71-0,23 0,43-0,08 0,09 0,25 0,01 0,16 2,59 8,45 11,48 10,72 11,35 13,99 13,12 15,70 0,66 0,64 0,50 0,56 0,67 0,74 0,69 0,52 42,92 41,39 25,48 31,41 45,56 54,50 48,15 26,66 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 6,68 10,93 10,99 12,68 18,07 14,36 10,55 8,00 0,08-5,56 3,42 2,18 3,20-0,87-2,42-3,55 01/11/ /11/ /03/ /03/ /03/ /03/ /03/ /03/ /12/ /12/ /06/ /06/ /06/ /06/ /06/ /06/2015 5,00 8,00 16,00 19,00 28,00 36,00 56,00 74,00 7,00 16, ,00 56,00 84,00 124,00 166,00 0,41 1,15 1,15 1,35 3,93 3,93 3,93 3,93 0,01 0,01-1,06-1,06-2,33-2,33-2,33-2,33 2,79 4,22 1,68 2,69 2,86 3,59 3,53 3,47-0,21-0,67-1,71-1,71-2,33-2,33-2,33-2,33 2,48 81,89-1,96 3,21 5,82 5,65-16,58-4,36-2,25 EDM Asset Management Tel edm@edm.es
35 Enter Text EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Return Distribution Time Period: 01/03/2003 to 28/02/ ,0 120,0 100,0 80,0 Drawdown Chart Time Period: 01/01/2014 to 28/02/2018 0,0-0,2-0,4-0,6-0,8 Number of Periods 60,0 40,0 20,0 0,0-2,0-1,0 0,0 1,0 2,0-1,0-1,2-1,4-1,6-1,8 08/ / / / / / / /2018 EDM Ahorro EAA Fund EUR Diversified Bond - Short Term EDM Ahorro Europe Diversified Bond - Short Term (Category) 12M Rolling Annualized Return 10,0 5,0 0,0 Return -5, EDM Ahorro Europe Diversified Bond - Short Term (Category) 12M Rolling Annualized Volatility 4,0 2,0 Volatility 0, EDM Ahorro Europe Diversified Bond - Short Term (Category) 3Y Rolling Alpha Rolling Window: 3 Years 1 Month shift 5,0 0,0-5,0 Alpha -10, EDM Ahorro Europe Diversified Bond - Short Term (Category) 3Y Rolling Beta Rolling Window: 3 Years 1 Month shift 0,6 0,4 Beta 0, EDM Ahorro Europe Diversified Bond - Short Term (Category) EDM Asset Management Tel edm@edm.es
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EDM Ahorro Corporate Bonds Return Date: 31/12/2017 Snapshot Global Category Custodian / Administrator Auditor Domicile UCITS Morningstar Rating 3 Yr Morningstar Rating 5 Yr Fund s Data Inception Date Month
D D
D D D D D D EDM Strategy European Equities Return Date: 28/02/2018 Portfolio Date: 28/02/2018 Snapshot Category Custodian / Administrator Auditor Domicile UCITS 5 Years Risk-Reward Time Period:
D D D D D D EDM Inversión Spanish Equities Return Date: 30/06/2017 Portfolio Date: 30/04/2017 Snapshot Category Custodian / Administrator Auditor Domicile Morningstar Rating Overall UCITS
D D
D D D D D D ED M EDM Inversión Spanish Equities Return Date: 31/08/2016 Portfolio Date: 31/07/2016 Snapshot Category Custodian / Administrator Auditor Domicile Morningstar Rating Overall UCITS
D D D D D D ED M EDM Inversión Spanish Equities Return Date: 31/12/2016 Portfolio Date: 30/11/2016 Snapshot Category Custodian / Administrator Auditor Domicile Morningstar Rating Overall UCITS
Beginning Date: January 2016 End Date: June Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: June 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - June 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800 Dec 2015
Beginning Date: January 2016 End Date: September Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: September 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - September 2018 (Single Computation) 11400 - Yorktown Funds 11200 11000 10800 10600
Executive Summary. July 17, 2015
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Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
Market Overview As of 11/30/2018
Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
1000G 1000G HY
Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
Market Overview As of 1/31/2019
Asset Class Leadership Periodic Table Worst Best 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 2 18.88 16.71 15.51 15.12 15.06 11.15 7.84 7.28 4.98 2.64 2.11 0.39-2.91-5.50-13.71 20.14
Market Overview As of 8/31/2017
Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
Market Overview As of 10/31/2017
Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
Beginning Date: January 2016 End Date: February Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: February 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - February 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800
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