EDMOND DE ROTHSCHILD FUND Société d'Investissement à Capital Variable Annual Report and Audited Financial Statements as at March 31, 2018 R.C.S. Luxembourg B 76441 EDMOND DE ROTHSCHILD FUND TABLE OF CONTENTS DIRECTORS AND ADMINISTRATION................................................................................................................................................. 5 INFORMATION TO THE SHAREHOLDERS AND TO THE INVESTORS IN SWITZERLAND ....................................................... 7 INFORMATION TO THE SHAREHOLDERS, NET ASSET VALUE PER SHARE AND GENERAL INFORMATION .................. 15 REPORT ON THE ACTIVITIES OF THE SICAV...................................................................................................................................... 25 AUDIT REPORT........................................................................................................................................................................................ 78 COMBINED STATEMENT OF NET ASSETS ........................................................................................................................................ 81 COMBINED STATEMENT OF OPERATIONS ...................................................................................................................................... 82 BOND SUB-FUNDS EURO LONG DURATION GOVT BONDS...............................................................................................................................................BONDS 83 CONVERTIBLE EUROPE ALL CAPS ...................................................................................................................................................... 86 EUROPE CONVERTIBLES........................................................................................................................................................................CONVERTIBLES 99 GLOBAL CONVERTIBLES .......................................................................................................................................................................113 CONVEXITY (previously GLOBAL CONVEXITY) .................................................................................................................................128 FLOATING RATE CREDIT (previously EURO CREDIT SHORT TERM) .............................................................................................142 CROSSOVER CREDIT (previously GLOBAL CROSSOVER BONDS)BONDS)..................................................................................................158 EMERGING BONDSBONDS...................................................................................................................................................................................177 EMERGING CREDIT (previously EMERGING CORPORATE BONDS)BONDS)................................................................................................193 INVESTMENT GRADE CREDIT (previously EURO IG CORPORATE BONDS)BONDS)..................................................................................206 US IG CORPORATE BONDSBONDS.....................................................................................................................................................................220 EURO HIGH YIELD (previously SIGNATURES EURO HIGH YIELD) .................................................................................................231 BOND ALLOCATION ................................................................................................................................................................................247 QUANTITATIVE BOND OPPORTUNITIES ............................................................................................................................................280 EQUITY SUB-FUNDS RETURN PLUSPLUS............................................................................................................................................................................................288 INCOME EUROPE ......................................................................................................................................................................................298 3 EDMOND DE ROTHSCHILD FUND TABLE OF CONTENTS (continued) PREMIUM BRANDS (previously PREMIUMSPHERE) ...........................................................................................................................316 SELECTIVE EUROPE.................................................................................................................................................................................327 EUROPE SYNERGY ...................................................................................................................................................................................332 EUROPE VALUE & YIELD .......................................................................................................................................................................344 GLOBAL EMERGING ................................................................................................................................................................................356 US VALUE (previously US VALUE & YIELD) ........................................................................................................................................369 EUROPE FLEXIBLE ...................................................................................................................................................................................383 HEALTHCARE (previously GLOBAL HEALTHCARE) ..........................................................................................................................394 GLOBAL VALUE........................................................................................................................................................................................405 INFRASTRUCTURES (previously INFRASPHERE) ................................................................................................................................417 CHINA..........................................................................................................................................................................................................426 BIG DATA (previously GLOBAL DATA)..................................................................................................................................................437 UK SYNERGY.............................................................................................................................................................................................449 ASEAN EQUITY .........................................................................................................................................................................................458 QUANTITATIVE US EQUITY SELECTION............................................................................................................................................471 STRATEGY SUB-FUNDS QUAM 5 .......................................................................................................................................................................................................480 QUAM 10 .....................................................................................................................................................................................................493 QUAM 15 .....................................................................................................................................................................................................505 FX ABSOLUTE RETURN ..........................................................................................................................................................................510 NOTES TO THE FINANCIAL STATEMENTS....................................................................................................................................... .518 4 EDMOND DE ROTHSCHILD FUND DIRECTORS AND ADMINISTRATION REGISTERED OFFICE MANAGEMENT COMPANY AND CENTRAL ADMINISTRATION (INCLUDING TRANSFER 20 Boulevard Emmanuel Servais AGENT) L-2535 Luxembourg Edmond de Rothschild Asset Management (Luxembourg) BOARD OF DIRECTORS 20 Boulevard Emmanuel Servais L-2535 Luxembourg CHAIRMAN OF THE BOARD AUDITOR Mr Didier Deléage, Director and Chairman of the Board, Chief Executive Officer of Edmond de Rothschild Asset PricewaterhouseCoopers, Société coopérative Management (France) 2 Rue Gerhard Mercator 47 Rue du Faubourg Saint Honoré BP 1443 F-75008 Paris L-1014 Luxembourg DIRECTORS DEPOSITARY BANK AND DOMICILIARY AGENT Mr Daniel Elias, Director, Edmond de Rothschild (Europe) Chief Operating Officer of Edmond de Rothschild (Suisse) 20 Boulevard Emmanuel Servais S.A. L-2535 Luxembourg 18 Rue de Hesse CH-1204 Geneva INVESTMENT MANAGERS Mr Geoffroy Linard de Guertechin, Director, Edmond de Rothschild Asset Management (France) Independent director 47 Rue du Faubourg Saint-Honoré F-75008 Paris Mr Guillaume Poli, Director, Chief Executive Officer of Edmond de Rothschild Asset Edmond de Rothschild Asset Management (UK) Limited Management (Suisse) S.A. (up to June 30, 2017) 8 Rue de l’Arquebuse 4 Carlton Gardens CH-1204 Geneva London SW1Y 5AA Mr Hervé Touchais, Director, Edmond de Rothschild Asset Management (Suisse) S.A. Senior Vice President of Edmond de Rothschild Asset 8 Rue de