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Portfolio management within the fixed income credit markets consists of various, linked steps: from company analysis and relative value assessment, to constructing a well-diversified portfolio, measuring its risk, and finally attributing the realized performance to the decisions taken. All steps require an intricate knowledge of the behavior of credit markets. At Robeco we use the ‘risk point’ framework in an integrated manner in all these steps.
When considering sustainable corporate operations you initially think of preventing child labor in the textile industry or of recycling metal. The telecom sector does not immediately spring to mind. However, in this sector there are actually many specific issues, particularly relating to social (S) and environmental (E) aspects of the business that, if not properly managed, can expose telecom companies to considerable risk. I will focus on the most significant of these.
Behavioral explanations of momentum suggest that momentum can be caused by overreaction or underreaction. The latter, which turns out to be less risky and more sustainable, is exploited in Robeco’s quantitative models.
Risk and return do not always go hand in hand. But why? Watch Pim van Vliet, Portfolio Manager Conservative Equities.
Insurers need to have higher capital buffers against risk if Solvency II comes into place, forcing many to rethink the investments they are in. A potential solution lies in credits with a lower risk profile – as the clock starts ticking for investors to act.
Robeco’s Conservative Equities strategies aim for equity returns with lower downside risk. Get to know our approach in just ten steps. Pim van Vliet, Portfolio Manager Conservative Equities, explains the advantages of low-volatility investing and how it fits into your portfolio.
The duration model combines multiple factors. The model is used to predict government bond returns and fully determines the active positions in the funds Robeco Lux-o-rente, Robeco Flex-o-rente and Robeco Emerging Lux-o-rente.The performance of the model is continuously monitored and analyzed to strive for further enhancements. This whitepaper discusses the impact of an enhanced approach on the balance and the robustness of the model.
Commodities have become less popular for investors. They are wondering if the traditional arguments for investing in commodities – like diversification- still apply. This paper explores a better way to invest: by setting up a commodity factor portfolio
Robeco’s solution for protecting investors against rising yields: the zero duration share class, in which long term rates and exchanged for short term rates and interest income stays at an acceptable level.
Introduction Recently we observe a shift towards factor investing, in which institutional investors strategically allocate their long-term investment portfolios to factor premiums.1 Well-known factors are Value, Momentum, Size and Low-Risk.
How can corporate-bond investors protect themselves against a possible rise in long-term interest rates?
In our previous edition we explained the integration of Environmental, Social and Governance (ESG) factors in the analysis of stocks. How does this work for credits and does ESG information really impact an analyst’s opinion? ‘Not always, but in some cases it definitely has a material impact’, says Taeke Wiersma, Head of Robeco’s Credit Research team.
The Country Sustainability Ranking is the start of the analysis of a country and aims to lead to a better founded investment decision. That is how why we identify opportunities and threats in investment portfolios.
The financial crisis that erupted in 2008 underlined the need to look beyond credit ratings and the classic set of fundamental data and prompted us to develop an analysis process for sustainability on a country level.
Robeco’s David Blitz, Pim van Vliet and author Eric Falkenstein publish their paper ‘Explanations for the Volatility Effect: An Overview Based on the CAPM Assumptions’.
Emerging markets have become increasingly important to equity investors due to their fast growing economies. But what is the relationship between risk and return in these markets? Answer: it is flat or even negative. Empirical results show that the volatility effect - long-term equity returns at distinctly lower downside risk - is significant, robust and distinct.
Investors are increasingly allocating strategically to factor premiums. But momentum has—so far—missed the party, thanks to its associated challenges. Willem Jellema looks at new ways to capture the momentum premium while eliminating the drawbacks.
On 1 January 2013, a ban on investment in cluster munitions came into effect in the Netherlands. From 1 April this year the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten or 'AFM') will start to formally implement this ban.
Corporate attitudes to sustainability have changed dramatically over the last decade. At the same time, sustainability assessments have adapted to this transformed landscape. But the process is not over: companies have no choice but to keep on upping their game.