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Credits

Our experience in corporate bond investing dates back to the early 1970s. Ever since, Robeco is known in the market for offering innovative corporate bond solutions and using state-of the-art investment techniques.

Credits

High Yield

Our investment process for high yield bonds is based on a top-down analysis of the global high yield markets, combined with thorough bottom-up issuer analysis. The process is skewed towards identifying and assessing credit risks to avoid portfolio losses. Analysis of sustainability information (ESG) is an integrated part of our fundamental analysis. Our proprietary state-of-the-art risk management tools ensure in-depth risk monitoring. This is a proven strategy that has resulted in attractive and stable returns over time.

The main strategies we offer within High Yield bonds, with a fundamental research investment approach, are:
  • Global High Yield Bonds
    Distinctive with high quality bias and conservative long term approach to high yield investing, launched in 1998
  • European High Yield Bonds
    Diversified exposure to European High Yield bonds, launched in 2005

Investment grade

Our investment process for investment grade credits is based on a top-down analysis of global credit markets, combined with thorough bottom-up issuer analysis. The process is skewed towards identifying and assessing credit risks to avoid portfolio losses. Analysis of sustainability information (ESG) is an integrated part of our fundamental analysis. Our proprietary state-of-the-art risk management tools ensure in-depth risk monitoring. This is a proven strategy that has resulted in attractive and stable returns over time.

The main strategies we offer within Investment Grade credits are:
  • Global Credits
    Total Return approach to global credits
  • Euro Credit Bonds
    Diversified exposure to euro credits, full discretion investment approach
  • Investment Grade Corporate Bonds
    Diversified exposure to non-financial euro investment grade credits
  • Financial Institutions Bonds
    Investing in a deleveraging sector via subordinated bonds
  • Euro Sustainable Credits
    Investing in best-in-class sustainable euro credits
  • Covered Bonds
    Exposure to euro covered bonds, full discretion approach


Factor credits

Robeco brings factor investing to credit markets, allowing investors to benefit from the factors that have been so successful in equity markets over the past years: Low-Risk, Value, Momentum and Size. Factor investing is a systematic investment approach using strictly defined metrics (‘factors’), which historically generated higher Sharpe ratios and higher returns than the traditional market index. The Robeco factor strategies are based on thorough empirical research conducted by our quantitative researchers. In 2014 Patrick Houweling and Jeroen van Zundert wrote an academic research paper entitled ‘Factor investing in the corporate bond market’. In this first academic study of its kind, Houweling and van Zundert show that factor strategies can also be attractive in credit markets.

Our factor investing strategies are driven by proprietary quantitative models that use enhanced factor definitions to improve the Sharpe ratio beyond the academic definitions. The investment process combines the outcomes of the quantitative model with a fundamental check by our tenured credit analysts of additional downside risks beyond those captured by the model.

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Emerging Credits

Robeco’s Emerging Credits strategy invests in global corporate bonds (investment grade and high yield), denominated in USD, of companies domiciled in emerging countries or companies for which a predominant part of their activities are based in these countries. It applies a total return strategy, which provides flexibility to invest in other asset classes. This offers diversified exposure to global credit markets.


Highlights
  • Not bound by regional division, market weighted indices or currency
  • Global idea generation, independent from debt-weighted indices
  • Proprietary research at the basis of attractive investment opportunities
  • Solid performance since inception in 2011
  • Conservative profile, high Sharpe ratio 

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