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Robeco Euro Credit Bonds FH EUR

ISIN: LU0971564843
  • Diversified credits exposure with full discretion approach
  • Disciplined and repeatable investment process
  • Experienced team management
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Euro Credit Bonds is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund is actively managed and implement beta policy, sector rotation, off- benchmark positioning in emerging market, covered bonds or limitedly high yield.

Price development

No performance data available

Price development

Robeco Euro Credit Bonds FH EUR

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was 1.65%. The portfolio posted a positive return last month, which was higher than that of the index. The average credit spread of the index tightened 19 basis points to 149 basis points at the end of the month. The excess return of the corporate bond market was 1.07%. The performance contribution of our top-down positioning was positive, as spreads tightened and the beta positioning was overweight. Issuer selection contributed negatively. Individual names that subtracted the most based on relative performance were Accor, EDF, Frederikshavn, NIBC and Volkswagen.

Statistics

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Market development

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June started off strongly caused by positive news around monetary policy actions, including the enlargement of the PEPP bond buying program of EUR 600 billion, the slowdown of new Covid-19 cases and the relaxation of lockdown policies. This positive tone did not last very long though and after the first week of June spreads gradually widened for the rest of the month. An important reason for this weaker sentiment is the fact that also in large economies like the United States the peak in Covid-19 cases has not been reached yet. Also the market felt a bit tired after so many new deals had been issued since spreads peaked at the end of March. Lastly, it was clear that there still was a lot of negative economic news to come. Recessions also remove the bad apples and Wirecard, once Germany’s fintech wunderkind, filed for insolvency after missing EUR 1.9 billion in cash. The central banks’ bond buying programs continues to support the markets. The ECB acquired approx. EUR 10 billion in corporate bonds per month, over the last three months.

Fund allocation

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Name Sector Weight
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Fund Classification

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ESG integration
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Sustainability Themed Fund

Currency policy

All currency risks are hedged.

Derivative policy

Robeco Euro Credit Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

Dividend policy

The fund does not distribute a dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.

ESG Integration policy

Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. We deem it essential for a well-informed investment decision to take into account those ESG factors that have the potential to materially impact the financial performance of the issuer. This perfectly matches the basic need to avoid the losers in credit management, as many credit events in the past can be attributed to issues such as poorly designed governance frameworks, environmental issues, or weak health & safety standards. The aim of ESG integration is to improve the risk/return profile of the investments and does not have an impact goal. ESG analysis is fully integrated in the bottom-up security analysis. We have defined key ESG factors per industry, and for every company we analyze how the firm is positioned versus these key ESG factors, and how this impacts the fundamental credit quality.

Investment policy

Robeco Euro Credit Bonds provides diversified exposure across circa 80 corporate issuers to the Euro investment grade credit market (industrial and financial companies). The fund is a pure play credit with full discretion to actively implement beta policy, sector rotation, off- benchmark positioning in emerging market, covered bonds or limitedly high yield (overall non-IG exposure limited to 20%). The fund aims to outperform its index Barclays Euro-Aggregate: Corporates. The investment philosophy is based on managing a solid diversified portfolio with a long term view. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, in which the team is discussing the fundamental market outlook, valuation of bond markets and market technicals. Bottom-up issuer research is executed by our credit analysts, who execute the fundamental analysis. The analyst research reports are being discussed in approx. 500 credit committees per year.The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery. The Investment Grade Corporate Bonds fund is managed by our credit team which consists of seven portfolio managers and twelve credit analysts. Within the team, Victor Verberk, Peter Kwaak and Jan Willem de Moor are responsible for investment grade, and work together for 6 years at Robeco. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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The economic fallout that we saw in 20Q2 was unlike anything we have ever seen in our careers. On top of that, an oil supply shock created the perfect storm for risky assets. Markets have since soared and are treating Covid-19 as a growth shock. To justify this rally, we really need a normalization in earnings. We have our doubts that this will materialize. The ‘common enemy’ elicited a massive unconventional, coordinated series of stimulus by policy makers. Government stimulus is financed by central banks. We have our doubts about this, too. For corporates, the economic downturn thus far means cash burn and clear declines in EBITDA. Revenues were already slowing in Q1, particularly in energy, retail and basic industries. Sectors facing technology challenges have for long been under pressure, leaving operating margins with little cushion. Outlooks from credit rating agencies remain heavily skewed to the negative, meaning that fallen angel volumes of the spring are unlikely to be the last wave of downgrades. For now we remain constructive on investment grade, but go underweight on high yield again. Technicals rule but fundamentals might strike back. Be ready to buy once more.

Victor Verberk, Jan Willem de Moor, Peter Kwaak
Victor Verberk, Jan Willem de Moor, Peter Kwaak

Victor Verberk, Jan Willem de Moor, Peter Kwaak

Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. de Moor is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. de Moor was employed by SBA Artsenpensioenfondsen as Senior Portfolio Manager Equities for six years. Before that, he worked at SNS Asset Management holding positions of Portfolio Manager Equities (three years) and Research Analyst (two years). Jan Willem de Moor started his career in the Investment Industry in 1994. He holds a Master's degree in Economics from Tilburg University. Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.

Team

The Robeco Euro Credit Bonds fundis managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials analysts). The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team’s fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by dedicated quantitative researchers and fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.

Details

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Management company
Fund capital
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ISINLU0971564843
BloombergROECRFH LX
Valoren22332041
WKN
Availability
1st quotation date1379376000000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

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This fund deducts ongoing charges of
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Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

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Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

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