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Robeco Euro Credit Bonds M3H EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU1648456645
  • Diversified credits exposure with full discretion approach
  • Disciplined and repeatable investment process
  • Experienced team management
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Euro Credit Bonds 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 M3H 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 0.63%. The portfolio posted a positive return in February, which was a bit higher than the return of the index. The average credit spread of the index tightened from 142 basis points to 128 basis points during the month. This means that the excess return of corporate bonds over government debt amounted to 0.88% in February. Underlying government bond yields rose a bit during the month, contributing negatively to the portfolio’s return. The beta of the portfolio was above one during the month. This top-down positioning contributed positively to the performance of the portfolio. Issuer selection contributed negatively. Though bank bonds in general performed well in February, Tier 1 cocos underperformed on a risk-adjusted basis. This means that positions in Bankia, NIBC and Caixa contributed negatively to the relative performance. Positions in Vodafone and Teva lagged too. Outperforming positions were Syngenta, Volkswagen and BBVA.

Statistics

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Market development

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Risk appetite remained strong during February and credit spreads continued to tighten. One of the positive factors in the past weeks was the fact that the US and China seem to get closer to striking a trade deal. The risk of a hard Brexit has been reduced, now that the possibility of an extension of the 29 March deadline has been mentioned by Theresa May. UK banks performed well in the last week of February. A last factor that has been playing an important role since the first week of the year is the fact that central banks have changed their tone. The Fed has paused its hiking cycle and has started to talk about the end of quantitative tightening. Meanwhile economic data remains fairly weak and some individual companies, like Kraft Heinz, surprised the market with disappointing earnings. GE on the other hand surprised positively with the announcement of further steps to de-lever. There was quite a lot of new bond issuance and most of the new deals were well received by the market. It seems that most investors still have ample cash at hand and new issue allocations were often small. New issue premiums have already become much smaller, because of the large demand for new issues.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
Exclusion
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Screening
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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

This share class of the fund will distribute dividend.

ESG Integration policy

The prime goal of integrating ESG factors in our analysis is to strengthen our ability to assess the downside risk of our credit investments. Our analysts include RobecoSAM sustainability data and use external sources to make an ESG assessment as a part of the fundamental analysis.

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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Our latest Quarterly Outlook took place on 6 December. There are many reasons to be cautious about credit markets, like trade wars, Italy, Brexit and the slowdown in China. Since the Outlook, Central Banks have changed their tone and the risk of monetary tightening has become a bit smaller. The discontinuation of CSPP and the cash outflows of funds should have been a clear negative on spreads. But due to fewer issuances and large cash positions they have caused spreads to tighten further. In addition, CSPP is reinvesting the redemption, allowing spreads to remain subdued. That said, developments in Europe are not very encouraging. It is very difficult to predict when the next recession will arrive, but we can see that market volatility is increasing and we know that especially the US credit market is vulnerable after a long period of increasing corporate leverage. We do take some comfort from the fact that European companies have behaved fairly conservatively in the past years. We are willing to buy bonds that have widened significantly last year, while we keep our cautious stance towards Italian credit.

Victor Verberk, Jan Willem de Moor
Victor Verberk, Jan Willem de Moor

Victor Verberk, Jan Willem de Moor

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.

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
Size of share class
Outstanding shares
ISINLU1648456645
BloombergROECM3H LX
Valoren37532998
WKN
Availability
1st quotation date1500508800000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

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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.

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.

The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.

Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.

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