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Robeco Financial Institutions Bonds Feeder Fund - zero duration BH USD

Index: Bloomberg Barclays Euro Aggregate Corporates Financials Subordinated 2% Issuer Cap
ISIN: LU1874123158
  • Diversified exposure to subordinated financial bonds
  • Disciplined and repeatable investment process
  • No active duration, nor FX exposure
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingYes

About this fund

The actively managed fund is a feeder Fund ( the “Feeder Fund”) and as such invests at least 85% of its assets in class Z2H shares of Robeco Capital Growth Funds SICAV - Robeco Financial Institutions Bonds (“the Master”).The Master invests mainly in subordinated eurodenominated bonds issued by financial institutions and similar nongovernment fixed income securities. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The Feeder Fund uses derivatives to hedge the duration of the Master. The duration hedge will lead to intended performance differences between the Feeder Fund and the Master. Interest rate movements will have a different effect on the Master and the Feeder Fund.

Price development

No performance data available

Price development

Robeco Financial Institutions Bonds Feeder Fund - zero duration BH USD

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 0.61%. The index return for European subordinated financial debt was 0.6% in March. Credit spreads tightened by 5 basis points to 150 basis points, which means that the spread return of subordinated financial debt amounted to 0.4%. Underlying government bond yields declined a little bit, adding to the total return of the index. The portfolio return was higher than that of the index. The beta overweight position of approx. 1.05 contributed positively, as spreads tightened. The contribution of issuer selection was positive too. Bank CoCos and insurance perpetuals outperformed on a risk-adjusted basis. Individual names that contributed most on a risk-adjusted basis were ASR, Credit Agricole Assurances and Aegon. Negative contributors were Standard Chartered, Sabadell and Unipol.

Statistics

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Market development

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The spread performance in the corporate bond markets was close to zero in March, while sentiment in the equity markets remained positive. At the same time, we see more and more late-cyclical idiosyncratic events happening. The latest development was the unwind of Archegos, a large hedge fund disguised as a family office. This unwind caused large price declines for several popular growth stocks and some significant losses for individual banks that provided the leverage. The largest victim was Credit Suisse, a bank that had already been hurt by the fall of Greensill Capital. Spreads for Credit Suisse bonds widened, but the overall credit market remained largely unscathed, with credit spreads flat for the month. The fund had no exposure to Credit Suisse, as we sold the position in Credit Suisse CoCos earlier this year, to bring down the beta overweight of the fund. We participated in new bank Tier 2 issues of SocGen, Standard Chartered, Barclays and Sabadell in March. These issues offered fairly attractive spread levels, without adding too much market risk to the portfolio.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
Screening
Integration
Sustainability Themed Fund

Currency policy

All currency risks are hedged.

Derivative policy

The Feeder Fund uses derivatives to hedge the duration of the Master. The duration hedge will lead to intended performance differences between the Feeder Fund and the Master. Interest rate movements will have a different effect on the Master and the Feeder Fund.

Dividend policy

The fund aims to pay a quarterly 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

The actively managed fund is a feeder Fund ( the “Feeder Fund”) and as such invests at least 85% of its assets in class Z2H shares of Robeco Capital Growth Funds SICAV - Robeco Financial Institutions Bonds (“the Master”).The Master invests mainly in subordinated eurodenominated bonds issued by financial institutions and similar nongovernment fixed income securities. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. Through its investment in the Master, the fund aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to engagement. The Feeder Fund uses derivatives to hedge the duration of the Master. The duration hedge will lead to intended performance differences between the Feeder Fund and the Master. Interest rate movements will have a different effect on the Master and the Feeder Fund. The Master aims to outperform the Benchmark by taking positions that deviate from the Benchmark. The Master fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

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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It seems obvious that the global economy will in 2021 experience the strongest growth in decades. Ultra-loose monetary policy, aggressive fiscal stimulus and the unleashing of pent-up demand as the economy eventually reopens fully, are expected to pave the way for high single-digit economic growth. The Fed and the ECB have made it very clear that they will keep rates low for a long time. The Fed has signaled that it will deliberately be behind the curve, and that it will accept higher bond yields as long as these are driven by higher inflation expectations. Financials are the least duration-sensitive sector, as both insurance and banks can benefit from higher inflation and steeper rate curves. At the same time, spreads for the market have recovered strongly in the past year and are now trading well below the long-term median level again. For this reason we are aiming for a top-down positioning that is neutral versus that of the index. We still see specific pockets of value, but we think that the time for a large beta overweight position is over.

Jan Willem de Moor
Jan Willem de Moor

Jan Willem de Moor

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 Financial Institutions Bonds fund is 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
ISINLU1874123158
BloombergROFIBHU LX
Valoren43545755
WKN
Availability
1st quotation date1537228800000
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
Management fee
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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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Disclaimer Robeco Switzerland Ltd.

The information contained on these pages is for marketing purposes and solely intended for Qualified Investors in accordance with the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”) domiciled in Switzerland, Professional Clients in accordance with Annex II of the Markets in Financial Instruments Directive II (“MiFID II”) domiciled in the European Union und European Economic Area with a license to distribute / promote financial instruments in such capacity or herewith requesting respective information on products and services in their capacity as Professional Clients. 

The Funds are domiciled in Luxembourg and The Netherlands. ACOLIN Fund Services AG, postal address: Affolternstrasse 56, 8050 Zürich, acts as the Swiss representative of the Fund(s). UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich, postal address: Europastrasse 2, P.O. Box, CH-8152 Opfikon, acts as the Swiss paying agent. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s) may be obtained, on simple request and free of charge, at the office of the Swiss representative ACOLIN Fund Services AG. The prospectuses are also available via the website www.robeco.ch. Some funds about which information is shown on these pages may fall outside the scope of the Swiss Collective Investment Schemes Act of 26 June 2006 (“CISA”) and therefore do not (need to) have a license from or registration with the Swiss Financial Market Supervisory Authority (FINMA). 

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