switzerlanden
Assets class
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Performance YTD ()
Currency RMB
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Dividend payingYes

About this fund

Robeco High Yield Bonds invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The selection of these bonds is mainly based on fundamental analysis. The portfolio is broadly diversified, with a structural bias to the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. This share class hedges the duration (interest-rate sensitivity) of the portfolio to nearly zero.

Price development

No performance data available

Price development

Robeco High Yield Bonds 0BxH RMB

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 0.33%. The fund had a flat relative performance versus the index on a gross performance basis. Total returns were slightly positive for the month. Our quality bias contributed once again to last month’s results. BBs outperformed Bs and CCCs on a risk-adjusted basis in both regions.Energy, where the fund is underweight, was the significant underperformer in July, which added around 20 bps of relative performance. Weatherford finally filed for Chapter 11, causing bonds to drop more than 11%. Chesapeake Energy (-8%) was the other victim within the energy sector. The opioid discussion flared up, impacting Endo (-8.5%), which is one of the largest producers. Not owning Chesapeake and Endo added around 6 bps of relative performance. The strongest performers in July were issuers from the communications sector. Sprint rose 4%, as the likelihood of a deal with TMUS increased. SFR and Altice delivered around 4% of total returns, which was on the back of a strong set of Q2 headline numbers. Another notable move in July was the debt refinancing of Wind Tre and Refinitiv. Parent company CK Hutchison announced its intention to repay Wind Tre’s EUR 10 bln in non-recourse debt.

Statistics

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Market development

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The global high yield market traded more or less sideways in July, with the dovish Fed providing some support for spreads. Total returns were a small positive for the month, helped by the first rate cut by the Fed since 2008. Rates went down, but the market was disappointed the Fed did not deliver 50 bps of cuts. Powell mentioned that the need for a sustained rate cut cycle is not very likely. The Fed considers the recent change to be just a mid-cycle adjustment to policy. Mario Draghi’s last press conference for the ECB reaffirmed the bank’s dovish stance. Even without a firm change in policy, his statements pushed down German Bunds even further. The trade war with China remains a heated topic, sparking market-wide volatility as a deal seems more uncertain than before. Both markets have seen decent supply for the month, which was absorbed well. The asset class has seen continuous inflows throughout the year. Energy was the biggest laggard for the month as abundant supply and growing tensions with Iran weighed on oil prices. The Global High Yield Index spread widened by almost 10 bps and is now around 374 bps, with a yield of 5.39%.

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 High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

Dividend policy

The fund distributes dividend on a monthly basis. This fund aims to pay a monthly dividend of 0,50%. The dividends referred to are target dividends and may be subject to change as a result of market conditions.

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 High Yield Bonds invests in corporate bonds with a sub-investment grade rating, issued primarily by US and European issuers. The portfolio is broadly diversified across circa 250 issuers, with a structural bias to the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The fund aims to outperform its index Barclays US Corporate High Yield & Pan European High Yield ex Financials 2.5% Issuer Cap. The index excludes high yield financials based on relatively high systematic risk, and applies an issuer cap to avoid concentration risk. 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 analysts research reports are being discussed in approx. 500 credit committees per year. In addition, a proprietary quant issuer selection model is used as an independent performance driver. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. Holdings in equities can only appear in the portfolio as a result of corporate actions and/or debt restructuring. It is not the intention of the portfolio manager to use options or swaptions. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery. The Robeco High Yield fund is managed by our credit team which consists of eight portfolio managers and thirteen credit analysts. Within the team, Sander Bus and Roeland Moraal are responsible for high yield. Sander has been involved in the fund since inception in 1998, Roeland joined in 2003. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research. This share class protects investors against interest rate movements. The fund management implements this strategy by adding an overlay of highly liquid instruments to the existing base portfolio.

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 is clear to us that deglobalization is under way. This is a secular trend fueled by widespread populism, which will cause trade tariffs to rise for the first time in 40 years. In the medium term, this will put pressure on the advantage of cheap outsourced labor (China), ultimately eroding record-high margins. Another secular trend is the development of a less economically favorable demographic backdrop, changing established trends in saving and investment. Finally, the bursting 12 years ago of the debt super cycle is the main ongoing reason for cautious household sector behavior and the consequent impotence of traditional monetary policy. Our research illustrates that there is typically a short period of time after the first rate cut where credit performs well, a ‘sugar rush’ if you will. Furthermore, we are having to cope with a cyclical slowdown in growth, more frequent mini spread cycles driven by lack of liquidity and central bank interventions due to fading inflation. Overall, our view is cautious as the cycle is late and valuations are tight. However, we know it is wise not to fight the Fed or the ECB. We focus on avoiding defaults, we continue to favor high-quality high yield.

Sander Bus, Roeland Moraal
Sander Bus, Roeland Moraal

Sander Bus, Roeland Moraal

Mr. Bus is Head of the Credit team and manages our high yield portfolios. Prior to joining Robeco in 1998, Mr. Bus worked for Rabobank as a fixed income analyst for two years. Mr. Bus holds a Master's degree in Financial Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003 and is registered with the Dutch Securities Institute. Mr. Bus has been active in the industry since 1996. Mr. Roeland Moraal, Vice President, CEFA, Portfolio Manager. Roeland is a Senior Portfolio Manager High Yield within Robeco's Credit team since January 2004. Before assuming this role, he was portfolio manager in our Rates team for two years and worked as an analyst with the Institute for Research and Investment Services for three years. Roeland started his career in the investment industry in 1997 at Robeco. He holds a Master's degree in applied mathematics from the University of Twente and a Master's degree in Law from Erasmus University, Rotterdam. Roeland became a CEFA charter holder in 2000 and he is registered with the Dutch Securities Institute.

Team

The Robeco High Yield fund is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 three dedicated quantitative researchers and four 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
ISINLU1089192568
BloombergRHYOBXH LX
Valoren24949942
WKNA2ALLB
Availability
1st quotation date1406160000000
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

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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.

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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