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Global high yield bond spreads got a heavy beating in December. Total returns were negative as excess returns had the worst month of the year and underlying treasury yields contributed positively in this risk-off market. US high yield had been the best performing asset class until December with excess returns just below zero, but this all vanished this month with excess returns closing at -3.5%. Many of the issues impacting the market over the previous months persisted in December. Growth indicators slowing down, sharp equity and oil price declines and continued large outflows in high yield and leveraged loans, all weighed on sentiment. December’s Fed meeting was considered a disappointment as it lacked any policy guidance. The OPEC production cuts failed to stem the slide that started in October. Oil prices are now USD 30 a barrel lower from the peak. All sectors printed in negative territory for the month, with energy the largest underperformer for the second consecutive month. Global high yield bond spreads widened close to 100 bps and yields widened around 50 bps, finishing 2018 at a spread level of 531 bps with an average yield of 7.44%.
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Sustainability Themed Fund |
All currency risks are hedged.
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 fund does not distribute dividend.
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.
This 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 High Yield Bonds (“the Master”). The Master is a sub-fund of Robeco Capital Growth Funds SICAV, a Luxembourg open-ended investment company with variable capital. The Master 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 Master aims to outperform the benchmark by taking positions that deviate from the benchmark. The benchmark of the Master is Barclays US Corporate High Yield & Pan European High Yield ex Financials 2.5% Issuer Cap. 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.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
The strength of the US high yield market has surprised us this year. Despite our repeated concerns about corporate leverage and too much risk appetite, it is only now that we are seeing markets beginning to react as they have clearly done in December. The emperor is naked now, people realize it and a recession is being discussed. We expect fundamentals to become more important than technicals in 2019. On a more positive note, credit has been in a bear market now for already 9 months. Typically, it should last another 6 months or so, not more. We are patient in this rolling bear market and expect to see better investment opportunities in 2019. Valuations in some parts of the market have adjusted already and are entering attractive levels. Market technicals are still weak. The reduction of treasuries on the Federal Reserve balance sheet is weighing on USD liquidity. Combined with the end of QE in Europe and wider credit spreads, monetary conditions are now becoming significantly tighter. In this respect, we expect 2019 to be a turning point too. Central banks will have to change their course in 2019 to a more neutral stance. We keep our beta close to one.
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.
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.
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ISIN | LU1840770512 |
Bloomberg | ROHYDHE LX |
Valoren | 42285682 |
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1st quotation date | 1530144000000 |
Close financial year | 31-12 |
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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.
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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