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Robeco High Yield Bonds Feeder Fund - zero duration IH EUR

Reference index: Bloomberg Barclays US Corp. HY & Pan Eur. HY. ex Fin. 2.5% Issuer Cap (hedged into EUR)
ISIN: LU1840770603
  • Managed with a conservative approach
  • Disciplined and repeatable investment process
  • Experienced team management
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

This Fund is a Feeder Fund and invests at least 85% of its assets in shares of Robeco Capital Growth Funds SICAV – Robeco High Yield Bonds Bonds (“the Master”). The Master invests in corporate bonds with a sub-investment grade rating, issued primarily by US and European issuers. The Master aims to outperform the benchmark (Bloomberg Barclays US Corp. HY & Pan Eur. HY. ex Fin. 2.5% Issuer Cap (hedged into USD)) by taking positions that deviate from the benchmark. The Feeder Fund uses derivatives to hedge the duration of the Master to nearly zero. The duration hedge will lead to intended performance differences as a result of interest rate movements between the Feeder Fund and the Master.

Price development

No performance data available

Price development

Robeco High Yield Bonds Feeder Fund - zero duration IH EUR

Performance

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Fund Reference index
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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 -0.07%. The fund had a small negative relative performance versus the index on a gross performance basis. Total returns were slightly negative for the month. Our quality bias again contributed to this month’s results. This was the sixth consecutive month of BBs outperforming Bs and CCCs on a risk-adjusted basis. Actually, BBs was the only rating class with a positive excess return for the month. On a sector level, US energy was once again the worst-performing sector for the month. Within energy, we started buying more gas-exposed issuers like Antero and Range resources, which have come down in price on the back of declining gas prices. We closed our underweight in these issuers as valuations became more attractive. On an issuer level, Hema was the biggest underperformer for the month, detracting 9 bps. The bonds of this Dutch retailer dropped off a cliff after negative headlines regarding its sponsor hit the market. PulteGroup was our largest gainer for the month. This US homebuilder is benefiting from solid consumer sentiment and a pickup of new home starting on the back of lower mortgage rates.

Statistics

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Above mentioned ratios are based on gross of fees returns
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Market development

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Global high yield delivered a modest negative total return in October as the market digested third quarter earnings, a potential trade deal with China and a rate cut by the Fed. Credit spreads widened slightly but underlying treasury yields compensated the move, keeping the yield almost unchanged for the month. The Fed’s statement during its October meeting indicated a bias to remain on hold for the short term. The hurdle to cut rates has increased. Macro data has to materially disappoint in order to implement further easing policy. Furthermore, sentiment benefited from president Trump announcing that a trade deal with China is close to being signed, sealed and delivered. This was just in time to counterbalance his impeachment process that also started during the month. In Europe, we continue to see a strong technical as QE2 has officially started. The impact of further quantitative easing is also felt in the high yield market, where the spread differential between BBBs and BBs is at an all-time low. The global high yield index spread and yields tightened by as many as 30 bps throughout the month only to widen in the last few days and end at 399 bps at a yield of 5.33%.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
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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 does not distribute dividend.

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

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 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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We are still convinced that we are approaching the end of the credit cycle. It is difficult to time the precise turn of the market but, given the risks, we continue to advocate a defensive positioning with an underweight in the higher-risk segments of the high yield market. Ominously, more segments of the US yield curve have inverted this year: historically, on five out of six occasions, a recession followed within two years. More optimistically, money supply is increasing and recent corporate bond supply volumes are setting new records. But global fundamental developments suggest more caution: the US economy used to lead the global economy but, since 2015, it now seems the other way around, with China being the driver. Overall, our view is cautious as the cycle is late and valuations are tight. We know it is wise not to fight the Fed or the ECB, but any further strength could be seen as an opportunity to reduce risk. Companies with a high debt burden immediately feel the deceleration in economic growth and we expect their underperformance to continue. We focus on avoiding defaults and we continue to favor high-quality high yield bonds.

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
ISINLU1840770603
BloombergROHZIHE LX
Valoren42285685
WKN
Availability
1st quotation date1530144000000
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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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

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