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Robeco Investment Grade Corporate Bonds C EUR

Index: Bloomberg Euro Aggregate: Corporates ex financials 2% Issuer Cap
ISIN: LU0871827621
  • Diversified non-financial credits exposure
  • Disciplined and repeatable investment process
  • Experienced team management
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Investment Grade Corporate Bonds is an actively managed fund that invests in euro-denominated securities. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The investment process combines a top-down market view to assess credit attractiveness and factors that drive credit market returns in the short term with skillful issuer selection to create a broadly diversified portfolio. The fund has a conservative profile and a limited exposure to derivatives.

Price development

No performance data available

Price development

Robeco Investment Grade Corporate Bonds C 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 0.51%. The portfolio posted a positive return for the month. The euro non-financial corporate index spread tightened 10 basis points (bps) to 184 bps at the end of the month. As a result, corporates outperformed versus government bonds. The total return was reduced somewhat by underlying government bond yields, which moved slightly higher. German 10-year treasury yields widened 4 bps to 2.14% at the end of the month.The portfolio outperformed its benchmark index this month. Our credit beta policy made a positive contribution to performance, as the beta was slightly above one, while credit outperformed treasuries. Issuer selection made a neutral contribution. Positions in EDF and Celanese were a drag this month, while overweights in Total, BP, ZFF and PepsiCo paid off. The long position in swap spreads contributed positively, as swap spreads tightened this month.

Statistics

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Market development

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The euro non-financial corporate index spread tightened 10 basis points (bps) to 184 bps at the end of the month. As a result, corporates outperformed versus government bonds. The total return was reduced somewhat by underlying government bond yields, which moved slightly higher. German 10-year treasury yields widened 4 bps to 2.14% at the end of the month. In October, most credit markets globally delivered positive excess returns. Credit spreads were stable in investment grade, while high yield spreads tightened, especially in the US. Markets were quite volatile, as the ECB and Federal Reserve continued to raise interest rates. At the same time, markets were hoping for a "Fed pivot" based on the assumption that inflation and yields have reached peak levels, and could ease going forward. The last FOMC statement on 2 November was initially read as positive by markets. However, during the press conference it became clear that Powell remained hawkish, saying it was premature to talk about pausing. As a result, treasury yields moved sharply higher again.

Fund allocation

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Name Sector Weight
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Currency policy

The fund invests in Euro denominated securities only.

Derivative policy

Robeco Investment Grade Corporate Bonds make use of derivatives for hedging purposes. These derivatives are very liquid.

Dividend policy

The fund distributes dividend. This fund aims to pay a quarterly dividend of 1.00%. The dividends referred to are target dividends and may be subject to change as a result of market conditions. Any income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share-price performance.

ESG Integration policy

The fund incorporates sustainability in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds, and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Investment policy

Robeco Investment Grade Corporate Bonds is an actively managed fund that invests in euro-denominated securities. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The investment process combines a top-down market view to assess credit attractiveness and factors that drive credit market returns in the short term with skillful issuer selection to create a broadly diversified portfolio. The fund has a conservative profile and a limited exposure to derivatives. The majority of bonds selected will be components of the benchmark, but bonds outside the benchmark may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the 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 the fund's positions remain within set limits at all times.

Sustainability profile

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Exclusions

ESG Integration

Engagement

Sustainability

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

The fund incorporates sustainability in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds, and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Expectation of fund manager

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The age of confusion has started. Inflection points in the business cycle, the monetary cycle as well as some secular cycles around demographics and geopolitics make the current period confusing to analyze. For now, we believe that the business cycle has to unwind a little further, there is a risk that central banks will overreact and the market, in general, is not yet priced for a full-blown recession. Recent comments from Fed Chair Powell that they will "keep at it" make clear that inflation remains a key factor. European credit spreads have widened a bit further and we see several pockets of value in corporate sectors. There are opportunities where recession risk is priced already, and where the carry offers significant downside protection. We are constructive on European swap spreads, which have widened to extreme levels. Compared to the US, Europe clearly faces more macro risk, given the energy crisis and the war in Ukraine. This is reflected in spreads, as Europe trades really cheaply compared to history, while US investment grade spreads look only average at best.

Peter Kwaak
Peter Kwaak

Peter Kwaak

Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder.

Team

The Robeco Investment Grade Corporate Bonds 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
ISINLU0871827621
BloombergROIGCHE LX
Valoren20354246
WKNA1XFAT
Availability
1st quotation date1358726400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
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

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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

Investors outside Luxembourg are subject to their national tax regime applying to foreign investment funds. We advise individual investors to contact their financial or fiscal adviser regarding their specific fiscal situation.

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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. 

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