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Robeco Investment Grade Corporate Bonds DH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates ex financials 2% issuer constraint
ISIN: LU0427063705
  • Diversified non-financial credits exposure
  • 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

Robeco Investment Grade Corporate Bonds is an actively managed fund and provides a diversified exposure to the euro investment grade credit market excluding financial companies.The selection of these bonds is based on fundamental analysis.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 has a limited exposure to derivatives.

Price development

No performance data available

Price development

Robeco Investment Grade Corporate Bonds DH 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 4.07%. The fund's total return was 4.15% last month, versus 3.68% for the index. The relative performance was driven by a combination of issuer selection and beta. Issuers such as Verizon, ZF Friedrichshafen and Kraft Heinz contributed positively to the fund. The fund's beta was only just above one during the month, which made a marginally negative contribution to the fund's performance, as the market's excess return versus treasuries was negative (3.13%).

Statistics

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Market development

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The total return of the European corporate bond market was 3.73% in April. Sentiment in credit markets changed at the start of the month and spreads tightened significantly from the peak levels in March. The excess return of the corporate bond market was 3.26%, as spreads declined by 53 basis points to 186 basis points at the end of the month. Current spread levels are still wider than the peak levels of the 2015/2016 sell-off. Covid-19 continues to spread across the globe, but some governments have now started to ease their lockdown measures. Earnings reports and economic datapoints that came out in April presented a very bleak picture. The energy sector continued to be beaten, as the price of US oil futures even dropped into negative territory. Central banks and policymakers are proactively expanding fiscal and monetary measures to put a floor under the markets. The Federal Reserve announced that it is even buying fallen angels, which helped sentiment for the high yield market. Fund flows have completely turned, with money now flowing back into bond funds. Issuers are taking advantage of the increased liquidity and April turned out to be another record month for bond issuance.

Fund allocation

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Name Sector Weight
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Fund Classification

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ESG integration
Exclusion
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Sustainability Themed Fund

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 does not distribute dividend. 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

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 Investment Grade Corporate Bonds provides diversified exposure across circa 80 corporate issuers to the Euro investment grade credit market (corporates only). The fund is excluding exposure to financial companies. The fund contains mainly bonds, and can make use of derivatives very limitedly. The fund aims to outperform its index Barclays Euro-Aggregate: Corporates ex financials 2% Issuer Cap. The index 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. A proprietary quant model is used to assist in issuer selection. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery.

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.

Expectation of fund manager

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The longest economic expansion has ended abruptly. The end of the expansion itself is not a surprise, but the nature of the exogenous shock, its speed and the magnitude of the slowdown are. History is being made. But while Covid-19 is the proximate trigger, we firmly believe current events are not just about the virus. In this bear market, everything is happening at a faster speed – including policy responses from monetary and fiscal authorities. New measures are announced almost daily, including liquidity injections and massive fiscal stimulus. Spreads moved from bull market tights to recessionary levels in both IG and high yield (HY) within weeks and back to 2019 levels, perhaps front-running future expectations. Even though the market worries about a second or even a third wave of corona patients. Going back to basic principles, credit spreads should compensate for default risk, downgrade risk and liquidity risk over time. We believe the spreads already compensate for recession risks, but we remain vigilant about future Covid-19 cases. The conclusion is that valuations are clearly cheap now. It is rare to see these spreads in any credit category.

Peter Kwaak
Peter Kwaak

Peter Kwaak

Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.

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
ISINLU0427063705
BloombergROBCBDE LX
Valoren10160932
WKNA0RNKA
Availability
1st quotation date1242000000000
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
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

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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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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