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Robeco Investment Grade Corporate Bonds IEH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates ex financials 2% issuer constraint
ISIN: LU0425027157
  • 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 payingYes

About this fund

Robeco Investment Grade Corporate Bonds 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 IEH 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 -0.78%. The fund's total return was -0.75% this month, versus -0.85% for the index. We aim for betas just above one in IG credit portfolios. The fund's beta was just above one (1.10) during most of the month. The credit beta position had a neutral effect on the fund's total return, as the credit market performed in line with treasuries. Issuer selection made a positive contribution.

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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The Corporate ex-Financials Index delivered a total return of -0.85% last month. The average credit spread on the index widened 3 basis points to 106 bps. As a result, non-financial corporates underperformed treasuries with an excess return of -0.04%. The yield on 10-year German treasury bonds increased 13 bps to -0.57% at the end of the month.Markets were mainly driven by central banks, the trade war and European politics. The US Federal Reserve had to intervene in the repo markets in order to calm money markets. As expected, the Fed cut rates again but they seem reluctant to do more. Draghi ended his term as ECB President with another rate cut and another asset purchase program. The probability of a hard Brexit decreased somewhat, after the UK courts ruled that the suspension of the UK parliament by PM Boris Johnson was unlawful. Oil prices spiked due to an attack on infrastructure in Saudi Arabia, which temporarily reduced oil production. Among weak global manufacturing data, September turned out to be a big month for issuance in the European credit market.

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

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

In principle, this fund distributes dividend annually.

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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We aim for credit portfolio betas close to one in investment-grade credit portfolios. Both the European Central Bank and the US Federal Reserve have adjusted their policy, as the economic situation deteriorates. Their policies create a search for yield, which benefits credit markets. Meanwhile, valuations remain below average in euro investment grade. This prevents us from going overweight beta.Global trade tensions, especially between the US and China, are likely to continue going forward. This will have a negative impact on the global economy. We have to cope with a cyclical slowdown in growth, short-term spread cycles driven by a lack of liquidity, and central bank interventions due to fading inflation. We think it is wise not to fight the Fed or the ECB, as their policies create a positive market technical.

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
ISINLU0425027157
BloombergROBIGIE LX
Valoren10134246
WKNA0RMZJ
Availability
1st quotation date1240876800000
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 0.01% 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 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

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