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Based on transaction prices, the fund's return was 0.15%. The fund's return was +0.16% versus +0.20% for the index this month. The fund's beta was around one during the month, which reflects our cautious view on credit markets. The beta position had a neutral effect on the fund's total return. Issuer selection made a positive contribution. Issuer selection made a small negative contribution. Overweights in underperformers such as EDF and Fresenius were a drag on performance.
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The Corporate ex-Financials index delivered a total return of +0.20% this month. The average credit spread on the index widened 3 basis points to 141 bps. As a result, non-financial corporates slightly underperformed treasury bonds with an excess return of -0.07%. The yield on 10-year German treasury bonds moved down 7 basis points to 0.24% at the end of the month.The European investment grade credit market was quite stable this month, despite serious weakness in US credit and global equity markets. Compared to US High Yield (liquid bonds down 4%) and the S&P 500 (down more than 250 points) the performance of euro credit was remarkably strong.Progress was made in the discussion between Italy and the EU on the budget deficit. Rome and Brussels agreed on a 2% deficit for 2019. The European Central Bank lowered its growth forecasts slightly, but confirmed the end of its asset purchase programs, as expected. The ECB will re-invest proceeds from maturing bonds for an extended period of time.
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Sustainability Themed Fund |
The fund invests in Euro denominated securities only.
Robeco Investment Grade Corporate Bonds make use of derivatives for hedging purposes. These derivatives are very liquid.
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.
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.
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 management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times.
In December, we updated our Quarterly Outlook. We aim for betas above one, as valuations have become quite attractive in investment grade. The corporate ex-financials index spread stood at 141 bps at the end of the year. The ex-financials spread level is significantly above average, and is in the first quartile in valuation terms for the first time since 1999. The latter is not the case for the whole euro market, including the financial sector. We see many opportunities in several sectors, both in senior bonds and corporate hybrids. European corporates remain in good financial health, as dividends and share buy-backs remain relatively low.
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.
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.
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ISIN | LU0766461049 |
Bloomberg | RIGCZHE LX |
Valoren | 18297263 |
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1st quotation date | 1334188800000 |
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 0.01% 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.
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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