Robeco Life Cycle Fund 2065 F EUR

Capital accumulation towards a set end date with gradual reduction of risk

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Class and codes
  • Asset class
    Asset Allocation
  • ISIN
    LU1369249583
  • Bloomberg
    RLC65FE LX
Asset class
Asset Allocation
ISIN
LU1369249583
Bloomberg
RLC65FE LX
Sustainability-related information
Article 8
Morningstar
Rating
( )
Commentary
Overview Performance & costs Portfolio Sustainability Commentary Documents

Market development

Per
Global risk assets ended November 2025 modestly higher after a choppy month. Equities started on the back foot, hurt by profit-taking and valuation concerns in crowded AI/Big Tech names, uncertainty around the extended US government shutdown that delayed key data releases, and a modest scaling-back of near-term Fed rate cut expectations. As these worries eased and on the back of solid Q3 earnings, indices recovered. The S&P 500 finished November slightly positive and was one of the few major equity indices to end the month in the green. Rates markets saw two-way volatility. 10-year US Treasury yields first moved higher on a more hawkish Fed tone, then retraced toward 4% as communication softened and futures priced in a likely 25 bps cut in December. Credit lagged equities: broad US investment grade spreads edged wider, while hyperscalers underperformed amid heavy bond supply for AI capex and rising leverage concerns. In Japan, a fiscal package weakened the yen and nudged long-dated JGB yields higher.

Performance explanation

Per
Based on transaction prices, the fund's return was -0.13%. The Life Cycle funds delivered broadly flat returns in November, with performance ranging from -0.04% to +0.16%. Equities were volatile. Early in the month, major indices came under pressure as investors questioned the scale of AI-related investments by large technology companies, while higher bond yields reflected a more hawkish tone from the US Federal Reserve. This backdrop weighed on the Life Cycle funds, particularly given their tactical tilt towards equities. Performance improved later in the month as markets rebounded following the resolution of the US government shutdown and the resumption of official economic data releases. With better visibility on growth and inflation, investors and the Fed were able to reassess the outlook, and communication turned less hawkish, which supported equity markets. Fund selection provided a positive contribution and helped offset the drag from the equity overweight. Most of the selected funds outperformed their benchmarks, led by Robeco BP Global Premium Equities and Robeco Emerging Markets Bonds Local Currency.

Expectation of fund manager

  • Ernesto Sanichar
    Ernesto Sanichar
Equities were weak early in November despite solid earnings, as worries over AI capex, a cautious Fed and missing labor data during the US shutdown weighed on sentiment. Markets recovered after the government reopened, data releases resumed and fears of a sharp labor slowdown eased. We remain constructive on equities, supported by expected fiscal stimulus in the US and Europe, Fed rate cuts and steady ECB policy, with firm earnings. Valuations are not cheap, but we see better relative value in emerging markets and Europe, while remaining comfortable with US large caps given their profit strength and AI exposure. The bond outlook is mixed, with higher deficits and debt arguing for higher yields, but most central banks are now on hold or cutting, keeping the front end anchored; we stay neutral and selective in government bonds. We view the reduction in gold as temporary, stay long in JPY and AUD, and continue to prefer equity over credit risk.