Robeco Flexible Allocation D EUR

Flexible strategy seeking alpha opportunities that targets cash+4% total return throughout the market cycle

Contact
Clase de acción
Clase y códigos
  • Clase de activos
    Asset Allocation
  • ISIN
    LU2819743191
  • Bloomberg
    ROBFLDE LX
Clase de activos
Asset Allocation
ISIN
LU2819743191
Bloomberg
ROBFLDE LX
Información sobre sostenibilidad
Artículo 8
Comentario
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Evolución del mercado

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The second quarter was defined less by the conflict in the Middle East than by the speed with which markets absorbed the geopolitical shock. The closure of the Strait of Hormuz drove oil prices higher, lifted inflation expectations and pushed bond yields upwards. As the quarter progressed, investors increasingly viewed the disruption as a temporary supply shock rather than the start of a prolonged economic crisis. Higher inflation expectations prompted investors to reassess the outlook for monetary policy. The Federal Reserve and the ECB signaled they were less willing to ignore another energy-driven inflation shock, leading markets to rapidly price out further policy easing. Government bond yields rose across developed markets, particularly in Europe, while higher rate expectations supported the US dollar. Gold fell sharply, illustrating that monetary policy outweighed traditional safe-haven demand. Global equities recovered as fears of a prolonged energy shock faded and investors refocused on corporate earnings and AI. Leadership broadened beyond hyperscalers toward semiconductor manufacturers.

Explicación del rendimiento

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Based on transaction prices, the fund's return was 0.52%. June was again a positive month for the Robeco Flexible Allocation Fund, which delivered a return of 0.60%. The easing of tensions between the US and Iran supported positive market sentiment, benefiting the fund. Equity beta fluctuated between 35% and 38% during the month and ended June at 35%. Within fixed income, we reduced part of our underweight in high yield by selling protection through CDX, while maintaining some underweight exposure as a tail-risk hedge. Our long positions in short-dated German and UK government bonds contributed positively, as did a cross-regional trade of long UK 10-year versus short US 10-year rates. Emerging market local debt also added value. Currency positioning contributed positively overall. We closed our long Norwegian krone position at a profit and increased US dollar exposure. We also established a long Turkish lira position given its attractive carry. Both our long Japanese yen and short Swiss franc positions detracted from performance. We reduced our yen exposure during the month.