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Robeco Credits Income IH USD

ISIN: LU1806347115
  • Credits Income is an unconstrained global credit strategy with the objective to maximize current yield and income through the credit cycle
  • The fund seeks to meet the needs of investors who are targeting a consistent level of income
  • The fund invest in the best bottom-up investment ideas in global fixed income markets primarily including investment grade corporate, high yield and emerging markets.
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Credits Income has the flexibility to invest in all fixed income classes and to utilize a broad range of fixed income securities. This fund aims to maximize current yield and income and seeks to meet the needs of investors who are targeting a consistent level of income. The selection of these securities is based on bottom-up fundamental analysis. The fund is not constrained by a benchmark.

Price development

No performance data available

Price development

Robeco Credits Income IH USD

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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Political risk and the US dollar continue to drive markets at the moment. In October, several political issues played out, such as the budget tensions with Italy, the cancellation of the new Mexico City airport project, upcoming mid-term elections in the US, Brazilian elections etc. The total return of the fund was negative with a -0.75% return in USD.

Statistics

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Market development

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In October, credit markets and risk assets in general were very weak, resulting in the Credits Income fund reporting a negative return of -0.75%. Global investment grade credits returned -1.09%, while emerging market credits returned -0.79% and high yield credits -1.43%. US credits no longer outperformed European credits in investment grade. Markets turned more cautious in October, with Chinese growth slowing down further, the Italian budget discussion continuing and Brexit talks in Europe not progressing at all. Although risky assets were very weak, US Treasuries did not perform that well, either. Normally a flight-to-quality event would lead to US Treasuries yields dropping sharply. In Europe, German bunds did come down.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
Exclusion
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Sustainability Themed Fund

Currency policy

All currency risks are hedged.

Derivative policy

The fund fund make use of derivatives for hedging purposes as well as for investment purposes.

Dividend policy

This share class of the fund does not distribute dividend.

ESG Integration policy

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.

Investment policy

Robeco Credits Income is an unconstrained credit strategy investing in the best bottom-up investment ideas in global fixed income markets. The fund has the flexibility to invest in all fixed income classes and to utilize a broad range of fixed income securities. These sectors include primarily investment grade corporate, high yield and emerging market bonds, as well as other credit sectors that offer an attractive yield. This fund seeks to maximize current income to meet the needs of investors who are targeting a consistent level of income.  The fund is not constrained by a benchmark. The fund aims to have an overall credit quality of investment grade. Duration is a function of optimizing portfolio yield and income and the expected duration range is between 0-5 years. The fund can have an average maximum active FX exposure of 5% vs the base currency of the share class. The selection of fixed income securities is based on bottom-up fundamental analysis. The fund is managed by an experienced team with a proven track record capable of generating good performance in both rising and falling bond markets. Robeco uses investment strategies that can provide solid returns in both rising and falling bond markets as proven by its strong track record. The investment process is well structured and has a disciplined approach and is based both on a top down macro outlook of the credit markets and an in depth and comprehensive bottom up fundamental credit analysis. The fund applies a total return approach with the flexibility to invest in asset classes such as securitized, high yield and emerging markets. This allocation is based on attaining the best risk reward profile for the fund.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Our fundamental view on credit markets remains the same; we still believe we are in the last phase of this cycle. We do not, however, see the world economy going into a recession in the medium term. We have so far not witnessed a broad-based sell-off in any credit market. Emerging markets for some time looked to end up in a broader sell-off until markets stabilized in September. Certain parts of the market, however, have repriced and there are plenty of opportunities to invest across markets at attractive yields at the moment.

Victor Verberk
Victor Verberk

Victor Verberk

Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999.

Details

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Management company
Fund capital
Outstanding shares
ISINLU1806347115
BloombergROBCIIH LX
Valoren41363981
WKN
Availability
1st quotation date1524182400000
Close financial year31-12
Legal status
Tracking error limit (%)
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 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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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