Robeco Credits Income IH USD
- Flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds
- Invests in companies that contribute to the United Nations Sustainable Development Goals
- Fund aims to maximize current yield and income for investors who are targeting a consistent level of income
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 0.18%. The fund continues to perform well as short-dated financial bonds outperformed. The interest rate hedge contributed to the performance as rates moved lower as volatility increased.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Credits Income fund reported a positive return of 0.16% (in USD) bringing year-to-date returns to 6.91%. Global investment grade credits returned +1.05%, while emerging market credits returned +0.50% and high yield credits -1.20%. As the trade war intensified and a deal between China and the US seems far off for now, risk assets started to move lower. Although economic data looked more encouraging in the last few months, globally PMIs are moving down again, pointing towards a slowdown. As a result, high yield companies started to underperform.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| 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 issuers in the investible universe are screened for their contribution to the UN Sustainable Development Goals (SDG). This is done by using RobecoSAM’s proprietary SDG measurement framework. The contribution of a company towards the realization of the SDGs is determined based on three steps; by looking at what a company produces, how a company produces, and correcting for controversies. The fund does not invest in companies that contribute negatively to these goals. Our credit analysts also integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to better assess the downside risk of our credit investments.
Investment policy
Robeco Credits Income has the flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds. 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 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 credit markets. 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. In addition the fund aims to contribute to realizing the United Nations Sustainable Development Goals (SDGs). The issuers in the investible universe are screened for their contribution to the UN Sustainable Development Goals (SDG). This is done by using RobecoSAM’s proprietary SDG measurement framework. The contribution of a company towards the realization of the SDGs is determined based on three steps; by looking at what a company produces, how a company produces, and correcting for controversies. The fund does not invest in companies that contribute negatively to these goals. The final selection of the securities in the portfolio is based on bottom-up fundamental analysis. Our credit analysts also integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to better assess the downside risk of our credit investments. Engagement, ESG integration and Robeco's exclusion policy are part of the investment policy.
Risk policy
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Economic data improved in many countries. However, with current developments in the trade war, certain leading indicators such as the PMI have shifted downward again. Corporate earnings have so far been stable. However, with global trade likely to suffer and supply chains disrupted, it is likely that corporate earnings in many sectors will come under pressure. The market’s optimism about the improved outlook has been replaced with similar worries we saw last year. US Treasury rates have moved lower quite aggressively, to below 2.1%, inverting the curve completely. The market is now pricing in 3 rate cuts until the end of the year and as such is pricing in a serious slowdown. However, the trade war itself should be inflationary as it reverses global trade (which has been deflationary). For now, credit markets have been relatively well behaved compared to equities and rates. If things remain uncertain, a new sell-off is not unlikely. Having said that, we do think a sell-off could also be relatively short, as the search for yield is still holding the world in its grip.
Reinout Schapers, Victor Verberk
Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003. 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1806347115 |
| Bloomberg | ROBCIIH LX |
| Valoren | 41363981 |
| WKN | |
| Availability | |
| 1st quotation date | 1524182400000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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| This fund deducts ongoing charges of |
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| Management fee | ||
| Service fee | ||
Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| 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.
