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2019 got off to a flying start. Statements by Fed chairman Powell seem to be the key reason for the reversal. Powell came back on its previous announcements to continue hiking US rates in 2019. This was good news for risky assets in general. The Credits Income fund reported a positive return of 2.76% (in USD). Global investment grade credits returned +1.96%, while emerging market credits returned +2.72% and high yield credits +2.43%. With tightening policies in the US, but also in Europe and China, reversing, the search for yield is once more ignited. Although macro-economic news is disappointing across the globe (maybe with Latin America and Eastern Europe as the exceptions), near zero or negative real yields are pushing investors once more towards risk for now. Also, political risks have by no means disappeared but for now have been merely set aside. Neither the economic nor political news is negative enough for a continuation of December.
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Sustainability Themed Fund |
All currency risks are hedged.
The fund fund make use of derivatives for hedging purposes as well as for investment purposes.
This share class of the fund does not distribute dividend.
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 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 management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
China’s growth engine continues to slow down, putting pressure on global economic growth. This has an impact on commodity prices and on China’s main trading partners. As a result we see PMIs in the Asian region decline, pointing towards a slowdown in the entire region. So far commodity prices are holding up well which is partly due to the better shape China’s industrial sector is in. Authorities have rationalized several industries with overcapacity. Over the past month, Chinese authorities have implemented new loosening measures. In the US federal Reserve chairman Powell announced a surprising pause in the rate hiking cycle. It was a key reason for last month’s market performance. No further rate hikes is good news for many emerging markets as they are reliant on offshore dollar liquidity. In Europe, Italy and Brexit fears have been put aside for now. Especially volatility around new Brexit news may pop-up soon as the talks continue. The reversal of monetary tightening however seems to be much more important than economic data.
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.
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ISIN | LU1806347115 |
Bloomberg | ROBCIIH LX |
Valoren | 41363981 |
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1st quotation date | 1524182400000 |
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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