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Robeco Credits Income ZH USD

ISIN: LU1821197339
  • 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.

Performance

No performance data available

Performance

Robeco Credits Income ZH USD

Performance

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Statistics

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Subject 3 years 5 years
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Market development

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In August, credit markets were volatile again, resulting in the Credits Income fund reporting a small negative return of -0.07%. Global investment grade credits returned +0.22%, while emerging market credits returned -1.01% and high yield credits -1.13%. US credits outperformed European credits in investment grade. US high yield actually posted a positive total return while emerging HY companies posted a large negative return. The market remains vulnerable on the back of political tensions and the stronger dollar. However, as rates have moved up to more ‘normalized’ levels we do see them act as a buffer with interest rates moving down when spreads go up. In the beginning of the year, interest rates and spreads were highly correlated.

Fund Classification

DescriptionYesNoN/A 
Voting
Engagement
ESG integration
Exclusion
DescriptionYesNoN/A 
Screening
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Sustainability Themed Fund

Fund allocation

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Name Sector Weight
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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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Several markets have repriced to such an extent that spreads have become attractive again. The emerging credit market is trading at 1x its long-term median again, with substantial dispersion between countries and markets. Although it seems that the cycle may be further extended through fiscal measures in the US and a reversal of tightening policies in China, credit markets are expected to remain volatile. We are cautious in adding too much risk at this stage and keep higher than usual cash levels.

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 companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU1821197339
BloombergROCIZHU LX
Valoren
WKN
AvailabilityLU, SG, CH
1st quotation date1527120000000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
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

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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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Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.

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