Robeco Customized Liability Driven Fund VII P EUR

ISIN: LU1949716051
  • Robeco has extensive experience in this type of overlay management and is a solid party with deep knowledge of the Dutch pension market. Robeco acts as sparring partner in the translation of Asset & Liability Matching studies towards a strategic investment portfolio.
  • Implementation of the chosen interest overlay strategy is done by state-of-the-art systems with a strong focus on operational and financial risk management.
  • Robeco offers liability matching tools in the form of stand-alone overlay management and in fund solutions.
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Currency EUR
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Dividend payingNo

About this fund

The fund has a defensive proposition by investing mainly in core Euro government bonds from countries such as Germany and the Netherlands.

Price development

No performance data available

Price development

Robeco Customized Liability Driven Fund VII P EUR


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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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Based on closing GAV, the fund's return was 1.64%. The fund posted a positive return over the month. Core bond yields declined during the month, as market sentiment deteriorated due increasing lockdowns across countries in the Eurozone and increasing uncertainty around the presidential elections in the US. Country spreads behaved reasonably well, as the ECB communicated to add to current stimulus measures in December.


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Market development

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October brought a divergence of government bond returns. While US Treasuries posted a negative return of -1.1%, German Bunds were up 0.9% for the month. The returns for Italian BTPs (1.4%) and Spanish Bonos (1.0%) remained slightly ahead of Bunds. Eurozone bond markets found support in the 29 October ECB meeting. At the press conference, ECB president Lagarde clearly hinted at additional stimulus in December by stating that ‘the General Council was in complete agreement that action will be needed’. Another factor supporting Eurozone bonds was the rise in Covid-19 cases and subsequent lockdown measures. Near-term growth expectations for Europe will likely be revised lower, perhaps sharply.

Fund allocation

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Name Sector Weight

Fund Classification

ESG integration
Sustainability Themed Fund

Currency policy

The portfolio holds euro-denominated investments only. No active currency policy is applied.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

ESG Integration policy

Sustainability is an important factor within the investment process of the Subfund. Environment, Social and Governance (ESG) aspects are systematically integrated in our highly disciplined investment process in several ways. We apply an extensive exclusion list covering various controversial countries, sectors or business practices and we continuously monitor our universe for companies with governance issues, major litigations or regulatory risk. For investments in sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. Furthermore, the Subfund holds a substantial position in green bonds and we take into account sustainability scores of brokers we select for executing transactions.

Investment policy

Sustainable Pension Protection consists of a creditworthy portfolio with the aim of replicating the value development of a pension annuity as obtained on the retirement date. The fund therefore has no benchmark. The development in value of an annuity depends mainly on movements in interest rates, and the fund follows this value development as closely as possible. Sustainable Pension Protection invests exclusively in high-quality government bonds and government-related sustainable bonds listed in euros. A swap duration overlay is added to achieve the exact hedge desired in a cost-effective manner, thus reducing the spread risk between government bonds and the annuity.

Risk policy

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

Expectation of fund manager

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The growing risk of a persistent inflation target undershoot – as implied by the darkening near-term growth trajectory in the wake of the second virus wave – will likely prompt the ECB to deliver further easing on 10 December, as indicated by President Lagarde. This should take the form of a top-up of QE and a possible further easing of TLTRO conditions. Such steps should support Eurozone bonds somewhat following their strength over the last two months, but would not come as a surprise. Into year end, the potential for a seasonal spread of the virus in the US, as seen in Europe, is set against the potential headline fillip of progress on vaccines, palliatives or rapid testing tools. Longer term, we see downside risks to growth and high debt burdens capping yields.

Remmert Koekkoek, Yvo Schoemaker
Remmert Koekkoek, Yvo Schoemaker

Remmert Koekkoek, Yvo Schoemaker

Remmert Koekkoek is Head of Insurance and Pension Solutions within the Global Fixed Income Macro team. He has worked at Robeco since 2011. In the period 2010-2011 he was responsible for derivative overlay investment solutions for Dutch pension funds and insurance companies at Credit Suisse. Between 2005 and 2010 Remmert also worked in Robeco's Structured Investment team as a Trader. He started his career in the industry in 2004 at ING Risk Management. Remmert holds a Master's (cum laude) in Econometrics from Erasmus University Rotterdam. Yvo is Portfolio Manager in the Insurance & Pension Solutions team. Yvo started his career in 2005 at Robeco Quantitative Strategies. In 2006 he moved to the Structured Investments department where he was responsible for trading linear and non-linear exposures on the balance sheet of Robeco on predominantly the rates markets. Since 2012 he is responsible for the management and development of discretionary and pooled matching solutions on both the bond and swap markets. Yvo holds a Master’s degree in Computational Finance from the Erasmus University Rotterdam.


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1st quotation date1554854400000
Close financial year31-12
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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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 0,00% 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

Professional investors are divided into pension funds and non-pension funds. Dutch pension funds may re-claim the 25% dividend tax deducted on cash dividends entirely. Dutch non-pension funds may deduct the 25% dividend tax deducted on cash dividends in their corporate income tax assessment. Dividend tax in that case is tax deducted at source. No tax is deducted at source on interest income. Thus, Dutch pension funds do not owe taxes on interest income. Dutch non-pension funds should specify interest income in their corporate income tax assessment.



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