Robeco Customized Liability Driven Fund VII P EUR
- 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.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | 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 closing GAV, the fund's return was -0.61%. The fund posted a negative return over the month. Rates declined somewhat after the ECB announced additional measures to limit the yield rise. That said, we expect the market will test the ECB again when economies reopen in the coming months. We continue to have a clear preference for highly-rated government-related bonds over semi-core government bonds at current valuations.
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') ]}}Government bond returns in the Eurozone were mixed in March, but negative for most tenors and high-rated bonds. Eurozone government bonds were supported by the outcome of the ECB's March meeting. The Governing Council expressed the intention to conduct its PEPP bond purchases "at a significantly higher pace". New waves of Covid-19 infections in the EU and a slow vaccination pace probably tempered reopening enthusiasm, thereby also supporting Eurozone bonds.
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 | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| 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.
Sustainability profile
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.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}With the US economy reopening we expect the moment to come closer for the Fed to start signaling a tapering of bond purchases. This could give a new impulse to the sell-off in bonds globally. We are mindful that in the past, a sharp increase in rate volatility has coincided with country spread widening. Nonetheless, even as rate volatility has picked up, we remain relatively constructive on European country and government-related spreads. With increased support from PEPP purchases by the ECB, we expect spreads to remain contained in the coming quarter. Economic data will improve due to reopenings, and combined with upcoming investments from the NGEU funds in the second half of the year, we expect GDP numbers to surprise on the upside.
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.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
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| ISIN | LU1949716051 |
| Bloomberg | ROCLVII LX |
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| Availability | |
| 1st quotation date | 1554854400000 |
| Close financial year | 31-12 |
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Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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Transaction costs |
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Performance fee |
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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 0,00% 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.
