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Robeco Customized Liability Driven Fund VII P EUR

Index: Customized benchmark
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.
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
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

Performance

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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 -7.95%. The fund posted a negative return over the month. German Bunds rose sharply during April, as inflation continued to creep higher, and broadened out. Risks of so called 'second-round effects' have increased, with employees demanding higher wages to compensate for the price increases. As yields rose, the curve steepened, thereby hurting performance. But as more ECB rate hikes are getting priced in, which will negatively impact economic growth, we think this will lead to curve flattening, similar to what was visible in the US.

Statistics

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Above mentioned ratios are based on gross of fees returns
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Market development

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The sell-off in global government bonds continued in April, with all of the major markets showing negative return figures. German Bunds, UK Gilts and US Treasuries all lost approximately 3% last month. Bond markets reflected ongoing worries about elevated inflation and the required central bank response to curb inflationary pressures. During the month, the rhetoric from major central banks also became more hawkish. Several Fed officials talked about the possibility of larger rate hike steps, while ECB Chair Lagarde confirmed the end of asset purchases and the possibility of rate hikes in the summer. The more hawkish stance by the ECB also helped to explain why returns in markets such as Italian BTPs and Spanish BONOs lagged German Bunds.

Fund allocation

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Name Sector Weight
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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

The fund incorporates sustainability in its investment process by the means of ESG integration and targets for the ESG scores and the green bond allocation. The fund integrates ESG factors of countries in the investment process based on Robeco's proprietary Country Sustainability Ranking and ensure the fund has at least an average score of 7. The Corporate Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Besides incorporating the Country Sustainability Ranking, the fund allocates a minimum of 5% to green bonds.

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

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Exclusions

ESG Integration

Sustainability

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The fund incorporates sustainability in its investment process by the means of ESG integration and targets for the ESG scores and the green bond allocation. The fund integrates ESG factors of countries in the investment process based on Robeco's proprietary Country Sustainability Ranking and ensure the fund has at least an average score of 7. The Corporate Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Besides incorporating the Country Sustainability Ranking, the fund allocates a minimum of 5% to green bonds.

Expectation of fund manager

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The outlook for sovereign bonds remains challenging for now. Central banks have either started raising rates, or communicated the intention to start hiking in the coming months. At the same time, a lot of tightening has already been priced in, after the repricing in bonds since the start of this year. The trajectory of inflation, and especially underlying inflation pressures such as wages and rents, will probably be an important driver of rates. The war in Ukraine and supply chain disruptions due to Covid remain important uncertain elements.

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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1949716051
BloombergROCLVII LX
Valoren
WKN
Availability
1st quotation date1554854400000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
Service fee

Transaction costs

The expected transaction costs are

Performance fee

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 0,00% 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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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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