globalen
Image

Robeco Emerging Credits DH USD

Index: JPM CEMBI Broad Diversified
ISIN: LU1143725874
  • Diversified exposure to the Global Emerging Credit market
  • Repeatable investment process
  • Team
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Credits invests in a diversified portfolio of Emerging Market corporate bonds and corporate bonds with a siginificant exposure to Emerging Markets. The selection of these bonds is based on fundamental analysis. In addition to the core portfolio of developed (hard) currency emerging credits, the strategy has the flexibility to invest in value opportunities beyond the index universe. Companies are selected based on their exposure rather than their location, and sometimes sovereign exposure is chosen over credit exposure. In-depth company-specific analysis and country analysis are important pillars in the investment process.

Performance

No performance data available

Performance

Robeco Emerging Credits DH USD

Performance

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}
Subject Fund Reference index
1m
3m
Ytd
1 year
2 years
3 years
5 years
10 years
{{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundFacts.inceptionDate,'LL') ]}}
{{fund.fundPerformances.methode}} (for periods longer than one year)
{{fund.fundPerformances.methode}} (total amount of return)
{{fund.fundPerformances.returnType}} (return before costs)
{{fund.fundPerformances.returnType}} (return net of costs)
{{fund.fundPerformances.returnType}} (value of holdings in the fund at which they are traded)
Subject Fund Reference index
{{fund.fundPerformancePeriods.methode}} (for periods longer than one year)
{{fund.fundPerformancePeriods.methode}} (total amount of return)
{{fund.fundPerformancePeriods.returnType}} (return before costs)
{{fund.fundPerformancePeriods.returnType}} (return net of costs)
{{fund.fundPerformancePeriods.returnType}} (value of holdings in the fund at which they are traded)

Statistics

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundStatistics.date,'llll') ]}}
Subject 3 years 5 years
Standard deviation
Max. monthly gain (%)
Tracking error ex-post (%)
Alpha
Beta
Sharpe ratio
Information ratio
Max. monthly loss (%)
Subject 3 years 5 years
Hit ratio (%)
Hit ratio Bear (%)
Hit ratio Bull (%)
Months Bear market
Months Bull market
Months outperformance
Months outperformance Bear
Months outperformance Bull
Subject Fund Reference index
Option Adjusted Modified Duration (years)
Maturity (years)
Rating
Yield to Worst (%)

Market development

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

The CEMBI Index returned -1.01% (in USD) this month as credit spreads tightened. The 10-year US Treasury yield decreased 12 bps to 2.86%. The spread on the JP Morgan CEMBI Index increased 44 bps to 3.14%. Further dollar appreciation caused another round of weakness in emerging markets. Already battered markets such as Argentina and Turkey saw another round of selling and volatility spread to other vulnerable markets such as South Africa. Although spreads are becoming increasingly attractive in several markets, volatility may be around for longer as long as the dollar strengthens further. Contagion is on the rise and we slowly see more markets being impacted by market volatility. However, decent investment grade companies are holding up reasonably well. Asia outperformed Latin America and CEEMEA with returns of +0.49%, -1.72% and -2.18%, respectively.

Fund Classification

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

Fund allocation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}
Name Sector Weight
{{fund.fundInvestmentExplanations.top10}}

Currency policy

All currency risks are hedged.

Dividend policy

The fund does not distribute a dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.

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

The Robeco Emerging Credit Bonds Fund is aimed at investors seeking higher yields than those offered by government bonds, but without the higher risk of a pure high-yield corporate bond fund. The fund invests in the emerging credits markets with predominantly investment grade credit acting as the core of the strategy. It does have the freedom to invest into other asset classes within the fixed income credit universe.. 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 fund benefits from the ample resources at its disposal to cover the credit markets. The investment team is highly experienced and stable with clear split in responsibilities between the portfolio managers and the credit analysts. 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 and high yield. This allocation is based on attaining the best risk reward profile for the fund. As such the portfolio manager will switch out of Investment grade into one of these categories when this corresponds to a more efficient use of the risk budget. The fund also benefits from the Robeco proprietary state of the art risk monitoring system.

Risk policy

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

Expectation of fund manager

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

The fund’s positioning remained stable in August. Our fundamental view on credit markets remains the same; we still believe we are in the last phase of this cycle. We do not, however, see the world economy going into a recession in the medium term. As several markets have repriced, spreads have become attractive again. The emerging credit market is now trading again at almost 1x its long-term median, with substantial dispersion between countries and markets. With the dollar’s tendency to continue strengthening like it did in August, emerging markets remain vulnerable. In that sense, we are cautious about adding too much risk at this stage and keep the beta around 1.

Reinout Schapers
Reinout Schapers

Reinout Schapers

Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003.

Team

The Robeco Emerging Credits fund is managed within Robeco's credit team, which consists of eight portfolio managers and twelve credit analysts (of which four cover the financial sector). The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by three dedicated quantitative researchers and four fixed income traders. On average, the members of the credit team have an experience in the asset management industry of sixteen years, of which eight years with Robeco.

Details

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU1143725874
BloombergREMCDHU LX
Valoren26163500
WKN
AvailabilityAT, DE, IE, IT, LU, SG, CH
1st quotation date1416960000000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
Morningstar
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
Max exit fee
Max sub fee
Max switch fee

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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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).

The funds shown on this website may not be available in your country. Please select your country website (top right corner) to view the products that are available in your country.

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.

By clicking Proceed I confirm that I am a professional investor and that I have read, understood and accept the terms of use for this website.

Decline