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Robeco Emerging Credits Z USD

Index: JPM CEMBI Broad Diversified
ISIN: LU1071420613
  • 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.

Price development

No performance data available

Price development

Robeco Emerging Credits Z USD

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 transaction prices, the fund's return was 0.99%. The fund has positions in all major regions and economies. The fund had neutral risk position during the month. The risk weighting made a neutral contribution to the fund’s performance. Issuer selection had a positive impact on the performance as Turkish and Brazilian credits performed very well. We brought our positions in Turkey and Brazil back to underweight and neutral, respectively, based on valuation. Other higher yielding markets, where we are underweight, subtracted from performance.

Statistics

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Market development

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The CEMBI Index returned +0.94% (in USD) this month as credit spreads tightened. The 10-year US Treasury yield increased 20 bps to 3.06%. The spread on the JP Morgan CEMBI Index decreased 28 bps to 2.86%. Despite higher rates in the US, the USD remained fairly stable over the month. This, combined with some more re-assuring developments on the trade war front, Argentina and Turkey, resulted in a relief rally during the month. Many investors also feared more outflows from the asset class and had relatively high cash balances which needed to be put back to work. With liquidity being poor, price volatility is larger than normal. Markets such as Turkey saw an impressive tightening from close to 10% spreads back to below 5%. Argentina remains a more volatile market due to the magnitude of its challenges despite the agreement with the IMF.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
Exclusion
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Sustainability Themed Fund

Currency policy

Derivatives can be used for various reasons; for example, to hedge single positions, for arbitrage, and for leverage to gain extra exposure to the credit market.

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

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In the second half of September, the fund’s beta was reduced mainly by selling Turkish assets. 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. However global trade, higher oil prices and, more importantly, higher US rates will continue to weigh on emerging markets. In the past six weeks, emerging markets have rallied substantially. The emerging credit market is now trading at 0.85x the long-term median coming from 1x just a few weeks ago. Markets such as Turkey, Brazil and South Africa performed very well, justifying bringing risk back down to below 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

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Management company
Fund capital
Outstanding shares
ISINLU1071420613
BloombergRCGECZU LX
Valoren24505028
WKNA14WXH
Availability
1st quotation date1401840000000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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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 0.01% 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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