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Robeco Emerging Debt D USD

Index: JPM GBI-EM Global Diversified TR (USD)
ISIN: LU1246241340
  • Broad exposure to emerging-market debt
  • Benefiting the combination of emerging government bonds and credits
  • Agnostic investment style
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Debt mainly invests in sovereign bonds and corporate bonds from issuers that are active in emerging countries. The selection of these bonds is based on fundamental analysis. The investment process starts with the top-down analysis of the global macroeconomic environment and market themes to determine the asset allocation between local currency bonds, developed (hard) currency sovereign debt, corporate credit and overall duration (interest-rate sensitivity) exposure. The next step is the bottom-up research to determine the country duration (interest-rate sensitivity), currency positioning and issue(r) selection based on Robeco’s proprietary country and company research.

Price development

No performance data available

Price development

Robeco Emerging Debt D 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 0.27%. During the month, the fund added two new long emerging currency positions in BRL and ZAR and an underweight in MXN. The Argentine peso remains overweight. Compared to the index, the fund is underweight local bonds in the Czech Republic, Hungary and Poland. Total duration is slightly below the index.

Statistics

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Market development

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The fundamental news from emerging countries has been mixed over the past month, with Mexican markets in particular suffering fallout from the negative outcomes of various referendums instituted by the new president López Obrador. The Brazilian risk market is also losing some of the luster given by Bolsonaro’s victory after it has become increasingly clear that it will be hard for his proposed reforms to achieve Congressional approval. By contrast, Central European country bonds have performed well, following the fall of German bond yields, as it becomes increasingly clear that the rate of economic expansion across Europe is declining which is taking some pressure off their central banks to increase interest rates.

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

The fund is exposed to the main emerging currencies. Financial derivative instruments can be used for hedging or to gain extra exposure to a certain currency market. In Robeco Emerging Debt D/F EUR the currency positions related to the US Dollar are hedged.

Dividend policy

The fund does not distribute dividend; it retains any income that is earned and so its entire performance is reflected in its share price.

ESG Integration policy

For Robeco Emerging Debt, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. For credits, the ESG analysis is part of the fundamental scoring by the sector analyst. Analysts include RobecoSAM sustainability data and use external sources to make an ESG assessment as part of the fundamental analysis.

Investment policy

Robeco Emerging Debt leverages on Robeco's long experience of investing in emerging markets. Robeco has been investing in emerging markets since the 1930s. Furthermore, the fund profits from Robeco's proven credit expertise with its successful track record in issuer selection and allocation policies. A distinguishing feature of Robeco Emerging Debt is that it invests in a broad range of markets to gain exposure to emerging countries. Its universe consists of both government bonds and corporate credit, combining both hard and local currency. This allows the portfolio manager to select the most attractive investment opportunities. To accentuate the broad nature of the fund, the portfolio manager constructs the portfolio based on an internal composite benchmark consisting of local-currency sovereigns and emerging credits. Robeco Emerging Debt leverages on Robeco's long experience of investing in emerging markets. Robeco has been investing in emerging markets since the 1930s. Furthermore, the fund profits from Robeco's proven credit expertise with its successful track record in issuer selection and allocation policies.

Risk policy

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

Expectation of fund manager

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The global environment is also potentially moving in the right direction for a sustainable recovery in emerging market local bonds and currencies. This is due to China/US trade negotiations becoming more positive, and speeches from Federal Reserve Governors now suggesting that they have a less hawkish bias, as monetary conditions have tightened and inflation has failed to pick up.

Paul Murray-John
Paul Murray-John

Paul Murray-John

Mr. Paul Murray-John is Lead Portfolio Manager since February 1, 2015 of the Robeco Emerging Debt strategy which was established in June 2011 and the quant duration strategy Robeco Emerging Lux-o-rente, which was established in December 2012. Paul has over 19 years' experience in the financial industry and has gained vast experience in the area of emerging markets, both from the buy and the sell side. His previous roles have included lead portfolio manager of the Threadneedle Emerging Markets Bond fund and in recent years, he worked for HSBC Global Banking and Markets. Paul holds a MBA degree from the Warwick Business School.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1246241340
BloombergROBEMDU LX
Valoren28513459
WKN
Availability
1st quotation date1435190400000
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
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 0.05% 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).

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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.

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