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Robeco Emerging Debt I USD

Index: JPM GBI-EM Global Diversified TR (USD)
ISIN: LU0611924928
  • 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 I 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 2.81%. The fund’s long emerging currency positions have been cut further over the month although they still contributed to the relative outperformance in September. The currency overweights that remain are Argentina and Egypt. Compared to the index the fund is underweight local bonds in the Czech republic, Hungary and Poland, and overweight in Mexico. Total duration is slightly below the index.

Statistics

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Market development

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As well as the risk of continuing trade tensions, the risk remains that the Federal Reserve continues to focus exclusively on the strength of the US economy, ignoring the slowdown elsewhere, and continues to raise interest rates, further supporting the USD and pushing up US bond yields. We had expected the combination of a change in Chinese economic policy and attractive valuations to support the emerging debt asset class, but we remain cautious and now wait for evidence of an end to tightening by the Federal Reserve before adding risk in selected countries, where inflation is low and central banks are conducting responsible monetary policy.

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 are used for active currency positioning and to hedge the fund?s interest rate sensitivity to the benchmark duration. Derivatives can also be used for various reasons, for instance for hedging single positions, for arbitrage, and to gain extra exposure to the market.

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 medium-term outlook for the asset class is becoming more cloudy due to rising real yields in core markets, falling global growth, and risks of inflation from the ongoing US/China trade war. The US Federal Reserve continues tightening monetary policy, and both the ECB and BoJ are bringing their accommodative monetary policy to an end. The key global risks that we remain focused upon are the potentially faster-than-expected tightening of monetary conditions in the US, and an economic slowdown in China.

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
Outstanding shares
ISINLU0611924928
BloombergROBEMDI LX
Valoren12774567
WKNA1J7LB
Availability
1st quotation date1307404800000
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
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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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