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Robeco Euro Credit Bonds C EUR

Index: Bloomberg Euro Aggregate: Corporates
ISIN: LU1025004745
  • Diversified credits exposure with full discretion approach
  • Disciplined and repeatable investment process
  • Experienced team management
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Euro Credit Bonds is an actively managed fund that provides a diversified exposure to the euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund implements beta policy, sector rotation, off-benchmark positioning in emerging market, covered bonds or limitedly high yield.

Price development

No performance data available

Price development

Robeco Euro Credit Bonds C 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 transaction prices, the fund's return was -4.11%. The portfolio posted a negative return for the month. The euro corporate index spread widened 15 bps to 202 bps at the end of the month. As a result, the European credit market underperformed versus government bonds with an excess return of -0.61%. The total return was mainly driven by a big move in underlying government bond yields. German 10-year treasury yields almost doubled to 1.54%.The portfolio outperformed its benchmark index. Our beta policy made a small negative contribution to performance, as the beta was just above one, while credit underperformed treasuries. Issuer selection made a positive contribution, more than offsetting the negative beta effect. The largest positive contributions came from: First Abu Dhabi Bank, Athora and Volkswagen. We continue to hold a long position in 5-year swap spreads. The return contribution this month was negative, as the swap spread widened.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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The euro corporate index spread widened 15 bps to 202 bps at the end of the month. As a result, the European credit market underperformed versus government bonds with an excess return of -0.61%. The total return was mainly driven by a big move in underlying government bond yields. German 10-year treasury yields almost doubled to 1.54%. The 2-year German bond yield rose an astonishing 94 bps, ending August at 1.20%. This was probably the largest monthly rise in this metric in at least three decades. More hawkish central bank rhetoric and skyrocketing inflation pushed up yields. High natural gas prices drove up Eurozone inflation to 9.1% YoY, a new record. US inflation for July was below expectations, but Fed officials sounded hawkish and expressed the view that rates should remain higher for longer. In his Jackson Hole speech, Fed Chair Powell underlined this message, while referring to lessons of the high inflation period of the 1970s-80s. US Treasuries were down -2.8% in August.

Fund allocation

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Name Sector Weight
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Currency policy

All currency risks are hedged.

Derivative policy

Robeco Euro Credit Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

Dividend policy

The fund aims to pay a quarterly dividend. Target dividend rate is 1.00% per quarter.

ESG Integration policy

The fund incorporates sustainability in the investment process via exclusions, ESG integration and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Investment policy

Robeco Euro Credit Bonds is an actively managed fund that provides a diversified exposure to the euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy.The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The fund implements beta policy, sector rotation, off-benchmark positioning in emerging market, covered bonds or limitedly high yield. The majority of bonds selected will be components of the benchmark, but bonds outside the benchmark may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk policy

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

Sustainability profile

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Exclusions

ESG Integration

Engagement

Sustainability

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The fund incorporates sustainability in the investment process via exclusions, ESG integration and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Expectation of fund manager

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Downside risks to the economy have risen materially and recession risk is now openly debated. Looking at monetary policy, the main worry we have is that developed market central banks are behind the curve. The key risks here are higher-than-anticipated rate hikes in the coming months, and inflation that not only lasts longer but peaks at higher levels. It is clear that central banks will continue to fight inflation, which is likely to lead to a recession. By all standards, we have seen a very significant repricing of fixed income. Spreads on all segments of the European credit market are now clearly above average. Euro investment grade and euro high yield have even reached the highest quartile of valuations since 2005. Could spreads go wider in a full-blown recession scenario? Yes, they can. Should we run full underweight positions until we see those highs? No, we do not believe that would be prudent to do. Even though we acknowledge that recession risks are elevated, there is never 100% certainty that this scenario will play out. Given that markets have repriced, it makes sense to start adding some risk. We are aiming for a portfolio beta that is just above one.

Victor Verberk, Jan Willem de Moor, Peter Kwaak
Victor Verberk, Jan Willem de Moor, Peter Kwaak

Victor Verberk, Jan Willem de Moor, Peter Kwaak

Victor Verberk is CIO Fixed Income and Sustainability and Portfolio Manager Investment Grade Credits. Prior to joining Robeco in 2008, Victor was CIO at Holland Capital Management. Before that, he was Head of Fixed Income at MN Services and Portfolio Manager Credits at AXA Investment Managers. He has been active in the industry since 1997. Victor holds a Master’s in Business Economics from Erasmus University Rotterdam and he is a Certified European Financial Analyst. Jan Willem de Moor is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University. Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder.

Team

The Robeco Euro Credit Bonds fundis managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials analysts). 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 dedicated quantitative researchers and fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1025004745
BloombergRECBCHE LX
Valoren23585002
WKN
Availability
1st quotation date1391472000000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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Transaction costs

The expected transaction costs are

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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.

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