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Robeco Euro Credit Bonds CH EUR

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

About this fund

Robeco Euro Credit Bonds provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund is actively managed and implement 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 CH 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 0.83%. The portfolio posted a positive return in April which was a bit higher than the return of the index. The average credit spread of the index tightened from 123 basis points to 107 basis points during the month. This means that the excess return of corporate bonds over government debt amounted to 1.04% in April. Underlying government bond yields rose during the month, contributing negatively to the portfolio’s return. The beta of the portfolio was a bit above one during the month. This top-down positioning made a small positive contribution to the performance of the portfolio. Issuer selection contributed positively too. Our short position in the high yield market, via Itraxx Xover and CDX High Yield, contributed positively to the relative performance. These markets underperformed on a risk-adjusted basis. Our overweight in Tier 1 cocos contributed negatively, as these instruments lagged on a risk-adjusted basis. Looking at individual names, the largest positive contributors to performance were Volkswagen, Celanese and Sabadell.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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Corporate bond markets performed strongly in April, driven by tightening of credit spreads. The positive sentiment was in line with positive sentiment on equity markets. There were a few catalysts for this continued appetite for risk. Chinese economic data was a bit better than expected, it seems that the stimulus by the Chinese government is starting to work. We did not see much impact yet of these green shoots on German economic data. There also was some optimism around the ongoing trade talks between the US and China. At the same time, US rhetoric with regard to European trade is turning a bit more hostile. The Brexit theme has moved to the background, as the deadline for the actual exit was postponed twice. The risk of a hard Brexit in the near term is now materially lower. UK financials continued to perform well, though financials, including UK financials, underperformed the broader credit market in the second half of the month. First quarter earnings reported so far are not disappointing versus expectations. That said, the trend so far is for lower company earnings versus the first quarter of last year, something that has not happened in the last few years.

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

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 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

Robeco Euro Credit Bonds provides diversified exposure across circa 80 corporate issuers to the Euro investment grade credit market (industrial and financial companies). The fund is a pure play credit with full discretion to actively implement beta policy, sector rotation, off- benchmark positioning in emerging market, covered bonds or limitedly high yield (overall non-IG exposure limited to 20%). The fund aims to outperform its index Barclays Euro-Aggregate: Corporates. The investment philosophy is based on managing a solid diversified portfolio with a long term view. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, in which the team is discussing the fundamental market outlook, valuation of bond markets and market technicals. Bottom-up issuer research is executed by our credit analysts, who execute the fundamental analysis. The analyst research reports are being discussed in approx. 500 credit committees per year.The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery. The Investment Grade Corporate Bonds fund is managed by our credit team which consists of seven portfolio managers and twelve credit analysts. Within the team, Victor Verberk, Peter Kwaak and Jan Willem de Moor are responsible for investment grade, and work together for 6 years at Robeco. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research.

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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Despite weaker-than-expected macro data, risky assets have performed very well since the start of the year. A dovish Fed shift, expectations for a China trade deal and the backdrop of an oversold market late last year all help explain this turnaround. We see the current rally as typical of bear markets. Nearly all bear markets have occasional rallies, and they are often sharp and painful, just like episodes of spread widening. Sentiment in credit bear markets swings much more wildly in both directions. In times such as these, the market will increasingly distinguish between winners and losers. We construct our portfolios cautiously. We are conscious of the fact that it is expensive to be underweight. But rather than succumbing to the temptation to be long for the carry, we prefer to get prepared so we can return quickly after markets have repriced. Companies enjoyed multiple years of expanding margins, but those days are over. Central banks are prepared to take aggressive steps in order to raise inflation and have become more responsive to developments in financial markets. The downside of this policy, is that it can lead to bubbles and create bigger problems down the road.

Victor Verberk, Jan Willem de Moor
Victor Verberk, Jan Willem de Moor

Victor Verberk, Jan Willem de Moor

Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. de Moor is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. de Moor was employed by SBA Artsenpensioenfondsen as Senior Portfolio Manager Equities for six years. Before that, he worked at SNS Asset Management holding positions of Portfolio Manager Equities (three years) and Research Analyst (two years). Jan Willem de Moor started his career in the Investment Industry in 1994. He holds a Master's degree in Economics from Tilburg University.

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
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

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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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