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Robeco European High Yield Bonds Feeder Fund - zero duration IH EUR

ISIN: LU2036927148
  • Managed with a conservative approach
  • Disciplined and repeatable investment process
  • Experienced team management
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

The actively managed fund is a feeder Fund ( the “Feeder Fund”) and as such invests at least 85% of its assets in class Z2H shares of Robeco Capital Growth Funds SICAV – Robeco European High Yield Bonds (“the Master”). The Master is a sub-fund of Robeco Capital Growth Funds SICAV, a Luxembourg open-ended investment company with variable capital. The Master invests in bonds with a sub-investment grade rating, issued primarily by European and US issuers denominated in EUR. The selection of these bonds is based on fundamental analysis. The portfolio is broadly diversified, with a structural bias to the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The Master aims to outperform the benchmark by taking positions that deviate from the benchmark. The benchmark of the Master is Bloomberg Barclays Pan-Eur. HY Corp. ex Fin. 2,5% Issuer Cap (hedged into EUR). The Feeder Fund uses derivatives to hedge the duration of the Master. The duration hedge will lead to intended performance differences between the Feeder Fund and the Master. Interest rate movements will have a different effect on the Master and the Feeder Fund.

Price development

No performance data available

Price development

Robeco European High Yield Bonds Feeder Fund - zero duration IH EUR

Performance

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Fund Reference index
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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.

Statistics

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Above mentioned ratios are based on gross of fees returns
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Above mentioned ratios are based on gross of fees returns
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Market development

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For the second straight month, high yield spreads tightened dramatically. After a vicious rally in April, May proved to be strong as well, with close to 100 bps of spread tightening. In May, the index saw 2.3% and 3.1% in total and excess return respectively. Underlying government bonds deducted 80 bps, as Bund yields ended the month higher. Market sentiment remained bullish, fueled by anticipated support from the ECB. By the end of the month, the European Commission published its proposal for a new EUR 750 bln recovery instrument to support economic recovery after the Covid-19 shock. European issuance numbers are picking up, with around EUR 4 billion issued. However, this remains below the average we normally witness in May. Fund flows in Europe are still negative for the year. May saw USD 0.4 bln and USD 0.1 bln of inflows into European HY Mutual Funds and ETFs, respectively. Year-to-date, Mutual Funds and ETFs have seen USD 5.1 bln and USD 1.7 bln of outflows respectively, which could be one of the reasons why supply is not back at normal levels. Bleak economic macro data did not spoil the positive sentiment. The European High Yield Index tightened by more than 75 bps to a level of 576 bps, with an average yield of 5.4%.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
Screening
Integration
Sustainability Themed Fund

Currency policy

All currency risks are hedged.

Derivative policy

The Feeder Fund uses derivatives to hedge the duration of the Master. The duration hedge will lead to intended performance differences between the Feeder Fund and the Master. Interest rate movements will have a different effect on the Master and the Feeder Fund.

Dividend policy

This share class of the fund does not distribute dividend.

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

This Fund is a feeder Fund ( the “Feeder Fund”) and as such invests at least 85% of its assets in class Z2H shares of Robeco Capital Growth Funds SICAV – Robeco European High Yield Bonds (“the Master”). The Master is a sub-fund of Robeco Capital Growth Funds SICAV, a Luxembourg open-ended investment company with variable capital. The Master invests in bonds with a sub-investment grade rating, issued primarily by European and US issuers denominated in EUR. The selection of these bonds is based on fundamental analysis. The portfolio is broadly diversified, with a structural bias to the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The Master aims to outperform the benchmark by taking positions that deviate from the benchmark. The benchmark of the Master is Bloomberg Barclays Pan-Eur. HY Corp. ex Fin. 2,5% Issuer Cap (hedged into EUR).

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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The longest economic expansion has ended abruptly. The end of the expansion itself is not a surprise, but the nature of the exogenous shock, its speed and the magnitude of the slowdown are. History is being made. But while Covid-19 is the proximate trigger, we firmly believe current events are not just about the virus. They have deep secular and cyclical roots. As long as the end of corona and/or a vaccine is not in sight, markets have to rely on strong technicals. Additional monetary and fiscal support has caused markets to rally and inflows continue to pour into the asset class. But a deep recession, an increasing number of defaults and heightened uncertainty surrounding upcoming corporate earnings will be with us for some time. The V-shaped recovery that is priced in at the moment, seems too good to be true. Our contrarian approach is that one should trim risk when the skies are clear, and buy risk when the storm has begun and markets panic. We increased our beta above one in March and have moved back to below one in April/May, after a strong reversal in spreads. Once we see high yield spreads widening, we may consider adding more risk.

Roeland Moraal, Sander Bus
Roeland Moraal, Sander Bus

Roeland Moraal, Sander Bus

Mr. Roeland Moraal, Vice President, CEFA, Portfolio Manager. Roeland is a Senior Portfolio Manager High Yield within Robeco's Credit team since January 2004. Before assuming this role, he was portfolio manager in our Rates team for two years and worked as an analyst with the Institute for Research and Investment Services for three years. Roeland started his career in the investment industry in 1997 at Robeco. He holds a Master's degree in applied mathematics from the University of Twente and a Master's degree in Law from Erasmus University, Rotterdam. Roeland became a CEFA charter holder in 2000 and he is registered with the Dutch Securities Institute. Mr. Bus is Head of the Credit team and manages our high yield portfolios. Prior to joining Robeco in 1998, Mr. Bus worked for Rabobank as a fixed income analyst for two years. Mr. Bus holds a Master's degree in Financial Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003 and is registered with the Dutch Securities Institute. Mr. Bus has been active in the industry since 1996.

Team

The Robeco European High Yield fund is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 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 seventeen years, of which eight years with Robeco.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2036927148
BloombergREHZIHE LX
Valoren50362787
WKN
Availability
1st quotation date1569369600000
Close financial year31-12
Legal status
Tracking error limit (%)
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 0.01% 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.

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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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