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Robeco Global Credits Feeder Fund - zero duration IH USD

Reference index: Bloomberg Barclays Global Aggregate - Corporates (hedged into USD)
ISIN: LU1940066241
  • Promising investment opportunities in credits
  • Flexible approach
  • Investment policy
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

This Fund is a feeder Fund and invests at least 85% of its assets in shares of Robeco Capital Growth Funds SICAV – Robeco Global Credits (“the Master”). The Master invests in global credits markets with investment grade credit acting as the core of the global strategy. The Master aims to outperform the benchmark (Bloomberg Barclays Global Aggregate - Corporates (hedged into EUR)) by taking positions that deviate from the benchmark. The Feeder Fund uses derivatives to hedge the duration of the Master to nearly zero. The duration hedge will lead to intended performance differences as a result of interest rate movements between the Feeder Fund and the Master.

Price development

No performance data available

Price development

Robeco Global Credits Feeder Fund - zero duration IH 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.

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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The Global Aggregate Corporate Bond Index returned 0.35% (hedged to EUR) last month. Credit spreads tightened and interest rates moved up. The 10-year US Treasury yield moved higher from 1.66% to 1.69%. The German 10-year yield moved from -0.57% to -0.41%. The credit spread on the Global Corporate Bond Index decreased 5 basis points to 110.Markets were mainly driven by the trade war, European politics and central banks. Optimism about a US-China interim trade deal and the avoidance of a hard Brexit caused spreads to tighten. As soon as it became clear that the EU and the UK would reach a new deal on a soft Brexit, spreads of UK bonds started to rally. It is clear that a large part of the market has been avoiding UK risk over the past months. Despite relatively positive economic data, the Fed cut rates. It was regarded as the insurance cut for the year 2019. Improved sentiment resulted in substantial new issuance in the months of September and October.

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 into the euro.

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

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

ESG Integration policy

Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. We deem it essential for a well-informed investment decision to take into account those ESG factors that have the potential to materially impact the financial performance of the issuer. This perfectly matches the basic need to avoid the losers in credit management, as many credit events in the past can be attributed to issues such as poorly designed governance frameworks, environmental issues, or weak health & safety standards. The aim of ESG integration is to improve the risk/return profile of the investments and does not have an impact goal. ESG analysis is fully integrated in the bottom-up security analysis. We have defined key ESG factors per industry, and for every company we analyze how the firm is positioned versus these key ESG factors, and how this impacts the fundamental credit quality.

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 Global Credits (“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 global credits markets with investment grade credit acting as the core of the global strategy. The Master aims to outperform the benchmark by taking positions that deviate from the benchmark. The benchmark of the Master is Bloomberg Barclays Global Aggregate - Corporates (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.

Risk policy

Risk management is fully embedded in the investment process so as to ensure that the fund's positions remain within set limits at all times.

Expectation of fund manager

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After the ECB meeting in September, it became clear that the monetary policy will remain very accommodative for the next years in Europe. Interest rates will remain low in Europe and the US, which is accommodative for emerging markets. Having said that, the slow-down in manufacturing as shown by PMI figures is not supportive for manufacturing corporates. We remain very selective in both country and credit exposure. We are already experiencing a search for yield, where higher yielding bonds like subordinated financials or hybrids are outperforming non-subordinated debt. We aim for credit betas close to and above one in global investment-grade credit portfolios. Meanwhile, valuations are below average in investment grade. Although a trade deal with China seems nearer now, we believe global trade tensions are expected to stay. This has a visibly negative impact on the global economy. We have to cope with a cyclical slowdown in growth, short-term spread cycles driven by a lack of liquidity, and central bank interventions due to fading inflation. We think it is wise not to fight the Fed or the ECB, as their policies create a positive market technical.

Victor Verberk
Victor Verberk

Victor Verberk

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.

Team

The Robeco Global Credits fund is 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
ISINLU1940066241
BloombergROCFIHU LX
Valoren46363434
WKN
Availability
1st quotation date1549411200000
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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