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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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Market development

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The Global Aggregate Corporate Bond Index returned +0.85% (hedged in euro) as credit spreads continued to widen and rates moved down further. The 10-year US Treasury yield declined 33 basis points to 2.66%, while the German 10-year yield declined 6 basis points to 0.24%. The credit spread on the Global Corporate Bond Index increased by 14 bps to 1.55%. Political risks continue to dominate credit and equity markets. Combined with tighter financial conditions globally, this has resulted in one of the weakest December months in history. Investors are worried that global growth will disappoint due to tightening and political issues. This was also reflected in lower commodity prices such as oil. US credit markets were particularly weak in December. The Global Corporate Bond Index delivered a negative excess return of -0.69% versus government bonds. US corporate bonds showed an underperformance compared to European corporates with excess returns of -1.01% and -0.03%, respectively. High yield (-2.28%) underperformed while emerging market credits (-0.50%) outperformed global investment grade markets.

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

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 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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China’s growth engine continues to slow down, putting pressure on global economic growth. This has an impact on commodity prices and on China’s main trading partners. Our fundamental view had already been more cautious, and rightfully so. We do not however see the world economy to go into a recession in the short term but weakness in China and slowing growth in the US are increasing risk factors. Chinese loosening and stimulus policies so far have had little impact. Apart from economic growth, political risks are a key driver for markets. Comments from president Trump on possibly removing Fed chairman Powell from his position was not taken well by the market. Fortunately, his stance towards the trade talks with China improved. There seems to be a willingness to get a trade deal soon which would benefit both economies. Valuation has improved in the past quarter. More and more areas within the markets are starting to look more attractive. Having said this, no market is already pricing in a recession.

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
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Outstanding shares
ISINLU1940066241
BloombergROCFIHU LX
Valoren
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
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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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