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Robeco Global Credits Feeder Fund - zero duration IH USD

Index: Bloomberg Global Aggregate Corporates Index
ISIN: LU1940066241
  • Promising investment opportunities in credits
  • Flexible approach
  • Investment policy
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

This actively managed 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 fund's objective is to provide long term capital growth. 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.

Performance explanation

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Based on transaction prices, the fund's return was 1.46%. The Global Aggregate Corporate Bond Index returned 3.22% (hedged to EUR) last month. The credit spread on the Bloomberg Global Aggregate Corporate Bond Index tightened from 175 basis points to 161 basis points. Both German and US 10-year yields dropped to 0.82% and 2.65% respectively, due to recession fears.The underlying fund outperformed the benchmark by 0.24%. Our top-down positioning and issuer selection made positive contributions. We continue to hold a position in swap spreads, where we are long 5-year European swap spreads. The contribution was negative last month, as swap spreads widened. We expect swap spreads to normalize over the next quarter. The biggest movers were (in absolute terms): Cellnex Telecom SA, Carnival Corp and ZF Friedrichshafen AG.

Statistics

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Market development

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In July, credit markets recouped part of the losses from June, as most financial assets showed positive performance over the month.Central banks' policy remains a key theme for investors. As expected, the Fed raised the Fed funds rate by 75 bps, as it is still focused on bringing down inflation. However, the focus of financial markets shifted more towards slowing growth than inflation during July, leading to a decline in Treasury yields.In Europe, the ECB hiked rates by 50 bps. With more uncertainty about Italy, the ECB also announced the Transmission Protection Instrument, which should be supportive for peripheral spreads. Russian gas flows remain a tail risk for European economies, although deliveries via Nord Stream 1 were resumed after maintenance works.Second-quarter corporate earnings were solid for most companies that reported. Food producers like Unilever and Mondelez are able to increase prices to pass through higher input prices. Within chemicals, companies like Huntsman also posted good results, based on strong pricing.

Fund allocation

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Name Sector Weight
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Currency policy

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

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 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

This actively managed 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 fund's objective is to provide long term capital growth. Through its investment in the Master, 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 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.The Master aims to outperform the Benchmark by taking positions that deviate from the Benchmark. The Master fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of 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 so as to ensure that the fund's positions remain within set limits at all times.

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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By all standards, we have seen a very significant repricing of assets. European government bonds posted their worst quarter in decades and on top of that, credit spreads widened. Correlations in rates and risk markets have clearly been positive in this regime of financial tightening, taking away the benefits of diversification. If history since 1955 is any guide, we have to conclude as Larry Summers and Alex Domash first pointed out, that from current levels of inflation and labor market overheating, Fed tightening has always resulted in a recession. Spreads on all segments of the credit market are now undoubtedly above median spreads. Euro investment grade and euro high yield have even reached the top quartile. 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 are rapidly repricing, it is sensible to start buying some credit risk now, and we are aiming for a portfolio beta that is just above one.

Victor Verberk, Reinout Schapers
Victor Verberk, Reinout Schapers

Victor Verberk, Reinout Schapers

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. Reinout Schapers is Portfolio Manager Global & Emerging Credits in the Robeco Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management where he was a Head of European High Yield. Before that, he worked at Rabo Securities as an M&A Associate and at Credit Suisse First Boston as an Analyst Corporate Finance. Reinout has been active in the industry since 2003. He holds a Master's in Architecture from the Delft University of Technology.

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
Valoren46363434
WKN
Availability
1st quotation date1549411200000
Close financial year31-12
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Tracking error limit (%)
Morningstar
Reference index

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This fund deducts ongoing charges of
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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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