Robeco Global Credits I USD
- Promising investment opportunities in credits
- Flexible approach
- Investment policy
About this fund
Performance
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -0.14%. The fund's beta was around 1 during the month. The beta position had a neutral effect on the fund's total return. Issuer selection made a negative contribution to the fund. US credit outperformed European markets, but also the smaller currencies such as the yen, Australian dollar and Sterling markets were very strong. Our positions in certain Turkish credits also resulted in some underperformance.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned +0.22% (hedged in euros) this month as credit spreads widened and risk-free rates moved lower. The 10-year US Treasury yield decreased by 10 bps to 2.86%, while the German 10-year yield decreased 12 bps to 0.32%. The credit spread on the Global Corporate Bond Index increased by 5 bps to 1.18%. Geopolitical risks resurfaced in August. Trade negotiations with the US are running and regular tweets by president Trump during the process result in plenty of noise. But also Italy, Argentina and Turkey are making new headlines, causing volatility. The Global Corporate Bond Index delivered a negative excess return of -0.33% versus government bonds. US corporate bonds continue to outperform European corporates with excess returns of -0.38% and -0.44%, respectively. High yield (-1.52%) and emerging market credits (1.41%) underperformed global investment grade markets.
Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Currency policy
Currency risks are not hedged.
Derivative policy
Robeco Global Credit make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.
Dividend policy
In principle, this share class of the fund will distribute an quarterly 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
The Robeco Global Credits is aimed at investors seeking higher yields than those offered by government bonds, but without the higher risk of a pure high-yield corporate bond fund. The fund invests in the global credits markets with investment grade credit acting as the core of the global strategy. It does have the freedom to invest into other asset classes within the fixed income credit universe. The fund is managed by an experienced team with a proven track record capable of generating good performance in both rising and falling bond markets. Robeco's Global Credits fund offers the flexibility of an integrated strategy. The fund invests in the best-of-class credits across all asset classes regardless of type or location. The flexibility of an integrated credit strategy is increasingly required as central bank policies continue to desynchronize and as different credit markets reprice securities as their economies and companies improve at different rates. Robeco uses investment strategies that can provide solid returns in both rising and falling bond markets as proven by its strong track record. The fund benefits from the ample resources at its disposal to cover the credit markets .The investment team is highly experienced and stable with clear split in responsibilities between the portfolio managers and the credit analysts. The investment process is well structured and has a disciplined approach and is based both on a top down macro outlook of the credit markets and an in depth and comprehensive bottom up fundamental credit analysis. The fund applies a total return approach with the flexibility to invest in asset classes such as securitized, high yield and emerging markets. This allocation is based on attaining the best risk reward profile for 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.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}We keep the beta position of the portfolio around 1. Our fundamental view on credit markets remains the same; we still believe we are in the last phase of this cycle. We do not, however, see the world economy going into a recession in the medium term. As several markets have repriced, spreads have become attractive again. The emerging credit market is now trading again at almost 1x its long-term median, with substantial dispersion between countries and markets. Credit markets are expected to remain volatile and as such we are cautious in adding too much risk at this stage and keep the beta around 1. Geopolitical risks remain a source of uncertainty but a lot has been priced in.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | Robeco Luxembourg S.A. |
| Fund capital | |
| Outstanding shares | |
| ISIN | LU1479026897 |
| Bloomberg | RGLCRIU LX |
| Valoren | 33650320 |
| WKN | |
| Availability | LU, NL, SG, CH |
| 1st quotation date | 1471478400000 |
| Close financial year | 31-12 |
| Legal status | Investment company with variable capital incorporated under Luxembourg law (SICAV) |
| Reference index |
Cost of this fund
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Transaction costs |
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Performance fee |
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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.
