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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.
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Sustainability Themed Fund |
All currency risks are hedged.
Robeco Global Credit make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.
The fund does not distribute a dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.
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.
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 management is fully embedded in the investment process so as to ensure that the fund's positions remain within set limits at all times.
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.
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.
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.
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ISIN | LU1940065276 |
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1st quotation date | 1549411200000 |
Close financial year | 31-12 |
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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.
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.
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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