Robeco Global Credits-Short Maturity IH EUR
- An unconstrained global credit fund with a short duration
- Flexible approach to investing that benefits from a global credit market exposure
- Core exposure to global investment grade supplemented by off benchmark opportunities.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 0.37%. The fund's beta was 1.1. The beta position had a positive effect on the fund's total return. Issuer selection made a positive contribution to the fund's return as well. Short-dated banks continued to perform better than the market. Also the automotive sector outperformed.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond 1-5 year Index (hedged to GBP) returned +0.32% this month as credit spreads declined and risk-free rates moved higher. The 5-year US Treasury yield increased 5 bps to 2.28%, while the German 5-year yield increased 3 bps to -0.42%. The spread declined by 7 basis points to 0.80%. Markets remained strong in April. However, there was more dispersion between them. As economic data is improving in Asia and the US, investors believe the credit cycle will last a bit longer. The improvements are not yet broad based and risks to the downside remain present. As negotiations between the US and China progress, markets are getting more comfortable a trade deal will materialize. The Global Aggregate Corporate Bond 1-5 year Index delivered a positive excess return of +0.33% versus government bonds, underperforming the Global Aggregate Corporate Bond Index (+0.92%).
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
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| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
All currency risks are hedged.
Derivative policy
The fund fund make use of derivatives for hedging purposes as well as for investment purposes.
Dividend policy
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.
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
Robeco Global Credits - Short Maturity 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 invests mainly in investment grade credits with a short maturity. 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 Global Credits - Short Maturity offers the flexibility of an integrated strategy. The fund invests in the best-of-class credits with a short maturity across all asset classes regardless of type or location, and does not adhere to a benchmark (though it has a reference index). 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 to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Macro data in Europe and Asia have clearly bottomed. European data is lagging, which cannot be dissociated from the fact that Europe’s export-driven economy is dependent on the well-being of China and the US. The data is not improving across the board but on aggregate it looks better. Corporate earnings have so far been stable. Even in sectors such as automotive, which showed very weak numbers last year, were able to improve. Markets in general have become more upbeat about future earnings and a prolonged cycle. US treasury rates have moved up in the past two months but remain well-behaved as the Fed has not changed its rhetoric and data is not strong enough to push the long-end up materially. In Europe, Italy and Brexit fears have been put aside for now.
Reinout Schapers, Victor Verberk
Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003. 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 - Short Maturity 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 | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1648456215 |
| Bloomberg | ROBCIHE LX |
| Valoren | 37545292 |
| WKN | A2DYLJ |
| Availability | |
| 1st quotation date | 1506556800000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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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 0.01% 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.
