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Robeco Global Credits -– Short Maturity IH GBP

Index: Bloomberg Barclays Global Aggregate Corporate 1-5 years (hedged into GBP)
ISIN: LU1648456306
  • 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.
Assets class
Current price ()
Performance YTD ()
Currency GBP
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Dividend payingNo

About this fund

Robeco Global Credits - Short Maturity invests primarily in a diversified portfolio of global investment grade corporate bonds with a short maturity. The selection of these bonds is based on fundamental analysis. This fund has the flexibility to invest in other fixed income asset classes such as high yield, Emerging Credits and Asset Backed Securities. The fund can take limited active duration (interest-rate sensitivity) positions.

Performance

No performance data available

Performance

Robeco Global Credits -– Short Maturity IH GBP

Performance

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Statistics

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Subject 3 years 5 years
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Market development

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The Global Aggregate Corporate Bond 1-5 year Index (hedged in GBP) returned 0.2% this month as credit spreads widened while risk-free rates moved down. The 5-year US Treasury yield decreased by 10 bps to 2.74%, while the German 5-year yield decreased 13 bps to -0.23%. The credit spread on the Global Corporate Bond Index increased by 2 bps to 0.83%. 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 1-5 year delivered a positive excess return of 0.02% versus government bonds, outperforming the general Global Corporate Bond Index (-0.33% excess return).

Fund Classification

DescriptionYesNoN/A 
Voting
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ESG integration
Exclusion
DescriptionYesNoN/A 
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Integration
Sustainability Themed Fund

Fund allocation

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Name Sector Weight
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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

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We maintain a risk position above 1 for short-dated securities. 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. Short-dated financial bonds were disproportionately hit in the last few months, making them very cheap. Credit markets are expected to remain volatile but the volatility is expected to largely play out in credits longer than 7 years. Geopolitical risks remain a source of uncertainty but a lot has been priced in.

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 - 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

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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU1648456306
BloombergROBCIHG LX
Valoren37545303
WKNA2DYLK
AvailabilityAT, FR, DE, IE, LU, CH, GB
1st quotation date1506556800000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
Service fee

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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