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Robeco High Yield Bonds Feeder Fund - zero duration IH EUR

Index: Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap
ISIN: LU1840770603
  • Managed with a conservative approach
  • Disciplined and repeatable investment process
  • Experienced team management
Asset class
Current price ()
Performance YTD ()
Currency EUR
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 class Z2H shares (hedged to USD) of Robeco Capital Growth Funds SICAV - Robeco High Yield Bonds (“the Master”). The Master invests in corporate bonds with a sub-investment grade rating, issued primarily by US and European issuers.The fund's objective is to provide long term capital growth. The Feeder Fund uses interest rate derivatives to hedge the interest rate risk 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 High Yield Bonds Feeder Fund - zero duration IH EUR

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 -2.02%. The HY bond index was down 3.5% in April, on higher spreads and higher rates. The fund outperformed its benchmark by 8 bps. Our cautious beta positioning contributed 17 bps, while issuer selection resulted in a small negative. The war in Ukraine is creating a big cost-push inflation factor, and risks of supply problems for several commodities. Energy prices have risen sharply, and investors fear that industrials could run into production disruptions due to input sourcing issues. The automotive sector is an example of an industry that suffers from these developments, and our automotive overweight contributed negatively. Meanwhile, being underweight in US shale energy producers also detracted from performance. Lastly, with interest rates on the rise, investors tend to avoid the more rates-sensitive BBs. BBs underperformed on a risk-adjusted basis, and our quality tilt added to the underperformance. Positive contributions came from vending machine operator Selecta (+5 bps) and healthcare providers HCA and Community Health (+6 bps). Selecta continues to recover strongly on the reopening of travel and offices. US healthcare is considered a safe place in weak times.

Statistics

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Market development

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High yield experienced one of its worst months of the last decade. Both Treasury yields and credit spreads rose sharply, lifting the benchmark yield by almost a full percentage point to 6.6%. Year-to-date, HY is now down some 7.5-8.5%, depending on the base currency. Concerns about the impact of inflation on growth took center stage again. With headline CPI anywhere between 7 and 10% in the US and Europe, central banks are preparing aggressive tightening of financial conditions, particularly in the US. The fear of these rising rates choking off growth and leading to a recession hit investor sentiment hard. The war in Ukraine has ever deeper implications for global food supply and energy security, and is weighing on the macroeconomic outlook. Meanwhile in China, Covid is all but over, creating supply chain issues in the global production chains. To no surprise, the Q1 earnings season so far brought about quite some lackluster figures and outlooks. In this environment it is surprising to see basically zero defaults in HY. The primary market was firmly shut, and outflows out of the asset class persisted, both painting a rather bleak picture year-to-date for the asset class.

Fund allocation

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Name Sector Weight
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Currency policy

All 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.

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 class Z2H shares (hedged to USD) of Robeco Capital Growth Funds SICAV - Robeco High Yield Bonds (“the Master”). The Master invests in corporate bonds with a sub-investment grade rating, issued primarily by US and European issuers.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 interest rate derivatives to hedge the interest rate risk 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 majority of bonds selected will be components of the Benchmark, but bonds outside the Benchmark index may be selected too. The Master Fund can deviate substantially from the weightings of the Benchmark. 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 Master Fund.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

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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Until recently, markets were exclusively focusing on how the global economy would emerge from a Covid-disrupted world. The common market expectation was one of a continued economic recovery with inflationary risks attached. With the war in Ukraine, the growth narrative for Europe in particular is under threat, while inflation is getting an additional boost. As Russia is a major exporter of a variety of commodities, supply shortages are quickly becoming a fierce cost-push factor. The high energy dependency of Russia will be reduced, but at a cost: higher prices but also risks to growth, output and profitability. That makes stagflation a real scenario now, especially for energy-dependent Europe. A slowing economy and rising yields is the worst environment for leveraged companies. We expect more dispersion, underperformance of weak credit quality and more defaults. We remain underweight in the more vulnerable B and CCC space. Over the past quarter, credit markets have cheapened though, in particular in the European BB space. In better-quality high yield we therefore selectively see attractive valuation levels. To sum up, we firmly remain up in quality and accept a beta below 1 as a result.

Sander Bus, Roeland Moraal
Sander Bus, Roeland Moraal

Sander Bus, Roeland Moraal

Sander Bus is Co-Head of the Credit team and Lead Portfolio Manager Global High Yield Bonds. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and is a CFA® charterholder. Mr. Roeland Moraal, Vice President, CEFA, Portfolio Manager. Roeland is a Senior Portfolio Manager High Yield within Robeco's Credit team since January 2004. Before assuming this role, he was portfolio manager in our Rates team for two years and worked as an analyst with the Institute for Research and Investment Services for three years. Roeland Moraal is Lead Portfolio Manager European High Yield in the Credit team. Before assuming this role, he was Portfolio Manager in the Robeco Duration team and worked as an Analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam.

Team

The Robeco High Yield fund is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 three dedicated quantitative researchers and four 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
Size of share class
Outstanding shares
ISINLU1840770603
BloombergROHZIHE LX
Valoren42285685
WKN
Availability
1st quotation date1530144000000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

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This fund may also deduct a performance fee of

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.

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