globalen
Assets class
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Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingYes

About this fund

Robeco High Yield Bonds invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The selection of these bonds is mainly based on fundamental analysis. The portfolio is broadly diversified, with a structural bias to the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection.

Price development

No performance data available

Price development

Robeco High Yield Bonds IEH USD

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 2.28%. The Global High Yield Index printed a strong figure for the second consecutive month. The fund outperformed its index on a gross performance basis. The biggest driver of this outperformance was our regional bet. European high yield posted an impressive total return close to 2% and was the best-performing fixed income asset class for the month. Our quality bias also added to our performance, as BBs outperformed single Bs and CCCs, all on a risk-adjusted basis. On an issuer level, the largest contributor was our underweight in Windstream. Windstream filed for bankruptcy due to the recent ruling that their 2015 Uniti spin-off and asset leaseback with this new entity, violated an indenture, and defaulted on and accelerated maturities of their 2023 unsecured notes. The bonds plunged, received a D-rating and were removed from the benchmark as per ultimo month. Our overweight in Equinix was also a large contributor. The US-based datacenter operator was upgraded to investment grade by one of the rating agencies and bonds reacted positively.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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February was again a strong month for Global High Yield Bonds. Total returns were around 1.5% for the month leading to one of the strongest starts to a calendar year since 2001. Underlying Treasury yields made a flattish contribution to the performance. The market was in full risk-on mode since the start of the year, as Fed policy rhetoric remained supportive of credit and that positive technical was carried over into February. Markets now anticipate more positive headlines, like a trade compromise between the US and China, a potential TLTRO 2 program from the ECB as well as an announcement on the Fed’s balance sheet policy. New issuance (supply) is lacking in Europe YTD. This creates a strong technical in secondary markets as inflows are picking up and coupon payments need reinvestment. All sectors printed in positive territory for the month and also performed more or less in line. This means that idiosyncratic risk is not a market driver at the moment and markets are moving on systematic risk. Global high yield bond spreads and yields tightened 47 bps and 42 bps respectively, the spread level is 389 bps with an average yield of 6.07%.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
Exclusion
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Sustainability Themed Fund

Currency policy

All currency risks are hedged.

Derivative policy

Robeco High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

Dividend policy

In principle, the fund will distribute dividend annually.

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 High Yield Bonds invests in corporate bonds with a sub-investment grade rating, issued primarily by US and European issuers. The portfolio is broadly diversified across circa 250 issuers, with a structural bias to the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The fund aims to outperform its index Barclays US Corporate High Yield & Pan European High Yield ex Financials 2.5% Issuer Cap. The index excludes high yield financials based on relatively high systematic risk, and applies an issuer cap to avoid concentration risk. The investment philosophy is based on managing a solid diversified portfolio with a long term view. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, in which the team is discussing the fundamental market outlook, valuation of bond markets and market technicals. Bottom-up issuer research is executed by our credit analysts, who execute the fundamental analysis. The analysts research reports are being discussed in approx. 500 credit committees per year. In addition, a proprietary quant issuer selection model is used as an independent performance driver. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. Holdings in equities can only appear in the portfolio as a result of corporate actions and/or debt restructuring. It is not the intention of the portfolio manager to use options or swaptions. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery. The Robeco High Yield fund is managed by our credit team which consists of eight portfolio managers and thirteen credit analysts. Within the team, Sander Bus and Roeland Moraal are responsible for high yield. Sander has been involved in the fund since inception in 1998, Roeland joined in 2003. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research. Duration of the portfolio is managed in line with the index and currency exposure is hedged.

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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The weakness of high yield in late 2018, especially in the US, felt overdue to us. The very strong rebound in January is in our view not supported by fundamentals, other than that the Federal Reserve indeed did change its tone and is indicating a much slower pace of tightening of monetary conditions now. We remain concerned about corporate leverage and too much risk appetite. Corporate earnings are mixed at best, economic indicators are deteriorating in both the US and Europe, GDP growth in the largest European countries is approaching zero or even dipping below, Brexit remains unresolved. The reduction of treasuries on the Federal Reserve balance sheet is weighing on USD liquidity. Combined with the end of QE in Europe and wider credit spreads compared to a year ago, monetary conditions have tightened. On a more positive note, credit has been in a bear market for large part of 2018, meaning markets have already begun to price in the elevated risks. Overall, our view is cautious as the cycle is late and valuations are tight. We keep our beta close to one, continue to favor high quality high yield, and prefer Europe over the US.

Sander Bus, Roeland Moraal
Sander Bus, Roeland Moraal

Sander Bus, Roeland Moraal

Mr. Bus is Head of the Credit team and manages our high yield portfolios. Prior to joining Robeco in 1998, Mr. Bus worked for Rabobank as a fixed income analyst for two years. Mr. Bus holds a Master's degree in Financial Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003 and is registered with the Dutch Securities Institute. Mr. Bus has been active in the industry since 1996. 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 started his career in the investment industry in 1997 at Robeco. He holds a Master's degree in applied mathematics from the University of Twente and a Master's degree in Law from Erasmus University, Rotterdam. Roeland became a CEFA charter holder in 2000 and he is registered with the Dutch Securities Institute.

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
ISINLU0716562250
BloombergRHYIEHU LX
Valoren14453602
WKNA1JX7Y
Availability
1st quotation date1327622400000
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

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

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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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