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Robeco Investment Grade Corporate Bonds 0IH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates ex financials 2% issuer constraint
ISIN: LU1058999712
  • Diversified non-financial credits exposure
  • Disciplined and repeatable investment process
  • Experienced team management
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Investment Grade Corporate Bonds provides a diversified exposure to the euro investment grade credit market excluding financial companies.The selection of these bonds is based on fundamental analysis.The investment process combines a top-down market view to assess credit attractiveness and factors that drive credit market returns in the short term with skillful issuer selection to create a broadly diversified portfolio. The fund has a conservative profile and has a limited exposure to derivatives. This share class hedges the duration (interest-rate sensitivity) of the portfolio to nearly zero.

Price development

No performance data available

Price development

Robeco Investment Grade Corporate Bonds 0IH 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 0.60%. The fund's return was +0.52%, versus +0.64% for the index this month. The fund's beta was around one during the month, which reflects our cautiously optimistic view on credit markets. The beta was 1.04 at the end of the month. The beta position had a small positive effect on the fund's total return. Issuer selection made a negative contribution. Overweights in names like EDF, Volkswagen and Orange made positive contributions as they outperformed the market.

Statistics

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Market development

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The Corporate ex-Financials Index delivered a total return of +0.64% last month. The average credit spread on the index tightened 13 basis points to 121 bps. As a result, non-financial corporates outperformed treasury bonds with an excess return of +0.84%. The yield on 10-year German treasury bonds rose more than 3 basis points to 0.18% at the end of the month. Risk appetite remained strong during February and credit spreads continued to tighten. One of the positive factors in the past weeks was the fact that the US and China seem to get closer to striking a trade deal. The risk of a hard Brexit has been reduced, now that the possibility of an extension of the 29 March deadline has been mentioned by Theresa May. UK banks performed well in the last week of February. The Fed has paused its hiking cycle and has started to talk about the end of quantitative tightening. Lastly, it seems that most investors still have ample cash at hand and new issue allocations were often small. Hence, new issue premiums have already become much smaller. Non-financial corporate hybrids also performed well, delivering more than 1.61% excess return versus treasuries.

Fund allocation

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Fund Classification

YesNoN/A 
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ESG integration
Exclusion
YesNoN/A 
Screening
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Sustainability Themed Fund

Currency policy

The fund invests in Euro denominated securities only.

Derivative policy

Robeco Investment Grade Corporate Bonds make use of derivatives for hedging purposes. These derivatives are very liquid.

Dividend policy

This 0IH EUR shareclass does not distribute dividends.

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 Investment Grade Corporate Bonds provides diversified exposure across circa 80 corporate issuers to the Euro investment grade credit market (corporates only). The fund is excluding exposure to financial companies. The fund contains mainly bonds, and can make use of derivatives very limitedly. The fund aims to outperform its index Barclays Euro-Aggregate: Corporates ex financials 2% Issuer Cap. The index 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. A proprietary quant model is used to assist in issuer selection. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery.

Risk policy

Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times.

Expectation of fund manager

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We aim for credit portfolio betas above one, as valuations have become attractive in Investment Grade. The Corporate ex-Financials Index spread stood at 121 bps at the end of the month, which is close to the average of valuations since 1999. This is similar for the whole euro credit market, including the financial sector. The US investment grade market looks less attractive on this basis.In the euro market we see many opportunities in non-financial corporates, both in senior bonds at 200 bps and corporate hybrids at 300-450 bps.Meanwhile, European corporates remain in good financial health, as dividends and share buy-backs remain relatively low. This is different in the US, where corporate leverage is high and companies are more shareholder friendly.

Peter Kwaak
Peter Kwaak

Peter Kwaak

Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.

Team

The Robeco Investment Grade Corporate Bonds 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
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ISINLU1058999712
BloombergROIGOIH LX
Valoren24261989
WKN
Availability
1st quotation date1398297600000
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

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 outside Luxembourg are subject to their national tax regime applying to foreign investment funds. We advise individual investors to contact their financial or fiscal adviser regarding their specific fiscal situation.

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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