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Robeco Investment Grade Corporate Bonds 0IH EUR

ISIN: LU1058999712
  • Diversified non-financial credits exposure
  • 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

Robeco Investment Grade Corporate Bonds is an actively managed fund and 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.

Price development

No performance data available

Price development

Robeco Investment Grade Corporate Bonds 0IH EUR

Performance

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Fund Reference index
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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 1.01%. The fund's total return was 1.01% this month, similar to that of the index. Covid-exposed issuers contributed negatively to the performance, such as Accor, Volkswagen and Total SA. The fund's beta was only just above one during the month which made a slightly positive contribution to the fund performance as the Corporate ex-Financials Index excess return versus Treasuries was positive. The Corporate ex-Financials Index delivered a total return of 1.01% last month. The average credit spread on the index tightened 4 basis points to 107 bps. As a result, the investment grade corporate market outperformed treasuries by 46 bps. The yield on 10-year German treasury bonds moved down 11 bps to -0.63% at the end of the month.

Statistics

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Above mentioned ratios are based on gross of fees returns
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Market development

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Market sentiment was somewhat volatile during October. Equity markets started to weaken halfway through the month, while credit spreads remained quite stable. Most of the volatility was caused by the upcoming US elections and an acceleration of Covid-19 cases in Europe and the US. Several European countries announced additional lockdown measures to reduce the number of infections. In the US, politicians were unable to agree on fiscal stimulus that would support the economy. Towards the end of the month, credit spreads started to widen, especially in Covid-sensitive sectors like energy, (subordinated) financials and lodging. The European Central Bank stated that additional monetary policy actions might be needed to reduce the economic impact of the pandemic. Markets had already expected this, and the ECB meeting did not change the negative tone at the end of the month.

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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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

Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. We deem it essential for a well-informed investment decision to take into account those ESG factors that have the potential to materially impact the financial performance of the issuer. This perfectly matches the basic need to avoid the losers in credit management, as many credit events in the past can be attributed to issues such as poorly designed governance frameworks, environmental issues, or weak health & safety standards. The aim of ESG integration is to improve the risk/return profile of the investments and does not have an impact goal. ESG analysis is fully integrated in the bottom-up security analysis. We have defined key ESG factors per industry, and for every company we analyze how the firm is positioned versus these key ESG factors, and how this impacts the fundamental credit quality.

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 are still in the midst of the largest global health crisis seen in a century. The world awaits a vaccine that will enable us to return to our normal lives. The market has already received its shot, though, in the form of unprecedented monetary and fiscal support for the private sector. The big question is if the immunity to negative news will last in the run-up to the US elections, and if it will survive the Brexit negotiations, geo-political tensions and the latest rise in Covid-19 infections. In the beginning of this year, we advocated for a lower beta as spreads were not pricing in any recession risk. Then, at the peak of the risk aversion in March, we started to increase the beta. We now hold the view that the rally has run its course. It is difficult to see further material spread tightening from here. We are convinced that there will be opportunities to add or reduce risk in the coming months. There is still a lot of volatility in Covid-sensitive sectors, which from time to time offer good value. We have lowered our beta for investment grade to 1. Central bankers would rather throw more liquidity at the market than accept defeat.

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
Fund capital
Size of share class
Outstanding shares
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
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 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.

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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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