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Robeco Investment Grade Corporate Bonds CH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates ex financials 2% issuer constraint
ISIN: LU0871827621
  • 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 payingYes

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.

Performance

No performance data available

Performance

Robeco Investment Grade Corporate Bonds CH EUR

Performance

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Statistics

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Subject 3 years 5 years
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Dividend paying history

Date Amount
Download dividend history

Market development

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The Corporate ex-Financials Index delivered a total return of +0.04% last month. The spread on the index widened 8 basis points to 1,09%. Non-financial corporates underperformed German treasuries with an excess return of -0.45%. At the end of the month, the 10-year German treasury rate was 12 basis points lower at 0,32%. Markets were quite volatile this month, mainly driven by macro-economic developments in Turkey and Italy. Some European banks have significant loan exposure to Turkey, but most non-financial corporates are insulated from the weak Turkish economy. The political situation in Italy remains a concern, as the government is preparing its annual budget. Spreads on Italian corporates widened, and on top of that came the collapse of a motorway bridge in Genoa on 14 August. Spreads on toll road operator Autostrade per l’Italia and its owner Atlantia widened significantly, as the Italian government started a procedure to take away the company’s license to operate. The European Central Bank purchase programs were less active during the holiday period. The ECB’s corporate sector purchases amounted to EUR 166 billion at the end of the month.

Fund Classification

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

Fund allocation

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Name Sector Weight
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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

The fund distributes dividend. This fund aims to pay a quarterly dividend of 1.00%. The dividends referred to are target dividends and may be subject to change as a result of market conditions. Any 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 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 remain cautious on investment grade credit, and aim for betas around one. Valuations have improved somewhat, as investment grade spreads trade close to their long-term average. We see opportunities in certain sectors, such as corporate hybrids. Certain corporates remain relatively expensive, driven by the ECB purchase program which will end in December. European corporates remain in good financial health, as they benefit from a strong economy while dividends and share buy-backs remain relatively low.

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 companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU0871827621
BloombergROIGCHE LX
Valoren20354246
WKNA1XFAT
AvailabilityBE, IE, LU, NL, SG, ES, CH, GB
1st quotation date1358726400000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
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

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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 0.05% 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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