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Robeco Investment Grade Corporate Bonds CH EUR

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

Price development

No performance data available

Price development

Robeco Investment Grade Corporate Bonds CH 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 -0.37%. The fund's return was -0.33%, versus -0.37% for the index this month. The fund's beta was close to one during the month, which reflects our cautious view on credit markets. The beta therefore had a neutral effect on the fund's total return, despite the positive excess return of the index. Issuer selection made a small positive contribution. The underweights in Italy did not help this month, but this was offset by outperformance of several large overweights. Year-to-date, the fund's return was +0.19%, versus -0.49% for the index, generating alpha of +0.68%.

Statistics

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Dividend paying history

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Download dividend history

Market development

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The Corporate ex-Financials Index delivered a total return of -0.37% last month. The average spread on the index tightened 4 basis points to 105 bps. As a result, non-financial corporates outperformed German government bonds with an excess return of +0.36%. The yield on 10-year German government bonds moved up 15 basis points to 0.47% at the end of the month.Credit markets performed well this month, driven by a recovery in Italian and Turkish assets which improved market sentiment. Italian spreads did widen again at the end of the month as the Italian government’s budget deficit came out higher than expected. As usual in September, primary market activity picked up again but volumes were normal. Several well-known issuers came to the market, knowing that the European Central Bank will reduce its corporate bond purchase program after September. The market was able to absorb the issuance quite easily. Corporate hybrids performed well in this market environment, delivering +0.99% of excess return over government bonds.Holdings under the ECB’s corporate sector purchase program were EUR 170 billion at the end of the month. All ECB purchase programs will be reduced towards year-end.

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

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.

Expectation of fund manager

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We remain cautious on investment grade credit, and aim for betas around one. Valuations have improved, 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.

Details

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Management company
Fund capital
Outstanding shares
ISINLU0871827621
BloombergROIGCHE LX
Valoren20354246
WKNA1XFAT
Availability
1st quotation date1358726400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

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This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

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This fund may also deduct a performance fee of

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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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