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Based on transaction prices, the fund's return was -4.34%. The performance of the Robeco Life Cycle Funds varied between -2.90% and -4.30%. Both fixed income markets and equity markets suffered losses last month. The funds with a shorter maturity in general performed better, as these funds have a higher allocation to bonds and in April, the losses in the bond market were lower than those in the equity market. The Robeco Life Cycle Funds had a slightly higher allocation to equities. The funds with a shorter duration had a slightly lower allocation to bonds.
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In April, the global economy faced stagflationary forces, as activity decelerated while inflation pressures remained. The slowdown in growth was witnessed across all major economies. China's leading indicators now point to outright contraction as lockdowns weigh on growth. The Eurozone continues to feel the impact of the Russia- Ukraine conflict, as it faces higher energy prices. In the US, the closely watched ISM Manufacturing Index fell to 55.4, as supply side issues remain. Inflation remains sticky and is running considerably above levels targeted by central banks. In reaction, financial markets continue to expect additional rate hikes. In April, both the Fed and ECB voiced concerns about inflation and signaled a willingness to hike rates to contain a further broadening of inflationary pressures. Commodities have been on a tear this year, adding 10.9% in April. The MSCI World Index lost 3.3% (unhedged in euro). The bond market rout deepened, with the global government bond index losing another 3.4%. So far, this year is shaping up to be one of the worst years for fixed income markets since the early 1980s.
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Currency risks are hedged to the base currency of the fund (EUR).
This share class of the fund does not distribute dividend.
The fund invests a minimum of 80% in other Robeco managed or externally managed funds which are classified under Article 8 or 9 of SFDR and either promote environmental or social characteristics or have sustainable investment as their objective. Sustainability is thus one of the considerations in the fund selection.
Robeco Life Cycle Fund 2040 is an actively managed fund that invests in a global mix of asset classes like equity, bonds, deposits, money market instruments. The fund's objective is to achieve long term capital growth. The fund promotes certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to voting and engaging. As the maturity date of the fund approaches, the mix is adjusted in order to provide a gradual investment risk reduction. This eliminates the need for investors to switch to another fund with an appropriate short term risk profile.The investment policy is not constrained by a benchmark and the funds do not use a benchmark even for comparison purposes.
Active. Risk-management systems continually monitor the portfolio's divergence from the benchmark, thereby avoiding extreme positions.
The fund invests a minimum of 80% in other Robeco managed or externally managed funds which are classified under Article 8 or 9 of SFDR and either promote environmental or social characteristics or have sustainable investment as their objective. Sustainability is thus one of the considerations in the fund selection.
The equity exposure of the Life Cycle Funds was slightly higher than the weights prescribed by the respective glide paths.
Ernesto Sanichar is Portfolio Manager with a focus on pension fund mandates. His asset specialties are fixed income and FX. He has been part of Robeco's Investment Solutions department since 2005. Previously, he was Treasury Manager for four years. Prior to joining Robeco in 2001, Ernesto worked at ING Barings as a Product controller at the cash equities and derivatives desk for three years. Ernesto started his career in the investment industry in 1998. He holds a Master's in Financial Economics from Erasmus University Rotterdam.
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ISIN | LU0966309568 |
Bloomberg | RLC40FE LX |
Valoren | 22205000 |
WKN | A1XBLB |
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1st quotation date | 1384905600000 |
Close financial year | 31-12 |
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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.
The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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.
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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