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Based on transaction prices, the fund's return was 2.28%. It was a good month for the Life Cycle funds as all funds delivered a positive return. The funds with a more offensive profile delivered the highest return as their performance is more geared towards the equity markets and equity markets did quite well in November. The shorter the horizon of the fund, the more is allocated towards the safest fixed income assets. November was a challenging month for the so-called safest fixed income assets such as government bonds. The gains generated by the allocations to equities were however more than sufficient to compensate for the losses of the allocations to fixed income.
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Our base case remains that we have not yet seen the highs in the equity market for this cycle. Equities delivered more than decent returns in November. These returns were achieved against a background of relatively weak economic data. However, the easing bias of most central banks and the growing expectation that some sort of resolution is at hand for the two major geopolitical risks (Brexit and US-China trade dispute) of 2019, were a major support for equity markets. With central bank policy and the easing of geopolitical tensions now fully priced and the economic data only still gradually improving, the question is what will deliver the next boost to equities. The absence of obvious drivers to support the next leg higher in equities started to weigh on the equity markets towards the end of the month.
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Sustainability Themed Fund |
Currency risks are hedged to the base currency of the fund (EUR).
This share class of the fund does not distribute dividend.
The Robeco Life Cycle Fund primarily invests in funds of the Robeco Group. Robeco strives to incorporate ESG issues in investment decisions. For the vast majority of the investments we apply ESG integration indirectly. The ambition is to have ESG integration for the full composition of the portfolio. Sustainability can be a decisive factor in the fund-selection process. Capabilities from other asset managers might be selected if no comparable Robeco product is available. Such funds are currently out of the scope of the sustainability screening.
A well-diversified portfolio consists of a combination of equities, bonds and cash. The proportion between these three asset categories is mainly determined by the maturity date of the fund. The Life Cycle Funds mainly invest in Robeco funds, benefiting on a broad front from Robeco's expertise in investing. The fund's mix of investments means it has a very favorable risk/return profile. The aim is to maintain a risk profile matching the remaining maturity using an active mix policy.
Active. Risk-management systems continually monitor the portfolio's divergence from the benchmark, thereby avoiding extreme positions.
The risk profile of the fund was tilted slightly towards higher risk. This was done through a higher weight of equities in the portfolio.
Mr. Jeroen Blokland is Portfolio Manager with Robeco within the Robeco Global Allocation team. Jeroen is portfolio manager of the Robeco Pension Return Portfolio since the launch in March 2012. Prior to joining the Robeco Global Allocation team, he was employed by IRIS, the independent Institute for Research and Investment Services of Robeco and Rabobank, as an Investment strategist since 2005. He started his career at Interpolis in 2002, where he held a position as asset manager and investment strategist. Jeroen holds a Master's degree in Economics from Erasmus University, Rotterdam. 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 | LU0966309642 |
Bloomberg | RLC45FE LX |
Valoren | 22205131 |
WKN | A14PPB |
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1st quotation date | 1385078400000 |
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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Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.
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