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Robeco Multi Asset Income E EUR

Index: 25% MSCI All Country World Index (EUR) 75% Bloomberg Global Aggregate (hedged to EUR)
ISIN: LU1387747915
  • Worldwide investments in multiple asset classes
  • Focus on investments with attractive and stable sources of income
  • Flexibility to seek the best risk-return opportunities
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Multi Asset Income is an actively managed fund that invests in a mix of asset classes across the world. The fund's objective is to achieve long term capital growth whilst maintaining a consistent level of income. The fund has a relatively low risk profile and uses asset allocation strategies mainly investing directly in bonds and taking exposure to other asset classes such as equities. The asset allocation strategy is subject to investments and volatility restrictions. The portfolio management team can also use other investment instruments to enhance the riskreturn profile of the fund.

Price development

No performance data available

Price development

Robeco Multi Asset Income E 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 -3.57%. June was again a difficult month for Multi Asset Income. The portfolio lost around -3.38% of its value. The market continues to worry about high inflation in an environment of slowing growth and hawkish central banks. This is a difficult environment for most assets. Both equity and fixed income markets ended the month lower. Our tactical allocation decisions were a drag on performance. The tilt towards high yield, emerging market debt at the expense of investment grade corporates suffered losses, as did our overweight in developed market equities and US Treasury bonds. Most of the selected strategies in the portfolio trailed their benchmark. Fund selection detracted from the overall performance in June, and all strategies in the portfolio lost value. The best-performing strategy in the portfolio was Robeco QI Global Dynamic Duration.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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Inflation continues to be the dominant market theme. US inflation re-accelerated in June, after it dropped back in May. This triggered a sell-off in both equities and bonds. This inflation fear was increased further when European inflation reached almost 9%. These inflation numbers firmly keep central banks very hawkish and increase the fear among market participants that central banks will need to cause a recession to get inflation under control. Commodities lost around 8% of their value in June, which was mainly driven by the slump in agricultural and industrial metal prices. While both emerging market equities and global equities lost value in the month, global equities trailed emerging markets by roughly 2%. Within fixed income, high yield was among the worst-performing assets. In Europe, the German 10-year rose 20 basis points to 1.3%. Positive was that peripheral spreads remained relatively stable in June. The US 10-year yield ended the month at 3.01, around 17 basis points higher.

Fund allocation

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Name Sector Weight
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Dividend policy

This share class of the fund will distribute dividend.

ESG Integration policy

The fund invests a minimum of 80% in Robeco managed or externally managed funds which are classified as Article 8 or 9 under SFDR. For direct line investments with government and/or corporate exposure (credit or equity), the fund incorporates sustainability in its investment process as follows. For government bonds, the fund complies with Robeco's exclusion policy for countries. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption' and integrates ESG factors of countries to ensure that the fund has a minimum average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate investments, the fund does not make investments in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the existing and potential ESG risks and opportunities of an issuer. Financially material ESG factors are integrated in the bottom-up security analysis to assess the existing and potential ESG risks and opportunities of an issuer. The fund limits exposure to issuers with elevated sustainability risks in the portfolio construction. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Investment policy

Robeco Multi Asset Income is an actively managed fund that invests in a mix of asset classes across the world. The fund's objective is to achieve long term capital growth whilst maintaining a consistent level of income. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The fund has a relatively low risk profile and uses asset allocation strategies mainly investing directly in bonds and taking exposure to other asset classes such as equities. The asset allocation strategy is subject to investments and volatility restrictions. The portfolio management team can also use other investment instruments to enhance the riskreturn profile of the fund.The investment policy is not constrained by a benchmark but the fund may use a benchmark for comparison purposes. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk policy

Risk management is fully integrated into the investment process to ensure that positions meet predefined guidelines.

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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The fund invests a minimum of 80% in Robeco managed or externally managed funds which are classified as Article 8 or 9 under SFDR. For direct line investments with government and/or corporate exposure (credit or equity), the fund incorporates sustainability in its investment process as follows. For government bonds, the fund complies with Robeco's exclusion policy for countries. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption' and integrates ESG factors of countries to ensure that the fund has a minimum average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate investments, the fund does not make investments in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the existing and potential ESG risks and opportunities of an issuer. Financially material ESG factors are integrated in the bottom-up security analysis to assess the existing and potential ESG risks and opportunities of an issuer. The fund limits exposure to issuers with elevated sustainability risks in the portfolio construction. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Expectation of fund manager

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Our benign economic view is being challenged by the market. For now, we continue to think that we will not face a substantial economic contraction in the short term. Because we think that the necessary conditions for this are absent. We are still a long way from excessive Fed tightening and both corporates and households still have relatively healthy balance sheets. Generally, the real Fed funds rate needs to enter positive territory before a recession is triggered. Currently, the real Fed fund rate remains deeply negative. Still, the risks have clearly tilted to the downside. For now, our tactical positioning remains lightly procyclical. We maintain a modest overweight in equities, high yield and US Treasuries at the expense of mainly cash. We will await the upcoming earnings season to judge how well companies have been able to deal with the challenges over the past quarter. This will provide us with important clues about the outlook for equities.

Ernesto Sanichar
Ernesto Sanichar

Ernesto Sanichar

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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1387747915
BloombergRMAINEE LX
Valoren32029409
WKNA2AQ7J
Availability
1st quotation date1473379200000
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 0.05% 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

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.

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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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