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Robeco Multi Asset Income G EUR

Index: 25% MSCI All Country World Index (EUR) + 75% Bloomberg Barclays Global Aggregate (hedged to EUR)
ISIN: LU1387748301
  • 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 G 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 0.44%. Multi Asset Income delivered a positive return of more than 30 basis points in May. No major changes were made to the asset allocation last month. The fund remains positioned to benefit from an improving economic backdrop. Our fixed income exposure remains tilted towards the riskier assets like high yield and emerging market debt. In equities, we still have a preference for value stocks. Also, our regional preference for equities is still skewed towards European and Japanese equities at the expense of US equities. We maintained our allocation to commodities, as supply chain disruptions continue to push up input prices. The upward pressure on government bond yield stalled in May and interest rates meandered lower. This was a drag on performance, as were our regional preferences within the equity space. On the whole, both allocation decisions and selection choices contributed positively to the overall performance. The best-performing strategy in the portfolio was BNP Paribas Easy Energy & Metals.

Statistics

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Dividend paying history

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Download dividend history

Market development

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Last month saw a further drop in global Covid-19 cases, with the hotspots – India and Brazil – gradually managing to bring the virus under control as well. The manufacturing sector is still hovering around cyclical peak levels. The ISM purchasing managers' index confirmed the picture of ongoing expansion. The expansion is also continuing in other developed markets. Germany's IFO Business Climate Index jumped during the month, driven by an uptick in global trade, full order books and optimism in the services sector about a further reopening of the Eurozone economy. Looking forward, we see sufficient support to keep the global economy expanding despite the early-cycle peak in business confidence indicators. The stock market continued the more sideways movement it began in April, with a relatively modest gain of 1.0% for the MSCI World Index. Reflecting this trend, momentum was the weakest-performing factor within equities. At the same time, companies that thrive in a climate of economic expansion and rising inflation continued to beat the global benchmark. German and US Treasuries were virtually flat in May.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
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Screening
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Sustainability Themed Fund

Dividend policy

This share class of the fund will distribute dividend.

ESG Integration policy

Robeco Multi Asset Income primarily invests in Robeco funds. Robeco strives to incorporate ESG issues in investment decisions. For the majority of the investments ESG integration occurs 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 can be selected. Such funds are currently out of the scope of the sustainability screening.

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 ESG (i.e. Environmental, Social and corporate Governance) characteristics and integrates ESG and sustainability risks in the investment proces within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation. The fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries.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.

Expectation of fund manager

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The so-called 'reflation theme' of accelerating economic growth and rising inflation will stand its ground once the market is done testing its validity. Sufficient tailwinds remain for the global economy. Up till now the US has been the main driver of growth, but we expect Europe to take the baton in the second half of 2021. We also expect inflation to rise further. This will fuel fears of higher inflation. While global growth momentum may have peaked, inflation definitely has not. We maintain our underweight position in government bonds. In view of the increasing demand from the industrial sector and its ability to keep pace with inflation, we maintain an overweight position in commodities. Within equities, we favor regions that are relatively cheap and that benefit from higher interest rates and value stocks. As a result of the historically low spreads on high-quality corporate bonds and their high interest-rate sensitivity, the outlook for this asset class is no longer attractive. Hence the underweight. For higher-yielding corporate bonds, the interest rate risk is more limited, and the credit risk premiums are slightly more favorable compared with investment grade.

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
ISINLU1387748301
BloombergRMAINGE LX
Valoren32029424
WKNA2PQDW
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
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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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