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Robeco Multi Asset Income G EUR

Index: 25% MSCI All Country World Index (EUR) 75% Bloomberg 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 4.09%. July was an excellent month for Multi Asset Income. The portfolio delivered a return of around 4%. The portfolio benefited from the more constructive sentiment in markets. This change in sentiment was caused by markets starting to anticipate a Fed pivot, as the Fed seems to have become more sensitive to the weakness in growth. The expectation of a less hawkish Fed in combination with decent Q2 earnings was supportive for almost all major asset classes. Our tactical allocation decisions added to performance. The tilts towards high yield, emerging market debt, developed market equities and US Treasury bonds at the expense of cash and investment grade credit, all delivered. Towards month-end, we took advantage of the rise of equity markets to lower our exposure to equities somewhat. Fund selection detracted from the overall performance. This negative contribution was mainly due to the value and conservative equity strategies in the portfolio. The best-performing strategy in the portfolio was Robeco Sustainable Global Stars Equities.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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A very strong reversal in equity momentum took hold in late June. Markets rallied, led by growth stocks on the back of declines in US 10-year yields. The decline in the 10-years was mainly driven by lower hiking expectations. These declines reflected an emerging consensus that inflationary pressures will soon start to fade as growth continues to decelerate. Thus, in a sense bad news was good news for markets again. The MSCI World (unhedged in euro) gained 10.7% in July. There was significant spread compression in US high yield as well, with the global high yield index gaining 4.4% (hedged in euro). Although the Q2 earnings season has so far seen lower beats than in the last earnings seasons, overall earnings are still well into double digits and further supported the market reversal. Commodities lagged, with oil prices dropping -3.9% in dollars. This could point to demand finally reacting to high prices. Nominal global sovereign bonds generated 2.1% hedged in euro, as yields moved lower across the board.

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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The tactical outlook is turning more gloomy due to a clear stagflationary twist to the current macro landscape. Last month's core PCE Index increased again, leaving the Fed no choice but to tighten into an economic slowdown. We are carefully monitoring the late July market rally to judge if we are dealing with a genuine market recovery or just a countertrend rally within a bear market. Earnings hold the key for the equity market and the odds are rising that earnings growth will start to deteriorate from here towards 2023. Equity markets rose in July, as the market started to anticipate that disinflation will set in earlier. Currently, it is unclear if the Fed agrees with this view. This makes us believe that the window for risk-taking may start to close. We have benefited from the strong July rebound and have started to reduce risk in the portfolio by lowering our exposure to equities.

Ernesto Sanichar, Mathieu Van Roon
Ernesto Sanichar, Mathieu Van Roon

Ernesto Sanichar, Mathieu Van Roon

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. Mathieu van Roon is Portfolio Manager within the Fundamental Multi-Asset team and is responsible for the Robeco Multi Asset funds, Robeco ONE and Defined contribution funds. He joined Robeco in 2011 within the Structured Investments department. Mathieu holds a Master’s in both Business Economics and Econometrics (cum Laude) from Erasmus University Rotterdam and is a Financial Risk Manager (FRM) charterholder.

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

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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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