Robeco Pension Return Portfolio I EUR
- Equity-like return at lower risk
- Well-diversified portfolio
- Customized retirement investing
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| 3 months | ||
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 2.23%. It was an exceptionally good month for Robeco Pension Return Portfolio. In August the portfolio realized a return of above 2%. After a brief period of weakness, several equity markets went on to reach new highs. This upward move in equity was very beneficial for the funds. Robeco Emerging Stars and Robeco QI Global Momentum Equities were the best-performing allocations in the portfolio.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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| Fund | Reference index | ||
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| Rating | |||
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| Green Bonds (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The global recovery remains on track, but activity in both the services and manufacturing sectors is cooling down from very elevated levels. Many countries are still struggling with the Delta variant. Even though more breakthrough infections of vaccinated people are reported, the link between cases and hospitalization has clearly weakened. Yet, the surge in the Delta variant and the ending of stimulus payment checks has dented consumer confidence in the US. The number of macro data releases that disappoint is on the rise. The Citi macro-economic surprise indices for China, the Eurozone and the US have entered negative territory. Households are less exuberant and are in a wait-and-see mode, as stimulus checks have expired in the US. Also, supply chain constraints continue to hamper the economy. Currently, financial markets remain very much preconditioned to buy the dips, which propelled equity markets to new highs. Risky fixed income has lagged equity markets, as spreads have widened since the end of June. Global HY (hedged to euros) gained 0.7% in August. Long-term yields in the US drifted modestly upward to the 1.3% level. Commodities have moved sideways in recent months.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Currency policy
The fund may use derivatives for currency risk hedging and for actively taking positions in currencies in order to generate additional returns.
Dividend policy
The fund does not distribute dividend.
ESG Integration policy
The Robeco Pension Return Portfolio fund mainly invests in Robeco funds. Robeco strives to incorporate ESG issues in investment decisions. For the vast majority of the investments ESG integration applies 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. Such funds are currently out of scope of the sustainability screening.
Investment policy
Robeco Pension Return Portfolio is an actively managed fund that invests in a mix of asset classes. The selection of instruments is on a fundamental basis. The fund's objective is to achieve long term capital growth. The fund promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics and integrates 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, next to proxy voting and engagement. The fund can invest in equities, bonds, deposits and other fixed income securities, money market investments, Alternative Investments and other generally accepted asset classes. The fund may use derivatives for currency risk hedging and for actively taking positions in currencies in order to generate additional returns.The investment policy is not constrained by a benchmark and the fund does not use a benchmark even for comparison purposes.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
ESG integration policy
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The Robeco Pension Return Portfolio fund mainly invests in Robeco funds. Robeco strives to incorporate ESG issues in investment decisions. For the vast majority of the investments ESG integration applies 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. Such funds are currently out of scope of the sustainability screening.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}We find that the so-called 'reflation theme' of above-trend economic growth and rising inflation still has legs. We expect the non-cyclical parts of the core CPI basket to remain elevated due to continuing high input costs. Also, we expect to see a rising contribution from owner equivalent rent in the US CPI numbers towards year-end. The market is more relaxed about inflation, as it expects it to be transitory. We tend to disagree with the market and expect investors to demand a higher inflation compensation for sovereign bond exposure in the medium term. More bond volatility could be underway, as the Fed will face difficulties separating the tapering from the tightening discussion in their market communications. We remain optimistic about risk-bearing assets. Within equities, we look for attractive regions that are relatively cheap and benefit from higher interest rates as economies continue to reopen if the Delta variant proves manageable. We have a portfolio tilt towards value stocks. We favor Europe over US equities. As a result of the historically low spreads on high-quality corporate bonds and their high interest-rate sensitivity, we think this asset class is less attractive.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0743697152 |
| Bloomberg | ROBPRPI LX |
| Valoren | 14937893 |
| WKN | |
| Availability | |
| 1st quotation date | 1331596800000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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| This fund deducts ongoing charges of |
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| Management fee | ||
| Service fee | ||
Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| 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 0.01% 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
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.
