Robeco QI Conservative Multi Asset I EUR

Equity market: Global equities rose in July, as earnings beat estimates in the US and, to a lesser extent, in Europe. Trade war fears remained, but talks between US President Trump and the EU seemed promising, although some market watchers pointed out that they only actually agreed to pursue further discussions on tariffs. Meanwhile, tensions between the US and China kept rising. The impact on equity performance has remained muted so far, with many equity indices still close to record levels. Moreover, most emerging stocks experienced a rebound. Credits market: The Bloomberg Barclays Global Aggregate Corporates Index recovered from the sell-off seen in June, with the spread tightening from 125 to 113 bps during the month. Positive sentiment was fueled by Q2 corporate sales and earnings growth figures. A tighter than expected supply of new corporate bond issues gave a further lift to the market, which seemed to disregard ongoing geopolitical tensions. The rally was broad-based in terms of sectors, countries and currency denominations, with longer-dated and lower-rated paper outperforming.

Except for the active currency positions, currency risks are partly hedged to the base currency of the fund (EUR).

This share class of the fund does not distribute dividend.

Environment, Social and Governance (ESG) factors are systematically integrated in the highly disciplined investment process, by using the ESG scores of the 4.000 largest companies from the annual RobecoSAM Corporate Sustainability Assessment. The ESG integration aims for an average ESG score of the portfolio at least as high as the ESG score of the index. This ensures that stocks with higher ESG scores are more likely to be included in the portfolio while stocks of companies that have very poor ESG scores are more likely to be divested from the portfolio. With these portfolio construction rules we aim for an ESG profile of the fund that is above average compared to its peers. In addition, stocks with corporate governance issues or stocks that have major litigation or regulatory risk may be excluded from the investable universe. Next to ESG integration, Robeco has an exclusion policy and conducts proxy voting and engagement activities based on International Corporate Governance Network objectives.

The objective of Robeco QI Conservative Multi Asset is to deliver long-term returns in line with a balanced 50/50 mix of equities and bonds, with a risk profile in line with a more defensive 30/70 mix of equities and bonds. It aims to achieve a higher Sharpe ratio than both mixes in the long term. The fund leverages on Robeco’s expertise in managing low-volatility equity and credit portfolios and adds dynamic allocation with a short equity market bias, to mitigate downside risks and to generate a stable return pattern. The aim is to have a balanced exposure to performance drivers and risks. The fund is managed by an experienced team of quantitative investment specialists in multi asset and conservative investing at Robeco. It relies on Robeco’s proven quantitative models for dynamic asset allocation, and for selecting low-volatility stocks and bonds.

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