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Based on transaction prices, the fund's return was -1.14%. The Global Aggregate Corporate Bond Index returned -2.32% (hedged to EUR) last month. The credit spread on the Bloomberg Global Aggregate Corporate Bond Index tightened from 133 basis points to 124 basis points, with a peak in March of 149. Both German and US 10-year yields rose significantly to 0.55% and 2.34% respectively, each rising more than 70 basis points. The underlying fund outperformed the benchmark by 0.45%. The top-down positioning contributed positively; the portfolio was underweight beta while spreads widened, and benefited from an increased beta while spreads tightened. Issuer selection contributed positively to our performance. We entered a trade where we are long 5-year European swap spreads. The swap spread contribution last month was positive, as swap spreads tightened. We see swap spreads normalizing over the next quarters. The biggest movers were Raiffeisen Bank, Suzano and Orbia.
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March was a dramatic time in the financial markets, featuring Russia's invasion of Ukraine, accelerating inflation, the start of another hiking cycle by the Federal Reserve as well as an inversion of the 2s10s yield curve. Losses were seen broadly across equities, credit and sovereign bonds. However, commodities were the one asset class that performed extraordinarily well, with energy, metals and agricultural goods all seeing large gains. Given Russia's invasion of Ukraine and the major package of sanctions imposed on Russia's economy, it was a very bad quarter for Russian assets. China has outlined extra fiscal support measures, supporting SMEs, and boosting infrastructure investments and property sales. The impact of higher oil and gas can cost, by some estimates, up to 3% of GDP. A tax on growth, besides its inflationary effects on headline inflation. This has put central banks in an awkward position. At the end of Q1, the market priced in more than 8 rate hikes by the Fed for 2022 – including three hikes of 50 bps. Meanwhile, in Europe, a rate hike in 2022 is now openly considered, contrary to the ECB President's remarks in December 2021 that a rate hike in 2022 was "very unlikely".
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All currency risks are open.
This share class of the fund does not distribute dividend.
The fund invests in other Robeco managed or externally managed funds which are classified under Article 9 of SFDR and have sustainable investment as their objective. Sustainability is thus an important considerations in the fund selection.
Sustainable Pension Income is a multi-asset fund which includes Affiliated Investment Institutions, domiciled in the Netherlands and/or Luxembourg and derivative instruments, bonds and deposits which may also be included in the Investment Institution’s portfolio. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector. The-fund is pursuing a sustainable investment objective by investing in (Affiliated) Investment Institutions which are classified as Article 9 under SFDR thereby following the sustainable investment objectives as adopted by those strategies. Sustainable Pension Income invests in the RobecoSAM Global SDG Credits fund. The fund's objective is to provide long term capital growth. 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. In addition, the fund applies normative, activity-based and region-based exclusions. The fund does not use a benchmark.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
The fund invests in other Robeco managed or externally managed funds which are classified under Article 9 of SFDR and have sustainable investment as their objective. Sustainability is thus an important considerations in the fund selection.
Making an economic assessment was difficult even before the escalation of the Russia-Ukraine crisis, given the distortion in many data series after two years of Covid. This was why we entitled our previous Credit Quarterly Outlook 'Imperfect information and imperfect foresight'. With the conflict in Ukraine, higher oil prices and further supply chain disruptions, it is clear that an even wider set of possibilities has to be assessed for fundamentals. If anything, downside risks to the economy have risen materially and recession risk is now openly debated. Looking at monetary policy, the main worry we have is that developed market central banks are behind the curve. We think the Fed made a clear policy mistake by starting this tightening cycle too late. The key risks here are higher-than-anticipated hikes in the coming months, and inflation that not only lasts longer but peaks out at higher levels. It is clear that central banks will continue their tightening paths, for instance by reducing the amount of corporate bond buying in Europe. We aim for a portfolio beta that is closer to one, and we prefer European risk over US risk, on account of the Ukraine premium.
Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003.
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ISIN | NL0013332463 |
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1st quotation date | 1554854400000 |
Close financial year | 31-12 |
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The fund is established in the Netherlands. The fund is closed for corporate-income tax purposes (fiscally transparent). This means that all results are attributed directly to the participants. As a consequence, the fund is not liable to corporate-income tax and withholds no dividend tax.
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