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Sustainable Pension Protection P EUR

ISIN: LU1949716051
  • Robeco has extensive experience in this type of overlay management and is a solid party with deep knowledge of the Dutch pension market. Robeco acts as sparring partner in the translation of Asset & Liability Matching studies towards a strategic investment portfolio.
  • Implementation of the chosen interest overlay strategy is done by state-of-the-art systems with a strong focus on operational and financial risk management.
  • Robeco offers liability matching tools in the form of stand-alone overlay management and in fund solutions.
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

The fund has a defensive proposition by investing mainly in core Euro government bonds from countries such as Germany and the Netherlands.

Price development

No performance data available

Price development

Sustainable Pension Protection P EUR

Performance

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Fund Reference index
1 month
3 months
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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.

Statistics

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3 years 5 years
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Above mentioned ratios are based on gross of fees returns
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Above mentioned ratios are based on gross of fees returns
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Market development

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Most government bonds posted negative returns in September, as yields bounced after a strong bond rally in August. Euro periphery markets did less worse versus Bunds, with Italy even posting a positive return (of 1.4%), reflecting constructive sentiment towards the new Five Star–PD coalition government. Central banks played a role in driving yields higher. The ECB cut rates and announced a new bond purchase program at their September meeting, but also pointed to fiscal stimulus starting to play a larger role in stimulating the economy.

Fund allocation

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Name Sector Weight
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Fund Classification

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

Currency policy

The portfolio holds euro-denominated investments only. No active currency policy is applied.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

ESG Integration policy

Sustainability is an important factor within the investment process of the Subfund. Environment, Social and Governance (ESG) aspects are systematically integrated in our highly disciplined investment process in several ways. We apply an extensive exclusion list covering various controversial countries, sectors or business practices and we continuously monitor our universe for companies with governance issues, major litigations or regulatory risk. For investments in sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. Furthermore, the Subfund holds a substantial position in green bonds and we take into account sustainability scores of brokers we select for executing transactions.

Investment policy

Sustainable Pension Protection consists of a creditworthy portfolio with the aim of replicating the value development of a pension annuity as obtained on the retirement date. The fund therefore has no benchmark. The development in value of an annuity depends mainly on movements in interest rates, and the fund follows this value development as closely as possible. Sustainable Pension Protection invests exclusively in high-quality government bonds and government-related sustainable bonds listed in euros. A swap duration overlay is added to achieve the exact hedge desired in a cost-effective manner, thus reducing the spread risk between government bonds and the annuity.

Risk policy

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

Expectation of fund manager

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Global economic growth continues to decelerate, driven to a large extent by slower growth in China and the impact of the China-US trade dispute. Chinese monetary authorities show a limited appetite to stimulate the economy, as they have a desire to reduce leverage in the economy. This suggests that central banks in other countries need to stimulate more, in order to mitigate effects from global factors on their domestic economies. In Europe, Brexit brings additional uncertainty affecting the economy. We see room for yields to decline, especially in those markets where yields are still in clear positive territory.

Remmert Koekkoek, Yvo Schoemaker
Remmert Koekkoek, Yvo Schoemaker

Remmert Koekkoek, Yvo Schoemaker

Remmert Koekkoek is Head of Insurance and Pension Solutions within the Global Fixed Income Macro team. He has worked at Robeco since 2011. In the period 2010-2011 he was responsible for derivative overlay investment solutions for Dutch pension funds and insurance companies at Credit Suisse. Between 2005 and 2010 Remmert also worked in Robeco's Structured Investment team as a Trader. He started his career in the industry in 2004 at ING Risk Management. Remmert holds a Master's (cum laude) in Econometrics from Erasmus University Rotterdam. Yvo is Portfolio Manager in the Insurance & Pension Solutions team. Yvo started his career in 2005 at Robeco Quantitative Strategies. In 2006 he moved to the Structured Investments department where he was responsible for trading linear and non-linear exposures on the balance sheet of Robeco on predominantly the rates markets. Since 2012 he is responsible for the management and development of discretionary and pooled matching solutions on both the bond and swap markets. Yvo holds a Master’s degree in Computational Finance from the Erasmus University Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1949716051
BloombergROCLVII LX
Valoren
WKN
Availability
1st quotation date1554854400000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
Service fee

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 0,00% 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

Professional investors are divided into pension funds and non-pension funds. Dutch pension funds may re-claim the 25% dividend tax deducted on cash dividends entirely. Dutch non-pension funds may deduct the 25% dividend tax deducted on cash dividends in their corporate income tax assessment. Dividend tax in that case is tax deducted at source. No tax is deducted at source on interest income. Thus, Dutch pension funds do not owe taxes on interest income. Dutch non-pension funds should specify interest income in their corporate income tax assessment.

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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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