Disclaimer

Confermo di essere un cliente professionale

Le informazioni e le opinioni contenute in questa sezione del Sito cui sta accedendo sono destinate esclusivamente a Clienti Professionali come definiti dal Regolamento Consob n. 16190 del 29 ottobre 2007 (articolo 26 e Allegato 3) e dalla Direttiva CE n. 2004/39 (Allegato II), e sono concepite ad uso esclusivo di tali categorie di soggetti. Ne è vietata la divulgazione, anche solo parziale.

Al fine di accedere a tale sezione riservata, si prega di confermare di essere un  Cliente Professionale, declinando Robeco qualsivoglia responsabilità in caso di accesso effettuato da una persona che non sia un cliente professionale.

In ogni caso, le informazioni e le opinioni ivi contenute non costituiscono un'offerta o una sollecitazione all'investimento e non costituiscono una raccomandazione o consiglio, anche di carattere fiscale, o un'offerta, finalizzate all'investimento, e non devono in alcun caso essere interpretate come tali.

Prima di  ogni investimento, per una descrizione dettagliata delle caratteristiche, dei rischi e degli oneri connessi, si raccomanda di esaminare il Prospetto, i KIIDs delle classi autorizzate per la commercializzazione in Italia, la relazione annuale o semestrale e lo Statuto, disponibili sul presente Sito o presso i collocatori.
L’investimento in prodotti finanziari è soggetto a fluttuazioni, con conseguente variazione al rialzo o al ribasso dei prezzi, ed è possibile che non si riesca a recuperare l'importo originariamente investito.

Confermo che sono un cliente professionale:
Rifiuto
Brexit impact on Robeco High Yield Bonds

Brexit impact on Robeco High Yield Bonds

24-06-2016 | Visione
  • Sander  Bus
    Sander
    Bus
    CFA, Managing Director, Co-head Credit team, Portfolio Manager and Head High Yield

Speed read

  • Fund reduced beta in anticipation of Brexit
  • Investors are trying to add exposure
  • Limited exposure to credits denominated in sterling 

No severe price reaction

High-quality European issuers in the high-yield market opened 2 points down this morning after UK’s vote on Brexit. This price reaction is not severe, especially if you relate this to the fierce moves seen in equity markets. We considered the order of magnitude fair, given the strong support by the corporate buying program of the ECB and healthy balance sheet of European BB credits.

The Robeco High Yield Bonds has nearly 25% exposure in Euro-denominated issues. The fund has a quality bias, by having an overweight of BB and higher rated credits. There is a structural underweight in CCC credits, which witnessed severe price drops in relative to high-quality names. ITraxx Crossover, which is a synthetic proxy of the high-yield market opened 100 basis points wider and is currently 80 basis points wider on the day.

Scopri gli ultimi approfondimenti
Abbonati

Investors are adding exposure

What we are seeing in the market is that investors are trying to add exposure.  A large part of the investor community has large cash balances, which is slowly been put to work. Problem is that there is not much paper around.

The fund has reduced its beta yesterday to 1, by buying protection in iTraxx Crossover. The portfolio managers witnessed that a Bremain was priced in, so this was a great opportunity to put on a tail-risk hedge.

Financial exposure

The tail-risk hedge also acts as hedge to the overweight in financials of nearly 4%, which is an off-benchmark position. Within financials the fund has a very limited exposure to UK banks (1%), which do witness a significant price reaction. The majority of the financial positioning is in non-UK banks. 

Sterling denominated credits

The fund has limited exposure to credits denominated in sterling (5%). Within this exposure the vast majority is within corporates, which are not as badly impacted as UK banks. 75% of the fund’s exposure is tilted towards credits denominated in US dollar. We expect that this part of the market will be less affected than Europe. The currency exposure of the fund is hedged to the base currency. 

Market volatility

Overall the quality bias in the portfolio, together with protection via iTraxx Crossover, should for a large part mitigate the effects of a Brexit. In addition, the fund has ample liquidity measures in place to cope with market volatility.

We strongly believe that being contrarian in these kind of market circumstances, is the right approach. We think that limited market liquidity and the heightened uncertainty around future developments will keep markets volatile, which creates possible trading opportunities.

Gli argomenti collegati a questo articolo sono: