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Robeco ONE Defensief

ISIN: NL0010220810
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Performance YTD ()
Currency EUR
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Dividend payingNo

About this fund

Robeco ONE Defensief is an actively managed portfolio providing a worldwide exposure to a mix of investment categories, such as equity, bond and cash. It mainly invests in Robeco funds. The mix of investment categories reflects a high risk-return profile. A limited part of the portfolio will be invested in equity funds and a large part in bond funds. The allocation can be adjusted to market circumstances, to meet return expectations within the limits of the risk-return profile.

Price development

No performance data available

Price development

Robeco ONE Defensief

Performance

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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.

Performance explanation

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Based on transaction prices, the fund's return was 0.83%. Driven by a particularly strong sentiment in equity markets, all Robeco ONE portfolios printed yet another positive return. Global equities rose by more than 6% (in euros). Commodities were not far behind, even though the price of gold remained virtually unchanged. High yield bonds and real estate equities also achieved positive returns. Corporate and government bonds showed small downsides, partly because interest rates rose cautiously as a result of the ongoing economic recovery. Our overweight in commodities and the euro (against the US dollar) contributed positively to the overall portfolio performance.

Statistics

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Market development

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In August, investor sentiment was particularly positive, translating into higher equity prices. The US market set a series of new records towards the end of the month. As in previous months, this was driven by technology stocks. Equity prices and the prices of other riskier investments, such as high yield bonds, were supported by a sustained flow of good news about economic activity and reports that the Covid-19 virus is more under control. Nevertheless, also in the past month a number of developments pointed to the fragile nature of the recovery. A good example of this is US consumer confidence, which dropped to its lowest level in six years. In Europe, a number of countries are facing a second wave of the Covid-19 virus. Global equities rose (in euros) by more than 6% in August. Commodities were not far behind. High yield bonds and real estate equities also achieved positive returns. Corporate and government bonds showed small downsides, partly because interest rates rose cautiously as a result of the ongoing economic recovery.

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 fund has an active currency policy, as part of which the currency risk can be hedged to the euro. This process takes into account the currency policy of the funds and instruments in which the fund invests.

Dividend policy

In principle, the fund distributes its annual fiscal earnings as dividend. The fund's policy aims at realizing as the maximum possible capital growth within the pre-set risk limits. A high dividend return therefore is not a separate objective.

ESG Integration policy

Robeco ONE primarily invests in funds of the Robeco Group. Robeco is dedicated to sustainability investing and we integrate sustainability aspects into our investment processes wherever possible. The equity funds in the portfolio use the Smart ESG score framework that finds companies with better management of risks and opportunities. Besides that, the Robeco exclusions policy applies in areas of controversial products or business practices. The bond funds in the portfolio also apply to the ESG integration standards, as well as to the exclusions policy, were government bonds issued by controversial countries from the investable universe are excluded. Capabilities from other asset managers might be selected if no comparable Robeco product is available. Such funds are currently out of the scope of the sustainability screening.

Investment policy

A well-diversified portfolio consists of a combination of equities, bonds and cash. The proportion between these three asset categories is mainly determined by the investor's target risk profile. The Mix funds mainly invest in Robeco funds, benefiting on a broad front from Robeco's expertise in investing. The fund's mix of investments means it has a very favorable risk/return profile. The aim is to achieve the target return using an active mix policy. The Mix funds mainly invest in Robeco funds, benefiting on a broad front from Robeco's expertise in investing. The fund's mix of investments means it has a very favorable risk/return profile. The aim is to achieve a higher return than the benchmark using an active mix policy.

Risk policy

Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times.

Expectation of fund manager

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We expect the positive sentiment in equity markets to continue, supported by further economic recovery and further containment of the Covid-19 virus. Equity markets have the ability – more than other asset classes – to discount good news (unreasonably) far into the future. As a result, we see initial signs of excess in some segments, so we continue to be a little cautious. The US elections could lead to more volatility in markets. Equities remain attractive in relative terms. As a result of the sharp fall in corporate bond spreads, the outlook for this asset class is less exuberant. Compared to a few months ago, corporate bonds have a higher sensitivity to rising interest rates. We do not rule out that government bond yields may rise a little. Also because inflation expectations are slowly but surely creeping up. Higher inflation is also generally positive for commodities. We find this asset class attractive because commodities are still pricing in a very cautious recovery, unlike other asset classes such as equities. We also expect commodity producers to adjust production to (lower) demand, resulting in higher prices.

Jeroen Blokland
Jeroen Blokland

Jeroen Blokland

Mr. Jeroen Blokland is Portfolio Manager with Robeco within the Robeco Global Allocation team. Jeroen is portfolio manager of the Robeco Pension Return Portfolio since the launch in March 2012. Prior to joining the Robeco Global Allocation team, he was employed by IRIS, the independent Institute for Research and Investment Services of Robeco and Rabobank, as an Investment strategist since 2005. He started his career at Interpolis in 2002, where he held a position as asset manager and investment strategist. Jeroen holds a Master's degree in Economics from Erasmus University, Rotterdam.

Details

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Management company
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ISINNL0010220810
BloombergRBONEDF NA
Valoren
WKN
Availability
1st quotation date1349395200000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

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