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Robeco ONE Defensief

ISIN: NL0010220810
  • Easy
  • Transparent
  • Flexible
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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 4.79%. April was a strong month, especially for high-risk assets. Equities were the best-performing asset class, rising more than 10%. High yield and investment grade bonds realized solid returns as well. The Robeco ONE portfolios recouped roughly half of the losses of March. Our overweights in both credits and high yield added positively to the overall portfolio result. In addition, most of the underlying investment strategies outperformed their benchmark.

Statistics

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Market development

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In April, high-risk assets rebounded sharply, after one of the most severe corrections of this type of assets in March. Global equities were up 10.5%, and the S&P 500 was up a massive 30.4% in EUR since the trough on 23 March. The riskier segments of the fixed income market also performed strongly. The financial markets were able to recover thanks to the willingness of central banks and governments to provide a substantial amount of support to dampen the economic fallout of the pandemic. This powerful interplay between fiscal and monetary authorities boosted confidence and created the perfect circumstances for most high-risk assets to recover in April.However, a return to normal is anything but certain. This is exemplified by commodities, which experienced another devastating month. Oil prices dropped 40.7% in April. The dislocation in the oil market was so substantial that the first oil future settled at minus USD 37.The massive policy support from governments and central banks was successful in diminishing tail risk. However, for high-risk assets to maintain positive momentum, it is important that the current lockdowns are eased, so activity can start to rebound.

Fund allocation

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Fund Classification

YesNoN/A 
Voting
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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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The profound uncertainty about the shape of the economic recovery continues. It will ultimately be determined by the effectiveness of the policy stimulus, the risk of a second wave, the release of a Covid-19 vaccine and the willingness of governments to ease lockdowns. Given these circumstances, it is not surprising that many companies have suspended their earnings guidance. We remain selective when it comes to adding exposure to the portfolio. The recent divergence of cyclical cross-asset performance (equities surging, oil crashing) confirms that this selective approach is warranted. We still believe that the two-way risk in the equity market remains. Some equity markets, such as the US market, remain expensive. In addition, various asset classes currently discount different economic growth trajectories. For credit and high yield, the expected return distribution on a tactical horizon looks more skewed to the upside. These asset classes are increasingly bought by central banks and tend to lead equities at this juncture in the business cycle. Furthermore, relative valuation levels are more attractive compared to equities.

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
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Morningstar
Reference index

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