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Robeco ONE Offensief

ISIN: NL0010220836
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Currency EUR
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Dividend payingNo

About this fund

Robeco ONE Offensief 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 large part of the portfolio will be invested in equity funds and a limited 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 Offensief

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 -0.38%. The Robeco ONE portfolio realized modest negative returns in October, with the Robeco ONE Defensive return virtually zero. Both global equities and commodities fell. Emerging market equities clearly outperformed and were the best performing asset class last month. The returns on the other asset classes were remarkably close to zero and differences were limited. In the run-up to the US elections, our tactical allocations were limited as well. They did, however, add positively to the overall return, with the underweight in US Treasuries being an important contributor. The selection results of the underlying strategies were virtually flat. Value and factor-focused funds underperformed and fundamental-driven funds outperformed.

Statistics

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Market development

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October saw an extension of the negative momentum for risky assets that started back in September. Global equities lost ground as the outbreak of Covid-19 resurged in most parts of Europe. The new outbreaks prompted several European countries to again introduce (partial) lockdowns. Intra-day volatility in the stock market continued to be elevated, implied equity volatility edged up far above 30 in the last week of October. While economic sentiment improved in the course of October with producer confidence levels picking up, high-frequency activity data such as Apple transit trends and Google retail/recreation are starting to point to a weakening of economic activity. Emerging market assets outperformed those of developed markets, as the near term GDP growth differential improved in favor of the latter. The more favorable trend in Covid-19 infections was the main driver of this divergence.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
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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 increase in Covid-19 infections globally, new lockdown measures in several European countries and limited visibility on a new round of fiscal support packages in the US make the economic outlook more uncertain. A positive is that governments are more hesitant to implement complete lockdowns and due to lags, fiscal and monetary support provided earlier is still working its way through the economy. So while the economy might face a small hiccup in the fourth quarter, the recovery will not be derailed, which is supportive for earnings. Also, if an effective vaccine makes it to market in the course of 2021, it is highly likely that GDP growth will rebound above 4%. If you add to this that there is plenty of room for operational leverage to improve, then earnings can surprise. This indicates that there is upside for global equities in the coming 12 months. We therefore slightly increased our equity exposure at the expense of high yield.

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
Fund capital
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ISINNL0010220836
BloombergRBONEOF 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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