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Robeco Emerging Debt I USD

Index: JPM GBI-EM Global Diversified TR (USD)
ISIN: LU0611924928
  • Broad exposure to emerging-market debt
  • Benefiting the combination of emerging government bonds and credits
  • Agnostic investment style
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Debt mainly invests in sovereign bonds and corporate bonds from issuers that are active in emerging countries. The selection of these bonds is based on fundamental analysis. The investment process starts with the top-down analysis of the global macroeconomic environment and market themes to determine the asset allocation between local currency bonds, developed (hard) currency sovereign debt, corporate credit and overall duration (interest-rate sensitivity) exposure. The next step is the bottom-up research to determine the country duration (interest-rate sensitivity), currency positioning and issue(r) selection based on Robeco’s proprietary country and company research.

Price development

No performance data available

Price development

Robeco Emerging Debt I USD

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)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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 -1.46%. Performance of the fund was positive and slightly above the index. The fund benefited from its overweight in the Mexican peso, while the minor overweight in the Turkish lira subtracted from performance. The fund already took profit on its overweight in Argentina in February. Next to Turkey, Argentina was the biggest underperformer over the month of March.

Statistics

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Market development

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Markets were slightly weaker over the month as global macro data continued to be weaker than previously anticipated. Chinese data was the exception as government stimulus is finally taking some effect. As a result, Asian markets were the clear outperformer over the month. During the month, Turkey was the clear outlier on the weak side, as FX reserves were suddenly down more than expected pointing towards FX intervention by the central bank in the run up to the elections. As investors were trying to short the lira, the Turkish government took a number of very unconventional measures. This made shorting the lira (almost) impossible.

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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Sustainability Themed Fund

Currency policy

Derivatives are used for active currency positioning and to hedge the fund?s interest rate sensitivity to the benchmark duration. Derivatives can also be used for various reasons, for instance for hedging single positions, for arbitrage, and to gain extra exposure to the market.

Dividend policy

The fund does not distribute dividend; it retains any income that is earned and so its entire performance is reflected in its share price.

ESG Integration policy

For Robeco Emerging Debt, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. For credits, the ESG analysis is part of the fundamental scoring by the sector analyst. Analysts include RobecoSAM sustainability data and use external sources to make an ESG assessment as part of the fundamental analysis.

Investment policy

Robeco Emerging Debt leverages on Robeco's long experience of investing in emerging markets. Robeco has been investing in emerging markets since the 1930s. Furthermore, the fund profits from Robeco's proven credit expertise with its successful track record in issuer selection and allocation policies. A distinguishing feature of Robeco Emerging Debt is that it invests in a broad range of markets to gain exposure to emerging countries. Its universe consists of both government bonds and corporate credit, combining both hard and local currency. This allows the portfolio manager to select the most attractive investment opportunities. To accentuate the broad nature of the fund, the portfolio manager constructs the portfolio based on an internal composite benchmark consisting of local-currency sovereigns and emerging credits. Robeco Emerging Debt leverages on Robeco's long experience of investing in emerging markets. Robeco has been investing in emerging markets since the 1930s. Furthermore, the fund profits from Robeco's proven credit expertise with its successful track record in issuer selection and allocation policies.

Risk policy

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

Expectation of fund manager

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Global macroeconomic data continues to disappoint in all regions, although some green shoots are visible in China. Chinese policy makers have been working on targeted stimulus since mid last year, however until recently with limited success until February this year. As a result, Asian credit markets have become more upbeat and so have commodity markets. The latter is important for EM regions such as Latin America and Africa. In the US, Federal Reserve chairman Powell stated that a rate hike is very unlikely in 2019. This means little pressure on emerging markets from a rising dollar, which is positive. Many EM central banks were forced to hike interest rates to protect their currencies from falling too much. This resulted in slower economic activity as the economies did not need higher rates. As a result, the outlook for emerging markets has improved, although there are plenty of risks out there.

Paul Murray-John
Paul Murray-John

Paul Murray-John

Mr. Paul Murray-John is Lead Portfolio Manager since February 1, 2015 of the Robeco Emerging Debt strategy which was established in June 2011 and the quant duration strategy Robeco Emerging Lux-o-rente, which was established in December 2012. Paul has over 19 years' experience in the financial industry and has gained vast experience in the area of emerging markets, both from the buy and the sell side. His previous roles have included lead portfolio manager of the Threadneedle Emerging Markets Bond fund and in recent years, he worked for HSBC Global Banking and Markets. Paul holds a MBA degree from the Warwick Business School.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0611924928
BloombergROBEMDI LX
Valoren12774567
WKNA1J7LB
Availability
1st quotation date1307404800000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

Disclaimer

Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.

The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

In the UK, Robeco Institutional Asset Management B.V. (“ROBECO”) only markets its funds to institutional clients and professional investors. Private investors seeking information about ROBECO should visit our corporate website www.robeco.com or contact their financial adviser. ROBECO will not be liable for any damages or losses suffered by private investors accessing these areas.

In the UK, ROBECO Funds has marketing approval for the funds listed on this website, all of which are UCITS funds. ROBECO is authorized by the AFM and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

Many of the protections provided by the United Kingdom regulatory framework may not apply to investments in ROBECO Funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. No representation, warranty or undertaking is given as to the accuracy or completeness of the information on this website.

If you are not an institutional client or professional investor you should therefore not proceed. By proceeding please note that we will be treating you as a professional client for regulatory purposes and you agree to be bound by our terms and conditions.

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