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Aggregate Fixed Income

Aggregate Fixed Income

Fundamentally managed fixed income strategy with a contrarian style

Key points:

  • Portfolio managers have flexibility to exploit opportunities across the global fixed income universe
  • ESG is integrated in our approach to country and issuer selection
  • Research drives our investment themes and views

Philosophy

Bond markets are inefficient. We have the capability and process in place to identify and exploit these inefficiencies over the market cycle, by adopting a contrarian approach to markets with a focus on value.

Fixed Income markets are segmented as a result of various factors, including mandate restrictions across investor types and organizational rigidities. This can lead to dislocations and changes in relationships between segments. Our flexible strategy can choose from a palette of opportunities and transcend many of these artificial market barriers, both at a regional and asset class level.

Process

The strategy’s investment process consists of four steps.

Step 1: Quarterly outlooks. We gather fundamental input, analyze major economies and place this in a cyclical context, looking at interest rate and credit spread cycles.

Step 2: Portfolio construction & optimization. We discuss and establish where we believe different fixed income segments are in a cyclical framework. This forms the foundation for our strategic fixed income asset allocation positions.

Step 3: Risk management. We manage overall portfolio risks on an ongoing basis.

Step 4: Implementation. We support our portfolio managers with our experienced portfolio engineering and trading team for the purpose of portfolio implementation, allowing them to focus on new opportunities.

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Team

The portfolio managers are responsible for the overall positioning of the strategy, including cross-asset allocation within the fixed income universe, duration management, yield curve, and country and currency positioning. The portfolio managers are part of the Global Macro team, which consists of very experienced portfolio managers, economists, strategists and macro analysts.

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Contact us if you would like to know more about this strategy.

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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.

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