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Robeco Financial Institutions Bonds CH USD
Investing in subordinated bonds issued by banks and insurance companies
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
CH-USD
0D-EUR
0F-EUR
0I-EUR
B-EUR
BH-SGD
BH-USD
C-EUR
D-EUR
D2H-USD
D3H-USD
DH-USD
F-EUR
FH-USD
I-EUR
IB-EUR
IBH-USD
IH-CHF
IH-GBP
IH-JPY
IH-USD
Class and codes
Asset class:
Bonds
ISIN:
LU1874124123
Bloomberg:
RFIBCHU LX
Index
Bloomberg Euro Aggregate Corporates Financials Subordinated 2% Issuer Cap
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Diversified exposure to subordinated financial bonds
- Disciplined and repeatable investment process
- No active duration, nor FX exposure
About this fund
Robeco Financial Institutions Bonds is an actively managed fund that mainly invests in subordinated euro-denominated bonds issued by financial institutions. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund offers a diversified exposure to subordinated bonds issued by banks and insurance companies and the focus of the fund is, in general, towards higher rated issuers (investment grade).
Key facts
Total size of fund
$ 2,417,825,296
Size of share class
$ 8,702,499
Inception date share class
18-09-2018
1-year performance
13.49%
Dividend paying
Yes
Fund manager
![Jan Willem de Moor](https://images.ctfassets.net/tl4x668xzide/6uHrtSg2PCInJ08KwowUDv/94f42904a7030e4229af9b02b28b1b4e/jan-willem-de-moor-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Jan Willem de Moor
![Jan Willem Knoll](https://images.ctfassets.net/tl4x668xzide/5ZkI2BMlRropIY7Tb7GiYV/35797c74d7ef5b26e76d5c68ca35854e/jan-willem-knoll-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Jan Willem Knoll
Jan Willem de Moor is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University. Jan Willem Knoll is Portfolio Manager Investment Grade in the Credit team. He joined the Credit team in 2016. Previously, Jan Willem headed the Financials Equity sell-side research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including Portfolio Manager of a global insurance portfolio and subsequently a pan-European financials portfolio. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® charterholder. The Robeco Financial Institutions Bonds fund is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials analysts). The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team’s fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by dedicated quantitative researchers and fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.06%
2.17%
3 months
3.32%
3.73%
YTD
5.91%
5.64%
1 year
13.49%
12.89%
2 years
7.94%
6.61%
3 years
2.03%
1.31%
5 years
3.12%
2.50%
Since inception 09/2018
4.25%
3.79%
2023
12.85%
12.45%
2022
-10.67%
-11.86%
2021
1.59%
1.43%
2020
4.35%
4.03%
2019
15.04%
13.80%
2021-2023
0.80%
0.18%
2019-2023
4.22%
3.54%
Statistics
Statistics
Hit-ratio
Characteristics
- Statistics
- Hit-ratio
- Characteristics
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
1.36
1.30
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.99
0.94
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
-0.12
0.17
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
1.37
1.20
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.01
1.05
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
7.22
7.81
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.05
5.67
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-4.93
-9.74
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
26
42
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
72.2
70
Months Bull market
Number of months of positive benchmark performance in the underlying period.
19
36
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
15
28
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
78.9
77.8
Months Bear market
Number of months of negative benchmark performance in the underlying period.
17
24
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
11
14
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
64.7
58.3
Rating
The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.
BAA1/BAA2
BAA1/BAA2
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
3.90
3.90
Maturity (years)
The average maturity of the securities in the portfolio.
4.70
4.40
Green Bonds (%)
The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.
7.30
9.00
Dividend paying history
25-06-2024
$ 1.61
27-03-2024
$ 1.60
21-12-2023
$ 1.56
27-09-2023
$ 1.53
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.62%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.40%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.08%
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 0.05% 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
The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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.
Fund allocation
Country
Currency
Duration
Rating
Sector
Subordination
Top 10
- Country
- Currency
- Duration
- Rating
- Sector
- Subordination
- Top 10
Policies
All currency risks are hedged.
Robeco Financial Institutions Bonds fund make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.
The fund aims to pay a quarterly dividend.
Robeco Financial Institutions Bonds is an actively managed fund that mainly invests in subordinated euro-denominated bonds issued by financial institutions. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund offers a diversified exposure to subordinated bonds issued by banks and insurance companies and the focus of the fund is, in general, towards higher rated issuers (investment grade). The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds, and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Euro Aggregate Corporates Financials Subordinated 2% Issuer Cap.
Market development
The announcement of French parliamentary elections spooked credit markets in June, but the resulting spread widening almost fully reversed during the last week of June and the first week of July. The actual outcome of the elections, a surprising win of the left-wing alliance NFP, didn't bother markets at all. Meanwhile, concerns are growing about a potential softening in consumer and labor markets, which was also reflected in economic data in the US. Interest rates started to decline on these economic worries, especially in the last week of July. The likelihood of the Fed cutting interest rates in September has gone up, while we also expect to see another rate cut by the ECB in the same month. Total returns were positive in July, as credit spreads tightened and underlying yields moved lower. The new issue market was still open, new deals that we participated in were Tier-2 bonds issued by ABN AMRO and insurance company CNP. Several CoCos were issued by banks and insurance companies; we did not participate in any of the new CoCo issues in July.
Performance explanation
Based on transaction prices, the fund's return was 2.06%. The positive return was driven by a decline in underlying government bond yields and a tightening of credit spreads. The average index spread ended the month at 186 basis points, 12 basis points less than at the end of June. The index excess return of subordinated bonds over underlying government bonds was therefore positive, at 0.92%. The performance of the underlying portfolio, measured gross of fees, was a bit below that of the index. The beta overweight position contributed positively, while issuer selection contributed negatively. An important driver for the negative issuer selection was the underweight in real estate hybrids. The sector is recovering, helped by bond tenders and the fact that companies are able to issue new bonds again. Both bank and insurance CoCos lagged on a risk-adjusted basis. Individual positions that contributed most to the performance were Athora, Alpha Bank and Eurobank. The largest detractors from performance were real estate companies Aroundtown and Grand City Properties, besides Deutsche Bank, Ageas and Erste Bank.
Expectation of fund manager
![Jan Willem de Moor](https://images.ctfassets.net/tl4x668xzide/6uHrtSg2PCInJ08KwowUDv/94f42904a7030e4229af9b02b28b1b4e/jan-willem-de-moor-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Jan Willem de Moor
![Jan Willem Knoll](https://images.ctfassets.net/tl4x668xzide/5ZkI2BMlRropIY7Tb7GiYV/35797c74d7ef5b26e76d5c68ca35854e/jan-willem-knoll-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Jan Willem Knoll
Economic data points in the US have so far painted a picture of a resilient economy, though some indicators published in the last weeks have suggested a weaker outlook. Another trend in the last month has been the unwinding of trades that have been successful this year, for instance the 'Japanese carry trade'. Borrowing costs in Japan have finally started to rise and this has been accompanied by an appreciation of the Japanese yen. The first week of August showed quite some market volatility, mostly in equity markets and especially in Japan. Fixed income markets have not been immune and credit spreads did widen quite a bit in a short period. We did not change our view following this volatility and we continue to target an overweight beta positioning in the fund, given strong fundamentals in the financial sector combined with a valuation that is attractive within the broader credit market. We have been moving up in quality within the portfolio, which is reflected by a lower exposure to bank cocos and a larger exposure to senior bank paper. This trade is driven by the strong performance of cocos and the arise of new opportunities in senior bank bonds.
A provision for exchange rate fluctuation when representations are made in foreign currencies (i.e. Any representations made which are not denominated in HKD/ USD/ EUR) may expose investors to exchange rate fluctuations.
Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.
Positive distribution yield does not imply positive return. Investors should not make any investment decision solely based on information contained in the table. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
Annualized yield is calculated with the following formula: Sum of the monthly dividends over a period of 12 months / average of the applicable prices of the first business day of these 12 months * 100%
Where a reference is made to the frequency of dividend distributions, this frequency is an aim and not a guarantee. The fund may at its discretion pay dividend out from capital. Dividend yield is not guaranteed, and is not indicative the return of the Fund. The yield figure is for reference only. The fund may at its discretion to pay dividend out from capital. Distributions out of capital may result in the reduction of an investor’s original capital invested in the Sub-fund or from any capital gains attributable to that original investment of the Sub-fund. Also, any distributions involving the capital and/or capital gains may result in an immediate reduction of the net asset value per share of the relevant class. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. If there is a change of distribution policy of the Sub-fund, the Management Company will seek the prior approval of the Securities and Futures Commission in Hong Kong ('SFC') and provide at least one month’s prior notice to affected Shareholders.