Robeco Investment Grade Corporate Bonds IE EUR
Diversified exposure to the euro investment grade credit market ex financial 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.
IE-EUR
0I-EUR
B-EUR
C-EUR
D-EUR
F-EUR
I-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU0425027157
Bloomberg:
ROBIGIE LX
Index
Bloomberg Euro Aggregate: Corporates ex financials 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
Morningstar
Morningstar
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Rating (29/06)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Diversified non-financial credits exposure
- Disciplined and repeatable investment process
- Experienced team management
About this fund
Robeco Investment Grade Corporate Bonds is an actively managed fund that invests in euro-denominated securities. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The investment process combines a top-down market view to assess credit attractiveness and factors that drive credit market returns in the short term with skillful issuer selection to create a broadly diversified portfolio. The fund has a conservative profile and a limited exposure to derivatives.
Key facts
Total size of fund
€ 55,130,835
Size of share class
€ 3,704,074
Inception date share class
28-04-2009
1-year performance
5.70%
Dividend paying
Yes
Fund manager
Peter Kwaak
Daniel Ender
Joost Breeuwsma
Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Daniel Ender is Portfolio Manager Investment Grade in the Credit team. Previously, he was a Credit Analyst at Actiam. Daniel started his career in the industry in 2018 at ABN AMRO. He has a Master’s in Financial Economics from Erasmus University Rotterdam and a Bachelor’s in Political Science and Economics from the University of Connecticut. Daniel also is CFA® charterholder. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. Prior to starting his career and joining Robeco in 2017, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. Prior to starting his career and joining Robeco in 2017, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London. The Robeco Investment Grade Corporate Bonds fund is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 three dedicated quantitative researchers and four 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
0.67%
0.76%
3 months
-0.19%
-0.15%
YTD
0.13%
-0.03%
1 year
5.70%
5.44%
2 years
2.82%
2.78%
3 years
-2.51%
-2.64%
5 years
-0.78%
-1.00%
10 years
1.00%
0.88%
Since inception 04/2009
2.89%
2.94%
2023
7.57%
7.87%
2022
-13.46%
-13.87%
2021
-1.20%
-1.25%
2020
3.56%
3.04%
2019
6.25%
6.23%
2021-2023
-2.75%
-2.83%
2019-2023
0.24%
0.08%
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.
0.43
0.43
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.
1.37
1.53
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.
-0.55
-0.18
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..
0.63
0.68
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
1.01
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).
6.77
6.51
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
5.06
5.06
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-4.49
-6.54
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
24
41
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
66.7
68.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
18
32
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
13
23
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
72.2
71.9
Months Bear market
Number of months of negative benchmark performance in the underlying period.
18
28
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
11
18
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
61.1
64.3
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.
A3/BAA1
A3/BAA1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
4.90
4.90
Maturity (years)
The average maturity of the securities in the portfolio.
5.80
5.60
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.
13.30
10.10
Dividend paying history
24-04-2024
€ 1.71
27-04-2023
€ 1.25
28-04-2022
€ 1.13
29-04-2021
€ 1.24
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.
0.50%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.35%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.12%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.06%
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 outside Luxembourg are subject to their national tax regime applying to foreign investment funds. We advise individual investors to contact their financial or fiscal adviser regarding their specific fiscal situation.
Fund allocation
Currency
Duration
Rating
Sector
Top 10
- Currency
- Duration
- Rating
- Sector
- Top 10
Policies
The fund invests in Euro denominated securities only.
Robeco Investment Grade Corporate Bonds make use of derivatives for hedging purposes. These derivatives are very liquid.
In principle, this fund distributes dividend annually.
Robeco Investment Grade Corporate Bonds is an actively managed fund that invests in euro-denominated securities. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The investment process combines a top-down market view to assess credit attractiveness and factors that drive credit market returns in the short term with skillful issuer selection to create a broadly diversified portfolio. The fund has a conservative profile and a limited exposure to derivatives. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and 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 the fund's positions remain within set limits at all times.
Sustainability-related disclosures
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 ex financials 2% Issuer Cap.
Market development
In June, the ECB reduced its deposit rate by 25 basis points to 3.75%, its first cut since the pandemic. Although the US Fed did not cut rates, the slowest core CPI growth since August 2021 reinforced expectations for future cuts. The Fed's tone became slightly more dovish, acknowledging modest progress toward the inflation target, but projections were more hawkish, predicting one rate cut by year's end and nine cuts over the next two and a half years. French assets were volatile after president Macron announced a snap election, sparking fears of a right-wing majority and increased fiscal profligacy. This led to significant sell-offs in the CAC 40 and French OATs, with the OAT-Bund spread rising above 70 basis points. Risk aversion widened credit spreads after weeks of stability, with French credits, particularly banks and utilities, underperforming. The Eurozone composite PMI for June declined from May but remained in expansionary territory. Weak demand drove this decline, with significant drops in new orders in manufacturing and new business in services. Softer economic data and French election concerns caused 10-year German Bund yields to end the month 16 basis points lower.
Performance explanation
Based on transaction prices, the fund's return was 0.67%. The portfolio underperformed its benchmark index, gross of fees. The benchmark's return was influenced by a rally in government bond yields, although this was partially offset by an increase in credit spreads. Specifically, the Euro Aggregate Corporate Ex-Financials Index moved up 9 basis points to 108 basis points above government bonds, while the yield on 10-year German Bunds decreased by 16 basis points, reaching 2.50%. Performance attribution is split into beta positioning and issuer selection, in line with our investment process. Our slight overweight beta position had a negative impact on performance as index spreads widened. The performance attribution from issuer selection was also negative. A few trades worked against us this month, including as our overweights in Eurofins Scientific and TenneT.
Expectation of fund manager
Peter Kwaak
Daniel Ender
Joost Breeuwsma
For IG portfolios we target a small overweight position in terms of risk relative to the benchmark. We maintain an overweight to the banking sector, given strong fundamentals combined with superior relative valuation. Recent developments in Europe may well lead to underperformance in the French banks in the near term, but we see little reason for this to ultimately evolve into something truly systemic. We believe we will derive outperformance from deep research-driven name selection opportunities in the near term, as opposed to beta management. We intend to maintain a conservative stance regarding overall risk in portfolios. Recency bias is a powerful thing and we have seen numerous episodes in the past 20 years where investors become too comfortable with the idea that low volatility and unattractive valuation can persist indefinitely. It rarely does. By employing a patient and disciplined approach, we will be in a strong position to capture more compelling opportunities as they arise.
Announcements
- Dividend dates 2024 (27-05-2024)
- Annual General Meeting for Shareholders Robeco Capital Growth Funds 2024 (13-05-2024)
- Prospectus change December 2023 (17-11-2023)
- Publication semi-annual reports 2023 (31-08-2023)
- Prospectus change September 2023 (04-08-2023)
- Publication Semi-annual reports 2022 (31-08-2022)
Important information
Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.
Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.