Nederland Aandelen Fonds
Achmea Investment Grade Bedrijfsobligaties fonds 1st quarter 2016 Fund profile
Q1 2016
Quarterly review
As was the case for many other investment categories, corporate bonds also experienced a turbulent quarter. Initially, concerns dominated the sentiment, but over the course of the quarter it changed and a rally ensued that lasted until the end of March. Worries about the slowdown in economic growth in China and globally dominated in January, and anxiety flared in February about a slower domestic growth in the US. Fears about the capital position of European banks – and Deutsche Bank in particular – put even more pressure on the sentiment. The concern was that the banks would not be able to meet their interest liabilities for specific bonds. The ongoing drop in commodity prices dampened the mood initially, but the start of a commodity price stabilisation – albeit at a low level – calmed the markets. The announcement from the American Federal Reserve that the increase in the interest rate in the States would probably be slower than initially expected also provided a positive boost. The most important news came from the ECB. It lowered the interest rate further and increased the bond-buying programme from 60 billion euro per month to 80 billion euro per month. At the same time, it was announced that the buy up would be extended to include corporate bonds. Debt securities of financial institutions profited and the concerns about coupon payments slowly but surely abated. During the first quarter, the fund realised a return of 3.22 per cent, and consequently it outperformed the benchmark that earned 3.04%. Among others, new issuances in euros were bought in British Telecom, brewery Anheuser-Busch and snack maker, Mondelez. In dollars, the purchases involved inter alia General Motors, Apple and investment company Berkshire Hathaway. A major change within the sectors took place for non-subordinated securities from banks that have to continue to issue such bonds in order to comply with regulatory requirements. Positions in Morgan Stanley, RBS and HSBC, among others, were added to the portfolio during the quarter.
Price Development
This funds invests globally in corporate bonds listed in euros or US dollars. The emphasis is on Europe and North America. The fund mainly invests in corporate bonds with a relatively good credit rating (investment grade). It also invests in government-related bonds with a relatively good credit ratings. Investment in German and US government bonds takes place to a limited extent. The fund applies an active investment policy. The fund’s objective is to outperform the benchmark using a welldiversified portfolio. Subscriptions into and redemptions from the fund may be made daily at the net asset value, in line with the terms and conditions laid down in the administration agreement/regulations.
Key data as of March 31st 2016 Type of fund
Bonds
Date of inception
1 October 2012
Dividend Benchmark
The fund pays no dividend. Income is reinvested. 50% Barclays Capital US Credit Total Return Index and 50% Barclays Capital Euro Credit Total Return Index (hedged to euros)
Duration
7,11
Price
€ 28,16
Total assets
€ 222.251.072,96
No. of units
7.893.241
Composition
88,00 % of corporate bonds 12,00 % of government bonds
Responsible Investment Policy Our comprehensive Responsible Investment Policy has a focus on environmental, social and governance factors. Read more about our Responsible Investment Policy.
Fee TER (’lopende kosten’)
: 0,38%
Geographical distribution of corporate bonds (top 10) Performance Q1 2016 Net fund performance Benchmark Gross fund performance
Year-to-date
12 months
36 months
AA A
United States
48,6%
Netherlands
14,0% 12,5%
3,22% 3,04%
3,22% 3,04%
0,88% 0,25%
3,44% 3,26%
-
United Kingdom
-
France
6,5%
3,32%
3,32%
1,26%
3,83%
-
Australia
2,1%
Ireland
2,0%
Denmark
1,5%
Germany
1,5%
Canada
1,4%
Belgium
1,4%
Bond portfolio credit ratings AAA
60 months
9,2% 9,9% 40,3%
BBB BB
40,4% 0,2%
The value of your investment may fluctuate. Past performance is no guarantee of future results. Investment involves financial risk. Investment in this fund also involves risk. Returns may be higher but also lower than expected; the riskier the type of investment the more they may fluctuate. The performances given in this factsheet are past performances and therefore provide no guarantee of future results. This document was compiled with the utmost care and is based on information available as of today which we believe to be reliable. No rights may be derived from this information. This document and the information it contains may not be construed as advice to buy or sell your investment(s). Basic and Additional Prospectuses containing relevant data are available for this fund from your insurer. Please read the Basic and Additional Prospectuses before you decide to invest in this fund.
Q1 2016
Quarterly review
As was the case for many other investment categories, corporate bonds also experienced a turbulent quarter. Initially, concerns dominated the sentiment, but over the course of the quarter it changed and a rally ensued that lasted until the end of March. Worries about the slowdown in economic growth in China and globally dominated in January, and anxiety flared in February about a slower domestic growth in the US. Fears about the capital position of European banks – and Deutsche Bank in particular – put even more pressure on the sentiment. The concern was that the banks would not be able to meet their interest liabilities for specific bonds. The ongoing drop in commodity prices dampened the mood initially, but the start of a commodity price stabilisation – albeit at a low level – calmed the markets. The announcement from the American Federal Reserve that the increase in the interest rate in the States would probably be slower than initially expected also provided a positive boost. The most important news came from the ECB. It lowered the interest rate further and increased the bond-buying programme from 60 billion euro per month to 80 billion euro per month. At the same time, it was announced that the buy up would be extended to include corporate bonds. Debt securities of financial institutions profited and the concerns about coupon payments slowly but surely abated. During the first quarter, the fund realised a return of 3.22 per cent, and consequently it outperformed the benchmark that earned 3.04%. Among others, new issuances in euros were bought in British Telecom, brewery Anheuser-Busch and snack maker, Mondelez. In dollars, the purchases involved inter alia General Motors, Apple and investment company Berkshire Hathaway. A major change within the sectors took place for non-subordinated securities from banks that have to continue to issue such bonds in order to comply with regulatory requirements. Positions in Morgan Stanley, RBS and HSBC, among others, were added to the portfolio during the quarter.
Price Development
This funds invests globally in corporate bonds listed in euros or US dollars. The emphasis is on Europe and North America. The fund mainly invests in corporate bonds with a relatively good credit rating (investment grade). It also invests in government-related bonds with a relatively good credit ratings. Investment in German and US government bonds takes place to a limited extent. The fund applies an active investment policy. The fund’s objective is to outperform the benchmark using a welldiversified portfolio. Subscriptions into and redemptions from the fund may be made daily at the net asset value, in line with the terms and conditions laid down in the administration agreement/regulations.
Key data as of March 31st 2016 Type of fund
Bonds
Date of inception
1 October 2012
Dividend Benchmark
The fund pays no dividend. Income is reinvested. 50% Barclays Capital US Credit Total Return Index and 50% Barclays Capital Euro Credit Total Return Index (hedged to euros)
Duration
7,11
Price
€ 28,16
Total assets
€ 222.251.072,96
No. of units
7.893.241
Composition
88,00 % of corporate bonds 12,00 % of government bonds
Responsible Investment Policy Our comprehensive Responsible Investment Policy has a focus on environmental, social and governance factors. Read more about our Responsible Investment Policy.
Fee TER (’lopende kosten’)
: 0,38%
Geographical distribution of corporate bonds (top 10) Performance Q1 2016 Net fund performance Benchmark Gross fund performance
Year-to-date
12 months
36 months
AA A
United States
48,6%
Netherlands
14,0% 12,5%
3,22% 3,04%
3,22% 3,04%
0,88% 0,25%
3,44% 3,26%
-
United Kingdom
-
France
6,5%
3,32%
3,32%
1,26%
3,83%
-
Australia
2,1%
Ireland
2,0%
Denmark
1,5%
Germany
1,5%
Canada
1,4%
Belgium
1,4%
Bond portfolio credit ratings AAA
60 months
9,2% 9,9% 40,3%
BBB BB
40,4% 0,2%
The value of your investment may fluctuate. Past performance is no guarantee of future results. Investment involves financial risk. Investment in this fund also involves risk. Returns may be higher but also lower than expected; the riskier the type of investment the more they may fluctuate. The performances given in this factsheet are past performances and therefore provide no guarantee of future results. This document was compiled with the utmost care and is based on information available as of today which we believe to be reliable. No rights may be derived from this information. This document and the information it contains may not be construed as advice to buy or sell your investment(s). Basic and Additional Prospectuses containing relevant data are available for this fund from your insurer. Please read the Basic and Additional Prospectuses before you decide to invest in this fund.
