Nederland Aandelen Fonds
Achmea Investment Grade Bedrijfsobligaties fonds 3rd quarter 2016 Fund profile
Q3 2016
Quarterly review
Like the second quarter, the corporate bond sector saw a positive return in the third quarter. The policy pursued by the central banks remained generally favourable. Once again, the Bank of England cut the interest rate and resumed quantitative easing. In the process, the Bank of England fell into line with the ECB by also buying up corporate bonds. The most important factor in this was the uncertainty following the Brexit referendum, which was evident in the economic data. Corporate bonds denominated in euro were still supported by the ECB’s quantitative easing programme.
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.
Economic news from the US and the cautious approach adopted by the central bank, which chose not to interfere with the interest rate for the third quarter in a row, contributed positively. July was the best month for corporate bonds. Investors across the world left their Brexit worries behind them, and enjoyed the generally dovish mood of the central banks. The risk premium on corporate bonds fell to some degree during the quarter, as investors grew accustomed to the uncertainty following the unexpected outcome of the Brexit referendum.
The fund applies an active investment policy. The fund’s objective is to outperform the benchmark using a welldiversified portfolio.
Throughout the quarter, there were sufficient new corporate bond issues. Businesses benefited in this from the low interest rates. The fund bought new issues from Walt Disney, Microsoft and Goldman Sachs, among others. On the sales side, the fund focused on the riskier bonds in the portfolio. For instance, the fund sold subordinated bonds in power company, EDF, and reinsurance company, Swiss Re, among others. The portfolio favours financial institutions slightly above non-financial institutions, and investments in euros as opposed to dollars. The fund listed a yield of around 1.3% in the third quarter and thus performed in line with the benchmark. The preference for corporate bonds denominated in euro as opposed to American dollar instruments paid off given that the euro sector performed better.
Price Development
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.
th
Key data as of September 30 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
7,06
Price
€ 29,16
Total assets
€ 239.778.950,99
30,00
No. of units
8.221.786
28,00
Composition
87,20% corporate bonds 12,80% government bonds
Price Achmea Investment Grade Bedrijfsobligaties fonds
26,00
Responsible Investment Policy 24,00
Our comprehensive Responsible Investment Policy has a focus on environmental, social and governance factors. Read more about our Responsible Investment Policy.
22,00 20,00 1-10-16
1-07-16
1-04-16
1-01-16
1-10-15
1-07-15
1-04-15
1-01-15
1-10-14
1-07-14
1-04-14
1-01-14
1-10-13
1-07-13
1-04-13
1-01-13
Fee http://www.achmeainvestmentmanagement.nl/particulier/ pensioen/en/Paginas/Verantwoord-Beleggen.aspx TER (’lopende kosten’) : 0,38% Geographical distribution of corporate bonds (top 10)
Performance Q3 2016 Net fund performance Benchmark Gross fund performance
1,28% 1,31% 1,37%
Year-to-date
12 months
6,90%
7,63%
6,87%
7,04%
7,20%
8,04%
36 months 5,22% 4,97% 5,61%
Bond portfolio credit ratings AAA
8,9%
AA
10,5%
A
37,9%
BBB BB
41,4% 0,0%
United States
48,1%
Netherlands
14,1%
-
United Kingdom
12,5%
-
France
8,0%
Ireland
2,3%
Australia
2,1%
Belgium
1,7%
Switzerland
1,3%
Canada
1,2%
Spain
1,1%
60 months
-
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.
Q3 2016
Quarterly review
Like the second quarter, the corporate bond sector saw a positive return in the third quarter. The policy pursued by the central banks remained generally favourable. Once again, the Bank of England cut the interest rate and resumed quantitative easing. In the process, the Bank of England fell into line with the ECB by also buying up corporate bonds. The most important factor in this was the uncertainty following the Brexit referendum, which was evident in the economic data. Corporate bonds denominated in euro were still supported by the ECB’s quantitative easing programme.
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.
Economic news from the US and the cautious approach adopted by the central bank, which chose not to interfere with the interest rate for the third quarter in a row, contributed positively. July was the best month for corporate bonds. Investors across the world left their Brexit worries behind them, and enjoyed the generally dovish mood of the central banks. The risk premium on corporate bonds fell to some degree during the quarter, as investors grew accustomed to the uncertainty following the unexpected outcome of the Brexit referendum.
The fund applies an active investment policy. The fund’s objective is to outperform the benchmark using a welldiversified portfolio.
Throughout the quarter, there were sufficient new corporate bond issues. Businesses benefited in this from the low interest rates. The fund bought new issues from Walt Disney, Microsoft and Goldman Sachs, among others. On the sales side, the fund focused on the riskier bonds in the portfolio. For instance, the fund sold subordinated bonds in power company, EDF, and reinsurance company, Swiss Re, among others. The portfolio favours financial institutions slightly above non-financial institutions, and investments in euros as opposed to dollars. The fund listed a yield of around 1.3% in the third quarter and thus performed in line with the benchmark. The preference for corporate bonds denominated in euro as opposed to American dollar instruments paid off given that the euro sector performed better.
Price Development
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.
th
Key data as of September 30 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
7,06
Price
€ 29,16
Total assets
€ 239.778.950,99
30,00
No. of units
8.221.786
28,00
Composition
87,20% corporate bonds 12,80% government bonds
Price Achmea Investment Grade Bedrijfsobligaties fonds
26,00
Responsible Investment Policy 24,00
Our comprehensive Responsible Investment Policy has a focus on environmental, social and governance factors. Read more about our Responsible Investment Policy.
22,00 20,00 1-10-16
1-07-16
1-04-16
1-01-16
1-10-15
1-07-15
1-04-15
1-01-15
1-10-14
1-07-14
1-04-14
1-01-14
1-10-13
1-07-13
1-04-13
1-01-13
Fee http://www.achmeainvestmentmanagement.nl/particulier/ pensioen/en/Paginas/Verantwoord-Beleggen.aspx TER (’lopende kosten’) : 0,38% Geographical distribution of corporate bonds (top 10)
Performance Q3 2016 Net fund performance Benchmark Gross fund performance
1,28% 1,31% 1,37%
Year-to-date
12 months
6,90%
7,63%
6,87%
7,04%
7,20%
8,04%
36 months 5,22% 4,97% 5,61%
Bond portfolio credit ratings AAA
8,9%
AA
10,5%
A
37,9%
BBB BB
41,4% 0,0%
United States
48,1%
Netherlands
14,1%
-
United Kingdom
12,5%
-
France
8,0%
Ireland
2,3%
Australia
2,1%
Belgium
1,7%
Switzerland
1,3%
Canada
1,2%
Spain
1,1%
60 months
-
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.
