Nederland Aandelen Fonds
Achmea Investment Grade Bedrijfsobligaties fonds 2nd quarter 2017 Fund profile
Q2 2017
Quarterly review
The fund posted modest gains during the second quarter. US corporate bonds significantly outperformed their European counterparts. In June, the Federal Reserve (Fed) increased interest rates by 0.25% to 1.25%. The Fed also revealed plans to reduce the balance sheet, but this had little impact on the bond market. The European corporate bond market reacted significantly more strongly to signs that the ECB is considering reining back its stimulus measures. Despite the continued uncertainty regarding the implementation of President Trump’s proposed policies, the market remains buoyant about expected tax cuts and more relaxed regulations. Few changes were implemented in the positioning of the portfolio during the quarter, although several positions in financial assets were reduced due to lower valuation. While the fund participated in several new issues in the financial sector of Wells Fargo, ING and others, it sold a larger amount of its investments, including Goldman Sachs and JP Morgan. Corporate bonds performed well thanks to the further reduction of risk spreads. The relatively short average maturity of the bonds boosted performance, particularly at the end of the quarter, which saw large-scale sales of government bonds. The choice of a lower allocation to financial assets compared to the benchmark had a positive effect. The fund posted a return of 1.00% for the second quarter, thereby trailing the benchmark somewhat.
Price Development
Koers Achmea Investment Grade Bedrijfsobligaties fonds
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.
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Key data as of June 30 2017 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 (100% hedged to euros)
Duration
6.84
Price
€ 28.76
Total assets
€ 259,980,750.22
No. of units
9,039,087
Composition
90.11% corporate bonds 9.89% government bonds
30,0 28,0
Responsible Investment Policy
26,0
Our comprehensive Responsible Investment Policy has a focus on environmental, social and governance factors. Read more about our Responsible Investment Policy.
24,0 22,0 20,0 jan-13
Fee jul-13
jan-14
jul-14
jan-15
jul-15
jan-16
jul-16
jan-17
jul-17
TER (’lopende kosten’) : 0.38% http://www.achmeainvestmentmanagement.nl/particulier/ pensioen/en/Paginas/Verantwoord-Beleggen.aspx
Geographical distribution of corporate bonds (top 10) Performance Q2 2017
Year-to-date
12 months
36 months
60 months
United States
45.9%
Netherlands
13.5%
Net fund performance
1.00%
1.43%
-0.12%
2.62%
-
United Kingdom
12.5%
Benchmark
1.07%
1.53%
0.25%
2.50%
-
France
7.8%
-
Australia
3.1%
Ireland
2.4%
Mexico
1.8%
Belgium
1.7%
Germany
1.4%
Spain
1.2%
Gross fund performance
1.10%
1.62%
0.25%
3.01%
Bond portfolio credit ratings AAA AA A
9.4% 8.9% 36.6%
BBB
43.6%
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.
Q2 2017
Quarterly review
The fund posted modest gains during the second quarter. US corporate bonds significantly outperformed their European counterparts. In June, the Federal Reserve (Fed) increased interest rates by 0.25% to 1.25%. The Fed also revealed plans to reduce the balance sheet, but this had little impact on the bond market. The European corporate bond market reacted significantly more strongly to signs that the ECB is considering reining back its stimulus measures. Despite the continued uncertainty regarding the implementation of President Trump’s proposed policies, the market remains buoyant about expected tax cuts and more relaxed regulations. Few changes were implemented in the positioning of the portfolio during the quarter, although several positions in financial assets were reduced due to lower valuation. While the fund participated in several new issues in the financial sector of Wells Fargo, ING and others, it sold a larger amount of its investments, including Goldman Sachs and JP Morgan. Corporate bonds performed well thanks to the further reduction of risk spreads. The relatively short average maturity of the bonds boosted performance, particularly at the end of the quarter, which saw large-scale sales of government bonds. The choice of a lower allocation to financial assets compared to the benchmark had a positive effect. The fund posted a return of 1.00% for the second quarter, thereby trailing the benchmark somewhat.
Price Development
Koers Achmea Investment Grade Bedrijfsobligaties fonds
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.
th
Key data as of June 30 2017 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 (100% hedged to euros)
Duration
6.84
Price
€ 28.76
Total assets
€ 259,980,750.22
No. of units
9,039,087
Composition
90.11% corporate bonds 9.89% government bonds
30,0 28,0
Responsible Investment Policy
26,0
Our comprehensive Responsible Investment Policy has a focus on environmental, social and governance factors. Read more about our Responsible Investment Policy.
24,0 22,0 20,0 jan-13
Fee jul-13
jan-14
jul-14
jan-15
jul-15
jan-16
jul-16
jan-17
jul-17
TER (’lopende kosten’) : 0.38% http://www.achmeainvestmentmanagement.nl/particulier/ pensioen/en/Paginas/Verantwoord-Beleggen.aspx
Geographical distribution of corporate bonds (top 10) Performance Q2 2017
Year-to-date
12 months
36 months
60 months
United States
45.9%
Netherlands
13.5%
Net fund performance
1.00%
1.43%
-0.12%
2.62%
-
United Kingdom
12.5%
Benchmark
1.07%
1.53%
0.25%
2.50%
-
France
7.8%
-
Australia
3.1%
Ireland
2.4%
Mexico
1.8%
Belgium
1.7%
Germany
1.4%
Spain
1.2%
Gross fund performance
1.10%
1.62%
0.25%
3.01%
Bond portfolio credit ratings AAA AA A
9.4% 8.9% 36.6%
BBB
43.6%
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.
