Rotterdam, 6 April 2006
RORENTO N.V.
ANNUAL REPORT 2005
% ROBECO
CONTENTS
General information
2
Report of the supervisory
board 5
Report of the management
board 8
Financial statements
12
Balance
sheet
12
Profit and loss account
13
Cash-flow summary
13
Notes
14
Other data
24
Spread of net assets
27
Bond
portfolio
28
GENERAL INFORMATION
RORENTO N.V.1
(public limited liability company with an open-end structure
established according to the laws of the Netherlands Antilles, having
its registered office in Philipsburg, St. Maarten, Netherlands
Antilles)
Ara Hill-Top, Unit A5
Pletterijweg Oost 1
Willemstad, Cura�ao
Information address for Rorento:
Robeco Istitutional Asset Management B.V.
Coolsingel 120
Postbus 973
NL-3000 AZ Rotterdam
Tel. +31- 10 - 224 12 24
Fax +31 - 10 - 411 52 88
Internet: www.robeco.com
Supervisory Board
Paulus C. van den Hoek, chairman
Gilles Izeboud (as of 22 April 2004)
Johan Kremers (until 27 April 2005)
Philip Lambert (as of 27 April 2005)
Dirk P.M. Verbeek
Management Board
Edith J. Siermann, chairman
Frank L.E.G. Boll
Karel J.V. Tavernier (until 27 April 2005)
Ferdie L.I. van de Walle (from 27 April 2005)
1 Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the
fund's appointed representative in Switzerland. Copies of the
prospectus, Articles of Association, annual and semiannual reports
and a list of all purchases and sales in the fund's securities
portfolio during the reporting period are available from the above
address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is
the fund's paying agent in Switzerland.
International Advisory Board
Martin S. Feldstein
Toyoo Gyohten
Paul J. Keating
Karl O. P�hl
H. Onno C.R. Ruding
Secretary of the Company
David H. Cross
Management Board of Robeco Groep N.V.
(the holding company of the Robeco Group)
George A. M�ller (chairman)
Stefan T. Bichsel (until 31 December 2005)
Leni M.T. Boeren
Sander van Eijkern
Hans H. van der Koogh (until 8 February 2005)
Constant Th.L. Korthout
Niek F. Molenaar
GENERAL MEETING OF SHAREHOLDERS AND INFORMATIVE MEETING
The General Meeting of Shareholders will be held at Willemstad,
Cura�ao (Netherlands Antilles) on 10 May 2006 at 10:30 hours. The
informative meeting will be held on 27 April 2006 at 13:30 hours at
the Hilton Rotterdam, Weena 10, Rotterdam, the Netherlands.
Holders of share certificates to bearer wishing to attend and vote at
the meeting should apply for a written statement from the Euroclear
Netherlands-affiliated institution where their shares are held, which
will give admission to the meeting. The institutions affiliated with
Euroclear Netherlands should submit a copy of this statement to ABN
AMRO Bank N.V. stating the number of shares held for the shareholder
concerned prior to the meeting, and which will be frozen until after
the meeting. This statement should be submitted not later than 3 May
2006.
Holders of K shares should lodge their share certificates not later
than 3 May 2006 with one of the banks mentioned in the convening
notice of 6 April 2006.
Holders of an account with Robeco Group Accounts System in Rotterdam,
Banque Robeco S.A. in Paris or Robeco Bank Belgium in Brussels
wishing to attend the meeting should inform the management board of
Robeco Institutional Asset Management B.V. in writing not later than
6 May 2006.
Holders of bearer certificates wishing to attend the informative
meeting in Rotterdam should lodge their certificates not later than
20 April 2006 with one of the banks mentioned in the convening notice
of 6 April 2006. Holders of an account with Robeco Group Accounts
System in Rotterdam, Banque Robeco S.A. in Paris
or Robeco Bank Belgium in Brussels wishing to attend the meeting
should inform the management board of Robeco Institutional Asset
Management B.V. in writing not later than 20 April 2006.
This report is also published in Dutch, French and German. Only the
original Dutch edition is binding and will be submitted to the
General Meeting of Shareholders.
SIMPLIFIED AND FULL PROSPECTUS
A simplified prospectus with information on Rorento N.V. and its
associated costs and risks is available. This simplified prospectus
and the full prospectus are available at the company's office and via
www.robeco.com
R E P O R T OF T H E S U P E R V I S O R Y B O A R D
We herewith present the Rorento N.V. accounts for the financial year
2005 together with the report of the management board.
The way in which the supervisory board carries out its supervisory
duties is significantly determined by the structure of the Robeco
Group. The management of Rorento N.V. is carried out by Robeco
Institutional Asset Management B.V. Rorento N.V. is the employer of
the management board members. Discussion of the management of Rorento
N.V. can take place in the supervisory board of either the company or
that of Robeco Groep N.V. As a result of the personal links between
the members of the two boards, in practice this presents no
difficulties.
The purpose of an investment institution such as Rorento N.V., as
laid down in its Articles of Association, is limited to the investing
of its assets in securities in such a way that risks are diversified
with the object of allowing its shareholders to participate in the
profits. At its meetings the supervisory board therefore primarily
devotes its attention to the investment policy, the realized results
and the development of the assets invested, on the basis of frequent
and detailed reports. Attention is also paid to matters relating to
risk management, such as operational and market risks, and
compliance, such as investment restrictions and compliance with
requirements of the regulator. In connection with what has already
been mentioned regarding the structure of the Robeco Group, matters,
such as the risks associated with the investment policy, the
application of instruments to manage these risks and compliance
issues, may also be discussed at the meetings of the supervisory
board of Robeco Groep N.V.
The general policy of the Robeco Group is determined by the
Management Board of Robeco Groep N.V. in consultation with its
supervisory board. This means that matters such as product
development, acquisitions, risk management and compliance are
discussed at the meetings of the supervisory board of Robeco Groep
N.V. An audit and remuneration committee has been appointed by this
board, and intensive discussions were held with the internal audit
department and the external auditor concerning matters affecting the
whole Robeco Group. Two members of this committee are also
supervisory directors of Rorento N.V. Besides the subjects mentioned,
no special issues were discussed at the meetings of the supervisory
board during the reporting year.
In the report of the supervisory board in the 2004 annual report, a
reference was made to the report of the Committee for Modernising
Collective Investment Schemes which was published on 22 December
2004. The recommendations of this report have not yet been fully laid
down in law. We are also waiting for further recommendations
regarding fund governance. As was the case in the 2004 report, this
annual report has already taken several of these recommendations in
account.
Based on the implementation of the revised Investment Institutions
Supervision Act as of 1 September 2005, an application will be made
to the Netherlands Authority for the Financial Markets for a license
as mentioned in that act. An application for a new license for
Rorento N.V. was submitted to the Netherlands Authority for the
Financial Markets in late February 2006. The prospectus has been
adjusted as a result of the revision of the Investment Institutions
Supervision Act. The amended prospectus has been submitted to both
the Netherlands Authority for the Financial Markets and the Central
Bank of the Netherlands Antilles.
We have taken note of the contents of the auditor's report presented
by Ernst & Young Accountants and recommend approval of the annual
financial statements. The management board proposes not to distribute
the profit but to allocate this income to Other Reserves, as usual.
At the General Meeting of Shareholders on 27 April 2005, Mr. J.
Kremers relinquished his position as supervisory director, having
reached the statutory retirement age. Mr. Kremers has been a member
of the supervisory board since 1997. The board is extremely grateful
for his important contribution to the exercise of its advisory and
supervisory duties throughout this period.
At the same meeting Mr. Ph. Lambert was appointed as a supervisory
director of the company with immediate effect, to fill the vacancy
arising from the departure of Mr. C.E.M. Beckers as of 1 July 2004.
At the General Meeting of Shareholders Mr. P.C. van den Hoek was
reappointed as chairman of the supervisory board with immediate
effect. The vacancy as a result of Mr. Kremers' resignation has not
yet been filled.
At the same meeting Mr. K.J.V. Tavenier also resigned of his own
accord as a member of the management board of Rorento N.V. On the
same day, Mr. F.L.I. van de Walle was appointed as a member of the
management board to fill the vacancy arising from Mr. Tavernier's
departure. The board is extremely grateful for Mr. Tavenier's
contribution to the development of Rorento N.V.
According to schedule, Mr. D.P.M. Verbeek will resign at the General
Meeting of Shareholders to be held on 10 May 2006. Mr. Verbeek is
available for reelection. It is proposed that he be reappointed as a
supervisory director of the company with immediate effect.
Philipsburg, 16 March 2006
The supervisory board
Supervisory board
Paulus C. van den Hoek, chairman (67)
Dutch nationality. Appointed in 1997 and last reappointed in 2005.
Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam, the
Netherlands, since 1965. Former Dean of the Dutch National Bar
(1981/84). Supervisory director of ASM International, B�hrmann,
Euronext Amsterdam, Robeco, Robeco Groep N.V. and Rolinco.
Gilles Izeboud (63)
Dutch nationality. Appointed in 2004.
Former partner at PricewaterhouseCoopers. Deputy justice of the
Enterprise Section of the Amsterdam Court of Appeal. Supervisory
director of B�hrmann, Endex, Robeco, Robeco Groep N.V. and Rolinco.
Johan Kremers (72)
Dutch nationality. Appointed in 1997 and reappointed in 2001.
Former Queen's Commissioner in the Dutch province of Limburg
(1977/90). Vice-chairman of the Management Board of Robeco Groep N.V.
and vice-chairman of Rodamco (1990/97). Supervisory director of
Robeco, Robeco Groep N.V. and Rolinco.
Philip Lambert (59)
Dutch nationality. Appointed in 2005. Head of Unilever Corporate
Pensions in London. Chairman of the investments committee of the
Algemeen Burgelijk Pensioenfonds [ABP, the largest Dutch pension
fund] and member of the investment committee of ABN AMRO
Pensioenfonds. Supervisory director of Robeco, Robeco Groep N.V. and
Rolinco.
Dirk P.M. Verbeek (55)
Dutch nationality. Appointed in 2001 and reappointed in 2003.
Member of the executive board of Aon Group in Chicago, USA, and
chairman/CEO of the executive board of Aon Holdings in Rotterdam, the
Netherlands. Supervisory director of Robeco, Robeco Groep N.V. and
Rolinco.
N.B. Only supervisory directorships at listed companies and the
Robeco Group are mentioned.
REPORT OF THE MANAGEMENT BOARD
GENERAL INTRODUCTION
Global economy remains convincing
In 2005 global economic growth remained high. The United States and
Asia were the main growth engines but in the course of the year Japan
joined them and even the European economy started to show signs of
improvement towards the end of the year.
The US economy continued to do well in spite of the higher energy
prices and the impact of hurricane Katrina. Consumer spending
remained strong thanks to better labor-market circumstances and the
strength of the housing market. Inflation increased to levels above
4% but underlying inflation, excluding energy prices, was much more
moderate. The inflation outlook remained stable, which was
undoubtedly due to the determination with which the US central bank
kept raising its official rates. In the course of the year short-term
rates were raised from 2.25% to 4.25% in 25 basis-point steps. In the
euro zone corporate capital expenditure especially contributed to the
moderate growth. The export sector benefited from the recovery in
global trade. Domestic spending lagged once again because of the
unstable recovery of the labor market. Due to the continuing
unemployment, the higher oil price has not (yet) led to excessive
wage demands. The depreciation of the euro, tax increases and higher
energy prices pushed inflation in the euro zone to levels above 2.5%.
Here too underlying inflation was much lower. However, the European
Central Bank still raised its official rate by a quarter of a
percentage point to 2.25%. It was the first interest-rate move in 2.5
years.
The economic picture for Japan has improved significantly over the
past year. Economic growth is no longer just supported by the export
sector as domestic spending is also increasingly contributing to
growth. Wage growth and the improving labor market are the main
growth engines. The Japanese central bank has also made it clear that
it will soon start normalizing its extremely accommodative monetary
policy.
Bond markets were mixed
The series of rate hikes by the US central bank has had an effect on
US bond returns. Bonds with a short life to maturity lagged
particularly. The spread between official short-term rates and
capital-market rates narrowed to close to zero. Because the inflation
outlook remained moderate, in spite of higher commodities prices,
capital-market rates rose only slightly. In the euro zone
capital-market rates actually dropped, which led to more than
reasonable returns on euro-denominated bonds. Capital-market rates
only started increasing again towards the end of the year, when the
Euroland economy started to gain in strength. Here too the spread
between short-term and long-term rates decreased, especially when the
European Central Bank raised rates by 0.25% towards the end of the
year. In Japan capital-market rates rose slightly in 2005 and
speculations about possible monetary tightening also put upward
pressure on bond yields.
The non-government bond market was mixed in 2005. The European credit
market clearly outperformed its US counterpart, where returns were on
balance lower than the returns on government bonds. In the course of
the year there were some company-specific events which had a negative
impact for bondholders, but the effect on the market as a whole was
only limited. Investors did have a preference for short-term loans,
as a result of which the difference in risk premium between
short-term and long-term loans increased.
Outlook
Central banks will continue to reverse the accommodative monetary
measures of the past years. Their main objective is to keep the
inflation outlook stable. We think that they will be successful.
Capital-market rates will rise a little further, but we expect this
rise to be moderate. Structural factors which curb inflation, such as
globalization and technological progress, are still present. For the
time being, wage pressure will be tempered by cheap labor from Asia
and sufficient labor potential in Europe. Oil-price movements remain
a risk factor.
The macroeconomic outlook for businesses is not unfavorable. However,
our expectations for the return on credits are low. Businesses will
more often opt for extra capital expenditure or raising dividend,
partly due to pressure from venture capitalists, and will give less
priority to reducing debt. These risks are not yet sufficiently
reflected in the current risk premiums.
INVESTMENT RESULT
Investment results
(in %) Average
over last 5
2005 2004 2003 2002 2001 years
Based on:
- - market price 2.7 1.3 1.4 3.0 3.3
- - net asset value 2.7 1.3 2.2 4.5 3.7
Benchmark1) 3.7 -0.5 4.1 4.5 4.2
Total net assets2) 3.1 3.7 4.4 5.3
1 The JP Morgan Government Bond Index Plus, and from 1 January 2002
the Lehman Multiverse Index. Currencies have been converted at rates
supplied by World Market Reuters.
2 EUR x billion.
During 2005, Rorento's share price rose from EUR 39.88 to EUR xx.xx,
an investment result of x.x%. Based on the net asset value, which
rose from EUR 40.10 to EUR xx.xx, the investment result was x.x%.
The fund's benchmark, the Lehman Multiverse Index, 50% hedged into
euros, rose x.x% over the same period.
INVESTMENT POLICY
Duration, country and yield-curve policy
During most of 2005, Rorento's portfolio was positioned for rising
interest rates in the euro zone, the US and Japan. Capital-market
rates in the US fluctuated between 3.8% and 4.60% during the
reporting year. The American central bank tightened monetary policy.
The discount rate was raised from 2.25% to 4.25% in 25 basis-points
steps. The American central bank used this policy to respond to the
increased inflationary pressure and solid economic growth, which was
primarily the result of continuing consumer spending. During the same
period, the rise in capital-market rates in the US was limited. The
market expected that the devastation caused by the hurricanes in the
Southern United States and the sharp rise in oil prices would have a
negative impact on the US economy. Interest-rate hikes combined with
slightly increasing capital-market rates caused the yield curve in
the US to flatten significantly. During almost the whole of the
period under review, Rorento was positioned for this yield-curve
flattening and therefore benefited from it.
+---------------------------------------------------------------------+
|Development of Rorento's modified duration[1] |
| |
|---------------------------------------------------------------------|
| J | F | M | A | M | J | J | A | S | O | N | D |
|-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+---|
| 6.3 | 3.0 | 2.7 | 4.1 | 6.3 | 4.0 | 3.2 | 3.0 | 3.3 | 3.3 | 4.2 | |
+---------------------------------------------------------------------+
European capital-market rates fluctuated between 3.0% and 3.8% during
the reporting year. The eurozone economy grew modestly during the
first half of 2005, with continuing high unemployment in Italy,
France and Germany. As a result, ten-year yields fell to a record low
of 3.0%. Exports increased during the second half of the year, helped
by a weak euro, thereby improving economic sentiment. When the
European Central Bank (ECB) started signaling that it wanted to raise
money-market rates in order to combat inflation and normalize
money-market rates, long-term bonds were sold and interest rates rose
to 3.5%. Because money-market rates rose and capital-market rates for
longer maturities remained under pressure due to continuing demand
from European pension funds and insurance companies, the yield curve
flattened significantly during the last quarter of the reporting
period. The fund successfully anticipated this in the last quarter.
Regional allocation was another strategy used by Rorento. The fund
was overweight in the euro zone at the expense of the US. The idea
behind this was that the American central bank was expected to raise
money-market rates, while the ECB was expected to keep interest rates
stable during most of 2005. We took the view that the spread between
US interest rates and Euroland interest rates would increase, which
in fact is what actually happened.
Also in Japan, interest rates tended towards higher levels during the
second half of the year; they rose to a level around 1.5%. The
economic recovery brought the end of the deflationary period in
sight, as a result of which the Bank of Japan will also pursue a less
accommodative policy in the future. The portfolio is currently
positioned for a further increase in Japanese interest rates. This
position also contributed positively to the fund's performance.
Risk Management and compliance
On the basis of reports the management board spoke about
risk-management and compliance issues, and also discussed them with
the supervisory board.
Financial instruments
The fund uses financial instruments. The associated risks are
specified in the financial statements.
Credits
Halfway through the reporting year, the allocation to corporate bonds
in the portfolio was lowered to a more neutral position relative to
the benchmark. The more defensive positioning was prompted by the
relatively high valuation of the asset category compared to
government bonds. The favorable macroeconomic outlook for businesses
indeed justified the relatively low premiums for credit risk, but the
increased activity of so-called
venture capitalists was cause for concern. Rorento was also involved
in these activities, with a number of companies in its portfolio
becoming the target of hostile takeovers or the subject of takeover
speculation. Thanks to the use of derivatives in the portfolio, the
fund was able to benefit in a number of cases from the loss of
creditworthiness, which often happens in these so-called leveraged
buyouts (LBOs). Because financial companies are less sensitive to
such restructurings, the overweight in financials compared to
corporates was further increased in the course of the year.
As of September, the sensitivity to the credit market was further
reduced. The increased uncertainty in the credit market and a
flattening of the underlying yield curve of government bonds resulted
in higher risk premiums for long-term bonds.
Currencies
The most important development in the currency market was the
impressive comeback of the US dollar compared to other currencies,
driven by the continuing positive economic outlook, the widening
short-rate differentials, and higher global demand. During most of
the year, the portfolio was overweight in the euro compared to the US
dollar, which contributed negatively. Other transactions such as
JPY/USD, GBP/USD and CHF/USD made a limited contribution on balance.
Performance
During the period under review, the fund manager's active investment
policy led to an outperformance of 1.4% (before deduction of the
management fee) relative to the benchmark. Of this 1.4%, 0.57% was
attributable to the duration policy, 0.56% to the regional policy,
0.43% to the yield-curve policy, 0.22% to the money-market policy,
- -0.25% to the credit policy and -0.13% to the currency policy.
Philipsburg, 16 March 2006
The management board
FINANCIAL STATEMENTS
BALANCE SHEET before profit appropriation, EUR x thousand
31/12/2005 31/12/2004
Investments
Financial investments
Bonds and other fixed-income securities 1, 9 3,047,686 2,806,574
Deposits 3 21,497 302,778
Derivatives 2, 12 14,622 33,100
Other financial investments 4 33,487 423,508
__________ __________
Total investments 3,117,292 3,565,960
Accounts receivable
Interest receivable 54,058 48,912
Receivable on securities transactions 2,704 12,947
Affiliated companies 5 689 26,374
Sundry debtors 6 588 249
__________ __________
58,039 88,482
Cash 132,234 82,878
Accounts payable
Obligations arising from derivative 2, 12 2,070 4,952
instruments
Payable to credit institutions 89 28
Payable on securities transactions 7 230,009 611,078
Affiliated companies 8 1,913 2,599
Sundry creditors 2,812 1,147
__________ __________
236,893 619,804
__________ __________
Accounts receivable and other assets less
accounts payable -46,620 -448,444
__________ __________
Shareholders' equity 3,070,672 3,117,516
Composition of shareholders' equity 10
Issued capital 213,755 233,213
Other reserves 2,633,869 2,786,675
Net result 223,048 97,628
223,048
__________ __________
3,070,672 3,117,516
The numbers of the items in the financial
statements refer to the numbers in the
Notes
PROFIT AND LOSS ACCOUNT EUR x thousand
2005 2004
Investment income 126,540 139,111
Movements in value 1.2,3.4 120,640 -19,317
_________ _________
247,180 119,794
Costs
Management costs 15 21,606 21,293
Service fee 15 2,052 541
Other costs 16 474 332
_________ _________
24,132 22,166
_________ _________
Net result 223,048 97,628
CASH-FLOW SUMMARY
indirect method, EUR x thousand
2005 2004
Cash flow from investment activities
Net result 223,048 97,628
Realized and unrealized results -120,640 19,317
Purchase of investments -10,378,473 -17,774,527
Sale of investments 10,948,080 18,912,618
Increase(-)/decrease(+) accounts receivable 31,066 54,881
Increase(+)/decrease(-) accounts payable -379,641 -554,739
__________ __________
323,440 755,178
Cash flow from financing activities
Received for shares subscribed 186,948 177,183
Paid for repurchase of own shares -456,805 -832,388
Profit distribution -35 -37
Increase(-)/decrease(+) accounts receivable -623 -
Increase(+)/decrease(-) accounts payable -449 -2,414
__________ __________
-270,964 -657,656
__________ __________
Net cash flow 52,476 97,522
Currency and cash revaluation -3,181 2,193
__________ __________
Increase(+)/decrease(-) cash 49,295 99,715
Accounts payable to credit institutions at -28 -16,912
opening date
Cash at opening date 82,878 47
__________ __________
Total cash at opening date 82,850 -16,865
Accounts payable to credit institutions at -89 -28
closing date
Cash at closing date 132,234 82,878
__________ __________
Total cash at closing date 132,145 82,850
NOTES
General
Rorento (hereafter also referred to as 'the fund') is an investment
institution registered in the Netherlands Antilles and as such is not
subject to Dutch corporate-income tax or capital tax. It is only
liable to pay a minor sum in Netherlands Antilles profits tax. The
financial statements are in euros and are drawn up in accordance with
regulations prevailing in the Netherlands. The fund holds a license
in accordance with article 11, section a, of the National Ordinance
on the Supervision of Investment Institutions and Administrators
['Ltba', Landsverordening Toezicht op Beleggingsinstellingen en
Administrateurs]. The fund also holds a license from the AFM (the
Netherlands Authority for the Financial Markets) under the Dutch
Investment Institutions Supervision Act ['Wtb', Wet toezicht
beleggingsinstellingen]. The revised Wtb became effective on 1
September 2005.
Models
The annual financial statements have been drawn up in conformity with
the models provided by Dutch legislature. In certain areas
descriptions have been used which better express the nature of the
items and relate better to the characteristics of an investment
company.
Open-end fund
Rorento N.V. is an open-end investment company, meaning that, barring
exceptional circumstances, Rorento N.V. issues and repurchases its
shares on a daily basis at prices approximating net asset value. A
fixed spread between the bid and offer price applies to cover costs
related to issuance and repurchase of own shares. The issue price
will not be more than 1.0% higher than the net asset value and the
repurchase price will not be more than 0.5% lower than the net asset
value. Until 31 May 2005 Robeco Investment Consulting B.V. functioned
as the intermediary between Rorento N.V. and investors for the
issuance and repurchase of own shares. Rorento N.V. agreed with the
other Robeco Group funds that from 1 June 2005 onwards, Robeco
Investment Consulting B.V. would assume the integrated management and
risk of spread income and expenses of these Robeco funds, as a result
of which Rorento N.V. issues and repurchases its shares at net asset
value. The abovementioned margin between the net asset value and the
bid and offer prices, and the associated costs, are for the account
and risk of Robeco Investment Consulting B.V. Robeco Investment
Consulting B.V. will distribute any positive results, to the funds,
in proportion to each fund's positive contribution to the spread
result. A buffer is maintained to cover any future losses. Due to the
abolition of capital tax as of 1 January 2006, the upper limit of the
spread was lowered from 1% to 0.5%.
Non-certificated participation in the Netherlands
Parties with which shares may be held in non-certificated form
include Robeco Direct N.V. in the Robeco Group Accounts System or the
affiliated branches of Rabobank in the Rabo Securities Account.
Participants pay costs on the sum deposited for each purchase, and in
the event of a sale a percentage of the sum withdrawn. These
participation costs are currently a maximum of 0.4% via Robeco Direct
and a maximum of 0.5% via Rabobank, depending on the channel
selected. These sums will accrue to Robeco Direct and Rabobank
respectively.
Outsourcing core tasks
The administration has been outsourced to Robeco Institutional Asset
Management B.V., a 100% subsidiary of Robeco Groep N.V. These costs
are covered by the service fee. Agreements have been made with the
aforementioned party relating to the provision of information and
performance standards.
accounting principles
General
Unless stated otherwise, items shown in the annual financial
statements are included at nominal value and expressed in thousands
of euros.
Financial investments
Financial investments are included at fair value. The fair value of
bonds and other fixed-income securities is based on the market price
and other market quotations at closing date. For derivatives such as
forward exchange contracts, this value is based on currency rates and
reference interest rates at closing date and for futures,
interest-rate swaps, credit-default swaps and forward purchases of
mortgage-backed securities (TBAs) this value is based on the market
price and other market quotations at closing date. Deposits and
CDs/CP are valued on the basis of exchange rates and reference
interest rates at closing date. For call money, the real value is the
nominal value. Transaction costs incurred in the purchase and sale of
investments are included in the purchase or sale price as
appropriate.
Affiliated parties
Rorento N.V. is affiliated to the entities belonging to Robeco Groep
N.V. The affiliation with Robeco Groep N.V. is the result of the
possibility of having decisive control or a substantial influence on
the fund's business policy. Robeco Groep N.V. belongs to the Rabobank
Group. The management structure of Robeco Groep N.V., in which
significant authority is allocated to its independent supervisory
board, is such that Rabobank does not have a meaningful say in or
influence on the fund's business policy. Robeco Groep N.V. pursues an
independent investment policy on behalf of its affiliated investment
companies, taking into account the interests of the investors
involved. Besides services of other market parties, Rorento N.V. also
uses the services of one or more of these affiliated entities
including transactions relating to securities, treasury, derivatives,
custody, securities lending, and sale and purchase of its own shares,
fund-administration services, as well as management activities.
Transactions are executed at market rates.
determination of the result
General
Investment results are determined by interest income, rises or
declines in stock prices, rises or declines in foreign exchange rates
and results of transactions in currencies, including forward
transactions, and derivative instruments. The results are accounted
for in the Profit and loss account.
Investment income
Interest income on investments in bonds, other fixed-income
securities, deposits, other financial investments, cash and income
from loan transactions. Accrued interest at balance-sheet date is
taken into account.
Movements in value
Realized and unrealized capital gains and losses on securities and
currencies.
Foreign currencies
Transactions in currencies other than the euro are converted into
euros at the exchange rates valid at the time. Assets and liabilities
expressed in another currency are converted into euros at the
exchange rate prevailing at balance-sheet date. Any exchange
differences arising are accounted for in the Profit and loss account.
FINANCIAL INSTRUMENTS
Risk
Transactions in financial instruments may lead to the fund being
subject to the risks described below or to the fund transferring
these risks to another party.
Price risks
Currency risk is the risk that the value of a financial instrument
will fluctuate as a result of changes in exchange rates.
Interest-rate risk is the risk that the value of a financial
instrument will fluctuate as a result of changes in market rates. The
value of investments in fixed-income securities depends directly on
market rates. Duration is used as the measure for the portfolio's
sensitivity to interest-rate movements. The portfolio's sensitivity
to fluctuations in market rates can be influenced by changing the
portfolio's duration. Further information on the duration policy can
be found in the report of the management board. Market risk is the
risk that the value of a financial instrument will fluctuate as a
result of changes in market prices, caused by factors that
exclusively apply to the individual instrument or its issuer or
caused by factors that affect all instruments traded in the market.
The fund minimizes risks by diversifying over countries, currencies
and issuers. Investments are made primarily in bonds issued or
guaranteed by OECD member countries and by companies based in these
countries. The fund pursues an active currency policy. Rorento
invests a limited part of its assets in paper qualified as high yield
by rating agencies.
Credit risk
Credit risk is the risk that the counterparty of a financial
instrument will no longer meet its obligations, as a result of which
the fund will suffer a financial loss. The fund minimizes this risk
by trading exclusively with reputable counterparties with a rating of
at least P1 from Moody's or A from Standard & Poor's. Wherever it is
customary in the market, the fund will demand and obtain collateral.
Liquidity risk
Liquidity risk is the risk that the fund is not able to obtain the
financial means required to meet the obligations arising from
financial instruments. The fund minimizes this risk by mainly
investing in financial instruments that are tradable on a daily
basis.
Insight into actual risks
The report of the management board, the balance sheet, the notes to
the balance sheet and the spread of net assets, which includes the
geographic distribution of the investments and the net currency
position, give an insight into the actual risks at balance-sheet
date.
Risk management
Managing risk is a part of the investment process as a whole and with
the help of advanced systems, the risks outlined above are limited,
measured and monitored on the basis of fixed risk measures.
Policy regarding the use of derivative instruments
Investing implies that positions are taken. As it is possible to use
various instruments, including derivative instruments, to construct
an identical position, the selection of derivatives is subordinate to
the positioning of a portfolio. In our published information,
attention is given primarily to the overall position, and secondarily
to the nature and volume of the financial instruments employed.
Derivatives
The market value of derivatives is reported in the Balance sheet
under Financial investments and Accounts payable. Liabilities and
receivables and the value of the derivatives' underlying instruments
are not included in the Balance sheet. If applicable, they are
explained under the heading Commitments not shown in the balance
sheet.
NOTES TO THE BALANCE SHEET
1 Bonds and other fixed-income securities
+-------------------------------------------------------------------+
| MOVEMENTS IN BONDS AND OTHER FIXED-INCOME SECURITIES |
| EUR x thousand |
|-------------------------------------------------------------------|
| | 2005 | 2004 | |
|-----------------------------------+-------------+-------------+---|
| | | | |
|-----------------------------------+-------------+-------------+---|
| Book value (market value) at | 2,806,574 | 3,470,941 | |
| opening date | | | |
|-----------------------------------+-------------+-------------+---|
| Purchases | 10,378,473 | 17,565,329 | |
|-----------------------------------+-------------+-------------+---|
| Sales | -10,305,814 | -18,223,114 | |
|-----------------------------------+-------------+-------------+---|
| Realized and unrealized results: | | | |
|-----------------------------------+-------------+-------------+---|
| bonds | 15,874 | 68,699 | |
| | | | |
|-----------------------------------+-------------+-------------+---|
| currencies | 152,579 | -75,281 | |
| | | | |
|-----------------------------------+-------------+-------------+---|
| | ________ | ________ | |
|-----------------------------------+-------------+-------------+---|
| Book value (market value) at | 3,047,686 | 2,806,574 | |
| closing date | | | |
+-------------------------------------------------------------------+
A breakdown of this portfolio and an overview of the spread of net
assets can be found at the end of this report. A substantial part
(35%; previous year 79%) of the total purchases and sales shown in
the table relates to repo transactions. Repo transactions current at
balance-sheet date represent a value of EUR 176 million (previous
year EUR 611 million).
At balance-sheet date, bonds to the amount of EUR 502 million (
previous year EUR 506 million at the end of last year) had been lent.
To cover the risk of non-restitution, adequate collateral with a
value of EUR 533 million was demanded and obtained; this collateral
is not included in the Balance sheet.
2 Derivatives
MOVEMENTS IN
DERIVATIVES
EUR x thousand
TBAs Forward Futures Interest-rate
exchange swaps
transactions
______________ _____________ ______________ ______________
2005 2004 2005 2004 2005 2004 2005 2004
Book value 2,503 4,597 22,089 19,985 3,556 -6,057 - 2,672
(market value) at
opening date
Sales/expirations 3,043 -16,972 61,529 -4,878 -24,046 45,866 - -2,034
Realized and -1,612 14,878 -78,916 6,982 26,142 -36,253 -1,636 -638
unrealized
results
_______ _______ _______ ______ _______ ______ _______ ______
Book value 3,934 2,503 4,702 22,089 5,652 3,556 -1,636 -
(market value) at
closing date
MOVEMENTS IN DERIVATIVES
EUR x thousand
Credit-default swaps Total
______________ ______________
2005 2004 2005 2004
Book value (market value) at - - 28,148 21,197
opening date
Sales/expirations 842 - 41,368 21,982
Realized and unrealized results -942 - -56,964 -15,031
_______ ______ _______ ______
Book value (market value) at -100 - 12,552 28,148
closing date
The presentation of derivatives in the balance sheet is based on the
liabilities and receivables per counterparty. It entails the
following:
BREAKDOWN OF DERIVATIVES
EUR x thousand
Type of derivative Under financial Under accounts
investments payable
2005 2004 2005 2004
TBAs 3,934 2,503 - -
Forward exchange 4,820 27,041 118 4,952
transactions
Futures 5,652 3,556 - -
Credit-default swaps 216 - 316 -
Interest-rate swaps - - 1,636 -
______ ______ ______ ______
Total 14,622 33,100 2,070 4,952
3 Deposits
EUR 21.5 million of this amount relates to repo transactions
(previous year EUR 303 million).
MOVEMENTS IN DEPOSITS
EUR x thousand
2005 2004
Situation at opening date 302,778 1,006,762
Balance advances and redemptions -279,583 -712,185
Realized and unrealized results -1,698 8,201
_______ _______
Book value (market value) at closing date 21,497 302,778
4 Other financial investments
Includes certificates of deposit, commercial paper and call money.
EUR 0 million (previous year EUR 315 million) of this amount relates
to repo transactions.
MOVEMENTS IN OTHER FINANCIAL INVESTMENTS
EUR x thousand
2005 2004
Situation at opening date 423,508 221,703
Balance advances and redemptions -404,051 215,486
Realized and unrealized results 14,030 -13,681
_______ _______
Book value (market value) at closing date 33,487 423,508
5 Receivables on affiliated companies
A subordinated loan that had been granted to one of the companies of
the Robeco Group, included under the heading Receivables on
affiliated companies as of 31 December 2004,was redeemed on 31
December 2005 with the consent of De Nederlandsche Bank N.V.
6 Sundry debtors
Includes suspense items.
7 Payable on securities transactions
EUR 176 million (previous year EUR 611 million) of this amount
relates to current repo transactions.
8 Sundry creditors
Includes unpaid tax and expenses.
9 Investments in Robeco Group mutual funds
Part of the portfolio is invested in funds offered by the Robeco
Group; these investments are reported under Bonds and other
fixed-income securities. A list of these investments is given below.
+----------------------------------------------------------------------------------------------------------+
|INVESTMENTS IN ROBECO GROUP MUTUAL FUNDS |
|----------------------------------------------------------------------------------------------------------|
| | | | | | |
|-------------------+--------------------------------------------------------------------------------------|
| | Market value| Interest in fund| Net asset value 1)| Return|Total expense|
| | | | | | ratio 2)|
|-------------------+-------------------+------------------+-------------------+-------------+-------------|
| | EUR x thousand| In %| EUR x 1| In %| In %|
|-------------------+-------------------+------------------+-------------------+-------------+-------------|
| | 31/12| 31/12| 31/12| 31/12| 31/12| 31/12| | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
| | 2005| 2004| 2005| 2004| 2005| 2004| 2005|2004| 2005| 2004|
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Funds | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Robeco Capital | | | | | | | | | | |
|Growth Funds - | 93,605| -| 78.9| -| 99.53| -|n.y.a.4)| -| 0.234)| -|
|Robeco High Yield | | | | | | | | | | |
|Bonds (EUR) I | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Robeco Interest | | | | | | | | | | |
|Plus Funds - Robeco| 50,220| -| 85.5| -| 100.50| -|n.y.a.5)| -| 0.095)| -|
|Flex-o-Rente (EUR) | | | | | | | | | | |
|I | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Robeco Monetaire | 40,609| -| n.n.b.| -| 3,018.17| -| n.y.a.| -| 0.30| -|
|Quantiplus | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Robeco Capital | | | | | | | | | | |
|Growth Funds - | 30,081| -| 96.8| -| 100.19| -|n.y.a.5)| -| 0.155)| -|
|Robeco European | | | | | | | | | | |
|High Yield Bonds | | | | | | | | | | |
|(EUR) I | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
| | _____| ______| | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
| | 214,515| -| | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Participating | | | | | | | | | | |
|interests | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Robeco | | | | | | | | | | |
|Institutional | -| 110,947| -| 26.3| -| 110.79| -|11.8| -| 0.51|
|Global High Yield | | | | | | | | | | |
|vastrentende | | | | | | | | | | |
|waarden fonds | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
|Robeco | | | | | | | | | | |
|Institutional | -| 42,028| -| 42.3| -|98.02 3)| -|-5.2| -| 1.05|
|Global Money Market| | | | | | | | | | |
|Opportunity Fund | | | | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
| | _____| ______| | | | | | | | |
|-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----|
| | -| 152,975| | | | | | | | |
|----------------------------------------------------------------------------------------------------------|
|1Per 100 participating units. |
|2 Regarding management costs, agreements have been made with the managers of the funds concerned for the|
|restitution of management costs to Rorento N.V. |
|3 In USD. |
|4 Concerns period from 1 September 2005 through 4 December 2005. |
|5 Concerns period from 04 October 2005 through 31 December 2005. |
|----------------------------------------------------------------------------------------------------------|
| |
|----------------------------------------------------------------------------------------------------------|
| |
+----------------------------------------------------------------------------------------------------------+
With the exception of Robeco Mon�taire Quantiplus, the Robeco Group
funds referred to under the heading Funds are Luxembourg-based funds
with a UCITS III status and are regulated by the Luxembourg
authorities. The semiannual report as of 31 December 2005 is
available at the fund's offices on request. Robeco Mon�taire
Quantiplus is a mutual fund established according to French law with
a UCITS III status and is regulated by the French authorities. The
annual report as of 30 September 2005 of this fund is available at
the company's offices on request. Rorento N.V. can enter and exit the
abovementioned Robeco Group funds on a daily basis at net asset
value. These funds do not charge an entry or exit fee.
The annual reports as of 31 December 2005 of the Robeco Group funds
referred to under the heading Participating interests are available
at the company's offices on request. The funds are not regulated.
Rorento N.V. can enter and exit these funds on a daily basis at net
asset value. These funds do not have an entry charge
and have an exit charge of 0.125%, as included in the Terms and
Conditions of Management and Custody of the said funds.
10 Shareholders' equity
COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY
EUR x thousand
2005 2004
Issued capital
Situation at opening date 233,213 282,592
Received on shares issued 13,353 13,352
Paid for shares repurchased -32,811 -62,731
_______ _______
Situation at closing date 213,755 233,213
Other reserves
Situation at opening date 2,786,675 3,333,023
Received on shares issued 173,595 163,831
Paid for shares repurchased -423,994 -769,657
Net result from previous financial year 97,628 59,515
Supervisory directors' fee -35 -37
_______ _______
Situation at closing date 2,633,869 2,786,675
Net result 223,048 97,628
_______ _______
Shareholders' equity 3,070,672 3,117,516
The company's authorized share capital amounts to EUR 900 million,
divided into 300,000,000 ordinary shares with a nominal value of EUR
3 each.
11 Assets, shares outstanding and per share value
ASSETS, SHARES OUTSTANDING AND VALUE PER SHARE
31/12/2005 31/12/2004 31/12/2003
Assets EUR x thousand 3,070,672 3,117,516 3,675,130
Shares issued in financial year 4,450,899 4,450,561 1,859,037
Shares repurchased in financial -10,936,940 -20,910,312 -22,477,969
year
Number of shares outstanding 71,251,513 77,737,554 94,197,305
Net asset value per share in EUR 43.10 40.10 39.02
12 Commitments not shown in the balance sheet
Forward exchange transactions
The forward exchange transactions current at closing date represent
purchases of AUD 10 million, DKK 77 million, EUR 300 million, JPY
20,121 million and KRW 25,588 million, against sales of CAD 14
million, CHF 67 million, GPB 76 million and USD 371 million.
Futures
Futures contracts purchased as at balance sheet date represent an
increase in assets invested of CAD 5 million, GBP 1,024 million, and
USD 101 million; futures contracts sold represent a decrease in
assets invested of EUR 2,852 million and JPY 19,092 million.
Interest-rate swaps
The interest-rate contracts current at closing date represent a value
of EUR 151 million, GBP 11 million and USD 28 million.
Credit-default swaps
Credit-default swap contracts current at closing date represent a
value of EUR 23 million and USD 14 million in purchased credit risk
and a value of EUR 215 million and USD 59 million in sold credit
risk.
TBAs
Forward purchases of mortgage-backed TBA securities current at
balance-sheet date represent a sum of USD 468 million.
Forward exchange transactions are included in the currency position
in the Spread of net assets at the end of this report. Futures
contracts, interest-rate swaps, credit-default swaps and forward
purchases of mortgage-backed securities are included in the survey
Modified duration in the Report of the management board. Unrealized
results of these transactions at closing date are included in the
Profit and loss account.
NOTES TO THE PROFIT AND LOSS ACCOUNT
13 Performance
+-------------------------------------------------------------------+
| PERFORMANCE PER | | | | | |
| SHARE | | | | | |
| EUR X 1 | | | | | |
|---------------------------+---------+---------+---------+---------|
| | 2005 | 2004 | 2003 | 2002 | 2001 |
|----------------+----------+---------+---------+---------+---------|
| | | | | | |
|----------------+----------+---------+---------+---------+---------|
| Investment | 1.72 | 1.56 | 1.69 | 1.73 | 2.66 |
| income | | | | | |
|----------------+----------+---------+---------+---------+---------|
| Movement in | 1.64 | -0.15 | -0.87 | -0.71 | -0.20 |
| value | | | | | |
|----------------+----------+---------+---------+---------+---------|
| Management | -0.33 | -0.26 | -0.24 | -0.22 | -0.22 |
| costs, service | | | | | |
| fee and other | | | | | |
| costs | | | | | |
|----------------+----------+---------+---------+---------+---------|
| | _______ | _______ | _______ | _______ | _______ |
|----------------+----------+---------+---------+---------+---------|
| Net result | 3.03 | 1.15 | 0.58 | 0.80 | 2.24 |
|-------------------------------------------------------------------|
| *) Based on the average amount of shares outstanding during the |
| reporting year. The average amount of shares outstanding is |
| calculated on a daily basis for the years 2005, 2004 and 2003 and |
| on a monthly basis for the preceding years. |
| |
| |
+-------------------------------------------------------------------+
COSTS
14 Total expense ratio
TOTAL EXPENSE RATIO
2005 2004
in% in%
Cost item
Management costs 0.70 0.63
Service fee 0.07 0.01
Other costs 0.01 0.01
_______ _______
Total 0.78 0.65
The total expense ratio expresses the costs charged to the fund
during the reporting period as a percentage of the average assets
entrusted during the reporting period. The total expense ratio as
shown does not include transaction costs. The total expense ratio was
0.78% during the reporting period. The management costs relate to all
of the fund's current costs, which include the fees paid for
registering shareholders and all costs resulting from the management
of the fund, with the exception of costs relating to investments and
taxes. The service fee covers the administration, the costs of the
external auditor, other external advisers, regulators, costs relating
to reports required by law, such as the annual and semiannual
reports, and the costs relating to the meetings of shareholders. The
total expense ratio takes into account the costs of intra-group
investments, as presented in the table on page 14. As the management
fee is restituted to Rorento, these costs are not material and are
therefore not included in the above table. Other costs mainly relate
to the custody fee charged by third parties for the custody of the
fund's securities portfolio, amounting to EUR 277 thousand, and bank
charges.
15 Management costs and service fee
Management costs relate exclusively to the management fee of 0.70%
per year charged by Robeco Institutional Asset management B.V. The
service fee amounts to 0.08% per year and covers formal and
operational costs. For assets exceeding EUR 1 billion the service fee
is 0.06%; for assets exceeding EUR 5 billion the service fee is
0.04%. The fees are calculated on a daily basis, based on the average
assets entrusted. Wherever in this report mention is made of the
average assets entrusted this is also calculated on a daily basis,
unless stated otherwise.
16 Other costs
This includes custody costs and bank charges.
17 Performance fee
Rorento N.V. does not charge a performance fee.
18 Transaction costs
Brokerage costs and exchange fees relating to investment transactions
are discounted in the cost price or the sales value of the investment
transactions. Brokerage costs for the purchase and sale of bonds are
included in the share price and cannot be quantified separately.
These costs and fees are charged to the result ensuing from changes
in value. The quantifiable transaction costs are included under the
heading Movements in value in the Profits and loss account. The
transaction volume of the quantifiable transaction costs is 6.1%
(previous year 0%) of the total transaction volume. Bonds cover 63%
(previous year 53%) of the transaction volume excluding repo
transactions, whose transaction costs are not quantifiable.
TRANSACTION COSTS
EUR x thousand
2005 2004
Transaction type
Futures 23 -
Bonds 460 -
Hard commissions and soft-dollar arrangements
There were no hard commissions or soft-dollar arrangements during the
reporting period.
20 Turnover ratio
This is the turnover ratio of the investments against the average
assets entrusted and this is a measure of the incurred transaction
costs resulting from the portfolio policy pursued and the ensuing
investment transactions. In the calculation method that is used the
amount of turnover is determined by the sum of purchases and sales of
investments less the sum of issuance and repurchase of own shares. If
the outcome is negative, the turnover ratio is 0. The turnover ratio
is determined by expressing the amount of turnover as a percentage of
the average assets entrusted. The turnover ratio is corrected for
repo transactions, which are not part of the portfolio policy but
generate extra return on the portfolio. The turnover ratio excluding
repo transactions was 205% for 2005 (versus 193% for the previous
year). Rorento's turnover in 2005 was almost the same as in 2004. In
2005, a further reduction of positions in corporate bonds also played
a role in this. Furthermore, the active overweight and underweight
positions taken in the course of the year affected the turnover
figures.
21 Transactions with affiliated parties
Part of the transaction volume over the reporting period relates to
transactions with affiliated parties. The table below shows the
various types of transactions where this was the case.
TRANSACTIONS WITH AFFILIATED PARTIES
Part of the total volume in %
2005 2004
Transaction type
Bonds 19.1 30.0
Forward exchange transactions 5.0 5.4
Deposits 3.3 3.6
Call money 99.2 -
Certificates of deposit 5.7 -
22 Securities lending
Robeco Securities Lending B.V. is the intermediary for all Rorento
N.V.'s securities-lending transactions. As compensation for its
services Robeco Securities Lending B.V. receives a fee of 40% of the
gross income resulting from these securities-lending transactions. An
external agency periodically assesses whether the agreements between
the fund and Robeco Securities Lending are still in line with the
market. In 2005 the proceeds for the fund amounted to EUR 450
thousand (last year EUR 395 thousand). For Robeco Securities Lending
this was EUR 300 thousand (last year EUR 263 thousand).
23 Personnel costs
Rorento N.V. does not employ personnel, except for boardmembers.
Robeco Nederland B.V.'s remuneration policy for fund managers
consists of both a fixed and a variable income. The secondary
conditions of employment are in line with what is common practice in
the financial-services industry.
The fixed income offers a good and competitive remuneration basis
within the Dutch asset-management market. A fund manager is assigned
to a salary scale with a minimum and maximum income based on the
level of responsibility of his function (HAY method for function
valuation). Growth within this scale is linked to (performance)
results and competencies.
The variable income offers the fund manager remuneration for his
individual, long-term outperformance. Payment is related to the
outperformance relative to a preset target. The track record over
both a 1-year and 3-year period is taken into account when
determining the variable remuneration. The variable remuneration to
which the fund manager is entitled for any single year is paid out
over a 3-year period (60% in the first year, 30% in the second and
10% in the last year). A limited group of employees, including
several fund managers, are given the opportunity to participate
directly in Robeco's future through virtual shares (E-notes). The
individual allocation of E-notes is linked to individual performance
and the contribution to the realization of the strategic targets of
the Robeco Group as a whole and the individual's own business unit.
The E-notes represent a value which is directly linked to Robeco
Groep N.V.'s value.
Philipsburg, 16 March 2006
The supervisory board
P.C. van den Hoek, chairman
G. Izeboud
Ph. Lambert
D.P.M. Verbeek
The management board
E.J. Siermann, chairman
F.L.E.G. Boll
F.L.I. van de Walle
OTHER DATA
STOCK-EXCHANGE LISTING
The ordinary shares of Rorento N.V. are listed on the Official Market
of Euronext Amsterdam Stock Market N.V. In addition, Rorento has a
stock-exchange quotation in Paris, Brussels, Luxembourg, London,
Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Vienna and Zurich.
ARTICLES OF ASSOCIATION RULES REGARDING PROFIT APPROPRIATION
According to articles 39 and 40 of the Articles of Association, the
profit less allocations to the reserves deemed desirable by the
management board in agreement with the supervisory board will be at
the disposal of the General Meeting of Shareholders.
PROPOSED PROFIT APPROPRIATION
As last year, it will be proposed to the General Meeting of
Shareholders not to distribute a dividend but to allocate the profit,
less remuneration to supervisory directors, to Other reserves.
Supervisory directors' fee
An amount of EUR 30,628 (previous year EUR 34,598) has been allocated
from the proposed profit appropriation for this purpose.
INTERESTS OF MAJOR INVESTORS
Statement in conformity with article 21, paragraph 2, sections b and
c, of the Dutch 1990 Investment Institutions Supervision Decree
['Btb', Besluit Toezicht Beleggingsinstellingen (1990)].
The company knows of only one party to be considered a major investor
within the meaning of the Btb (1990), namely Stichting
Aandelen-Rekeningen Robeco-Groep. During the period under review, no
transactions as referred to in article 21, paragraph 2, section c, of
the Btb (1990) took place.
JOINT INTERESTS OF DIRECTORS IN RORENTO N.V.
Statement pursuant to article 21, paragraph 2, section a, of the Btb
(1990).
Pursuant to section b of the circular issued by de Nederlandsche Bank
of 15 October 1993, exemption has been granted in respect of the
prescribed publication of interests in bonds - with the exception of
convertible bonds - listed on a stock exchange or traded in another
regular and officially recognized open market, held by the members of
the management and supervisory boards. Since no convertible bonds
were held in the portfolio, on the basis of this exemption there is
no requirement to include further information in this report.
At 31 December 2005, supervisory and managing directors held a joint
interest of 0 and 2.516 Rorento N.V. shares respectively. At the end
of 2005, no options had been granted to supervisory and managing
directors. Under the option scheme, Robeco Groep N.V. grants the
right at its own expense to purchase Rorento N.V. shares for five
years, the value of the shares being at least the opening price on
the first trading day following the day of granting.
During the period under review, there were no other business
relations between supervisory directors and the company than that of
member of the supervisory board.
INTERESTS OF FUND MANAGER
The fund manager should act in accordance with Dutch legislation and,
insofar as relevant, legislation in other countries. As an employee
of Robeco Nederland B.V. he is bound by Robeco's internal regulations
and procedures, including the Rules and regulations regarding private
investment transactions, which are based on the Dutch Securities
Transactions Supervision Act. These Rules should guarantee that
insider trading and mixing of business and private interests, or
semblance thereof, is avoided at all times.
As at 31 December 2005 the fund manager had no interest in Rorento
N.V. shares. Furthermore, as of that same date, she had the no
interest in Rorento N.V investments.
STATEMENT FOR THE LONDON STOCK EXCHANGE
The members of the supervisory board and the management board of
Rorento N.V. hereby declare that their beneficial interests and those
of their children below the age of 18 years do not in the aggregate
exceed 5% of the company, in respect of either share capital or
voting control.
Philipsburg, 16 March 2006
Auditors' report
Introduction
We have audited the financial statements of Robeco N.V., Rotterdam,
for the year 2005. These financial statements are the responsibility
of the company's management. Our responsibility is to express an
opinion on these financial statement based on our audit.
Scope
We conducted our audit in accordance with auditing standards
generally accepted in the Netherlands. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements give a true and fair view of
the financial position of the company as at 31 December 2005 and of
the result for the year then ended in accordance with accounting
principles generally accepted in the Netherlands and comply with the
financial reporting requirements included in Part 9 of Book 2 of the
Netherlands Civil Code and in the Investment Institutions Supervision
Act.
In addition, we verified whether the annual report is consistent with
the financial statements, insofar as we are able to judge.
Philipsburg, 16 March 2006
Ernst & Young Accountants
on behalf of
G.H.C. de M�ris
SPREAD OF NET ASSETS
Acrosscountries Acrosscurrencies
_______________________________________________ _______________________________
31/12/2005 31/12/2005 31/12/2004 31/12/2005 31/12/2004
EUR x thousand In% In% In% In%
Long-terminvestments
North America(37.2%)
US dollar 1,097,629 35.8 30.0 27.1 12.0
Canadian dollar 42,931 1.4 1.1 1.1 1.9
Europe(58.5%)
Euro 1,646,677 53.6 44.5 62.1 70.8
British pound 140,084 4.6 4.7 1.1 2.2
Swedish krona 8,816 0.3 0.3 0.3 0.2
Danish krone - - - 0.4 0.3
Swiss franc - - -- -1.4 3.1
Asia(3.6%)
Japanese yen 111,549 3.6 9.4 8.4 9.2
Korean won - - - 0.7 0.3
Australia(0.0%)
Australian dollar - - - 0.2 -
Short-term 22,986 0.7 10.0 - -
investments(0.7%)
________ ________ ________ ________ ________
Total 3,070,672 100.0 100.0 100.0 100.0
Exchange rates
31/12/2005 31/12/2004 31/12/2005 31/12/2004
EUR 1 EUR EUR
AUD 1.6080 1.7340 AUD 1 0.6219 0.5767
CAD 1.3779 1.6282 CAD 1 0.7257 0.6140
CHF 1.5546 1.5456 CHF 1 0.6433 0.6470
DKK 7.4589 7.4386 DKK 1 0.1341 0.1344
GBP 0.6871 0.7080 GBP 1 1.4554 1.4125
JPY 139.2223 139.2824 JPY 100 0.7183 0.7180
KRW 1,192.3482 1,407.0957 KRW 100 0.0838 0.0711
SEK 9.3875 9.0327 SEK 1 0.1065 0.1107
USD 1.1796 1.3592 USD 1 0.8478 0.7357
BOND PORTFOLIO
at 31 December 2005
Expiration
Market value % date
EUR USD
Solstice ABS
84.805 100.032 0,0000 (FRN) 02-05-36
10.509.092 12.396.000 2,0000 United States 15-05-06
15.162.416 17.884.828 2,3750 Fannie Mae 15-02-07
US Treasury
10.037.462 11.839.688 2,3750 Note 31-08-06
12.168.129 14.352.916 2,3750 United States 15-08-06
US Treasury
24.943.963 29.422.652 2,7500 Note 15-08-07
US Treasury
44.406.801 52.380.042 3,1250 Note 15-05-07
US Treasury
52.455.530 61.873.920 3,3750 Note 15-09-09
88.758.594 104.695.200 3,5000 United States 15-11-09
2.539.518 2.995.488 3,7500 Freddie Mac 15-04-07
2.933.436 3.460.135 3,7500 Freddie Mac 15-04-07
Credit Agricole
1.184.638 1.397.340 4,2000 (FRN) 17-07-06
ABN-AMRO Bank
10.598.321 12.501.250 4,2094 (FRN) 18-04-08
Bos
International
8.482.972 10.006.090 4,2250 Australia (FRN) 16-04-09
JP Morgan Chase
8.501.039 10.027.400 4,2444 (FRN) 02-10-09
967.213 1.140.876 4,2500 Korea 01-06-13
69.163.473 81.581.775 4,2500 United States 15-11-14
6.368.079 7.511.468 4,2550 Goldman Sachs 09-01-07
Bos
International
8.488.466 10.012.570 4,2938 Australia (FRN) 22-01-08
Lehman Brothers
8.489.339 10.013.600 4,2941 (FRN) 20-04-07
Bayerische
Hypo- und
Vereinsbank
3.537.099 4.172.185 4,3094 (FRN) 18-01-06
Goldman Sachs
2.120.444 2.501.170 4,3541 (FRN) 20-04-06
John Hancock
9.325.124 10.999.450 4,3556 (FRN) 27-04-09
Federal Home
10.863.329 12.813.840 4,3750 Loan Banks 17-09-10
ABN-AMRO Bank
3.182.008 3.753.338 4,3900 (FRN) 11-05-07
Credit Suisse
2.548.887 3.006.540 4,3900 First Boston 15-01-10
Banque
Federative du
8.483.061 10.006.195 4,3931 Credit (FRN) 30-01-06
Morgan Stanley
8.496.461 10.022.000 4,4338 (FRN) 22-01-09
American
Express Credit
8.489.907 10.014.270 4,4575 (FRN) 14-09-07
First National
4.238.905 5.000.000 4,4694 Master No (FRN) 15-08-08
American
Express Credit
1.699.271 2.004.375 4,4794 (FRN) 15-09-10
General
Electric
10.603.514 12.507.375 4,4800 Capital (FRN) 04-03-08
21.217.201 25.026.750 4,5000 Citigroup (FRN) 04-06-07
4.325.273 5.101.876 4,5000 Freddie Mac 15-01-15
35.076.302 41.374.252 4,5000 Freddie Mac 15-01-15
Westdeutsche
Landesbank
14.424.397 17.014.297 4,5006 (FRN) 29-05-07
849.351 1.001.852 4,5100 Citigroup (FRN) 01-09-06
MBNA Master
Credit Card
211.945 250.000 4,5194 (FRN) 15-07-08
Deutsche
21.192.404 24.997.500 4,5200 Finance 02-03-06
Credit Suisse
First Boston
5.087.082 6.000.468 4,5300 (FRN) 27-02-06
849.502 1.002.030 4,5400 Citigroup 15-02-07
Merrill Lynch
850.426 1.003.120 4,5406 (FRN) 06-02-09
Bear Stearns
852.105 1.005.100 4,5431 Cos (FRN) 30-01-09
Istitut
8.478.428 10.000.730 4,5500 Bancario 27-02-06
ASIF Global
21.209.360 25.017.500 4,5600 (FRN) 11-12-06
Lehman Brothers
578.699 682.604 4,5600 (FRN) 10-11-09
Wells Fargo &
1.273.007 1.501.575 4,5638 Co (FRN) 23-03-07
HSBC Bank US
21.218.473 25.028.250 4,5700 (FRN) 21-09-07
Wells Fargo &
3.180.132 3.751.125 4,5700 Co. (FRN) 12-06-06
Bank of America
8.153.754 9.617.760 4,5725 (FRN) 22-11-06
Dresdner bank
8.456.615 9.975.000 4,5750 (FRN) 07-03-06
Bank of America
2.119.452 2.500.000 4,5869 (FRN) 18-09-09
Wells Fargo &
16.771.281 19.782.565 4,5913 Co (FRN) 15-09-09
Westdeutsche
Landesbank
5.523.840 6.515.646 4,6050 (FRN) 10-03-09
5.618.560 6.627.372 4,6250 Fannie Mae 15-10-14
MBNA Master
Credit Card
5.936.321 7.002.188 4,6294 (FRN) 15-08-08
Monumental
Global Funding
17.003.823 20.056.860 4,6400 (FRN) 08-05-06
IKB Deutschland
8.483.610 10.006.842 4,6769 (FRN) 30-06-06
1.697.766 2.002.600 4,6913 SLM (FRN) 15-09-06
Merrill Lynch
8.508.923 10.036.700 4,7200 (FRN) 09-09-09
Merrill Lynch
1.272.879 1.501.425 4,7269 (FRN) 19-06-06
Bear Stearns Cos
7.660.625 9.036.090 4,7300 (FRN) 09-09-09
7.651.087 9.024.840 4,7300 CIT Group (FRN) 20-09-07
Countrywide Home
8.402.121 9.910.722 4,9000 Loan (FRN) 02-06-06
General Electric
8.505.786 10.033.000 4,9300 Capital (FRN) 13-12-06
12.949.432 15.274.502 5,0000 Citigroup 15-09-14
6.799.203 8.020.000 5,0400 Axa (FRN) 03-12-07
Stuyvesant CDO
1.806.833 2.131.250 5,0400 (FRN) 22-08-13
4.885.063 5.762.176 5,1000 AT&T 15-09-14
EUR USD
Federal Home
6.824.760 8.050.146 5,2500 Loan Banks 18-06-14
Telecom Italia
3.663.276 4.321.017 5,2500 Capital 01-10-15
Rabobank Capital
6.364.443 7.507.179 5,2600 Fund II Tier I 31-12-13
3.155.690 3.722.294 5,3000 Comcast 15-01-14
3.986.005 4.701.692 5,3750 Morgan Stanley 15-10-15
13.263.386 15.644.827 5,3750 United States 15-02-31
Countrywide
5.199.262 6.132.790 5,5000 Financial 01-08-06
Stuyvesant CDO
4.101.140 4.837.500 5,5100 III (FRN) 07-05-14
2.413.876 2.847.287 5,6250 ICI Wilmington 01-12-13
General Electric
1.898.015 2.238.804 5,8750 Capital 15-02-12
General Electric
1.402.958 1.654.859 6,0000 Capital 15-06-12
1.315.664 1.551.891 6,0000 Glencore Fund 15-04-14
1.814.622 2.140.437 6,0000 N R U C 15-05-06
2.317.465 2.733.566 6,2500 United States 15-05-20
AIG Sunamerica
Global Finance
5.151.661 6.076.642 6,3000 VI 10-05-11
Daimler-Chrysler
3.634.507 4.287.083 6,5000 NA Holdings 15-11-13
16.003.517 18.876.948 6,6250 Fannie Mae 15-09-09
65.456.635 77.209.374 6,6250 Fannie Mae 15-09-09
Federal Home
65.456.635 77.209.374 6,6250 Loan Mortgage 15-09-09
9.575.043 11.294.242 6,7500 JP Morgan Chase 01-02-11
2.790.197 3.291.177 6,7500 Weyerhaeuser 15-03-12
655.358 773.028 6,8750 United States 15-08-25
Oncor Electric
4.675.632 5.515.142 7,0000 Delivery 01-09-22
2.398.260 2.828.867 7,0000 Philip Morris 04-11-13
2.197.570 2.592.144 7,0500 Comcast 15-03-33
Standard Credit
Card Master
170.674 201.318 7,2500 Trust 07-04-08
2.758.288 3.253.539 7,5000 Malaysia 15-07-11
Santander
Central Hispano
7.226.600 8.524.136 7,6250 Issue 14-09-10
2.186.048 2.578.553 7,7000 Time Warner 01-05-32
Telefonica
1.161.799 1.370.400 7,7500 Europe 15-09-10
Verizon Global
2.265.661 2.672.460 7,7500 FDG 01-12-30
National Rural
3.534.767 4.169.435 8,0000 Utilities 01-03-32
Telefonica
1.156.998 1.364.737 8,2500 Europe 15-09-30
3.223.467 3.802.240 8,3750 Koninklijke KPN 01-10-30
1.232.077 1.453.296 8,5000 Daimler-Chrysler 18-01-31
UBS PFD Funding
6.783.689 8.001.700 8,6220 Trust I Tier I 01-10-10
5.058.772 5.967.074 8,6250 Stageco Holdings 15-11-09
2.316.579 2.732.521 8,7500 Deutsche Telekom 15-06-30
2.314.325 2.729.862 8,7500 France Telecom 01-03-31
1.321.713 1.559.026 8,7500 Malaysia 01-06-09
EUR CAD
33.376.123 45.988.960 5,7500 Canada 01-06-29
9.555.222 13.166.140 5,7500 Canada 01-09-06
EUR EUR
Robeco Monetaire
40.609.477 40.609.477 0,0000 Quantiplus
Robeco European
High Yield Bonds
30.081.000 30.081.000 0,0000 EUR I-shares
Robeco
Flex-o-Rente
50.220.000 50.220.000 0,0000 I-shares
Robeco High
Yield Bonds
93.605.343 93.605.343 0,0000 I-shares
420 420 0,0000 Germany JA07 04-01-07
French
Residential
11.000.000 11.000.000 2,5800 Asset (FRN) 15-12-43
Smile 2005
20.000.000 20.000.000 2,6200 Synthetic (FRN) 20-01-15
20.019.000 20.019.000 2,6260 Shield (FRN) 20-01-14
Credit Suisse GP
7.042.464 7.042.464 3,1250 Finance 14-09-12
6.251.392 6.251.392 3,1250 Goldman Sachs 04-10-12
86.906.814 86.906.814 3,5000 France 12-01-08
Bank of
3.738.525 3.738.525 3,5000 Tokyo-Mitsubishi 16-12-15
BAT
International
3.340.636 3.340.636 3,6250 Finance 29-06-12
155.680.500 155.680.500 3,7500 Germany 04-01-15
2.174.922 2.174.922 3,7500 Freddie Mac 15-07-09
3.582.340 3.582.340 3,7980 BBVA 22-09-15
2.324.640 2.324.640 3,8750 Mol Magyar Ol Gazi 05-10-15
Deutsche Telekom
4.558.736 4.558.736 4,0000 Int. Finance 19-01-15
14.693.845 14.693.845 4,0000 Eurohypo 15-09-06
Unicredito Italiano
3.827.460 3.827.460 4,0280 Capital Trust 27-10-15
4.948.719 4.948.719 4,1250 Parker-Hannifin 11-11-15
2.810.858 2.810.858 4,1250 Syngenta Lux Fin 22-04-15
2.758.113 2.758.113 4,1250 Teliasonera 11-05-15
MBNA Credit Card
983.716 983.716 4,1500 Master Note 19-09-12
EUR EUR
4.664.415 4.664.415 4,1760 ING Bank 08-06-15
Svenska
4.397.807 4.397.807 4,1940 Handelsbanken 16-12-15
4.643.600 4.643.600 4,2390 BCP Finance 13-10-15
24.277.856 24.277.856 4,2500 Germany 04-01-14
58.456.746 58.456.746 4,2500 France 25-04-19
4.628.579 4.628.579 4,3750 JP Morgan Chase 12-11-19
Rodamco Europe
4.818.842 4.818.842 4,3750 Finance 01-10-14
2.492.375 2.492.375 4,3750 Thyssen Krupp 18-03-15
Veolia
3.664.752 3.664.752 4,3750 Environnement 11-12-20
Zurich Finance
4.823.652 4.823.652 4,5000 (USA) 17-09-14
5.054.190 5.054.190 4,6250 Anglian Water 07-10-13
2.238.752 2.238.752 4,6250 Arcelor Finance 07-11-14
5.388.900 5.388.900 4,6250 Bank of America 18-02-14
4.251.569 4.251.569 4,6250 Technip 26-05-11
Federal Home Loan
7.594.456 7.594.456 4,6250 Mortgage 15-02-07
117.781.950 117.781.950 4,7500 France 25-04-35
Depfa
3.286.432 3.286.432 4,7500 Pfandbriefbank 16-07-07
12.732.773 12.732.773 4,7500 Mizuho Finance 15-04-14
2.275.990 2.275.990 4,8750 Soci�t� G�n�rale 18-12-14
Volkswagen
6.951.230 6.951.230 4,8750 Financial Service 22-05-13
95.263.150 95.263.150 5,0000 Bundesobligation 17-02-06
133.879.414 133.879.414 5,0000 France 25-04-12
2.356.438 2.356.438 5,0000 Bayer 29-07-15
Deutsche Pfandbrief
8.557.241 8.557.241 5,0000 & Hypothekenbank 26-06-06
Saint-Gobain
2.325.400 2.325.400 5,0000 Nederland 16-04-10
Saint-Gobain
2.319.485 2.319.485 5,0000 Nederland 25-04-14
M�nchener
6.176.617 6.176.617 5,0000 Hypothekenbank 16-01-05
2.385.986 2.385.986 5,0000 Lafarge 16-07-14
2.598.950 2.598.950 5,1250 Eureko 24-06-15
4.734.444 4.734.444 5,1250 Stora Enso 23-06-14
61.159.878 61.159.878 5,2500 Germany 04-01-11
Deutsche capital
6.599.895 6.599.895 5,3300 trust IV Tier I 19-09-13
HSBC Capital
6.971.392 6.971.392 5,3687 Funding LP 24-03-14
61.272.626 61.272.626 5,5000 Belgium 28-03-28
82.710.750 82.710.750 5,5000 Netherlands 15-07-10
73.823.673 73.823.673 5,5000 Germany 04-01-31
2.306.155 2.306.155 5,5800 BES Finance Tier I 02-07-14
Lloyds Bank Upper
4.709.691 4.709.691 5,6250 Tier II 15-07-09
20.714.283 20.714.283 6,0000 Netherlands 15-01-06
5.277.306 5.277.306 6,1000 Fortum 19-02-08
6.988.184 6.988.184 6,1250 Allianz Finance II 31-05-22
90.066.395 90.066.395 6,2500 Belgium 28-03-07
7.084.097 7.084.097 6,2500 ING Groep 21-06-21
35.660.748 35.660.748 6,5000 Greece 11-01-14
6.957.660 6.957.660 6,5000 Fortis NL Tier I 26-09-11
BNP Paribas Capital
5.000.284 5.000.284 6,6250 Trust Tier I 23-10-11
North West Water
8.069.756 8.069.756 6,6250 Group 08-11-07
Olivetti
International
2.296.964 2.296.964 6,8750 Finance 24-01-13
Intesabci Capital
3.308.280 3.308.280 6,9880 Trust Tier I 12-07-11
Union Bank of
4.536.060 4.536.060 7,0680 Norway Tier I 19-11-12
6.351.450 6.351.450 7,2500 France Telecom 28-01-13
Halifax Group Euro
6.562.890 6.562.890 7,6270 Finance Tier I 09-12-11
Olivetti
International
2.173.824 2.173.824 7,7500 Finance 24-01-33
8.832.270 8.832.270 8,1260 Sanpaolo Tier I 10-11-10
Standard Chartered
4.577.508 4.577.508 8,1600 Bank Tier I 23-03-10
KBC Bank Funding
3.318.398 3.318.398 8,2200 Trust IV Tier I 10-11-09
EUR GBP
United
25.308.363 17.389.376 4,2500 Kingdom 07-06-32
United
22.851.696 15.701.400 5,0000 Kingdom 07-03-12
United
6.148.159 4.224.400 5,7500 Kingdom 07-12-09
2.369.508 1.628.089 5,9021 Aviva 27-07-20
United
19.974.004 13.724.138 6,0000 Kingdom 07-12-28
United
57.346.782 39.402.974 7,2500 Kingdom 07-12-07
United
6.085.213 4.181.150 7,5000 Kingdom 07-12-06
EUR SEK
8.815.572 82.756.620 6,7500 Sweden 05-05-14
EUR JPY
60.033.235 8.357.965.000 1,0000 Japan 20-06-13
51.515.670 7.172.130.000 1,6000 Japan 20-09-13
Emerging
EUR USD Debts
804.858 949.370 3,0000 Russia 14-05-08
1.444.670 1.704.060 4,0000 Poland PAR 27-10-24
504.060 594.564 4,6875 Panama IRB 17-07-14
939.663 1.108.380 5,0000 Peru FLIRB 07-03-17
6.683.693 7.883.750 5,0000 Russia 31-03-30
81.356 95.964 5,1875 Brazil 15-04-06
448.713 529.279 5,2500 Brazil 15-04-12
608.402 717.640 5,5000 Chile 15-01-13
967.064 1.140.700 5,8750 Mexico 15-01-14
1.423.127 1.678.650 6,5000 South Africa 02-06-14
806.357 951.138 6,8750 Chile 28-04-09
855.729 1.009.375 7,5000 Mexico 08-04-33
962.867 1.135.750 7,5000 Uruguay 15-03-15
548.497 646.980 7,6500 Ukraine 11-06-13
2.094.867 2.471.000 8,1250 Mexico 30-12-19
567.165 669.000 8,1250 Panama 28-04-34
1.533.763 1.809.150 8,2500 Bulgaria 15-01-15
316.382 373.188 8,3750 Philippines 12-03-09
1.779.218 2.098.677 8,3750 Philippines 15-02-11
1.498.198 1.767.200 8,5000 Venezuela 08-10-14
477.937 563.750 8,7500 Peru 21-11-33
601.724 709.763 8,8750 Brazil 15-04-24
454.940 536.625 8,8750 Panama 30-09-27
1.185.622 1.398.501 9,1250 Peru 21-02-12
2.516.850 2.968.750 9,2500 Venezuela 15-09-27
340.490 401.625 9,3750 Philippines 18-01-17
478.126 563.973 9,6250 Panama 08-02-11
635.356 749.434 10,0000 Russia 26-06-07
2.344.962 2.766.000 10,3750 Mexico 17-02-09
2.159.722 2.547.500 10,6250 Philippines 16-03-25
1.038.532 1.225.000 11,0000 Brazil 11-01-12
1.092.790 1.289.000 11,0000 Brazil 17-08-40
1.382.943 1.631.250 11,2500 Brazil 26-07-07
2.217.795 2.616.000 11,5000 Mexico 15-05-26
539.668 636.565 11,5000 Turkey 23-01-12
1.060.574 1.251.000 11,7500 Colombia 25-02-20
1.980.265 2.335.822 11,7500 Turkey 15-06-10
1.955.195 2.306.250 11,8750 Turkey 15-01-30
1.225.891 1.446.000 12,2500 Brazil 06-03-30
1.089.348 1.284.941 12,7500 Russia 24-06-28
653.639 771.000 14,5000 Brazil 15-10-09
Emerging
EUR EUR debts
310.500 310.500 5,0000 Morocco 08-07-08
1.217.186 1.217.186 6,7500 South Africa 19-05-06
545.000 545.000 7,3750 Mexico 13-03-08
696.300 696.300 8,5000 Romania 08-05-12
381.972 381.972 10,0000 Ukraine 15-03-07
Printed by Koninklijke drukkerij Broese & Peereboom B.V., Breda
This report is printed on enviromentally friendly paper.
[1] The term 'modified duration' is a measure of the interest-rate
sensitivity and interest-rate risk of a portfolio, and represents the
approximate percentage change in the value of the portfolio as a
result of a one percent increase or decrease in interest rates.
Ronald Florisson, Robeco Corporate Communications
Office: +31 - 10 - 224 28 10
Mobile: +31 - 653 - 831 586
E-mail: ronald.florisson@robeco.nl
- ---END OF MESSAGE---
Copyright � Hugin ASA 2006. All rights reserved.
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