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Robeco Euro Sustainable Credits BH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU0503372517
  • Invests in companies that contribute to the United Nations Sustainable Development Goals
  • Provides a diversified exposure to the Euro investment grade credit market
  • Disciplined and repeatable investment process and experienced team management
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Euro Sustainable Credits provides a diversified exposure to the Euro investment grade credit market. The selection of the bonds is based on fundamental analysis. The fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. Engagement, ESG Integration and Robeco's exclusion policy also form part of the investment policy. Following the screening process the fund is actively managed. The fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds.

Price development

No performance data available

Price development

Robeco Euro Sustainable Credits BH EUR

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was 1.08%. The portfolio posted a positive return in March which was a bit below the return of the index. The average credit spread of the index tightened from 128 basis points to 123 basis points during the month. This means that the excess return of corporate bonds over government debt amounted to 0.45% in March. Underlying government bond yields dropped during the month, contributing positively to the portfolio’s return. The beta of the portfolio was a bit below one during the month. This top-down positioning made a small negative contribution to the performance of the portfolio. Issuer selection contributed negatively too.The overweight positions in insurance bonds and Tier 1 bank bonds contributed negatively in March. Individual names with a negative contribution were for instance Bankia, Mapfre, BBVA and Allianz. The positions with the largest positive contributions to the relative performance were Volkswagen (underweight) and KPN.

Statistics

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Market development

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Risk appetite remained strong during March and credit spreads continued to tighten. Non-financial corporates slightly outperformed the financial sector. Corporate hybrids performed in line with the investment grade market. The subordinated insurance sector and bank CoCos underperformed the market, delivering negative excess returns. Senior and Tier 2 bank bonds performed well in March.Investors worried about the risk of a hard Brexit, where the UK would leave the EU without an agreement. The most important driver for markets remains the fact that central banks have changed their tone to a more dovish stance. Economic data continues to be weak, though the negative surprises have started to become less negative. Still, the fact that economic data is weak and the fact that the Fed indicated that it has finished hiking rates, led to a sharp decline in government bond yields. New issue volumes were again quite high this month, and most deals were received well by the market. It seems that most investors still have ample cash at hand and new issue allocations were often small. New issue premiums have already become much smaller, because of the large demand for new issues.

Fund allocation

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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
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Screening
Integration
Sustainability Themed Fund

Currency policy

The fund only invests in Euro-denominated bonds.

Derivative policy

Robeco Euro Sustainable Credits make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

Dividend policy

The fund distributes dividend on a quarterly basis. This fund aims to pay a quarterly dividend of 1.00%. The dividends referred to are target dividends and may be subject to change as a result of market conditions.

ESG Integration policy

The issuers in the investible universe are screened for their contribution to the UN Sustainable Development Goals (SDG). This is done by using RobecoSAM’s proprietary SDG measurement framework. The contribution of a company towards the realization of the SDGs is determined based on three steps; by looking at what a company produces, how a company produces, and correcting for controversies. The fund does not invest in companies that contribute negatively to these goals. Our credit analysts also integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to better assess the downside risk of our credit investments.

Investment policy

Robeco Euro Sustainable Credits provides a diversified exposure to the Euro investment grade credit market. The selection of the bonds is based on fundamental analysis. The fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. Engagement, ESG Integration and Robeco's exclusion policy also form part of the investment policy. Following the screening process, the fund is actively managed. The fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, in which the team is discussing the fundamental market outlook, valuation. of bond markets and market technicals. Bottom-up issuer research is executed by our credit analysts, who execute the fundamental analysis. The analyst research reports are being discussed in approx. 500 credit committees per year. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Despite weaker than expected macro data, risky assets have performed very well since the start of the year. A dovish Fed shift, expectations for a China trade deal and the backdrop of an oversold market late last year all help explain this turnaround.We see the current rally as typical of bear markets. Nearly all bear markets have occasional rallies, and they are often sharp and painful, just like episodes of spread widening. Sentiment in credit bear markets swings much more wildly in both directions. In times such as these, the market will increasingly distinguish between winners and losers. We construct our portfolios cautiously. We are conscious of the fact that it is expensive to be underweight. But rather than succumbing to the temptation to be long for the carry, we prefer to get prepared so we can return quickly after markets have repriced.Companies enjoyed multiple years of expanding margins, but those days are over. Central banks are prepared to take aggressive steps in order to raise inflation and have become more responsive to developments in financial markets. The downside of this policy is that it can lead to bubbles and create bigger problems down the road.

Jan Willem de Moor, Peter Kwaak
Jan Willem de Moor, Peter Kwaak

Jan Willem de Moor, Peter Kwaak

Mr. de Moor is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. de Moor was employed by SBA Artsenpensioenfondsen as Senior Portfolio Manager Equities for six years. Before that, he worked at SNS Asset Management holding positions of Portfolio Manager Equities (three years) and Research Analyst (two years). Jan Willem de Moor started his career in the Investment Industry in 1994. He holds a Master's degree in Economics from Tilburg University. Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.

Team

The Robeco Euro Sustainable Credits fundis managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials analysts). The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team’s fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by dedicated quantitative researchers and fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0503372517
BloombergROBSCBE LX
Valoren11229220
WKN
Availability
1st quotation date1274140800000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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The expected transaction costs are

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This fund may also deduct a performance fee of

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Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

Investors outside Luxembourg are subject to their national tax regime applying to foreign investment funds. We advise individual investors to contact their financial or fiscal adviser regarding their specific fiscal situation.

Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.

Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.

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