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RobecoSAM Euro SDG Credits IH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU0503372780
  • 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 payingNo

About this fund

RobecoSAM Euro SDG 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

RobecoSAM Euro SDG Credits IH 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 0.00%. The portfolio posted a small positive return in May. In comparison to an index return that was negative. The average credit spread of the index widened from 107 basis points to 128 basis points during the month. This means that the excess return of corporate bonds over government debt amounted to -0.99%. Underlying government bond yields declined during the month, contributing positively to the portfolio’s return. The beta of the portfolio was very close to one during the month. There was no performance impact of the top-down positioning. Issuer selection contributed positively.Tier 1 bank CoCos outperformed the market on a risk-adjusted basis. The portfolio benefited from the position in this category. Individual positions that contributed most to relative performance were Bankia, Carrefour, Caixa Bank and Svenska Handelsbanken. Negative contributors were the positions in CNH Industrial and RBS.

Statistics

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Market development

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The total return of the European corporate bond market was just below zero in May. Credit spreads widened significantly, but most of the negative impact of this spread widening was undone by the positive impact of lower government bond yields. Sentiment during the month was negative, not only for corporate bonds but also for equities. Again, the trade war was the main concern. In early May, Trump tweeted about an increase in tariffs for Chinese imports, which was an important driver for the change in sentiment. In the week that followed, Trump further targeted Huawei by imposing restrictions on the purchase of Huawei products. On the last day of the month, Trump threatened to impose tariffs on Mexican imports.With the worries around global trade, the worries around the slowdown in economic growth also increased. Oil prices experienced a remarkable decline and global risk-free rates declined as well. Especially the decline in US Treasury yields, from 2.50% to 2.13% in May, was remarkable. German Bund yields reached a new low at -0.24%. Idiosyncratic risk is rising in this environment and we are seeing more accidents in the bond market, as was the case with Casino and Thomas Cook.

Fund allocation

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Name Sector Weight
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Fund Classification

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

Currency policy

The fund only invests in Euro-denominated bonds.

Derivative policy

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

Dividend policy

The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

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

RobecoSAM Euro SDG 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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After a very strong start of the year, credit spreads have widened quite a bit in May. This means that valuation has become a bit more attractive. On top of that, it is clear that central banks have become more dovish in the last weeks. This is especially clear in the US, where Powell has now indicated that he is willing to cut rates, if needed. One could argue that Trump’s strategy of raising the stakes in the trade war has led to the (intended?) consequence of a more dovish Fed.However, this does not mean that we have changed our view on the credit market. We still see the 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 be prepared so we can return quickly after markets have repriced.

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 RobecoSAM Euro SDG 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
ISINLU0503372780
BloombergROBSCIE LX
Valoren11229231
WKNA2AJZ2
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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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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 0.01% 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

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