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RobecoSAM Euro SDG Credits M2H EUR

Index: Bloomberg Euro-Aggregate: Corporates (EUR)
ISIN: LU1994988191
  • 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
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth.The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si. 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 M2H 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 -0.57%. The portfolio posted a negative return last month, which was better than that of the index. The average credit spread of the index was one basis point wider for the month at 84 basis points. The excess return of the European corporate bond market was zero. The yield on 10-year German treasuries moved wider to a level of -0.38% at the end of the month. Therefore, the beta policy made no contribution and issuer selection made a positive return contribution. The largest contribution came from the overweight in BBs, specifically Cellnex Telecom SA, ZF Friedrichshafen and Veolia Environnement SA. The fund scores high on the following Sustainable Development Goals: Decent work and Economic growth (SDG 8) positive contributors are names like Cellnex and American Tower. We keep our beta below one, as we have a more cautious view of credit markets.

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Market development

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August was a very calm or even boring month for European corporate bond markets. While there was some intra-month volatility in equity markets, credit spreads hardly moved. The concerns about the economic growth prospects increased, as the Delta variant continued to spread. For example, in the US job reports disappointed and commodity markets such as oil and iron ore weakened. In investment grade credit, the so-called reopening trades continue to underperform, as investors are worried about the recovery path in sectors such as airlines and leisure.Fed Chairman Powell confirmed in his Jackson Hole speech that the Fed intends to taper bond purchases in the fourth quarter, unless the labor market starts to weaken again. Central banks in Europe and the US are not in a hurry at all to increase interest rates, but the bond purchases tailwind will soon become softer.

Fund allocation

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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

In the RobecoSAM Euro SDG Credits strategy we look for investments with a positive societal impact, whilst generating healthy financial returns. We define impact as an alignment with the UN Sustainable Development Goals (SDGs). We identify and evaluate the impact that specific credits have on the SDGs, and score all the issuers under coverage of the analyst team. These scores categorize credits as having either a Positive, Neutral, or Negative impact on the SDGs. The scores are then used in a screening process, to define the investable universe that exclude credits with a Negative impact on the SDGs. In addition to the universe screening, our credit analysts integrate ESG factors in their analysis of the companies fundamental credit quality.

Investment policy

RobecoSAM Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund advances the UN Sustainable Development Goals (SDGs) by investing in companies whose business models and operational practices are aligned with targets defined by the 17 UN SDGs. The fund integrates ESG (Environmental, Social and corporate Governance) in the investment process, applies an exclusion list basis controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to engagement. The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si. The fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds. The majority of bonds selected will be components of the Benchmark, but bonds outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the sustainable objective of the fund.

Risk policy

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

Sustainability profile

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Exclusions++

Full ESG Integration

Engagement

Target Universe

SDG Contribution

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The SDG score shows to what extent the portfolio and the benchmark contribute to the 17 UN Sustainable Developments Goals (SDGs). Scores are assigned to each underlying company using the Robeco SDG Framework, which utilizes a three-step approach to calculate a company’s contribution to the relevant SDGs. The starting point is an assessment of the products offered by a company, followed by the way in which these products are produced, and finally whether the company is exposed to any controversies. The outcome is expressed in a final score which shows the extent to which a company impacts the SDGs on a scale from highly negative (dark red) to highly positive (dark blue). The bar shows the aggregate percentage exposure of the portfolio and the benchmark (shaded) to the different SDG scores. This is then also split out per SDG. As a company can have an impact on several SDGs (or none), the values shown in the report do not sum to 100%. More information on Robeco’s SDG Framework can be found at: https://www.robeco.com/docm/docu-robeco-explanation-sdg-framework.pdf

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CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact1_noPoverty.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact2_zeroHunger.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact4_qualityEducation.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact5_genderEquality.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact10_reducedInequalities.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact13_climateAction.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact14_lifeBelowWater.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact15_lifeOnLand.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF ESC_20210831-CGF ESC_20210831-sdgIndividualImpact17_partnershipForTheGoals.png

ESG integration policy

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In the RobecoSAM Euro SDG Credits strategy we look for investments with a positive societal impact, whilst generating healthy financial returns. We define impact as an alignment with the UN Sustainable Development Goals (SDGs). We identify and evaluate the impact that specific credits have on the SDGs, and score all the issuers under coverage of the analyst team. These scores categorize credits as having either a Positive, Neutral, or Negative impact on the SDGs. The scores are then used in a screening process, to define the investable universe that exclude credits with a Negative impact on the SDGs. In addition to the universe screening, our credit analysts integrate ESG factors in their analysis of the companies fundamental credit quality.

Expectation of fund manager

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Most likely, the credit market will at best deliver a coupon excess return. A boring year, in other words. We think it is better to be positioned on the cautious side. ‘All signs on green’ has become the widely shared view for credit. This is a market that no longer compensates for tail risks and which is vulnerable to negative surprises. Confirmation biases rule. The credit impulse is set to roll over in Europe, the US and China. So, the net combined fiscal and private credit impulse will become negative soon. Towards 2022, this might therefore start to have a dampening impact on growth rates. At times like these, it is best to be humble about the unknowns and to just accept that, every now and then, it is difficult to see the forest for the trees. We are not running huge underweight betas, though; our positioning is just below one. Given the very low dispersion in markets, it no longer pays to reach out for the riskier names. Nevertheless, we still find opportunities in banks, Covid recovery trades and some idiosyncratic cases. At the margin, we like emerging market credit more than other credit subsectors. Our positioning is consistent across all credit categories.

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

Peter Kwaak, Jan Willem de Moor

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. 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.

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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ISINLU1994988191
BloombergROESM2H LX
Valoren48148431
WKN
Availability
1st quotation date1558396800000
Close financial year31-12
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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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

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The information contained on these pages is for marketing purposes and solely intended for Qualified Investors in accordance with the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”) domiciled in Switzerland, Professional Clients in accordance with Annex II of the Markets in Financial Instruments Directive II (“MiFID II”) domiciled in the European Union und European Economic Area with a license to distribute / promote financial instruments in such capacity or herewith requesting respective information on products and services in their capacity as Professional Clients. 

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