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RobecoSAM Global SDG Credits FH USD

Index: Bloomberg Global Aggregate Corporates Index (hedged into USD)
ISIN: LU2055796721
  • Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
  • Offers diversified exposure to global investment grade credits, while optimizing the risk-return profile through off-benchmark high yield and emerging credit opportunities.
  • Aims to outperform the Bloomberg Barclays Global Aggregate Corporates Index over the full credit cycle.
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and emerging markets. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si.

Price development

No performance data available

Price development

RobecoSAM Global SDG Credits FH USD

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 -1.12%. The Global Aggregate Corporate Bond Index returned -1.02% (hedged to EUR) last month. The credit spread on the Global Aggregate Corporate Bond Index tightened two basis points to 0.88%. US 10-year bond yields rose from 1.31% to 1.46%, and German 10-year yields rose by 18 basis points to -0.20%. The fund performed worse than the benchmark. The excess return of our benchmark, the Bloomberg Barclays Global Aggregate Corporate (hedged in euros) versus Treasuries was 0.21%. The fund's beta was below one during the month, which made a negative contribution. Issuer selection detracted from performance. The largest underperformances came from BBB and BB names. Specifically, Fortescue Metals, Suzano and Cellnex Telecom.

Statistics

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Market development

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In September, we saw several events that could disrupt markets, but so far the impact on credit spreads has been muted. Most volatility was seen in the Chinese real estate sector. It seems that a default of Evergrande, a company with a USD 300 billion balance sheet, is imminent. In Europe, low inventory levels of gas caused gas and electricity prices to spike eightfold compared to last year's winter prices. Oil surpassed the USD 80 mark and other commodity markets also performed strongly. In addition, in some sectors there are shortages in labor and supply bottlenecks. These disruptions on the supply side could have a significant impact on individual companies. Car manufacturers cutting production because of chip shortages is a clear example. The United States will soon reach the debt ceiling, an issue that will need to be resolved quickly to prevent a shutdown of the government.Central banks have moved away from their overly dovish stance. The ECB has recalibrated the net monthly purchases and the Fed has signaled a potential 2022 rate hike. Government bond yields have moved sharply higher, as headline inflation has risen to new highs.

Fund allocation

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Name Sector Weight
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Currency policy

All currency risks are hedged.

Derivative policy

The fund make use of derivatives for hedging purposes as well as for investment purposes.

Dividend policy

This share class of the fund does not distribute dividend.

ESG Integration policy

In the RobecoSAM Global 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 Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and emerging markets. 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 aims to advance 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 (i.e. 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 fund invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si.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) 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 SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact1_noPoverty.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact10_reducedInequalities.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact13_climateAction.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact14_lifeBelowWater.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact15_lifeOnLand.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact17_partnershipForTheGoals.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact2_zeroHunger.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact4_qualityEducation.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact5_genderEquality.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDGC_20210930-CGFSDGC_20210930-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png

ESG integration policy

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In the RobecoSAM Global 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, and as a contrarian investor that is a red flag to us. This is a market that no longer compensates for tail risks and which is vulnerable to negative surprises. Confirmation biases rule. Although any other technical factor is dwarfed by what the Fed and ECB are doing, we believe it is still worth looking at other potential market drivers. The marginal change in policy is negative. We are moving from extremely to very accommodative policies. This is not least because, as the initial Covid shock demonstrated, if a left-hand tail surprise is big enough, spreads can still widen materially in the short run – even when QE is already in operation. 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, rising stars and some idiosyncratic cases. Our positioning is consistent across all credit categories.

Victor Verberk,Reinout Schapers
Victor Verberk,Reinout Schapers

Victor Verberk,Reinout Schapers

Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003.

Details

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Management company
Fund capital
Size of share class
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ISINLU2055796721
BloombergROGSCFU LX
Valoren50336280
WKNA2PSTU
Availability
1st quotation date1569369600000
Close financial year31-12
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Tracking error limit (%)
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This fund deducts ongoing charges 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

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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Disclaimer Robeco Switzerland Ltd.

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. 

The Funds are domiciled in Luxembourg and The Netherlands. ACOLIN Fund Services AG, postal address: Affolternstrasse 56, 8050 Zürich, acts as the Swiss representative of the Fund(s). UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich, postal address: Europastrasse 2, P.O. Box, CH-8152 Opfikon, acts as the Swiss paying agent. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s) may be obtained, on simple request and free of charge, at the office of the Swiss representative ACOLIN Fund Services AG. The prospectuses are also available via the website www.robeco.ch. Some funds about which information is shown on these pages may fall outside the scope of the Swiss Collective Investment Schemes Act of 26 June 2006 (“CISA”) and therefore do not (need to) have a license from or registration with the Swiss Financial Market Supervisory Authority (FINMA). 

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