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RobecoSAM SDG Credit Income DH EUR

Reference index: 1/3 Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap; 1/3 JPM Corporate
ISIN: LU2091212550
  • Flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds
  • Invests in companies that contribute to the United Nations Sustainable Development Goals
  • Fund aims to maximize current yield and income for investors who are targeting a consistent level of income
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM SDG Credit Income is an actively managed fund that invests in companies that contribute to realizing the UN Sustainable Development Goals (SDGs). The selection of these bonds is based on fundamental analysis. The fund's objective is to maximize current income.The fund will invest in a broad array of fixed income sectors and utilize income efficient implementation strategies. The fund takes explicitly into account the contribution of a company to the UN SDGs. 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.

Price development

No performance data available

Price development

RobecoSAM SDG Credit Income DH 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 -1.75%. The fund performance was negative in March. Rising rates had a negative impact on the fund performance. With 5Y rates rising 73 bps, the impact of the fund's duration exposure was negative. Credit made a positive contribution in March. The fund benefited from the strong recovery in the second half of March. Positive contributors were Novosteel and Raiffeisen Bank, as markets repriced Russian risk. Other positive contributors were financial companies like Intesa, Santander and AXA, where we added risk during the early March sell-off.

Statistics

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Market development

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The impact of the Russian invasion of Ukraine continued to dominate financial markets in the first half of March. The impact on the economy of higher commodity prices and fears of supply chain disruptions led to a sell-off in financial markets. As Europe is very dependent on Russian gas imports, fears of supply distortions led to heightened fears of a recession in Europe. While the war in Ukraine continued, in the second half of March, financial markets started to see it more as a regional conflict, with limited impact on the global economy. Higher commodity prices have increased inflation expectations and markets started to price in more rate hikes by central banks. Apart from Russia and Ukraine, emerging markets continued to do relatively well. Several countries are benefiting from higher commodity prices, but higher food prices could be a risk for some countries. China announced some support programs to reach its growth targets. The Bloomberg Global Aggregate-Corporates Index declined 9 bps to 1.24%, and the Bloomberg Global High Yield Index tightened 31 bps to 4.38%. The JPM CEMBI Index spread tightened 73 bps to 3.07%.

Fund allocation

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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 will not distribute dividend.

ESG Integration policy

The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in credits issued by companies with a positive or neutral impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion.

Investment policy

RobecoSAM SDG Credit Income is an actively managed fund that invests in companies that contribute to realizing the UN Sustainable Development Goals (SDGs). The selection of these bonds is based on fundamental analysis. The fund's objective is to maximize current income.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 (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 will invest in a broad array of fixed income sectors and utilize income efficient implementation strategies. The fund takes explicitly into account the contribution of a company to the UN SDGs. 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 investment policy of the fund is not constrained by a benchmark.

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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ESG Integration

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 CI_20220331-CGF CI_20220331-sdgIndividualImpact1_noPoverty.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact2_zeroHunger.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact4_qualityEducation.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact5_genderEquality.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact10_reducedInequalities.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact13_climateAction.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact14_lifeBelowWater.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact15_lifeOnLand.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF CI_20220331-CGF CI_20220331-sdgIndividualImpact17_partnershipForTheGoals.png

Sustainability

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The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in credits issued by companies with a positive or neutral impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion.

Expectation of fund manager

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Making an economic assessment was difficult even before the escalation of the Russia-Ukraine crisis, given the distortion in many data series after two years of Covid. This was why we entitled our previous Credit Quarterly Outlook 'Imperfect information and imperfect foresight'. With the conflict in Ukraine, higher oil prices and further supply chain disruptions, it is clear that an even wider set of possibilities has to be assessed for fundamentals. If anything, downside risks to the economy have risen materially and recession risk is now openly debated. Looking at monetary policy, the key risk is higher-than-anticipated hikes in the coming months. It is clear that central banks will continue their tightening paths, for instance by reducing the amount of corporate bond buying in Europe.Since the peak in early March, spreads have recovered, but several market segments still trade attractively. We continue to favor banks, as they enter the potential downturn with strong capital positions, while spreads are still relatively attractive.

Victor Verberk, Reinout Schapers, Evert Giesen
Victor Verberk, Reinout Schapers, Evert Giesen

Victor Verberk, Reinout Schapers, Evert Giesen

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. Evert Giesen is Portfolio Manager Investment Grade in the Credit team. Before assuming this role in 2020, he was an Analyst in the Credit team responsible for the Automotive sector. Prior to joining Robeco in 2001, Evert worked at AEGON Asset Management for four years as a Fixed Income Portfolio Manager. He has been active in the industry since 1997 and holds a Master's in Econometrics from Tilburg University.

Details

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ISINLU2091212550
BloombergROCIDHE LX
Valoren51676306
WKN
Availability
1st quotation date1576540800000
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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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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