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RobecoSAM SDG Credit Income M3H EUR

Reference index: 1/3 Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap; 1/3 JPM Corporate
ISIN: LU1945299532
  • 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 payingYes

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 M3H 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 0.13%. The fund performance was positive in August, mainly driven by credit returns. Positions in emerging debt showed strong performance.

Statistics

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Market development

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After the volatility in July, August turned out to be a decent month for credits. Investment grade debt traded relatively sideways, but high yield and especially emerging market debt posted good returns in August.Investors continue to monitor employment and inflation numbers to determine when tapering of asset purchases by the Fed could be expected. In the last week of August, Chairman Powell provided his Jackson Hole testimony, which provided little new information. In the second half of August, activity in primary markets was quiet.In China, the property sector continued to be under pressure. Evergrande bonds continued to trade down, as it has become more likely that the company will face financial restructuring. On the other hand, Huarong bonds did better after the announcement of a capital injection. Investment grade was stable, with the spread on the Bloomberg Barclays Global Aggregate Corporates Index unchanged at 0.89%. Spreads on the Bloomberg Barclays Global High Yield Index declined 12 bps to 3.65%. The JP Morgan CEMBI Index spread declined 24 bps to 2.49%. In the Treasury markets, rates on 10-year bonds rose 9 bps to 1.31%.

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 will distribute dividend.

ESG Integration policy

In the RobecoSAM SDG Credit Income 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 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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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 CI_20210831-CGF CI_20210831-sdgIndividualImpact1_noPoverty.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact2_zeroHunger.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact4_qualityEducation.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact5_genderEquality.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact10_reducedInequalities.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact13_climateAction.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact14_lifeBelowWater.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact15_lifeOnLand.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF CI_20210831-CGF CI_20210831-sdgIndividualImpact17_partnershipForTheGoals.png

ESG integration policy

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In the RobecoSAM SDG Credit Income 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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It seems obvious that the global economy will experience the strongest growth in decades in 2021. Ultra-loose monetary policy, aggressive fiscal stimulus and the unleashing of pent-up demand as the economy eventually reopens fully, are expected to pave the way for high single-digit economic growth. Central banks and governments have been very supportive for economies and markets. As economies start to recover, central banks will reduce stimulation at some point. This could take 1-2 years, but recent Fed remarks show that at least the Fed has started to think about when the change will be implemented. Although it may look like all signs are on green for the credit markets, we have become more cautious on these markets. Credit markets have priced in most of the positive news. Many parts of the market are trading close to historically tight spread levels. While it is possible that credits could keep rallying, the margin for error is extremely limited. There is still some value in BB credit and emerging market debt, but we are more cautious on investment grade, corporate hybrids and bank CoCo debt.

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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Management company
Fund capital
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ISINLU1945299532
BloombergROCIM3H LX
Valoren46619425
WKN
Availability
1st quotation date1550707200000
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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