switzerlanden
Image

RobecoSAM SDG High Yield Bonds FH EUR

ISIN: LU2061804121
  • Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
  • Managed with a conservative approach by an experienced team
  • Disciplined and repeatable investment process
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM SDG High Yield Bonds is an actively managed fond that invests in a diversified portfolio of global corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The selection of these bonds is based on fundamental analysis. The fund applies a screening process, using RobecoSAM’s SDG framework, to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs).The fund excludes companies that contribute negatively to these goals. RobecoSAM’s SDG framework scores companies based on the magnitude and quality of their contributions to the SDGs through their products, services and operations. Engagement, ESG integration and RobecoSAM's exclusion policy are also form part of the investment policy.

Price development

No performance data available

Price development

RobecoSAM SDG High Yield Bonds FH EUR

Performance

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}
Fund Reference index
1 month
3 months
YTD
1 year
2 years
3 years
5 years
10 years
{{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}}
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.

Statistics

{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}
3 years 5 years
Tracking error ex-post (%)
Information ratio
Sharpe ratio
Alpha (%)
Beta
Standard deviation
Max. monthly gain (%)
Max. monthly loss (%)
Above mentioned ratios are based on gross of fees returns
3 years 5 years
Months outperformance
Hit ratio (%)
Months Bull market
Months outperformance Bull
Hit ratio Bull (%)
Months Bear market
Months outperformance Bear
Hit ratio Bear (%)
Above mentioned ratios are based on gross of fees returns
Fund Reference index
Rating
Option Adjusted Modified Duration (years)
Maturity (years)
Yield to Worst (%)

Market development

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

For the second straight month, high yield spreads tightened dramatically. After a rally of 150 bps in April, May proved to be strong as well, with more than 100 bps of spread tightening. Total returns reached more than 4%, outperforming both investment grade and loans. Market sentiment remained bullish, fueled by anticipated support from the Fed. In the end, the Fed bought more than USD 3 billion in HY ETFs, which led to another strong month of inflows. Year-to-date, cumulative fund flows in US HY are at nearly USD 17 billion. The secondary markets absorbed another heavy US issuance calendar, with nearly USD 40 billion in new supply. European issuance numbers are picking up, with around EUR 4 billion issued. However, this remains below the average we normally witness in May. Fund flows in Europe are still negative, with more than EUR 6 billion of outflows. This could be one of the reasons that supply is not back at normal levels. Bleak economic macro data did not spoil the positive sentiment. Oil prices slowly moved up, which helped the much troubled US energy sector. The Global High Yield Index tightened by more than 100 bps to a level of 625 bps, with an average yield of 6.9%.

Fund allocation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}
Name Sector Weight
{{fund.fundInvestmentExplanations.top10}}

Fund Classification

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

Currency policy

All currency risks are hedged.

Derivative policy

RobecoSAM SDG High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are liquid.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

ESG Integration policy

In this fund 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 analysts’ 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 company’s fundamental credit quality to strengthen our ability to assess the downside risk of our credit investments. Engagement and RobecoSAM's exclusion policy are also form part of the ESG integration policy.

Investment policy

RobecoSAM SDG High Yield Bonds invests in a diversified portfolio of global corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The selection of these bonds is based on fundamental analysis. The fund applies a screening process, using RobecoSAM’s SDG framework, to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs). The fund excludes companies that contribute negatively to these goals. RobecoSAM’s SDG framework scores companies based on the magnitude and quality of their contributions to the SDGs through their products, services and operations. Engagement, ESG integration and RobecoSAM's exclusion policy also form part of the investment policy. The fund aims to outperform the Bloomberg Barclays Global High Yield Corporate Index over a full credit cycle. The investment process is based on a top-down analysis of credit markets, combined with thorough bottom-up issuer selection. The investment philosophy is based on contribution to the SDGs but also deliver attractive financial returns for our investors. RobecoSAM SDG High Yield Bonds is managed within our credit team which consists of ten portfolio managers and twenty-two credit analysts. Within the team, Sander Bus, Roeland Moraal and Christiaan Lever are responsible for high yield. Sander has been involved in the mainstream fund since inception in 1998, Roeland joined in 2003. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research. The duration of the portfolio is managed in line with the index and currency exposure is hedged. A proprietary in-house developed risk management approach avoids high risk concentration in the portfolio. Holdings in equities can only appear in the portfolio as a result of corporate actions and/or debt restructuring. It is not the intention of the portfolio manager to use options or swaptions. 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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

The longest economic expansion has ended abruptly. The end of the expansion itself is not a surprise, but the nature of the exogenous shock, its speed and the magnitude of the slowdown are. History is being made. But while Covid-19 is the proximate trigger, we firmly believe current events are not just about the virus. They have deep secular and cyclical roots. As long as the end of corona and/or a vaccine is not in sight, markets have to rely on strong technicals. Additional monetary and fiscal support has caused markets to rally and inflows continue to pour into the asset class. But a deep recession, an increasing number of defaults and heightened uncertainty surrounding upcoming corporate earnings will be with us for some time. The V-shaped recovery that is priced in at the moment, seems too good to be true. Our contrarian approach is that one should trim risk when the skies are clear, and buy risk when the storm has begun and markets panic. We increased our beta above one in March and have moved back to below one in April/May, after a strong reversal in spreads. Once we see high yield spreads widening, we may consider adding more risk.

Sander Bus, Christiaan Lever
Sander Bus, Christiaan Lever

Sander Bus, Christiaan Lever

Mr. Bus is Head of the Credit team and manages our high yield portfolios. Prior to joining Robeco in 1998, Mr. Bus worked for Rabobank as a fixed income analyst for two years. Mr. Bus holds a Master's degree in Financial Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003 and is registered with the Dutch Securities Institute. Mr. Bus has been active in the industry since 1996. Christiaan Lever is Portfolio Manager High Yield in the Credit team. Before assuming this role in 2016, he was Financial Risk Manager at Robeco, focusing on market risk, counterparty risk and liquidity risk within fixed Income markets. Christiaan has been active in the industry since 2010. He holds a Master's in Quantitative Finance and in Econometrics from Erasmus University Rotterdam.

Team

RobecoSAM SDG High Yield Bonds is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 three dedicated quantitative researchers and four 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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2061804121
BloombergRSHYFHE LX
Valoren50778413
WKNA2PVFP
Availability
1st quotation date1571702400000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
Max exit fee
Max sub fee
Max switch fee

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.

Logo

Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.

Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.

This website is not directed to any person in any jurisdiction where, by reason of that person's nationality, residence or otherwise, the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply must not access this website.

I Disagree