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RobecoSAM SDG High Yield Bonds IE EUR

Index: Bloomberg Global High Yield Corporate Index
ISIN: LU2061804394
  • 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 payingYes

About this fund

RobecoSAM SDG High Yield Bonds is an actively managed fond that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. 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 High Yield Bonds IE 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 0.30%. The high yield bond index delivered a total return of -1.04% in March, which is the third consecutive month of negative returns. Excess returns were 1.38%, where underlying sovereign rates widened, detracting over 200 bps from total returns. The fund outperformed its benchmark by 52 bps. Our beta contribution was negative by 6 bps, as spreads tightened for the month. Issuer selection was positive and added 57 bps. Our quality bias did not contribute positively, as higher rating categories underperformed slightly on a risk-adjusted basis. Our regional allocation, being overweight European versus underweight US high yield, was the big driver of the outperformance. Spreads in the EUR market rebounded after big losses last month. Energy was best-performing sector, as oil prices kept rising. On an issuer level, we benefited from our overweight in Raiffeisen Bank (4 bps), with bonds rebounding after uncertainty regarding its Russian exposure. The largest detractor was our overweight in Kloeckner (-5 bps). Input cost pressures and the company's ability to pass them on are concerning markets, and bonds underperformed as commodity prices rose. Not owning a few Chinese property issuers also added to performance.

Statistics

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Market development

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High yield bond spreads reversed direction and gained back some of the widening they had seen last month. A hawkish Fed narrative and a developing conflict in Ukraine produced sharply higher rates in March, a spike in commodity prices and volatility in high yield bond prices. March produced the second most significant spread tightening of the last 15 months. On the other hand, underlying 2-year and 10-year Treasury yields rose 90 bps and 52 bps respectively, and the curve inverted for the first time since 2019. The intensifying conflict between Russia and Ukraine led to a global rise in oil prices – with Brent oil touching as high as USD 133. This increases inflationary pressure globally and as a result caused the Fed to have an even more hawkish tone during its last meeting. Markets are now anticipating 50-bps hikes in the upcoming months. Media and energy were the best-performing sectors, whereas automotive and transportation were the laggers. High yield primary markets were soft for a second consecutive month amid heightened secondary price volatility. The total amount issued reached USD 9.9 bln. Global high yield spreads tightened 37 bps and are now at 342 bps. Yields rose 28 bps and are now 5.66%.

Fund allocation

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Currency policy

This share class has similar currency weights as the Benchmark

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

In principle, the fund will distribute dividend annually.

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 High Yield Bonds is an actively managed fond that invests in global corporate bonds. 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 funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. 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 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++

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

CGF SDG HY_20220331-BMSDGHYE_20220331-sdgAggregateImpactDistribution.png
CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact13_climateAction.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20220331-BMSDGHYE_20220331-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20220331-BMSDGHYE_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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With the conflict in Ukraine, higher oil prices and even more 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 debated openly. Although a recession might be still one or two years away, markets might anticipate it within the next 12 months. The European economy will be hit hard by this crisis. Europe faces supply chain issues and is of course highly dependent on energy from Russia, besides agricultural commodities from Ukraine. Europe is a net importer of oil and gas and remains dependent for its energy supply for many years to come. The conclusion for valuations is that spreads are around median levels again, which is wider than at any time in the past seven quarters. That said, the range of tail risk events is broad enough that it is not wise to take a long beta position over the medium term. This means that we like to stick to our underweight beta positioning overall, despite the fact that European HY credit spreads have cheapened up over the past months.

Sander Bus, Christiaan Lever
Sander Bus, Christiaan Lever

Sander Bus, Christiaan Lever

Sander Bus is Co-Head of the Credit team and Lead Portfolio Manager Global High Yield Bonds. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and is a CFA® charterholder. 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

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ISINLU2061804394
BloombergRSHYIEE LX
Valoren50778522
WKN
Availability
1st quotation date1571702400000
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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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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