switzerlanden
Image

RobecoSAM SDG High Yield Bonds IH EUR

Index: Bloomberg Global High Yield Corporate Index
ISIN: LU2061804477
  • 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 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 IH EUR

Performance

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

Performance explanation

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

Based on transaction prices, the fund's return was 0.44%. The fund underperformed its benchmark by 4 bps in August, thus setting the year-to-date underperformance to roughly -0.46%. The year-to-date underperformance stems from our beta underweight, as we retain a clear quality bias. In August, the beta underweight delivered a small minus. Issuer selection results are positive on a year-to-date basis, and also for the month. USD BB outperformed B and CCC on a risk-adjusted basis, a small positive for the fund. With the uncertainty around global growth comes volatility – this was immediately translated into the oil price, which came down a lot to USD 62 to bounce back towards the USD 70. In the end, energy was therefore one of the stronger sectors for the month. On an issuer level, we lost a bit by not owning Occidental Petroleum. We benefit from the recovery in Sinclair Broadcasting (OW, +3 bps) – bonds recovered after the company reported 21Q2 results that beat guidance and management raised FY21 guidance. We also outperformed by not owning Evergrande (+4 bps) – the structure underperformed on the back of some negative headlines regarding a potential default, as this Chinese home developer could run into liquidity issues.

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 (%)
Green Bonds (%)

Market development

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

In the end, high yield bond markets printed another positive total return month. August was a tale of two halves; during the first two weeks we saw a heavy primary market, as companies tried to print before the summer recess. Growth fears as the Delta variant was causing economies to apply new restrictions, in combination with hawkish comments from Fed officials fueled speculations on tapering announcements and higher yields. However, during the Jackson Hole speech Powell repeated the Fed's earlier policy message – fears about tapering to start sooner evaporated and yields and spreads bounced off their intra-month highs. Spreads keep trading in narrow ranges, despite headlines over rising Covid cases, a withdrawal from Afghanistan and the hurricane season hitting the US with devastating storms. The HY Bond Index provided a 0.42% gain in August, with CCC bonds (+0.50%) performing in line with BB bonds (+0.56%) and single B bonds (+0.42%). HY primary market activity produced its second lightest volume for the year, although August usually is not the strongest month due to the holiday season. For the year, numbers are still strong. Issuance is 20% higher compared to the same period last year.

Fund allocation

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

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 the RobecoSAM SDG High Yield 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 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

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

Exclusions++

Full ESG Integration

Engagement

Target Universe

SDG Contribution

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

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_20210831-BMSDGHYE_20210831-sdgAggregateImpact.png
CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact13_climateAction.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20210831-BMSDGHYE_20210831-sdgIndividualImpact17_partnershipForTheGoals.png

ESG integration policy

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

In the RobecoSAM SDG High Yield 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

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

The year 2021 has thus far developed into a full-swing recovery year, with confidence indicators up, GDP on a mega-swing back and year-on-year headline inflation numbers rising sharply, all of which has been helped by extremely loose fiscal and monetary policies. So far, high yield markets have embraced the recovery and ignored any potential warning signs. The risk of overheating the economy and letting inflation slip out of control is there, but markets firmly bet on the narrative of inflation spikes being a transitory year-on-year effect after the sudden stop the economy experienced in 2020. ‘All signs on green’ has become the widely shared view for credit. This is a market that no longer compensates for tail risks and which is vulnerable to negative surprises. Confirmation biases rule. At times like these, it is best to be humble about the unknowns and to just accept that, every now and then, it is difficult to see the forest for the trees. We are staying firmly on the cautious side, with a preference for quality names and clear survivors. Given the very low dispersion in markets, it does not pay to reach out for the riskier names. We are running an underweight beta as a result.

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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2061804477
BloombergROBSHYI LX
Valoren50778545
WKNA2PVFR
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 0.01% 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.

Logo

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). 

Some funds about which information is shown on this website may not be available in your domicile country. Please check the registration status in your respective domicile country. To view the RobecoSwitzerland Ltd. products that are registered/available in your country, please go to the respective Fund Selector, which can be found on this website and select your country of domicile. 

Neither information nor any opinion expressed on this 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 Switzerland Ltd. product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports. 

By clicking “I agree” you confirm that you/the company you represent falls under one of the above-mentioned categories of addressees and that you have read, understood and accept the terms of use for this website.

I Disagree