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RobecoSAM SDG High Yield Bonds ZH GBP

Index: Bloomberg Barclays Global High Yield Corporate Index (hedged into GBP)
ISIN: LU2539433271
  • 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 GBP
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 ZH GBP

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.

Statistics

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Market development

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After a horrendous third quarter, the global high yield market recovered a bit in October, which proved to be a strong month for financial assets. Spreads and yields tightened 83 and 47 bps respectively. The key driver behind this was again the speculation of the Fed pivoting away from its current aggressive rate hike path. This narrative got further support as other central banks like Australia and Canada unexpectedly reduced their pace with 25 bps compared to expectations. But underlying data coming in for the US regarding CPI's again looked stronger than expected and Fed speakers swiftly pushed back on any possible pivot. The ECB had dovish elements in its own press conference, resurrecting pivoting sentiment, but in the end that also faded away as flash CPI in the Eurozone came in at 10.7%, with core CPI also hitting a record high 5.0%. Strong inflation readings will limit the ability of central banks to move away from a hawkish direction. On a positive note, we saw European natural gas prices decline on the back of the unusually warm weather in October. High yield bond issuance was again soft this month and there were no new defaults.

Fund allocation

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Name Sector Weight
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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

Sustainability is incorporated in the investment process by the means of a target universe, exclusions, ESG integration, and a minimum allocation to ESG-labeled bonds. 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. ESG factors are integrated in the bottom-up security analysis to assess the impact of financially material ESG risk on the issuer's fundamental credit quality. Furthermore, the fund invests at least 2% in green, social, sustainable, and/or sustainability-linked bonds. 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_20221031-BMSDGHYE_20221031-sdgAggregateImpactDistribution.png
CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact13_climateAction.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20221031-BMSDGHYE_20221031-sdgIndividualImpact17_partnershipForTheGoals.png

Sustainability

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Sustainability is incorporated in the investment process by the means of a target universe, exclusions, ESG integration, and a minimum allocation to ESG-labeled bonds. 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. ESG factors are integrated in the bottom-up security analysis to assess the impact of financially material ESG risk on the issuer's fundamental credit quality. Furthermore, the fund invests at least 2% in green, social, sustainable, and/or sustainability-linked bonds. 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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We are entering a phase of re-globalization. Secular trends overlay cyclical trends in which central banks continue their own war on inflation. Central banks believe they have to inflict pain on the economy, on the demand side, to bring down inflation expectations. The Fed will only stop hiking when one of three conditions is satisfied: inflation comes down, the economy slows or financial conditions need to tighten more. The credit cycle has to unwind a little further and there is a risk that central banks will overreact. We do acknowledge that the corporate sector is healthier at the start of this recession compared to previous cycles. But we need more proof that a full-blown recession is priced in, we are not there yet. Technically, central banks will hike more and in many cases QT still has to start. We are aware of wider spreads and in some pockets of the market we do see valuations becoming attractive. But a bit more patience is prudent before making a long beta call. We focus on quality and still favor more stable non-cyclical companies. Beta has been increased a bit and we are watching derivatives for the next big step.

Roeland Moraal, Sander Bus
Roeland Moraal, Sander Bus

Roeland Moraal, Sander Bus

Roeland Moraal is Lead Portfolio Manager European High Yield in the Credit team. Before assuming this role, he was Portfolio Manager in the Robeco Duration team and worked as an Analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam. 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 he is a CFA® charterholder.

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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ISINLU2539433271
BloombergROBHYDS LX
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1st quotation date1666051200000
Close financial year31-12
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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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