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Robeco Sustainable Emerging Credits D USD

Actively targeting credit opportunities in emerging markets

Contact us

Share classes

Share classes

Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.

D-USD

D3-USD

FH-EUR

I-USD

IBX-USD

IH-CHF

M-USD

M3-USD

Z-USD

ZH-EUR

Class and codes

Asset class:

Bonds

ISIN:

LU1143725874

Bloomberg:

REMCDHU LX

Index

JPM CEMBI Broad Diversified

Sustainability-related information

Sustainability-related information

Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.

Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.

Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.

Article 8

Morningstar

Morningstar

Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating (30/04)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
Switch funds

Fund topics

Overview
Performance & costs
Portfolio
Sustainability
Commentary
Documents
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MISSING: fund.detail.tabs.

Key points

  • Structured and disciplined investment process using a proprietary SDG framework for selecting issuers
  • Active & diversified strategy that targets emerging market opportunities
  • Experienced & stable credit team

About this fund

Robeco Sustainable Emerging Credits is an actively managed fund that invests in corporate bonds in emerging markets. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund has the flexibility to invest in value opportunities beyond the index universe, which means that the fund comprises both local currency and hard currency debt. Companies are selected based on their exposure rather than their location, and sometimes sovereign exposure is chosen over credit exposure. In-depth, company-specific analysis and country analysis are important pillars in the investment process.

Key facts

Per 30-04-2023

Total size of fund

$ 154,004,092

Size of share class

$ 319,537

Inception date fund

26-11-2014

1-year performance

1.36%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Performances are net of fees and based on transaction prices.

Fund manager

Reinout Schapers

Reinout Schapers

Christiaan Lever

Christiaan Lever

Reinout Schapers is Co-Head Portfolio Management Investment Grade in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management where he was a Head of European High Yield. Before that, he worked at Rabo Securities as an M&A Associate and at Credit Suisse First Boston as an Analyst Corporate Finance. Reinout has been active in the industry since 2003. He holds a Master's in Architecture from the Delft University of Technology. Christiaan Lever is Portfolio Manager High Yield and Emerging Credits 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. The RobecoSAM Emerging SDG Credits fund is managed within Robeco's credit team, which consists of eight portfolio managers and twelve credit analysts (of which four cover the financial sector). 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 sixteen years, of which eight years with Robeco.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 30-04-2023
Per period Fund Index

1 month

0.86%

0.88%

3 months 

-0.01%

0.09%

YTD

2.87%

3.14%

1 year

1.36%

1.33%

2 years

-4.05%

-4.34%

3 years

1.28%

1.52%

5 years

2.12%

2.07%

Since inception 11/2014

2.41%

2.98%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2022

-10.88%

-12.26%

2021

0.01%

0.91%

2020

7.87%

7.13%

2019

12.33%

13.09%

2018

-2.20%

-1.65%

2020-2022

-1.31%

-1.75%

2018-2022

1.10%

1.08%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

Characteristics

  • Statistics
  • Hit-ratio
  • Characteristics
Per 30-04-2023
Statistics 3 years 5 Years

Tracking error ex-post (%)

The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.

1.68

1.71

Information ratio

This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.

0.67

0.84

Sharpe ratio

This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.

0.18

0.25

Alpha (%)

Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..

1.12

1.43

Beta

Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.

0.98

0.90

Standard deviation

Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).

7.25

7.51

Max. monthly gain (%)

The maximum (i.e. highest) absolute positive monthly performance in the underlying period.

5.93

5.93

Max. monthly loss (%)

The maximum (i.e. highest) absolute negative monthly performance in the underlying period.

-4.31

-9.20

Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

22

37

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

61.1

61.7

Months Bull market

Number of months of positive benchmark performance in the underlying period.

20

37

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

14

24

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

70

64.9

Months Bear market

Number of months of negative benchmark performance in the underlying period.

16

23

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

8

13

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

50

56.5

Characteristics Fund Index

Rating

The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.

BAA1/BAA2

BAA3/BA1

Option Adjusted Modified Duration (years)

The interest rate sensitivity of the portfolio.

4.20

4.20

Maturity (years)

The average maturity of the securities in the portfolio.

5.70

6.60

Green Bonds (%)

The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.

10.40

5.10

Above mentioned ratios are based on gross of fees returns.

Costs

Per 30-04-2023
Cost of this fund Percentage

Ongoing charges

Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.

1.42%

Included management fee

A fee paid by the fund to the asset management company for the professional management of the fund.

1.20%

Included service fee

This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.

0.16%

Transaction costs

The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.

0.15%

MISSING: fund.detail.tabs.performance-costs.costs.disclaimer

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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Currency

Duration

Rating

Sector

Subordination

Top 10

  • Currency
  • Duration
  • Rating
  • Sector
  • Subordination
  • Top 10
Per 30-04-2023
Our currency positioning over different hard currencies is the result of our beta positioning, sector themes and issuer selection. The fund invests in hard-currency bonds only. In addition to USD-denominated bonds, the fund holds around 20% EUR-denominated bonds, of which the currency exposure is hedged back to the US dollar, the fund's base currency. The remainder is held in cash.

Policies

  • All currency risks are hedged.

  • The fund does not distribute a dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.

  • Robeco Sustainable Emerging Credits is an actively managed fund that invests in corporate bonds in emerging markets. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The fund has the flexibility to invest in value opportunities beyond the index universe, which means that the fund comprises both local currency and hard currency debt. Companies are selected based on their exposure rather than their location, and sometimes sovereign exposure is chosen over credit exposure. In-depth, company-specific analysis and country analysis are important pillars in the investment process. Benchmark: JPM CEMBI Broad Diversified. 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, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the 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 ESG characteristics promoted by the fund.

  • Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Fund allocation
Policies

Sustainability-related disclosures

Full sustainability-related disclosures
Download full report
Summary sustainability-related disclosures
Download summary

Sustainability profile

Per 30-04-2023
Exclusions +
ESG Integration

Sustainability

Per 30-04-2023

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 invests in credits issued by companies with a positive, neutral or low negative impact on the SDGs. The exposure to credits issued by companies with a low negative impact is at max 20% and the average SDG score of the fund must be greater than zero. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is quantified with a proprietary SDG score methodology, 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. Furthermore, the fund invests at least 5% 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.

Information
Profile
Sustainability

Market development

Per 30-04-2023

After a tumultuous March, volatility came down, although markets failed to find a clear direction. Markets are increasingly worried about the looming recession, while inflation proves to be more sticky than anticipated in developed markets. In emerging countries in many cases inflation is less of an issue and local central banks may have room to start lowering rates ahead of developed markets. However, the JPM CEMBI universe failed to materially outperform developed indices. Latin American markets showed a weak performance during April. Political unrest and weaker commodity prices are likely the key drivers of this. Asian markets remained relatively strong. This was the only region where there was an active new issue market this month. Most of the issuance were well-know high grade names, but also new issuers such as Pertamina Geothermal were able to issue new bonds. The CEMBI spread declined 3 bps to 372 bps over the month, while the yield remains close to 7.5%.

Performance explanation

Per 30-04-2023

Based on transaction prices, the fund's return was 0.86%. The total return of the index was 0.88% for the month. The fund outperformed its index by 9 basis points. This month's beta contribution added 4 basis points, as spreads moved tighter and we have a small beta overweight. Issuer selection had a positive impact on performance of 5 basis points. On an issuer level, we gained the most through Ecopetrol (UW), Adani Green (OW), Banco Santander (OW), GLP (UW) and K Bank (OW). The biggest detractors were PCCW (OW), Lima Metro (OW), Seagate (OW), Cable & Wireless (OW) and Colombia (OW).

Expectation of fund manager

Reinout Schapers

Reinout Schapers

Christiaan Lever

Christiaan Lever

What happened at Silicon Valley Bank and Credit Suisse? At the end of the hiking cycle (certainly after such a steep rise in central bank rates), there are casualties. There always are. We just do not always know which sector or region is the most vulnerable at that point in the business cycle. The recent banking stress will have changed one thing. Bank lending standards were already tightening and this process will now accelerate. Refinancing is the key element in a credit downturn and this is precisely what will be more difficult for some companies. Rates fears were the key driver in this cycle and 10-year yields historically seem to peak at that penultimate point. But it looks as though we are now back to fundamentals and we therefore have some confidence that it is time to slowly enter a buy-on-dips strategy. Spreads on all segments of the credit market are now undoubtedly above median spreads, although divergence is also visible here. Could spreads go wider in a full-blown recession scenario? Yes, they can. However, we do feel comfortable running a beta above 1, as there are clear pockets of value across markets. Active positioning will remain key throughout the volatility.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • Product sheet
  • Prospectus
  • Articles of association
  • Key Information Document (PRIIP)
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2021
  • Annual report 2020
  • Annual report 2019
  • Semi-annual report 2022
  • Semi-annual report 2021
  • Semi-annual report 2020

Announcements

  • Publication Semi-annual reports 2022 (31-08-2022)
  • Semi-annual 2021 available (31-08-2021)
Fund documents
Reports
Announcements

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