Robeco Global SDG Credits FH USD
Select companies that contribute positively to the SDGs while aiming to outperform over the full credit cycle
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.
FH-USD
CH-AUD
CH-EUR
CH-USD
DH-EUR
DH-SEK
DH-USD
EH-SEK
FH-CHF
FH-EUR
FH-GBP
FH-SEK
GH-GBP
IBXH-USD
IEH-GBP
IH-CHF
IH-EUR
IH-GBP
IH-JPY
IH-NOK
IH-SEK
IH-USD
M2H-EUR
Z-EUR
Z-GBP
ZH-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU2055796721
Bloomberg:
ROGSCFU LX
Index
Bloomberg Global Aggregate Corporates Index
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 (31/10)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite
- Managed with an active, value focused and contrarian investment style
- Experienced and stable investment team
About this fund
Robeco Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and 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 invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The fund takes into account the contribution of a company to the United Nations Sustainable Development Goals (SDG). The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si.
Defining fair value in global credit markets
Key facts
Total size of fund
$ 2,197,656,687
Size of share class
$ 17,267,410
Inception date share class
25-09-2019
1-year performance
12.99%
Dividend paying
No
Fund manager
Reinout Schapers
Matthew Jackson
Evert Giesen
Reinout Schapers is Portfolio Manager 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. Matthew Jackson is Portfolio Manager Global Investment Grade in the Credit team. He joined Robeco in 2024 from Western Asset Management in London where he started his career in the industry in 2003 and consequently held roles of Risk Analyst, Portfolio Analyst, Research Analyst and Portfolio Manager of numerous dedicated credit funds and mandates. He holds a Bachelor’s in Economics (Hons) from the University of Sheffield. Evert Giesen is Portfolio Manager Investment Grade in the Credit team. Previously, he was an Analyst, responsible for covering the Automotive sector within the Credit team. Prior to joining Robeco in 2001, Evert worked at AEGON Asset Management for four years as a Fixed Income Portfolio Manager. He has been active in the industry since 1997 and holds a Master's in Econometrics from Tilburg University.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
-1.50%
-1.62%
3 months
0.71%
1.11%
YTD
3.81%
3.62%
1 year
12.99%
12.60%
2 years
8.55%
8.28%
3 years
-1.31%
-0.94%
5 years
0.91%
0.93%
Since inception 09/2019
1.08%
1.05%
2023
8.34%
9.10%
2022
-14.57%
-14.11%
2021
-1.59%
-0.79%
2020
10.53%
8.26%
2021-2023
-3.07%
-2.40%
Statistics
Statistics
Hit-ratio
Characteristics
- Statistics
- Hit-ratio
- Characteristics
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.
0.85
0.95
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.
0.27
0.62
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.
-0.55
-0.13
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..
0.46
0.65
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.
1.04
1.03
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).
8.39
7.91
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.85
5.33
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-5.18
-6.23
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
20
33
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
55.6
55
Months Bull market
Number of months of positive benchmark performance in the underlying period.
17
32
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
9
18
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
52.9
56.3
Months Bear market
Number of months of negative benchmark performance in the underlying period.
19
28
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
11
15
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
57.9
53.6
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.
A2/A3
A3/BAA1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
5.90
6.00
Maturity (years)
The average maturity of the securities in the portfolio.
7.80
8.60
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.
12.70
5.00
Costs
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.
0.62%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.40%
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.
0.12%
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.
Fund allocation
Currency
Duration
Rating
Sector
Subordination
Top 10
- Currency
- Duration
- Rating
- Sector
- Subordination
- Top 10
Policies
All currency risks are hedged.
The fund make use of derivatives for hedging purposes as well as for investment purposes.
This share class of the fund does not distribute dividend.
Robeco Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and 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 invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The fund takes into account the contribution of a company to the United Nations Sustainable Development Goals (SDG). The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si. 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 ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco’s Good Governance policy. The fund aims to advance 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 applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies) 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 environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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 10% 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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Global Aggregate Corporates Index.
Market development
October was marked by two main themes: rising government bond yields, driven by stronger-than-expected economic data, and escalating tensions in the Middle East. In the US, the ISM services index hitting a 19-month high and an unexpectedly robust jobs report spurred a sharp increase in 10-year US Treasury yields, making October the worst month for bonds since 2022. Investor bets on a possible Trump return further added to yield pressure, as his pro-growth policies could increase inflation and lead to more issuance of long-dated bonds. In Europe, sovereign bonds fared comparatively better, though they still declined, as the ECB enacted a widely anticipated 25 basis-point rate cut at its October meeting.Middle Eastern tensions caused oil price volatility, with an initial spike after an Iranian missile strike on Israel, followed by a drop as Israel’s limited response spared oil infrastructure. Prices rose again later in the month on reports of a potential Iranian retaliation.Despite the aforementioned, credit markets performed strongly. Euro IG spreads tightened by 13 bps, outperforming USD IG spreads, which narrowed by 5 bps.
Performance explanation
Based on transaction prices, the fund's return was -1.50%. This month, the Global Aggregate Corporate Bond Index posted a return of -1.81% (hedged to EUR), with excess returns at 0.48%. The negative total returns for the period were primarily due to a sharp rise in underlying government bond yields, with German and US 10-year yields increasing by 27 and 50 bps to 2.39% and 4.29%, respectively. Meanwhile, the credit spread of the Bloomberg Global Aggregate Corporate Bond Index narrowed by 7 bps, ending the period at 92 bps.The portfolio outperformed its benchmark before fees, with performance primarily driven by issuer selection. Our regional positioning – overweight in euros and underweight in USD credit – added positively to performance from an allocation perspective. Furthermore, our overweight in maturities up to ten years and underweight in longer maturities provided an additional performance boost. On an issuer level, the top contributor was our overweight position in Heimstaden Bostad, which gained from improved sector sentiment and successfully issued its first euro-denominated bond since 2022. This issuance further lifted sentiment, tightening existing bonds.
Expectation of fund manager
Reinout Schapers
Matthew Jackson
Evert Giesen
The prevailing market consensus is that the Fed will succeed in achieving a soft landing, balancing the labor market without triggering a sharp rise in unemployment. While we agree with this consensus, we believe this to be reflected in valuations. As such, we do not see this as the moment to increase portfolio betas. In investment grade credit, we continue to feel comfortable with a beta slightly above 1. For now, we see no change in the strong technical, and if spreads do widen, we have ample room to increase beta accordingly. In a period of economic and political change, not all companies will thrive and credit selection is the key driver of alpha. The overweight positions in banks and corporate hybrids still offer attractive opportunities, so we maintain those exposures. In global portfolios, we remain overweight in European credit, both in investment grade and high yield segments.