Robeco Global SDG Credits EH SEK

Select companies that contribute positively to the SDGs while aiming to outperform over the full credit cycle

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Class and codes
  • Asset class
    Bonds
  • ISIN
    LU2582978149
  • Bloomberg
    RGSDIEH LX
Asset class
Bonds
ISIN
LU2582978149
Bloomberg
RGSDIEH LX
Index
Bloomberg Global Aggregate Corporates Index (Hedged into SEK)
Sustainability-related information
Article 8
Commentary
Overview Performance & costs Portfolio Sustainability Commentary Documents

Market development

Per
Credit markets navigated a volatile November. Spreads widened early in the month as markets priced out a December Fed cut and equity volatility rose, but most of that move reversed once softer labor data, dovish Fed commentary, and the resolution of the US government shutdown restored expectations for near-term easing and reduced fiscal uncertainty. A benign CPI print and a late month rally in US and European rates supported risk appetite, while the UK budget on 26 November delivered no major surprises, helped steady Gilt markets, and avoided renewed pressure on banks. Japan was a notable outlier, with a sharp rise in long-dated JGB yields as the market tested the Bank of Japan's resolve. Technical conditions were mixed. November delivered one of the heaviest new issue calendars of the year, with jumbo multi tranche supply from Alphabet and Amazon, following Meta's blockbuster deal at the end of October. The sheer volume created brief indigestion and soft secondary performance in early prints. By month-end, however, supply tapered, the market absorbed the backlog, ETF flows steadied, liquidity improved, and sentiment firmed as concerns around the crowded AI trade eased.

Performance explanation

Per
Based on transaction prices, the fund's return was 0.25%. The Bloomberg Global Aggregate Corporate Bond Index gained 0.26% in November (hedged to EUR). US IG spreads widened by 2 bps, while EUR IG spreads tightened by 6 bps, to 80 and 83 basis points, respectively. Government yields moved lower: the 10-year US Treasury declined by 7 bps to 4.01%, while the 10-year Bund rose by 6 bps to 2.69%. Total returns were driven mainly by falling sovereign yields, while credit excess returns were slightly negative for the month. The portfolio performed broadly in line with its benchmark before fees. The impact from beta was negligible, as we maintained a near neutral stance throughout the month. Issuer selection was also broadly flat. Our overweight to euro credit versus US dollar credit detracted at the allocation level, but this was offset by strong single name selection. Key contributors included overweight positions in ZF Friedrichshafen, Energeticky a Prumyslovy Holding, Volkswagen, Eli Lilly and Oracle.

Expectation of fund manager

  • Matthew Jackson
    Matthew Jackson
  • Daniel Ender
    Daniel Ender
  • Evert Giesen
    Evert Giesen
  • Joost Breeuwsma
    Joost Breeuwsma
Credit markets remain comfortably numb: spreads hover near cycle tights and risk appetite holds even as growth slows and inflation risks persist. Strong technicals and fading memories of drawdowns keep investors long, yet valuations leave no margin for error. In the US, credit defies weakening fundamentals: softer labor demand, margin pressure, and political interference at the Fed risk reigniting inflation into a cooling economy. Tariff pass-through and sticky services prices lift stagflation risk, so complacency is the enemy. We stay defensive, favoring shorter spread duration and higher quality issuers. Europe remains our preferred region given sturdier balance sheets, near target inflation, and supportive technicals. In IG, we keep spread duration short, underweight in long dated USD, and tilt up in quality. In HY, we run roughly neutral beta in BB and B, avoid CCC, and hunt idiosyncratic carry. We take profits in European corporate hybrids after sharp tightening, and stay overweight in European bank subs. EM technicals are constructive, but stretched valuations argue for selection over beta. Bottom line: we are cautious on valuations, constructive on technicals, and patient on adding risk.