
Sustainable Pension Income X EUR
Exposure to global investment grade credits contributing to the realization of the SDGs
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.
X-EUR
Class and codes
Asset class:
Bonds
ISIN:
NL0013332463
Bloomberg:
POSPIEX NA
Reference 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
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Contributes actively to the realization of the SDG goals
- Core exposure of portfolio invested in global investment grade credits
- Experienced investment team
About this fund
Sustainable Pension Income is a multi-asset fund which includes Affiliated Investment Institutions, domiciled in the Netherlands and/or Luxembourg and derivative instruments, bonds and deposits which may also be included in the Investment Institution’s portfolio. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector. The-fund is pursuing a sustainable investment objective by investing in (Affiliated) Investment Institutions which are classified as Article 9 under SFDR thereby following the sustainable investment objectives as adopted by those strategies.
Key facts
Total size of fund
€ 7,756,696
Size of share class
€ 7,756,696
Inception date fund
10-04-2019
1-year performance
-4.23%
Dividend paying
No
Fund manager

Reinout Schapers
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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.38%
3 months
-1.54%
YTD
1.22%
1 year
-4.23%
2 years
-4.49%
3 years
-1.83%
Since inception 04/2019
0.89%
2022
-11.21%
2021
4.13%
2020
3.76%
2020-2022
-1.37%
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.
0.86
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.
-0.09
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.
-0.34
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..
-0.01
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.
1.03
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).
6.26
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
5.47
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-3.66
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
18
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
50
Months Bull market
Number of months of positive benchmark performance in the underlying period.
15
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
8
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
53.3
Months Bear market
Number of months of negative benchmark performance in the underlying period.
21
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
10
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
47.6
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
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
6.00
Maturity (years)
The average maturity of the securities in the portfolio.
7.60
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.
0.14%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.13%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.04%
Fiscal product treatment
The fund is established in the Netherlands. The fund is closed for corporate-income tax purposes (fiscally transparent). This means that all results are attributed directly to the participants. As a consequence, the fund is not liable to corporate-income tax and withholds no dividend tax.
Fund allocation
Country
Duration
Rating
Subordination
- Country
- Duration
- Rating
- Subordination
Policies
All currency risks are open.
This share class of the fund does not distribute dividend.
Sustainable Pension Income is a multi-asset fund which includes Affiliated Investment Institutions, domiciled in the Netherlands and/or Luxembourg and derivative instruments, bonds and deposits which may also be included in the Investment Institution’s portfolio. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector. The-fund is pursuing a sustainable investment objective by investing in (Affiliated) Investment Institutions which are classified as Article 9 under SFDR thereby following the sustainable investment objectives as adopted by those strategies. Sustainable Pension Income invests in the RobecoSAM Global SDG Credits fund. 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. In addition, the fund applies normative, activity-based and region-based exclusions. The fund does not use a benchmark.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
Sustainability
The fund invests a minimum of 80% in other Robeco managed or externally managed funds which are classified under Article 8 or 9 of SFDR and either promote environmental or social characteristics or have sustainable investment as their objective. Sustainability is thus an important considerations in the fund selection. The following sections display the ESG-metrics that are relevant 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 [Index name].
Market development
In August, credit spreads widened modestly, influenced by several factors including the prospect of interest rates remaining higher for longer and a continued softening of economic data, particularly in Europe and China. In the US, noteworthy events included the decision by Fitch Ratings to downgrade the US credit rating from AAA to AA+, the Federal Reserve's Jackson Hole Conference speech emphasizing the necessity for additional tightening measures to address inflation concerns, and the release of JOLTS job vacancy data for July, which came in softer than expected. In Europe, there were growing economic concerns as the August flash PMIs revealed a significant decline, with the Eurozone composite PMI dropping to 47.0, the lowest since late 2020, and the UK's composite PMI contracting to 47.9, the first since January. Despite these challenges, European inflation remained resilient. In China, concerns around the economy persisted, while headwinds in the property sector intensified following Country Garden's missed bond payments. Consequently, the PBoC continued with piecemeal easing, including another policy rate cut and substantial liquidity injections into the banking system.
Performance explanation
Based on transaction prices, the fund's return was 0.38%. The Global Aggregate Corporate Bond Index returned -0.57% (hedged in euro) this month. Excess returns for the index were -0.13%. The credit spread on the Bloomberg Global Aggregate Corporate Bond Index widened 5 basis points to 133 basis points for the month. German 10-year yields tightened by 2 basis points to 2.49%, and US 10-year yields widened by 15 basis points to 4.11%. The underlying fund underperformed to the index. Our top-down position contributed neutrally to our performance. Our issuer selection detracted from our performance. In general, euro cash bonds underperformed USD cash bonds, driven by financials. resulting in a negative contribution from our overweight euro financial bond positioning. Negative SDG-rated issuers performed better than positive SDG-rated issuers. Companies that contributed negatively to our performance were: Deutsche Bank, Cellnex Telecom SA, and CaixaBank SA.
Expectation of fund manager

Reinout Schapers
A buy-on-dips (and sell-the-rally) strategy from a conservative basis remains our preferred approach. Rates and recession fears are the key drivers in this cycle. And although 10-year US yields seem close to the cycle peak, volatility and uncertainty remain. Valuations are still around their long-term average, but are tighter than in earlier years, while financial conditions have tightened further. For now, we have taken some chips off the table. With an outlook of either higher rates or a recession, and valuation in no-man’s land, markets are between a rock and a hard place. Technicals remain tough for the period to come. The Fed and ECB continue to be hawkish as inflation remains higher than desired. Both central banks are continuing their quant tightening programs, which are taking liquidity out of the market. In our opinion, it is more important to look at the change in purchasing by central banks, which has become negative. For our investment grade credit portfolios, we brought betas back to around 1.1, whereas the betas of our high yield funds moved below 1.