
RobecoSAM Euro SDG Credits F EUR
Pioneering SDG Framework for credit portfolios
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.
F-EUR
0E-EUR
B-EUR
C-EUR
D-EUR
I-EUR
IE-EUR
IEH-CHF
IH-CHF
IH-GBP
IH-USD
Class and codes
Asset class:
Bonds
ISIN:
LU0940006884
Bloomberg:
ROBSFHE LX
Index
Bloomberg Euro Aggregate: Corporates
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 (30/07)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in companies that contribute to the United Nations Sustainable Development Goals
- Provides a diversified exposure to the Euro investment grade credit market
- Disciplined and repeatable investment process and experienced team management
About this fund
RobecoSAM Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth. 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 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 fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds.
Key facts
Total size of fund
€ 1,065,293,715
Size of share class
€ 101,748,607
Inception date fund
03-09-2013
1-year performance
-3.13%
Dividend paying
No
Fund manager

Peter Kwaak

Jan Willem de Moor
Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Jan Willem de Moor is Co-Head Portfolio Management Investment Grade in the Credit team. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University. The RobecoSAM Euro SDG Credits fundis managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials 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 dedicated quantitative researchers and 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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.96%
1.05%
3 months
0.90%
0.78%
YTD
2.77%
3.26%
1 year
-3.13%
-3.35%
2 years
-6.43%
-6.38%
3 years
-3.44%
-3.28%
5 years
-0.94%
-0.90%
10 years
0.95%
1.11%
Since inception 05/2010
1.85%
2.07%
2022
-13.25%
-13.65%
2021
-1.46%
-0.97%
2020
3.27%
2.77%
2019
5.96%
6.24%
2018
-1.64%
-1.25%
2020-2022
-4.07%
-4.21%
2018-2022
-1.65%
-1.61%
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.
0.62
0.64
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.
0.61
0.80
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.
-0.54
-0.07
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..
0.37
0.54
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.
1.00
1.02
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).
6.01
6.25
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.29
4.34
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-3.99
-7.11
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.
18
32
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
17
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
55.6
53.1
Months Bear market
Number of months of negative benchmark performance in the underlying period.
18
28
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
12
20
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
66.7
71.4
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.
4.50
4.50
Maturity (years)
The average maturity of the securities in the portfolio.
4.90
5.00
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.
15.70
11.40
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.
0.57%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.35%
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.
0.11%
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
Investors outside Luxembourg are subject to their national tax regime applying to foreign investment funds. We advise individual investors to contact their financial or fiscal adviser regarding their specific fiscal situation.
Fund allocation
Duration
Rating
Sector
Subordination
Top 10
- Duration
- Rating
- Sector
- Subordination
- Top 10
Policies
The fund only invests in Euro-denominated bonds.
RobecoSAM Euro SDG Credits make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.
The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
RobecoSAM Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. 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 Governance) factors in the investment process, 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's objective is to provide long term capital growth. 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 fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds. 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 management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures

Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
Sustainability profile
SDG Impact Alignment
This distribution across SDG scores shows the portfolio weight allocated to companies with a positive, negative and neutral impact alignment with the Sustainable Development Goals (SDG) based on Robeco’s SDG Framework. The frameworks, which utilizes a three-step approach to assess a company’s impact alignment with the relevant SDGs, provides a methodology for assigning companies with an SDG score. The score ranges from positive to negative impact alignment with levels from high, medium or low impact alignment. This results in a 7-step scale from -3 to +3. If the data set does not cover the full portfolio, the figures shown above each impact level sum to the coverage level to reflect the data coverage of the portfolio, with minimal deviations that reflect rounding. Weights < 0.5% will show as 0. If an index has been selected, the same figures are also provided for the index. Holdings mapped as corporates and/or sovereign are included in the figures. For more information, please visit https://www.robeco.com/docm/docu-brochure-robecosam-sdg-framework.pdf


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.
Market development
Credit spreads tightened in July, but this tightening was more than offset by an increase in underlying government bond yields. Several countries experienced a decrease in headline inflation, primarily influenced by the decline in energy prices, but core inflation remained elevated. The ECB kept a hawkish stance and raised interest rates by 25 basis points. The inflation situation in the United Kingdom is even worse and the Bank of England surprised markets with a 50 basis points hike. Similarly, the FOMC struck a hawkish tone by indicating that the Fed is a long way from loosening policy, but nevertheless decided to maintain interest rates during its monthly meeting, signaling the first break in policy after 15 months. In Asia, Chinese economic data continued to disappoint, with manufacturing PMIs declining further due to weak external demand and insufficient domestic demand. Also in Europe several forward looking indicators are flagging recession risk. Even though risks are clearly visible, a sense of optimism in risky assets prevailed. This was visible in lower credit spreads, higher equity prices and declining volatility indicators, both in equities and fixed income.
Performance explanation
Based on transaction prices, the fund's return was 0.96%. The underlying portfolio underperformed its benchmark index, gross of fees. The benchmark total return was mainly driven by tighter credit spreads, as the Euro aggregate corporate index tightened by 16 basis points to 147 bps over underlying government bonds. Consequently, European corporate bonds outperformed underlying treasuries. Euro government bond yields moved up, with the 10-year German Bund yield rising 10 basis points to 2.49%. Relative performance is attributed to beta positioning and issuer selection, in line with our investment process. The contribution from our beta overweight position was positive during the month, as we maintained a beta well above 1 throughout the course of the month. This was offset by the negative contribution from issuer selection. On a sector level, our issuer selection in the banking and insurance sectors was a drag on performance this month, while our contribution was positive in consumer non-cyclical and basic industry, albeit to a lesser extent. At the issuer level, the largest positive contributions came from overweight positions in financials like Deutsche Bank and Crédit Agricole, as well as from non-financial corporates like AT&T.
Expectation of fund manager

Peter Kwaak

Jan Willem de Moor
Central banks have been experimenting with monetary policy for many years now. The economic system created debt in all corners of society. A fast and aggressive hiking cycle will reveal many problems, not just at Silicon Valley Bank. A recession could start somewhere toward the end of the year – and we believe central banks will cause one. Recent developments in the banking sector will lead to a further tightening of lending standards, which will put additional pressure on the economy. Our concern is with leveraged sectors that are interest rate sensitive like real estate. We have increased our overweight beta position during March. Valuations had improved after the spread widening, especially in the financial sector. We are far enough into the business and rate cycle that when markets become too bearish, buying on the dip makes sense. This time, the sell-off in bank Tier-1 CoCos and subordinated financials led to a buying opportunity in those segments. Valuations for non-financials are relatively less attractive and valuations for cyclicals are not fully reflecting recession risks at the moment.
Important information
Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.
Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.