RobecoSAM SDG Credit Income IBH GBP
Targeting a consistent level of income by investing in companies that contribute to 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.
IBH-GBP
BX-USD
BXH-EUR
BXH-HKD
BXH-SGD
C-USD
CH-EUR
CH-GBP
D2-USD
D3-USD
DH-EUR
EH-EUR
F-USD
FH-EUR
I-USD
IBX-USD
IBXH-SGD
IE-USD
IH-EUR
IH-GBP
ZBH-AUD
ZH-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU2408968936
Bloomberg:
ROSCIIB LX
Reference index
Bloomberg Customized BBB-BB rated Global Corporate index, 1-7 years (Hedged into GBP)
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
- Flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds
- Invests in companies that contribute to the United Nations Sustainable Development Goals
- Fund aims to maximize current yield and income for investors who are targeting a consistent level of income
About this fund
RobecoSAM SDG Credit Income is an actively managed fund that invests in companies that contribute to realizing the UN Sustainable Development Goals (SDGs). The selection of these bonds is based on fundamental analysis. The fund will invest in a broad array of fixed income sectors and utilize income efficient implementation strategies. The fund takes into account the contribution of a company to the 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's objective is to maximize current income.
Key facts
Total size of fund
£ 1,100,484,161
Size of share class
£ 167,237,874
Inception date share class
23-11-2021
1-year performance
6.59%
Dividend paying
Yes
Fund manager
Evert Giesen
Jan Willem Knoll
Reinout Schapers
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. Jan Willem Knoll is Portfolio Manager Investment Grade in the Credit team. He joined the Credit team in 2016. Previously, Jan Willem headed the Financials Equity sell-side research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including Portfolio Manager of a global insurance portfolio and subsequently a pan-European financials portfolio. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® charterholder. 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
0.95%
3 months
0.95%
YTD
0.95%
1 year
6.59%
2 years
1.17%
Since inception 11/2021
-1.11%
2023
8.13%
2022
-11.23%
Statistics
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.
BAA2/BAA3
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
5.00
Maturity (years)
The average maturity of the securities in the portfolio.
6.10
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.
9.80
Dividend paying history
27-03-2024
£ 1.29
21-12-2023
£ 1.27
27-09-2023
£ 1.27
23-06-2023
£ 1.29
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.
0.64%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.50%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.12%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.02%
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 0.01% 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 who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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
Top 10
- Currency
- Duration
- Rating
- Sector
- 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 will distribute dividend.
RobecoSAM SDG Credit Income is an actively managed fund that invests in companies that contribute to realizing the UN Sustainable Development Goals (SDGs). The selection of these bonds is based on fundamental analysis. The fund will invest in a broad array of fixed income sectors and utilize income efficient implementation strategies. The fund takes into account the contribution of a company to the 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's objective is to maximize current income. The fund has sustainable investment as its objective within the meaning of Article 8 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 investment policy of the fund is not constrained by a benchmark.
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 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.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 Customized BBB-BB rated Global Corporate index, 1-7 years (Hedged into GBP).
Market development
The US economy remains resilient after all the central bank tightening. Inflation has come down, although a return towards the Fed's target will take time. A soft landing scenario whereby rates will stay higher for longer has become the most likely scenario. With markets less concerned about recession, risk assets continued to do well in March. Although US 5-year treasury yields were relatively unchanged over the month, there was volatility during the month, driven by economic data releases. Technical demand for credit has remained extremely strong, even as spreads continued to grind tighter. Many market participants are primarily drawn to significantly higher 'all-in' yields. Supply in developed markets is decent but in emerging markets only a limited number of new deals was sold. Global High Yield Index spreads declined 13 bps to 3.82% and spreads on the Bloomberg Barclays Global Aggregate Corporates Index declined 6 bps to 1.00%. In emerging markets, the CEMBI spread declined 7 bps to 2.76%.
Performance explanation
Based on transaction prices, the fund's return was 0.95%. The total return was positive in March. Credit contributed positively to the total return over the month, while duration also contributed positively. The latter was largely driven by income from current yield levels. CoCo bonds continued to do well as the economy continues to do fine, which reduces risk of higher credit losses on bank balance sheets. Deutsche Bank did well as investors realize that the bank has manageable exposures to commercial real estate loans. In the mobile tower there was strong performance from the convertibles in Cellnex and Helios Tower. The position in Ardagh secured bonds contributed negatively.
Expectation of fund manager
Evert Giesen
Jan Willem Knoll
Reinout Schapers
The ideal scenario for credit appears to be materializing, characterized by declining inflation and the likely avoidance of a recession. Credit markets have wholeheartedly embraced this narrative and are to a large extent priced for perfection. While we acknowledge the high probability of the consensus scenario, we remain mindful of the fragility of sentiment and the omnipresence of risks in a changing world. Although index spreads are close to historical tight levels, there are still parts of the market that offer attractive yields or spreads. Attractive yields can still be found via selection of attractive sectors and issuers. All-in yield look attractive and given the continued strength of the economy, a large spike wider in spreads seems unlikely.
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.