RobecoSAM SDG High Yield Bonds IEH USD
Benefiting from a long-term quality approach pays off in high yield bonds
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.
IEH-USD
DH-EUR
DH-NOK
DH-SEK
EH-SEK
FH-EUR
FH-USD
IE-EUR
IEH-GBP
IH-CHF
IH-EUR
IH-GBP
IH-USD
ZH-GBP
Class and codes
Asset class:
Bonds
ISIN:
LU2529316437
Bloomberg:
RSHYIEH LX
Index
Bloomberg Global High Yield Corporate 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
- Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
- Managed with a conservative approach by an experienced team
- Disciplined and repeatable investment process
About this fund
RobecoSAM SDG High Yield Bonds is an actively managed fund that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. 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.
Key facts
Total size of fund
$ 513,193,949
Size of share class
$ 10,694,722
Inception date share class
20-09-2022
1-year performance
10.23%
Dividend paying
Yes
Fund manager
Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning
Christiaan Lever is Portfolio Manager High Yield and Emerging Credits in the Credit team. Before assuming this role in 2016, he was Financial Risk Manager at Robeco, focusing on market risk, counterparty risk and liquidity risk within fixed Income markets. Christiaan has been active in the industry since 2010. He holds a Master's in Quantitative Finance and in Econometrics from Erasmus University Rotterdam. Sander Bus is CIO and Portfolio Manager High Yield Bonds in the Credit team. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Roeland Moraal is Portfolio Manager High Yield in the Credit team. Before assuming this role, he was Portfolio Manager in the Robeco Duration team and worked as an Analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam. Daniel de Koning is Portfolio Manager High Yield in the Credit team. Prior to joining Robeco in 2020, he was Portfolio Manager High Yield at NN Investment Partners. Daniel started his career in 2011 at APG Asset Management, where he held roles of Credit Analyst and Portfolio Manager High Yield. He holds a Master’s in Business Economics from the University of Amsterdam and he is a CFA® and CAIA® charterholder. RobecoSAM SDG High Yield Bonds is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 three dedicated quantitative researchers and four 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
0.90%
1.09%
3 months
1.59%
1.93%
YTD
1.59%
1.93%
1 year
10.23%
11.54%
Since inception 09/2022
10.86%
10.89%
2023
12.08%
13.04%
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.
BA2/BA3
BA3/B1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
3.20
3.10
Maturity (years)
The average maturity of the securities in the portfolio.
4.30
4.10
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.
6.40
3.20
Dividend paying history
24-04-2024
$ 4.62
27-04-2023
$ 1.25
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.
0.69%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.55%
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.
0.01%
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
Country
Currency
Duration
Rating
Sector
Top 10
- Country
- Currency
- Duration
- Rating
- Sector
- Top 10
Policies
All currency risks are hedged.
RobecoSAM SDG High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are liquid.
This share class of the fund will distribute dividend.
RobecoSAM SDG High Yield Bonds is an actively managed fund that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. 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 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 and applies Robeco’s Good Governance policy and applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The majority of bonds selected through this approach will be components of the benchmark, but bonds outside the benchmark index 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.
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
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 2% 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 High Yield Corporate Index.
Market development
January marked a subdued performance in the US high yield market, with spreads widening by 7 basis points to reach a total of 307 basis points. Concurrently, the yield-to-worst declined to 7.33%, a decline of 17 basis points. Earnings season has started and seems to be in line with expectations. Economic data, especially from the U.S., is still very supportive, with decent wage growth and low unemployment. The last two months surprised on the upside with U.S. core CPI at 0.4%. With concern about rising inflation, that meant investors pushed back the timing of expected rate cuts from the Fed. Indeed, at the start of the year, investors were expecting the Fed to cut rates at the March meeting. But at the moment June is seen as the most likely timing for a first cut. With the rising commotions in the Middle East, we've also seen oil prices increase from their lows in the past weeks. Again, putting some pressure on inflation outlooks. Primary activity in March for high yield bonds and loans sustained February and January's torrid pace, as issuers remain keenly focused on refinancing 2025's maturities.
Performance explanation
Based on transaction prices, the fund's return was 0.90%. In March, the high-yield bond index recorded a total return of 0.97%. Excess returns were a small positive and underlying government bonds declined a few bps. The fund underperformed versus the benchmark by 12 bps. Issuer selection detracted 5 bps whereas beta positioning also was a small detractor. On a risk-adjusted basis, the BB category was a clear outperformer in both regions, mainly driven by a few blowups in the lower credit quality category, namely Intrum, Altice and Ardagh. Our underweight in Altice France, especially the unsecured part of the debt structure, resulted in a positive contribution to performance. During the company's earnings call in March, the management of Altice France lowered its guidance and indicated it would seek potential haircuts for bond holders in order to reduce its elevated debt load. Our overweight in packaging company Ardagh detracted from performance. The company's financial metrics have been deteriorating as the packaging sector is going through a cyclical downturn. The situation worsened in March 2024, when press releases came out indicating that the company had hired financial and legal advisors to address its debt structure.
Expectation of fund manager
Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning
The ideal scenario for credit appears to be materializing, with declining inflation and the likely avoidance of a recession. Credit markets have 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 ever-present risks in a changing world. With current tight valuations and risk positioning, there is ample room for disappointment. The US economy has shown remarkable resilience. One major factor for this strong performance has been fiscal stimulus that has kept consumer and government spending high. But performance of the corporate sector is mixed. While large-cap tech stocks are posting record profits, the SME sector is feeling the pressure of higher rates, and EBIT proxies for the broader economy show that profits are actually down. In the high yield universe, there are several companies that are now struggling to refinance upcoming maturities and debt restructurings that are unfavorable to creditors are on the rise. This is the environment in which it is important to firmly hold on to our quality tilt and accept a beta below 1.
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.