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Robeco Euro Sustainable Credits CH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU0940006967
  • Best in class sustainable fund using ESG-data as starting point
  • Disciplined and repeatable investment process
  • Experienced team management
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Euro Sustainable Credits provides a diversified exposure to the the most sustainable companies in each sector within the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund applies a screening process to select issuers that are ranked based on their sustainability profile. Following the screening procees the fund is actively managed and implements beta policy and can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds.

Performance

No performance data available

Performance

Robeco Euro Sustainable Credits CH EUR

Performance

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Statistics

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Subject 3 years 5 years
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Dividend paying history

Date Amount
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Market development

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Credit markets were quite volatile this month, mainly driven by macro-economic developments in Turkey, Argentina and Italy. Some European banks have significant loan exposure to Turkey, but most non-financial corporates and banks are insulated from the weak Turkish economy. The political situation in Italy remains a concern for investors, as the Italian government is preparing its annual budget. Spreads on Italian corporates widened, and on top of that came the collapse of a bridge in Genoa on 14 August. Spreads on toll road operator Autostrade per l’Italia and its owner Atlantia widened significantly. Bond prices dropped almost 10%, as the Italian government started a procedure to take away the company’s license to operate toll roads.The European Central Bank purchase programs were less active during the holiday period. The asset purchase programs will be reduced towards year-end, but interest rates will not be raised before the summer of 2019. The ECB’s corporate sector purchases amounted to EUR 166 billion at the end of the month.

Fund Classification

DescriptionYesNoN/A 
Voting
Engagement
ESG integration
Exclusion
DescriptionYesNoN/A 
Screening
Integration
Sustainability Themed Fund

Fund allocation

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Name Sector Weight
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Currency policy

The fund only invests in Euro-denominated bonds.

Derivative policy

Robeco Euro Sustainable Credits make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

Dividend policy

The fund distributes dividend on a quarterly basis. This fund aims to pay a quarterly dividend of 1.00%. The dividends referred to are target dividends and may be subject to change as a result of market conditions.

ESG Integration policy

ESG integration is key within the investment universe that only consists of companies that have best-in-class ESG scores, determined by the research process of RobecoSAM. Our credit analysts integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to assess the downside risk of our credit investments.

Investment policy

Robeco Euro Sustainable Credits provides diversified exposure across circa 80 corporate issuers to the Euro investment grade credit market (industrial and financial companies). The fund selects the best-in-class sustainable issuers in close cooperation with RobecoSAM, market leader in sustainability information. The investment philosophy is based on managing a solid diversified portfolio with a long term view. The universe for this fund consists of thoses companies in each sector, that have the best scores in the three ESG factors. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, in which the team is discussing the fundamental market outlook, valuation of bond markets and market technicals. Bottom-up issuer research is executed by our credit analysts, who execute the fundamental analysis. The analyst research reports are being discussed in approx. 500 credit committees per year. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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With the US growing nicely and the rest of the world cooling to more moderate levels, there is no immediate cause for concern from a macro point of view. We should be aware that differing growth rates between the US and the rest of the world will also continue to drive diverging monetary policy paths.Valuations have improved quite a bit in European investment grade, while other areas such as high yield remain quite expensive. The main question here is whether the effects of the recent volatility in Italy, Argentina, Turkey will extend to other credit classes or not. These corrections have been in stark contrast to the recent rallies in equities and US high yield, for example. This seems to be a bit inconsistent. Market technicals are still weak. The correlation between risky assets and central bank balance sheets is striking and causes flows into credit to moderate. We continue to see value in financials and some other pockets that have widened already, while we stick to our cautious overall top-down positioning.

Jan Willem de Moor
Jan Willem de Moor

Jan Willem de Moor

Mr. de Moor is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. de Moor was employed by SBA Artsenpensioenfondsen as Senior Portfolio Manager Equities for six years. Before that, he worked at SNS Asset Management holding positions of Portfolio Manager Equities (three years) and Research Analyst (two years). Jan Willem de Moor started his career in the Investment Industry in 1994. He holds a Master's degree in Economics from Tilburg University.

Team

The Robeco Euro Sustainable 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.

Details

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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU0940006967
BloombergROBSCCH LX
Valoren21528986
WKNA14R1L
AvailabilityAT, BE, DE, LU, NL, CH
1st quotation date1378166400000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
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Transaction costs

The expected transaction costs are

Performance fee

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Extra fees

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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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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