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Robeco Euro Sustainable Credits FH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU0940006884
  • 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 payingNo

About this fund

Robeco Euro Sustainable Credits provides a diversified exposure to 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 process 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.

Price development

No performance data available

Price development

Robeco Euro Sustainable Credits FH EUR

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was 0.30%. The portfolio posted a positive return in December, which was higher than the return of the index. The average credit spread of the index widened from 149 basis points to 152 basis points during the month. This means that the excess return of corporate bonds over government debt was just below zero during the month. Underlying government bond yields declined during the month, benefiting the portfolio’s return. The beta of the portfolio was above one; this positioning made no significant contribution.The largest positive contribution in issuer selection was realized through the overweight position in Intesa Sanpaolo and Telecom Italia. These positions both benefited from the outperformance of Italian credit. UK names such as Barclays and RBS contributed positively as well. Spreads of UK banks tightened a bit, even though the Brexit uncertainty has not yet diminished. Three large underweight positions actually performed well, as spreads of GE, Generali and Deutsche Bank recovered. This contributed negatively to the relative performance of the fund, as did the positions in deeply subordinated debt of ABN AMRO and Vodafone.

Statistics

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Market development

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Risk appetite in capital markets was limited in December, though the level of pessimism was highest in the US and not in Europe this time. Sentiment towards Italy improved considerably, as the Italian government decided to adjust its 2019 budget a little bit, to avoid an Excessive Deficit Procedure. Italian government bonds performed well in December, as did bonds issued by Italian corporates and financials. Several Spanish issuers benefited from this improved sentiment towards southern Europe.In the UK, the parliamentary vote on the exit deal was postponed until January. It is still unlikely that the deal will be approved by parliament in the first instance and it is not very clear what will happen in the coming months. Having said that, spreads for UK banks recovered somewhat in December. The most volatile action was visible in the US credit market. Spreads for US credit and high yield widened significantly. As expected, the Fed raised interest rates, but the outlook for further hikes in 2019 was more hawkish than the market had hoped for. Trade war tensions increased after the arrest of Huawei’s CFO in Canada.

Fund allocation

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Name Sector Weight
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Fund Classification

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

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 does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

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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Our latest Quarterly Outlook took place on 6 December. There are many reasons to be cautious about credit markets, like trade wars, Italy, Brexit and the slowdown in China. The biggest concern however, seems to be the end of easy liquidity, now that QE is ending and the Fed is hiking rates. It is very difficult to predict when the next recession will arrive, but we can see that market volatility is increasing and we know that especially the US credit market is vulnerable after a long period of increasing corporate leverage. We do take some comfort from the fact that European companies have behaved fairly conservatively in the past years. Market expectations for the hiking path of the Fed are changing and we might be very close to the last hike already. Valuations have improved as spreads have widened, so we think it is too late for an underweight positioning. We are willing to buy bonds that have widened significantly already, while we keep our cautious stance towards expensive names that have not repriced yet. We are still shying away from buying Italian credit.

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 company
Fund capital
Size of share class
Outstanding shares
ISINLU0940006884
BloombergROBSFHE LX
Valoren21528985
WKN
Availability
1st quotation date1378166400000
Close financial year31-12
Legal status
Tracking error limit (%)
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

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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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