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Robeco Euro Sustainable Credits IH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU0503372780
  • 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 Euro investment grade credit market. The selection of the bonds is based on fundamental analysis. The fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. Engagement, ESG Integration and Robeco's exclusion policy also form part of the investment policy. Following the screening process the fund is actively managed. The fund 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 IH 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 0.58%. The portfolio posted a positive return in February, which was a bit lower than the return of the index. The average credit spread of the index tightened from 142 basis points to 128 basis points during the month. This means that the excess return of corporate bonds over government debt amounted to 0.88% in February. Underlying government bond yields rose a bit during the month, contributing negatively to the portfolio’s return. The beta of the portfolio was above one during the month. This top-down positioning contributed positively to the performance of the portfolio. Issuer selection contributed negatively. Though bank bonds in general performed well in February, Tier 1 cocos underperformed on a risk-adjusted basis. This means that positions in Bankia, Caixa Bank and Banco Sabadell contributed negatively to the relative performance. Positions in Iberdrola and Abbvie lagged too. The underweight positions in Volkswagen and Deutsche Bank contributed positively to the relative performance.

Statistics

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Market development

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Risk appetite remained strong during February and credit spreads continued to tighten. One of the positive factors in the past weeks was the fact that the US and China seem to get closer to striking a trade deal. The risk of a hard Brexit has been reduced, now that the possibility of an extension of the 29 March deadline has been mentioned by Theresa May. UK banks performed well in the last week of February. A last factor that has been playing an important role since the first week of the year is the fact that central banks have changed their tone. The Fed has paused its hiking cycle and has started to talk about the end of quantitative tightening. Meanwhile economic data remains fairly weak and some individual companies, like Kraft Heinz, surprised the market with disappointing earnings. GE on the other hand surprised positively with the announcement of further steps to de-lever. There was quite a lot of new bond issuance and most of the new deals were well received by the market. It seems that most investors still have ample cash at hand and new issue allocations were often small. New issue premiums have already become much smaller, because of the large demand for new issues.

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 a diversified exposure to the Euro investment grade credit market. The selection of the bonds is based on fundamental analysis. The fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. Engagement, ESG Integration and Robeco's exclusion policy also form part of the investment policy. Following the screening process, the fund is actively managed. The fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds. 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. Since the Outlook, Central Banks have changed their tone and the risk of monetary tightening has become a bit smaller. The discontinuation of CSPP and the cash outflows of funds should have been a clear negative on spreads. But due to fewer issuances and large cash positions they have caused spreads to tighten further. In addition, CSPP is reinvesting the redemption, allowing spreads to remain subdued. That said, developments in Europe are not very encouraging. 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. We are willing to buy bonds that have widened significantly last year, while we keep our cautious stance towards 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
ISINLU0503372780
BloombergROBSCIE LX
Valoren11229231
WKNA2AJZ2
Availability
1st quotation date1274140800000
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
Service fee

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 0.01% 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 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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