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Robeco Euro Sustainable Credits IH GBP

Index: Bloomberg Barclays Euro-Aggregate: Corporates (hedged into GBP)
ISIN: LU1807417479
  • 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 GBP
Total size of fund ()
Dividend payingNo

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.

Price development

No performance data available

Price development

Robeco Euro Sustainable Credits IH GBP

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.

Statistics

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Market development

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Risky assets had a rough ride again in November. For corporate bonds, spreads tightened in the first week of the month, followed by significant spread widening in the weeks thereafter. Investors are becoming more concerned about the economic outlook, as economic data in Europe is surprising negatively and momentum in the US seems to be slowing down too. Worries around Brexit increased, as the political situation within the Conservative government turned out to be very volatile. UK banks suffered significantly in this period, with Barclays and RBS being the worst performers. Non-financial corporates are having a difficult time too. A very clear example here is the spread widening that occurred at General Electric’s debt. All three agencies downgraded the company from single A to BBB+. This downgrade caused a lot of selling, after which spreads widened significantly. In the past months, one of the themes in the market has been the big increase of the BBB weight in the corporate bond market that occurred over the past years. Potential downgrades of BBB-rated companies to high yield could lead to more forced selling in the future.

Fund allocation

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Fund Classification

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

Currency policy

All currency risks are hedged.

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 conservative 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
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Outstanding shares
ISINLU1807417479
BloombergROBSIHG LX
Valoren41363330
WKN
Availability
1st quotation date1524700800000
Close financial year31-12
Legal status
Tracking error limit (%)
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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Transaction costs

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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 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.

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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