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Robeco Euro Sustainable Credits ZH EUR

Index: Bloomberg Barclays Euro-Aggregate: Corporates (EUR)
ISIN: LU1821198147
  • 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 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 ZH 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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The portfolio posted a return that was close to zero in October, which was better than the return of the index. Credit spreads widened from 114 basis points to 128 basis points during the month, contributing negatively to the return of the portfolio. Underlying government bond yields declined, benefiting the portfolio’s return. The beta of the portfolio was just below one, implying that the top-down positioning contributed marginally positively to the performance of the portfolio. Issuer selection made a bigger contribution to the relative performance. An important factor in this month’s outperformance was the short position in high yield markets, implemented via credit derivatives. Especially the US high yield market performed poorly. This helped the performance. Individual positions that contributed most to the performance were BBVA Tier 1 and highly-rated Australian banks CBA and Westpac. Underweight positions in General Electric, Volkswagen and Atlantia contributed positively, too. Some Spanish banks underperformed following the court ruling impacting mortgage taxes. This means our holdings in Bankia and Santander contributed negatively.

Statistics

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Market development

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Risky assets performed poorly in October. This was visible in the spread widening in our market, but also in the weak performance of equity markets and the US high yield market. A rise in US government bond yields scared investors. The US economy continues to perform very well, leading to fears of higher inflation and higher rates. Notwithstanding this positive economic environment, several industrial companies reported disappointing earnings numbers, leading to sharp reactions in equity markets. Specific sectors that suffered were the auto sector and the home builders sector. The banking sector is holding up fairly well, contributing positively to the relative performance. The Italian government has so far not given in to the European Commission and is sticking to the proposed 2.4% budget deficit for 2019. Italian government debt underperformed significantly in the first weeks of the month, dragging along bonds of Italian corporates and financials. Spanish mortgage banks underperformed after an unfavorable court ruling, raising the tax bill for those banks. If and to what extent this ruling will be applied retroactively, will be decided early November.

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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The US economy is growing above its potential. In this environment, it is no surprise that the Fed continues hiking. Tighter dollar liquidity is putting pressure on non-US issuers that rely on dollar funding, which has been visible in the sell-off in some emerging markets. At the same time, the ECB is still reluctant to tighten monetary policy more aggressively. This means that divergence between global credit markets has increased in the last three months with US spreads tightening further, while Europe and especially emerging markets have underperformed. We believe that the tightest spreads in this cycle are now behind us. This does not mean that there are not any opportunities, however. In the new era of tighter monetary policy, we are probably going to see more instances of aggressive de-risking in pockets of the market. This can offer opportunities in situations where repricing has caused markets or individual issues to overshoot. We will be on the look-out for these opportunities as they arise and will be proactive in taking advantage of them. At the same time, we will make sure that our portfolios are defensively positioned.

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
Outstanding shares
ISINLU1821198147
BloombergROBSZHE LX
Valoren
WKN
Availability
1st quotation date1527120000000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

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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 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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