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RobecoSAM Euro SDG Credits IE EUR

Index: Bloomberg Euro Aggregate: Corporates
ISIN: LU1821197412
  • Invests in companies that contribute to the United Nations Sustainable Development Goals
  • Provides a diversified exposure to the Euro investment grade credit market
  • Disciplined and repeatable investment process and experienced team management
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

RobecoSAM Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth.The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si. 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

RobecoSAM Euro SDG Credits IE 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 -4.03%. The portfolio posted a negative return for the month. The euro corporate index spread widened 15 bps to 202 bps at the end of the month. As a result, the European credit market underperformed versus government bonds with an excess return of -0.61%. The total return was mainly driven by a big move in underlying government bond yields. German 10-year treasury yields almost doubled to 1.54%.The portfolio outperformed its benchmark index. Our beta policy made a small negative contribution to performance, as the beta was just above one, while credit underperformed treasuries. Issuer selection made a positive contribution, more than offsetting the negative beta effect. The largest positive contributions came from: First Abu Dhabi Bank, Banco Sabadell and Volkswagen. We continue to hold a long position in 5-year swap spreads. The return contribution this month was negative, as the swap spread widened.

Statistics

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Dividend paying history

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Market development

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The euro corporate index spread widened 15 bps to 202 bps at the end of the month. As a result, the European credit market underperformed versus government bonds with an excess return of -0.61%. The total return was mainly driven by a big move in underlying government bond yields. German 10-year treasury yields almost doubled to 1.54%. The 2-year German bond yield rose an astonishing 94 bps, ending August at 1.20%. This was probably the largest monthly rise in this metric in at least three decades. More hawkish central bank rhetoric and skyrocketing inflation pushed up yields. High natural gas prices drove up Eurozone inflation to 9.1% YoY, a new record. US inflation for July was below expectations, but Fed officials sounded hawkish and expressed the view that rates should remain higher for longer. In his Jackson Hole speech, Fed Chair Powell underlined this message, while referring to lessons of the high inflation period of the 1970s-80s. US Treasuries were down -2.8% in August.

Fund allocation

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Name Sector Weight
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Currency policy

All currency risks are hedged.

Derivative policy

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

Dividend policy

This share class of the fund will distribute dividend.

ESG Integration policy

The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in credits issued by companies with a positive or neutral impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact of financially material ESG risk on the issuer's fundamental credit quality. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion.

Investment policy

RobecoSAM Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund advances the UN Sustainable Development Goals (SDGs) by investing in companies whose business models and operational practices are aligned with targets defined by the 17 UN SDGs. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process, applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to normative, activity-based and region-based exclusions. The fund's objective is to provide long term capital growth. The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si. The fund can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds. The majority of bonds selected will be components of the Benchmark, but bonds outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the sustainable objective of the fund.

Risk policy

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

Sustainability profile

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ESG Integration

Target Universe

SDG Contribution

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The SDG score shows to what extent the portfolio and the benchmark contribute to the 17 UN Sustainable Developments Goals (SDGs). Scores are assigned to each underlying company using the Robeco SDG Framework, which utilizes a three-step approach to calculate a company’s contribution to the relevant SDGs. The starting point is an assessment of the products offered by a company, followed by the way in which these products are produced, and finally whether the company is exposed to any controversies. The outcome is expressed in a final score which shows the extent to which a company impacts the SDGs on a scale from highly negative (dark red) to highly positive (dark blue). The bar shows the aggregate percentage exposure of the portfolio and the benchmark (shaded) to the different SDG scores. This is then also split out per SDG. As a company can have an impact on several SDGs (or none), the values shown in the report do not sum to 100%. More information on Robeco’s SDG Framework can be found at: https://www.robeco.com/docm/docu-robeco-explanation-sdg-framework.pdf

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CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact1_noPoverty.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact2_zeroHunger.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact4_qualityEducation.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact5_genderEquality.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact10_reducedInequalities.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact13_climateAction.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact14_lifeBelowWater.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact15_lifeOnLand.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF ESC_20220831-CGF ESC_20220831-sdgIndividualImpact17_partnershipForTheGoals.png

Sustainability

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The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in credits issued by companies with a positive or neutral impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact of financially material ESG risk on the issuer's fundamental credit quality. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion.

Expectation of fund manager

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Downside risks to the economy have risen materially and recession risk is now openly debated. Looking at monetary policy, the main worry we have is that developed market central banks are behind the curve. The key risks here are higher-than-anticipated rate hikes in the coming months, and inflation that not only lasts longer but peaks at higher levels. It is clear that central banks will continue to fight inflation, which is likely to lead to a recession. By all standards, we have seen a very significant repricing of fixed income. Spreads on all segments of the euro credit market are now clearly above average. Euro investment grade and euro high yield have even reached the highest quartile of valuations since 2005. Could spreads go wider in a full-blown recession scenario? Yes, they can. Should we run full underweight positions until we see those highs? No, we do not believe that would be prudent to do. Even though we acknowledge that recession risks are elevated, there is never 100% certainty that this scenario will play out. Given that markets have repriced, it makes sense to start adding some risk. We are aiming for a portfolio beta that is just above one.

Peter Kwaak, Jan Willem de Moor
Peter Kwaak, Jan Willem de Moor

Peter Kwaak, Jan Willem de Moor

Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Jan Willem de Moor is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University.

Team

The RobecoSAM Euro SDG 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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ISINLU1821197412
BloombergROBSIEH LX
Valoren41769754
WKN
Availability
1st quotation date1539302400000
Close financial year31-12
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Morningstar
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This fund deducts ongoing charges of
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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.

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Disclaimer

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