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RobecoSAM Euro SDG Credits IH CHF

Index: Bloomberg Barclays Euro-Aggregate: Corporates (hedged into CHF)
ISIN: LU1395477489
  • 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 CHF
Total size of fund ()
Dividend payingNo

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 IH CHF

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 -0.77%. The portfolio posted a negative return last month, which was better than that of the index. The average credit spread of the index tightened 4 basis points to 89 basis points at the end of the month. The excess return of the European corporate bond market was 0.31%. The yield of the underlying 10-year German treasury bonds moved wider by 26 basis points to -0.26%. The performance contribution of our top-down positioning was negligible, as the beta positioning was neutral. Issuer selection contributed positively to performance. Companies that are exposed to Covid-19 performed well, as positive vaccine news drove spreads tighter. Names which had better-than-expected results performed well too. Individual names that contributed most to performance were ZF Friedrichshafen, Unipol Gruppo, Volkswagen, DP World and Danaher. The fund scores highly on the following Sustainable Development Goals: Decent work and Economic growth (SDG 8) and Industry, Innovation and Infrastructure (SDG 9). Names we favor that contribute positively to these SDGs are Belfius Bank, Verizon, Banco Santander and MetLife.

Statistics

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Market development

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There was a lot of volatility in global markets in February. Fresh fiscal stimulus in the US coupled with growing hopes of post-vaccination economic reopening has led to a sharp rise in nominal government bond yields across developed markets. This means that total returns for corporate bonds were negative last month, though credit spreads actually tightened during this volatile period. There was not much stress in periphery bond markets. Italian spreads performed well as Mario Draghi took office as prime minister. Within equity markets we saw a clear change from growth to value stocks. Bank shares performed very well. However, within the credit universe differences between sectors were relatively small. An amount of EUR 39 billion was issued in new bonds in the euro investment grade market. Year-to-date, corporate bond issuance in euros is down 8% versus last year. Issuance of green bonds continues to grow as climate change and global warming are playing a bigger role on capital markets too. S&P downgraded a number of large integrated oil companies, such as Total SA and Royal Dutch Shell, because the long-term prospects for the oil sector are changing rapidly.

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

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

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

In the RobecoSAM Euro SDG Credits strategy we look for investments with a positive societal impact, whilst generating healthy financial returns. We define impact as an alignment with the UN Sustainable Development Goals (SDGs). We identify and evaluate the impact that specific credits have on the SDGs, and score all the issuers under coverage of the analyst team. These scores categorize credits as having either a Positive, Neutral, or Negative impact on the SDGs. The scores are then used in a screening process, to define the investable universe that exclude credits with a Negative impact on the SDGs. In addition to the universe screening, our credit analysts integrate ESG factors in their analysis of the companies fundamental credit quality.

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's objective is to provide long term capital growth.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 corporate Governance) in the investment process, applies an exclusion list basis controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to engagement. 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

Exclusions++

Full ESG Integration

Engagement

Target Universe

ESG integration policy

In the RobecoSAM Euro SDG Credits strategy we look for investments with a positive societal impact, whilst generating healthy financial returns. We define impact as an alignment with the UN Sustainable Development Goals (SDGs). We identify and evaluate the impact that specific credits have on the SDGs, and score all the issuers under coverage of the analyst team. These scores categorize credits as having either a Positive, Neutral, or Negative impact on the SDGs. The scores are then used in a screening process, to define the investable universe that exclude credits with a Negative impact on the SDGs. In addition to the universe screening, our credit analysts integrate ESG factors in their analysis of the companies fundamental credit quality.

Expectation of fund manager

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Last year was a year of many opportunities. There was a beta opportunity in March, a cyclical recovery opportunity in June and, later in the year, a Covid-19 sector theme opportunity. During this time, we did rigorous research in order to keep our portfolio free from the effects of defaults and accidents. We once again succeeded, with much lower defaults in high yield than the index, and not a single one in investment grade.It will be more difficult from here onwards. The possible variation in economic and technical outcomes is large. The year will be either boring or bearish. There is hardly any room for aggressive tightening by central banks. At best, we will see some carry, roll down and certain sectors recovering from Covid-19. While there is something left on the table, it is not much. We cannot afford to have policy errors, rising yields or inflation, nor any oil price, political or geopolitical shock. There is just not enough cushion left. We faced the same asymmetry this time last year. So, it will either be a boring year, with a small excess return, or a bearish one, should one of these events occur.

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

Peter Kwaak, Jan Willem de Moor

Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute. 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 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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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1395477489
BloombergROBSIHC LX
Valoren32234037
WKNA2AH68
Availability
1st quotation date1461196800000
Close financial year31-12
Legal status
Tracking error limit (%)
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Cost of this fund

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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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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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