RobecoSAM Global SDG Credits IH EUR
- Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
- Offers diversified exposure to global investment grade credits, while optimizing the risk-return profile through off-benchmark high yield and emerging credit opportunities.
- Aims to outperform the Bloomberg Barclays Global Aggregate Corporates Index over the full credit cycle.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -0.13%. The fund delivered a negative total return driven by issuer selection. The fund underperformed the index. The excess return of the market was 0.97%. The fund's beta was below 1 during the month, which made a negative contribution. However, the US market outperformed the European market by quite a margin. The fund still has less risk in US credits versus the index and as such lost some performance over the month.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned 0.00% (hedged to EUR) last month. Credit spreads tightened while interest rates moved up. The 10-year US Treasury yield moved higher from 1.78% to 1.92%. The German 10-year yield moved from -0.36% to -0.18%. The credit spread on the Global Corporate Bond Index decreased 10 basis points to 98.The absence of new issuance and continued positive news on the US-China trade deal resulted in a very strong market. Low-rated and high-risk corporates outperformed others. EM credit outperformed other markets, followed by US and UK credits. Especially long bonds performed well after months of underperformance.The December rally added to an already record return year for credit markets in general. EM credit returned 13.1% this year driven by both tighter spreads and lower treasury yields. The market is only 13 basis points away from the 2018 tight levels.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Currency policy
All currency risks are hedged.
Derivative policy
The fund fund make use of derivatives for hedging purposes as well as for investment purposes.
Dividend policy
This share class of the fund does not distribute dividend.
ESG Integration policy
In this fund 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 analysts’ 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 to strengthen our ability to assess the downside risk of our credit investments. Furthermore the portfolio’s environmental footprint is actively reduced and a part of the portfolio is allocated to green bonds.
Investment policy
RobecoSAM Global SDG Credits invests in a diversified portfolio of global investment grade corporate bonds. Core of the portfolio is invested in investment grade credits, complemented by best opportunities in High Yield and Emerging Markets The selection of these bonds is based on fundamental analysis. The fund aims to contribute to realizing the UN SDG goals by assessing the SDG score of all companies in the universe. The fund does not invest in companies that do not contribute to these goals. The investment philosophy is based on managing a solid diversified portfolio with a long term view. Companies that don't contribute to the realization of the SDG Goals as set by the UN are excluded from the universe. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, which defines the current credit environment and where we are in the credit cycle. This analysis is based on a fundamental, valuation and technical perspective. Bottom-up issuer research is executed by our credit analysts, who undertake the fundamental analysis. Analyst research reports are 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Over 12 months of trade war and more restrictive policies by central banks up till June of this year have had their impact on the global economy and more specifically on the manufacturing sectors. Central banks across the world have been eager to restore the peace and calm in markets by yet again moving to more accommodative policies. And also the US and China have been more keen on getting some sort of trade deal in place to avoid further deterioration. Although markets have been rather swift in responding to the better news, especially as some macro data in December turned out more favorable than expected, we think it is too soon to cheer. The central bank backstops do result in the deterioration to slowdown and this cycle may yet again last a little bit longer.Valuations across credit markets have become more divers, with "safe" assets trading at very expensive levels. On the other hand, more highly levered, cyclical or otherwise risky companies have underperformed dramatically, especially in high yield. Overall spreads do not warrant aggressive risk taking. Having said that, we do see opportunities popping up continuously.
Victor Verberk,Reinout Schapers
Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1811861431 |
| Bloomberg | RGSDIHE LX |
| Valoren | 41496940 |
| WKN | A2JRZ9 |
| Availability | |
| 1st quotation date | 1526428800000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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.
