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RobecoSAM Global SDG Credits IH GBP

Index: Bloomberg Global Aggregate Corporates Index
ISIN: LU1945299961
  • 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 Global Aggregate Corporates Index over the full credit cycle.
Asset class
Current price ()
Performance YTD ()
Currency GBP
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and emerging markets. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si.

Price development

No performance data available

Price development

RobecoSAM Global SDG 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.

Performance explanation

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Based on transaction prices, the fund's return was -3.32%. The Global Aggregate Corporate Bond Index returned -3.31% (hedged to EUR) this month. Excess returns for the index were positive: 0.02%. The credit spread on the Bloomberg Global Aggregate Corporate Bond Index was unchanged at 161 basis points for the month. Both German and US 10-year yields increased to 1.54% and 3.19% respectively. The fund underperformed the index. Our top-down positioning and issuer selection made a positive contribution, which was offset by our swap position. We continue to hold a position in swap spreads, where we are long 5-year European swap spreads. The contribution this month was negative, as swap spreads continued to widen. The biggest movers were (in absolute terms): Raiffeisen Bank, Cellnex Telecom SA and ZF Friedrichshafen AG.

Statistics

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Market development

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After the July rally, credit markets changed course, again producing negative total returns in August for most markets, driven by rising government yields. Central banks' rhetoric remained a key theme for investors. The Fed delivered a hawkish speech at Jackson Hole, UK CPI reached double digits and high natural gas prices drove up Eurozone inflation above 9%. The Fed, Bank of England and ECB are all expected to hike by at least 50 bps in their September meetings and will probably not stop there. The shift in the outlook in Europe meant that 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. In contrast, the People's Bank of China is easing lending standards to facilitate the slowing economy and property market. German power prices peaked above EUR 1000 per megawatt-hour in August. By the end of the month, the Nord Stream 1 pipeline closed for 3 days of maintenance with no guarantees as to whether it will open afterwards. Nancy Pelosi visited Taiwan, stirring tensions between China and the US. China retaliated with army drills in waters surrounding Taiwan.

Fund allocation

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Currency policy

All currency risks are hedged.

Derivative policy

The 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

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. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact 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 Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and emerging markets. 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 aims to advance 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 and 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 also aims to provide long term capital growth. The fund invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si.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) 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 SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact1_noPoverty.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact2_zeroHunger.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact4_qualityEducation.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact5_genderEquality.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact10_reducedInequalities.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact13_climateAction.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact14_lifeBelowWater.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact15_lifeOnLand.png CGF SDGC_20220831-CGFSDGC_20220831-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDGC_20220831-CGFSDGC_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. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact 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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By all standards, we have seen a very significant repricing of assets. European government bonds posted their worst quarter in decades and on top of that, credit spreads widened. Correlations in rates and risk markets have clearly been positive in this regime of financial tightening, taking away the benefits of diversification. If history since 1955 is any guide, we have to conclude as Larry Summers and Alex Domash first pointed out, that from current levels of inflation and labor market overheating, Fed tightening has always resulted in a recession. Spreads on all segments of the credit market are now undoubtedly above median spreads. Euro investment grade and euro high yield have even reached the top quartile. 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 are rapidly repricing, it is sensible to start buying some credit risk now, and we are aiming for a portfolio beta that is just above one.

Victor Verberk, Reinout Schapers
Victor Verberk, Reinout Schapers

Victor Verberk, Reinout Schapers

Victor Verberk is CIO Fixed Income and Sustainability and Portfolio Manager Investment Grade Credits. Prior to joining Robeco in 2008, Victor was CIO at Holland Capital Management. Before that, he was Head of Fixed Income at MN Services and Portfolio Manager Credits at AXA Investment Managers. He has been active in the industry since 1997. Victor holds a Master’s in Business Economics from Erasmus University Rotterdam and he is a Certified European Financial Analyst. Reinout Schapers is Portfolio Manager Global & Emerging Credits in the Robeco Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management where he was a Head of European High Yield. Before that, he worked at Rabo Securities as an M&A Associate and at Credit Suisse First Boston as an Analyst Corporate Finance. Reinout has been active in the industry since 2003. He holds a Master's in Architecture from the Delft University of Technology.

Details

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Management company
Fund capital
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ISINLU1945299961
BloombergROSGIHG LX
Valoren46618871
WKN
Availability
1st quotation date1550707200000
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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