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RobecoSAM SDG Credit Income IH EUR

ISIN: LU1806347891
  • Flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds
  • Invests in companies that contribute to the United Nations Sustainable Development Goals
  • Fund aims to maximize current yield and income for investors who are targeting a consistent level of income
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM SDG Credit Income has the flexibility to invest in all fixed income segments and to utilize a broad range of fixed income securities. This fund aims to maximize current yield and income and seeks to meet the needs of investors who are targeting a consistent level of income. In addition the fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. The final selection of the securities in the portfolio is based on bottom-up fundamental analysis. Engagement, ESG integration and Robeco's exclusion policy are part of the investment policy.

Price development

No performance data available

Price development

RobecoSAM SDG Credit Income IH 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 0.11%. The fund continues to perform well as short-dated financial bonds and perpetuals outperformed longer-dated bonds. The fund is primarily invested in shorter-dated credits, although we do own certain longer-dated bonds where we think there is more short-term relative performance to be made. Allocations to emerging credits such as Turkcell and Suzano added value, as emerging credits performed strongly and the selected credits outperformed emerging markets. Our investments in Spanish and Irish banks also performed well. As the month progressed, we reduced some of our longer-dated investments as spreads continue to move down on trade optimism. We think there is little room for upside and long-dated bonds are less interesting to hold for carry. This has been reinvested into shorter-dated credits.

Statistics

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Market development

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The Credits Income fund reported a positive return of 0.42% (in USD) bringing year-to-date returns to 13.11%. Global investment grade credits returned +0.16%, while emerging market credits returned +0.38% and high yield credits +0.48%. Risk-free returns were negative this month as rates moved up. Excess returns on credit were positive. All credit markets performed reasonably well. However, the dispersion within markets remains firmly in place. This shows that investors remain cautious at the end of the credit cycle, despite more upbeat macro data and more encouraging signs of a potential trade deal. Emerging markets remain strong despite the relatively large exposure to low value-added manufacturing and natural resources, which continue to remain weak. As sentiment improves, interest rates are gradually moving up. The higher risk-free rates are obviously positive for the overall yield on credits. However, we remain cautious on calling it the end of the low-rate environment. Central banks remain very accommodative and although macro data are modestly improving, the world economy is by no means out of the woods yet.

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

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 SDG Credit Income has the flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds. This fund aims to maximize current yield and income and seeks to meet the needs of investors who are targeting a consistent level of income. The fund is not constrained by a benchmark. The fund aims to have an overall credit quality of investment grade. Duration is a function of optimizing portfolio yield and income and the expected duration range is between 0-5 years. The fund can have an average maximum active FX exposure of 5% vs the base currency of the share class. The selection of fixed income securities is based on bottom-up fundamental analysis. The fund is managed by an experienced team with a proven track record capable of generating good performance in both rising and falling credit markets. The investment process is well structured and has a disciplined approach and is based both on a top down macro outlook of the credit markets and an in depth and comprehensive bottom up fundamental credit analysis. In addition the fund aims to contribute to realizing the United Nations Sustainable Development Goals (SDGs). The issuers in the investible universe are screened for their contribution to the UN Sustainable Development Goals (SDG). This is done by using RobecoSAM’s proprietary SDG measurement framework. The contribution of a company towards the realization of the SDGs is determined based on three steps; by looking at what a company produces, how a company produces, and correcting for controversies. The fund does not invest in companies that contribute negatively to these goals. The final selection of the securities in the portfolio is based on bottom-up fundamental analysis. Our credit analysts also integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to better assess the downside risk of our credit investments. Engagement, ESG integration and Robeco's exclusion policy are part of the investment policy.

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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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. But not only the manufacturing sectors have seen their profits decline. 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 October turned out more favorable than expected, we think it is too soon to cheer. The central bank backstops do result in a slowing of the deterioration. Valuations across credit markets have become more divers, with ‘safe’ assets trading at expensive levels. On the other hand, more highly levered, cyclical or companies from high risk countries have underperformed. Overall spreads do not warrant aggressive risk taking. Having said that, we do see opportunities continuing to pop-up.

Reinout Schapers, Victor Verberk
Reinout Schapers, Victor Verberk

Reinout Schapers, Victor Verberk

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. 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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1806347891
BloombergROCIIHE LX
Valoren41363994
WKN
Availability
1st quotation date1524182400000
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
Management fee
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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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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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