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RobecoSAM SDG High Yield Bonds DH EUR

Index: Bloomberg Global High Yield Corporate Index
ISIN: LU2061804048
  • Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
  • Managed with a conservative approach by an experienced team
  • Disciplined and repeatable investment process
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM SDG High Yield Bonds is an actively managed fond that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. 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.

Price development

No performance data available

Price development

RobecoSAM SDG High Yield Bonds DH 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).
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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 1.12%. The fund underperformed its benchmark by 9 bps in December on the vigorous move tighter in spreads, bringing the full-year relative performance to -0.68%, gross of fees. Both the YTD and the December underperformance are fully explained by the quality bias and conservative positioning with a beta below one. In a year where spreads ultimately tightened 65 bps (from 390 to 324), this position detracted some 65 bps. Issuer selection contributed positively over 2021 though. This was despite our unavoidable underweight in the energy sector, which mostly consists of SDG-negative issuers and performed very well in 2021. Because of the SDG-scoring we are very underweight here, which was a drag on the relative performance. This was counterbalanced by our prudent approach to Chinese issuers. The biggest gain by far came from almost fully avoiding the Chinese real estate and related sectors. The five largest individual positive contributors were all Chinese companies we did not hold, like Evergrande, Kaisa Group and Xin Xin.

Statistics

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Market development

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Risk assets experienced a typical year-end rally, with both equities and high yield fully retracing the weakness of November. The driver was the market perception that Omicron will be less severe than initially feared. The benchmark posted an impressive credit excess return of 1.8%. Spreads moved from the peak to the lower end of the 2021 range of 300-390 bps and ended the year at 324 bps. Meanwhile, Treasury rates were on the rise again in both Europe and the US, dampening total returns in high yield. Inflation continues to be a top-of-mind concern for investors. The hawkish Fed pivot, whereby up to three rate hikes in 2022 are being signaled, led Treasury yields to rise to 2021 peak levels, especially on the front end. Similarly in Europe the ECB announced the end of one of its QE programs, but it still needs to wind down its regular program before thinking about rate hikes. Over the full year, global HY posted a total return of around 2.8% in EUR, a combination of a coupon year whereby positive excess return from tightening spreads was counterbalanced by a negative return contribution from rising underlying government bond yields.

Fund allocation

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Name Sector Weight
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Currency policy

All currency risks are hedged.

Derivative policy

RobecoSAM SDG High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are liquid.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

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 SDG High Yield Bonds is an actively managed fond that invests in global corporate bonds. 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 funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. 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 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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Exclusions++

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

CGF SDG HY_20211231-BMSDGHYE_20211231-sdgAggregateImpact.png
CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact13_climateAction.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20211231-BMSDGHYE_20211231-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20211231-BMSDGHYE_20211231-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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In Europe and the US, fundamentals will probably be fine. Most likely is that we get a further medium-term economic recovery. But we expect that fundamentals will not be the driver for spreads. Markets have become addicted to cures by central banks and governments in the form of easy money, for each disruption. This has created bubbles – think of Chinese real estate, or US meme stocks. Meanwhile, inflationary pressures are all over the place, and the debate is on whether that really is only transitory. If and when central banks start tapering, it is hard to tell what this will do to the technical picture. Meanwhile, valuations are still expensive in our view, at 0.8x the long-term average: too little compensation given all the tail risks that could play out – central banks getting behind the curve if rising inflation turns out to be sticky, spillover from the real estate crisis in China, geopolitical risks at Europe's eastern borders, new Covid strains, to name a few. With spreads near all-time tights, a cautious positioning makes sense to us: up in quality, with a beta below 1. We prefer European over US HY, as spreads are meaningfully higher for similar credit quality.

Sander Bus, Christiaan Lever
Sander Bus, Christiaan Lever

Sander Bus, Christiaan Lever

Sander Bus is Co-Head of the Credit team and Lead Portfolio Manager Global High Yield Bonds. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and is a CFA® charterholder. Christiaan Lever is Portfolio Manager High Yield in the Credit team. Before assuming this role in 2016, he was Financial Risk Manager at Robeco, focusing on market risk, counterparty risk and liquidity risk within fixed Income markets. Christiaan has been active in the industry since 2010. He holds a Master's in Quantitative Finance and in Econometrics from Erasmus University Rotterdam.

Team

RobecoSAM SDG High Yield Bonds is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit 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 three dedicated quantitative researchers and four 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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ISINLU2061804048
BloombergRSHYDHE LX
Valoren50778410
WKN
Availability
1st quotation date1571702400000
Close financial year31-12
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Tracking error limit (%)
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Cost of this fund

Ongoing charges

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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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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