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RobecoSAM SDG High Yield Bonds IE EUR

Index: Bloomberg Barclays Global High Yield Corporate Index
ISIN: LU2061804394
  • 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 payingYes

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 IE 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 -1.12%. The global high yield market delivered a total return of roughly 1.0%, on the back of some spread and rates tightening. The fund underperformed the index in April by a few basis points (gross). This can be attributed to the small underweight beta the portfolio holds, since high yield excess returns were positive for the month. Our quality bias performed flat, as all rating classes traded more or less in line on a risk-adjusted basis. Our overweight in Euro high yield versus the underweight in the US made a small positive contribution. From a sector perspective, we saw transportation and energy as the winners for the month – both still benefiting from reopenings and fiscal stimulus packages. On an issuer level, we benefited from our overweight in Netflix – they got a rating upgrade and are close to an IG rating. We also benefited from our overweight in Turkish glass manufacturer Sise Ve Cam and Turkcell. A reversal around the Turkish sovereign sentiment caused these bonds to outperform. Largest detractor was our overweight in Standard Industries. They did an aggressive acquisition and leverage moved up a few notches. Bonds moved down a few points on potential negative rating actions.

Statistics

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Dividend paying history

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Market development

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High yield bond yields and spreads declined to a record low in April, as the economic recovery accelerated and US Treasury yields are coming off their peak levels. First-quarter US GDP rose 6.4%, only 90 bps below its 2019 peak. First-quarter corporate earnings came in strong and above expectations. Investors were focused on the Fed during its late April meeting – searching for hints when the Fed will start to taper. The Fed reiterated that the economic recovery is not over yet. Some market participants believe that with the economic progress, the Fed will have to start talking about tapering soon. Total returns for the global high yield index were roughly 100 bps, with all rating categories printing in line and also around 100 bps of total return. We have seen inflows in the high yield asset class returning for the first time in 2021 in April, as 10-year US Treasury yields declined 11 bps to 1.63%. Meanwhile, capital markets managed to produce a substantial number of primary deals (USD 49.4 billion), including a noteworthy increase in non-refinancing-related activity. The average yield to worst for the global high yield index ended the month at 3.69%, with an average credit spread at 293 bps.

Fund allocation

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Fund Classification

YesNoN/A 
Voting
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ESG integration
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Sustainability Themed Fund

Currency policy

This share class has similar currency weights as the Benchmark

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

In principle, the fund will distribute dividend annually.

ESG Integration policy

In the RobecoSAM SDG High Yield 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 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.

Expectation of fund manager

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It seems obvious that in 2021 the global economy will experience its strongest growth in decades. Ultra-loose monetary policy, aggressive fiscal stimulus and the unleashing of pent-up demand as the economy eventually reopens to full strength, are expected to pave the way for high single-digit economic growth. Central banks have made it very clear that they will keep rates low for a long time. The Fed has even signaled that it will deliberately be behind the curve, and that it will accept higher bond yields as long as these are driven by higher inflation expectations. Credit markets traditionally perform well in the first year after a recession – and spreads have been negatively correlated with rates for most of the last two decades. So, why are we advocating a defensive positioning? The short answer is that the market is priced to perfection. 'All signs on green' has become the consensus view for credit. We do recognize the strength of this market and do not want to miss out too much on carry. We are not running a huge underweight in beta, but are simply just below one by focusing on the higher quality names in the universe.

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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Management company
Fund capital
Size of share class
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ISINLU2061804394
BloombergRSHYIEE LX
Valoren50778522
WKN
Availability
1st quotation date1571702400000
Close financial year31-12
Legal status
Tracking error limit (%)
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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The expected transaction costs are

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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

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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