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RobecoSAM SDG High Yield Bonds IEH GBP

Index: Bloomberg Global High Yield Corporate Index
ISIN: LU2061804634
  • 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 GBP
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 IEH 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 -3.64%. Due to the war in Ukraine, energy prices have risen sharply, and investors fear that industrials could run into production disruptions due to input sourcing issues. The automotive sector is an example of a victim of these issues, and our automotive overweight contributed negatively through underperformers like Adient and Dana. Meanwhile, being underweight the mostly SDG-negative energy sector was also a meaningful performance detractor. Lastly, with interest rates on the rise, investors tend to avoid the more rates-sensitive BBs. BBs underperformed markedly on a risk-adjusted basis, and our quality tilt added to the underperformance. Positive contributions came from vending machine operator Selecta recovering on the reopening of travel and offices, as well as from stock picking in e.g. specialty chemicals with winners Ingevity (filter techniques), Axalta (coatings) and Olympus Water (water treatment).

Statistics

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Dividend paying history

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Market development

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High yield experienced one of its worst months of the last decade. Both Treasury yields and credit spreads rose sharply, lifting the benchmark yield by almost a full percentage point. Year-to-date, HY is now down some 7.5-8.5%, depending on the base currency. Concerns about the impact of inflation on growth took center stage again. With headline CPI anywhere between 7 and 10% in the US and Europe, central banks are preparing aggressive tightening of financial conditions, particularly in the US. The fear of these rising rates choking off growth and leading to a recession hit investor sentiment hard. The war in Ukraine has ever deeper implications for global food supply and energy security, and is weighing on the macroeconomic outlook. Meanwhile in China, Covid is all but over, creating supply chain issues in the global production chains. To no surprise, the Q1 earnings season so far brought about quite some lackluster figures and outlooks. In this environment it is surprising to see basically zero defaults in HY. The primary market was firmly shut, and outflows out of the asset class persisted, both painting a rather bleak picture year-to-date for the asset class.

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

In principle, the fund will distribute dividend annually.

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 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 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 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_20220430-BMSDGHYE_20220430-sdgAggregateImpactDistribution.png
CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact13_climateAction.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20220430-BMSDGHYE_20220430-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20220430-BMSDGHYE_20220430-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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Until recently, markets were exclusively focusing on how the global economy would emerge from a Covid-disrupted world. The common market expectation was one of a continued economic recovery with inflationary risks attached. With the war in Ukraine, the growth narrative for Europe in particular is under threat, while inflation is getting an additional boost. As Russia is a major exporter of a variety of commodities, supply shortages are quickly becoming a fierce cost-push factor. The high energy dependency of Russia will be reduced, but at a cost: higher prices but also risks to growth, output and profitability. That makes stagflation a real scenario now, especially for energy-dependent Europe. A slowing economy and rising yields is the worst environment for leveraged companies. We expect more dispersion, underperformance of weak credit quality and more defaults. We remain underweight in the more vulnerable B and CCC space. Over the past quarter, credit markets have cheapened though, in particular in the European BB space. In better-quality high yield we therefore selectively see attractive valuation levels. To sum up, we firmly remain up in quality and accept a beta below 1 as a result.

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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ISINLU2061804634
BloombergRHYIEHG LX
Valoren50778565
WKN
Availability
1st quotation date1571702400000
Close financial year31-12
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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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