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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).
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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 -0.36%. The fund underperformed its benchmark by 4 bps in September, bringing the year-to-date underperformance to roughly -0.6%. The year-to-date underperformance stems from our beta underweight, as we retain a clear quality bias. In September, the beta underweight delivered a minor negative contribution of 2 bps. The contribution from issuer selection is positive over 2021, with a small minus of 3 bps for the month. In the dollar HY market we saw rating categories performing more or less in line on a risk-adjusted basis, with a small outperformance for the CCC credits led by energy. In Europe, single Bs were the outperformers for the month. Oil prices kept rising, so the energy sector was the best-performing sector for the month, together with the transportation sector in Europe that still benefits from the reopening of travel and increased container shipping fees due to shortages. On an issuer level, we benefited from our underweight in the Chinese property sector, with Evergrande being the largest contributor (8 bps). The largest bleeder is our overweight in Adler Group (-6 bps). Some politics-related negative headlines on whether BaFin had investigated the Adler Group merger last year (Consus) pushed bonds down a few points.

Statistics

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Dividend paying history

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Market development

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Global high yield bond markets had a somewhat weaker month, with total returns ending up in negative territory at -0.06%. Excess returns were mildly positive – 10-year US Treasury yields rose 18 bps in September to a quarterly high of 1.49% in response to a pair of hawkish outcomes at the BoE and Fed meetings. While the Fed's strong signal for a November taper was expected, it was modestly surprising that asset purchases could start around the middle of next year. The headline that dominated the market was that Chinese property developer Evergrande missed a coupon payment. Market sentiment turned negative, as a potential default could have major consequences for China, global growth and risky assets. Another market mover was related to the steep increase in power prices across the globe. In particular Europe witnessed a substantial increase in gas prices on the back of feedstock scarcity. September's new issue calendar ended up underwhelming after heightened expectations during the summer. Gross high yield primary market activity produced its fourth lightest volume thus far in 2021, as 69 bonds priced for USD 43.7 bln in September. Global high yield spreads are currently at 293 bps.

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

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.

Sustainability profile

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Exclusions++

Full ESG Integration

Engagement

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_20210930-BMSDGHYE_20210930-sdgAggregateImpact.png
CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact13_climateAction.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20210930-BMSDGHYE_20210930-sdgIndividualImpact17_partnershipForTheGoals.png

ESG integration policy

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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.

Expectation of fund manager

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Do fundamentals still matter in a world of financial repression, in which monetary and fiscal policymakers set the stage? It seems that markets have downplayed the role of fundamentals for years; one scenario in which the relationship between fundamentals and markets might return is when central banks loosen their grip. But while the inflation debate is not yet settled, there are other questions to consider, given that tapering is now widely anticipated. Instead, we should be prepared for some less well-flagged themes that could drive the normalization of risk premiums in credit markets. Still a key metric to watch is wage inflation, as this might give an indication of the persistence of inflation and tightness in labor markets. This holds for Europe as well as the US. China will shift its focus from outright growth to more balanced growth via its 'common prosperity' plans. The sharpening in focus is very relevant for certain sectors and will probably also have a dampening impact on global growth. With spreads still near an all-time tight, a cautious positioning makes sense to us. At the margin we have a small preference for financial institution credit.

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
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ISINLU2061804634
BloombergRHYIEHG LX
Valoren50778565
WKN
Availability
1st quotation date1571702400000
Close financial year31-12
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Tracking error limit (%)
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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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