globalen
Image

RobecoSAM SDG High Yield Bonds IH EUR

Index: Bloomberg Global High Yield Corporate Index
ISIN: LU2061804477
  • 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 IH EUR

Performance

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}
Fund Index
1 month
3 months
YTD
1 year
2 years
3 years
5 years
10 years
{{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}}
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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

Based on transaction prices, the fund's return was -0.67%. The fund underperformed its benchmark by 1 bp in October, thus setting the year-to-date underperformance to roughly -0.65%. The year-to-date underperformance stems from our beta underweight, as we retain a clear quality bias. In October, the beta underweight delivered a small plus. USD BB and single B performed more or less in line on a risk-adjusted basis, both outperforming CCCs. Our regional preference for EUR HY versus USD was a detractor for the month, mainly driven by the underperformance of EUR single Bs compared to USD Bs. On a sector basis, energy and transportation again led the pack. On an issuer level, we saw a reversal in Adler Group; our overweight is now a contributor for the month (+2 bps). Our overweight in Ontex is also a negative (-2 bps). They are suffering from higher pulp input prices and the inability to pass this on, hitting margins and bond prices. The largest contributors were Chinese property developers such as Kaisa (+16 bps), Yuzhou (+4 bps) and Sunac (+2 bps), which we do not own. We underperformed due to one that we do own, Shimao (-3 bps). Other underperformance came from Suzano and Cosan, due to weakness in Brazil.

Statistics

{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}
3 years 5 years
Tracking error ex-post (%)
Information ratio
Sharpe ratio
Alpha (%)
Beta
Standard deviation
Max. monthly gain (%)
Max. monthly loss (%)
Above mentioned ratios are based on gross of fees returns
3 years 5 years
Months outperformance
Hit ratio (%)
Months Bull market
Months outperformance Bull
Hit ratio Bull (%)
Months Bear market
Months outperformance Bear
Hit ratio Bear (%)
Above mentioned ratios are based on gross of fees returns
Fund Reference index
Rating
Option Adjusted Modified Duration (years)
Maturity (years)
Yield to Worst (%)
Green Bonds (%)

Market development

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

Global high yield bond spreads moved modestly tighter in October, where total yields rose on the back of underlying sovereign rates widening. Corporate earnings are exceeding estimates despite rising input cost pressures. This is also visible in the S&P 500 that was up only 6% in the last two weeks of October. Meanwhile supply chain disruptions persist, commodity prices are still rising and surging rent prices are indicating inflation might be a bit more sticky than first thought. The latter also explains why rates curves have been moving upwards, as markets are anticipating a more hawkish FOMC outcome and a Fed rate hike in August of next year.Oil prices were still on the rise. Volatility remains elevated in the Chinese property sector, as it is uncertain if, when and how the government will step in. Gross high yield primary market activity produced its lightest volume thus far in 2021, as 50 bonds priced for USD 30.2 bln in October. This weakness also coincided with a pair of the largest weekly retail inflows since the first week of April. Both technicals worked in favor of secondary market performance.Global high yield spreads are currently at 293 bps – with an average yield of 3.97%.

Fund allocation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}
Name Sector Weight
{{fund.fundInvestmentExplanations.top10}}

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

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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

Exclusions++

Full ESG Integration

Engagement

Target Universe

SDG Contribution

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

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_20211031-BMSDGHYE_20211031-sdgAggregateImpact.png
CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact13_climateAction.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20211031-BMSDGHYE_20211031-sdgIndividualImpact17_partnershipForTheGoals.png

ESG integration policy

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2061804477
BloombergROBSHYI LX
Valoren50778545
WKNA2PVFR
Availability
1st quotation date1571702400000
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
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
Max exit fee
Max sub fee
Max switch fee

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.

Logo

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).

The funds shown on this website may not be available in your country. Please select your country website (top right corner) to view the products that are available in your country.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.

By clicking Proceed I confirm that I am a professional investor and that I have read, understood and accept the terms of use for this website.

Decline