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RobecoSAM SDG High Yield Bonds IH GBP

Index: Bloomberg Global High Yield Corporate Index
ISIN: LU2489395322
  • 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 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 GBP

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
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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.

Statistics

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Market development

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High yield markets rebounded strongly in July, with spreads moving 93 bps tighter to reach a level of 497 bps. Lower yields on government bonds added to the positive performance of the high yield market. Both the Fed and the ECB implemented rate hikes in July, and that took away some of the worries about spiraling inflation. The high yield market was very volatile, with large intraday swings in an illiquid market. European high yield underperformed the US market on mounting evidence that the gas supply is curtailed further. Company numbers so far have been a bit mixed, with inflation being mentioned as a key driver of corporate margins. In general, we can say that upward pricing pressure is being felt across the board, with some industries better able to keep margins stable than others. Oligopolistic industries clearly have more pricing power and are able to pass on higher input prices to the end consumer, but in the high yield universe we also find many companies that are unable to do that. Primary market activity continued to be very weak, with only a handful of deals being priced in July.

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 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_20220731-BMSDGHYE_20220731-sdgAggregateImpactDistribution.png
CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact1_noPoverty.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact2_zeroHunger.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact3_goodHealthAndWellBeing.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact4_qualityEducation.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact5_genderEquality.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact6_cleanWaterAndSanitation.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact7_affordableAndCleanEnergy.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact8_decentWorkAndEconomicGrowth.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact9_industryInnovationAndInfrastructure.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact10_reducedInequalities.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact11_sustainableCitiesAndCommunities.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact12_responsibleConsumptionAndProduction.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact13_climateAction.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact14_lifeBelowWater.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact15_lifeOnLand.png CGF SDG HY_20220731-BMSDGHYE_20220731-sdgIndividualImpact16_peaceJusticeAndStrongInstitutions.png CGF SDG HY_20220731-BMSDGHYE_20220731-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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Despite the rebound in July, the year-to-date performance for high yield is still very negative. Spreads have not reached the levels that we typically see in the run-up to a recession, but pockets of value have certainly appeared. The ECB and especially the Fed have tightened monetary conditions in order to reduce demand in an effort to fight inflation. With the current levels of inflation and required monetary tightening, it will be very difficult to avoid a hard landing. We have already witnessed an increase in idiosyncratic risk, as some companies face either an inability to pass on higher prices or a slowdown in demand. We expect markets to remain volatile and this will provide opportunities, as markets can easily overshoot. Current spreads offer opportunities to build long positions in higher-quality names at attractive levels. At the same time, we see that lower-quality high yield is still vulnerable, and we continue to be underweight in that market segment.

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 he is a CFA® charterholder. Christiaan Lever is Portfolio Manager High Yield and Emerging Credits 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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ISINLU2489395322
BloombergROBSGIH LX
Valoren120001908
WKN
Availability
1st quotation date1655856000000
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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