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RobecoSAM US Green Bonds SH GBP

Index: Bloomberg MSCI USD Green Bond Index (hedged into GBP)
ISIN: LU2360103332
  • Uses a proprietary green bonds framework to determine eligibility of green bonds for the fund
  • Provides a diversified exposure to the global green bonds market
  • Impact investing, using a disciplined and repeatable investment process and an experienced portfolio management team
Asset class
Current price ()
Performance YTD ()
Currency GBP
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM US Green Bonds is an actively managed fund that invests in USD-denominated green bonds issued by governments, government-related agencies and corporates. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth. The fund invests at least two-thirds of its total assets in USD-denominated green bonds with a minimal rating of "BBB-" or equivalent by at least one of the recognized rating agencies. Green bonds selection is based on an internally developed framework for which more information can be obtained via the website www.robeco.com/si.

Price development

No performance data available

Price development

RobecoSAM US Green Bonds SH 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.

Statistics

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Market development

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The Bloomberg US Green Bond Index delivered a total return of -0.28% last month. The yield on the US 10-year Treasury bond moved up around 7 bps to 1.32% at the end of the month. The credit spread (OAS) on the US Green Bond Index widened 1 bp to 0.59%.The US green bond market was stable during the month, in line with the lack of volatility in US and European investment grade spreads. In global credit markets, the more risky sectors like high yield, emerging markets and subordinated debt slightly outperformed versus higher quality senior debt. There was some intra-month volatility in equity markets, but credit spreads hardly moved. US Treasury yields were pushed upwards early in the month, as a result of a hawkish speech by Fed Vice Chair Richard Clarida. Federal Reserve Chairman Powell's speech at the Jackson Hole conference was regarded as dovish. He acknowledged the growing willingness to initiate tapering in 2021, but also underlined the transitory nature of the current high inflation. The similar move upwards in German yields was triggered by comments from ECB officials on the ECB's PEPP bond purchases and by a jump in inflation.

Fund allocation

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Currency policy

Currency risks are hedged.

Dividend policy

The fund does not distribute a dividend.

ESG Integration policy

The RobecoSAM US Green Bonds strategy invests in bonds whose proceeds are used towards an environmental objective, referred to as green bonds. The eligibility of green bonds is based on an internally developed five-step framework. We assess if the issuer takes into account the ICMA Green Bond Principles, the Climate Bond Initiative and/or the EU Green Bond Standard. Then we identify and evaluate the allocation of the investment proceeds in line with the EU Taxonomy and EU’s six environmental objectives. We verify that the bond proceeds are allocated to projects that positively contribute to at least one of the six objectives, and do not significantly harm the other five: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, waste prevention and recycling, pollution prevention and control, protection of healthy ecosystems. We require the bond issuers to report on the use of proceeds. In addition to the use-of-proceeds screening, we assess the wider sustainability strategy of the issuer. Finally, we require issuers to respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition to the universe screening, our analysts integrate ESG factors in their fundamental analysis of companies and sovereigns.

Investment policy

RobecoSAM US Green Bonds is an actively managed fund that invests in USD-denominated green bonds issued by governments, government-related agencies and corporates. 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 finances/ re-financing new and/or existing environmentally-friendly projects by investing in green bonds which are designed to support specific climate-related or environmental projects. The fund integrates ESG (i.e. 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 voting and engaging. The fund invests at least two-thirds of its total assets in US-dominated green bonds with a minimal rating of "BBB-" or equivalent by at least one of the recognized rating agencies. Green bonds selection is based on an internally developed framework for which more information can be obtained via the website www.robeco.com/si. The Benchmark is aligned with the sustainable investment objective of the fund by applying clearly defined rules for classifying green bonds. 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 aligned with the sustainable investment objective of the fund by applying clearly defined rules for classifying green bonds.

Risk policy

Risk management is fully embedded in the investment process so as to ensure that the fund's positions remain within set limits at all times.

Sustainability profile

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Exclusions

Full ESG Integration

Engagement

Target Universe

ESG integration policy

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

The RobecoSAM US Green Bonds strategy invests in bonds whose proceeds are used towards an environmental objective, referred to as green bonds. The eligibility of green bonds is based on an internally developed five-step framework. We assess if the issuer takes into account the ICMA Green Bond Principles, the Climate Bond Initiative and/or the EU Green Bond Standard. Then we identify and evaluate the allocation of the investment proceeds in line with the EU Taxonomy and EU’s six environmental objectives. We verify that the bond proceeds are allocated to projects that positively contribute to at least one of the six objectives, and do not significantly harm the other five: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, waste prevention and recycling, pollution prevention and control, protection of healthy ecosystems. We require the bond issuers to report on the use of proceeds. In addition to the use-of-proceeds screening, we assess the wider sustainability strategy of the issuer. Finally, we require issuers to respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition to the universe screening, our analysts integrate ESG factors in their fundamental analysis of companies and sovereigns.

Expectation of fund manager

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In terms of credit risk, we aim for betas below one in investment grade and high yield funds. Spread levels in general are low and remain below historical averages, with little room for further tightening. With inflation rising, the forward guidance of central banks is being challenged. This also affects the technicals in credit markets, which have been such a positive driver in recent years. If the economic recovery continues, at some point the central bank asset purchases will be reduced.

Michiel de Bruin, Peter Kwaak
Michiel de Bruin, Peter Kwaak

Michiel de Bruin, Peter Kwaak

Michiel de Bruin is Co-Head of the Fixed Income Global Macro team and Co-Manager of Euro Government Bonds. Prior to joining Robeco, Michiel worked for BMO Global Asset Management in London, most recently as Head of Global Rates and Money Markets. He held various other positions before that, including Head of Euro Government Bonds. The roles he fulfilled before joining BMO included Co-Head of Fixed Income Sales and Trading at NIB Financial Markets in Amsterdam. Michiel started his career in the industry in 1986 and he holds a Bachelor's degree from Amsterdam University of Applied Sciences. Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2360103332
BloombergROUGBSG LX
Valoren112946845
WKN
Availability
1st quotation date1627344000000
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
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Transaction costs

The expected transaction costs are

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This fund may also deduct a performance fee 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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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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