Sustainable Pension Income EUR X
- Contributes actively to the realization of the SDG goals
- Core exposure of portfolio invested in global investment grade credits
- Experienced investment team
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned +1.81% (hedged in euro) as credit spreads tightened and risk free rates moved further down. The 10-year US Treasury yield dropped 12 basis points to 2.00%, and the German 10-year yield decreased 13 basis points to -0.33%. The credit spread on the Global Corporate Bond Index decreased 12 bps to 1.18%. With the Fed and the ECB turning more dovish again, markets are once again increasingly driven by central bank policy than by fundamentals, or at least for the time being. Some hints to a potential resolution of the trade dispute between the US and China during the G20 summit added to the markets’ optimism. Risky assets performed very well throughout the month. However, rate markets told a different story as interest rates keep moving down, pricing in at least three rate cuts. This points towards a slowdown in economic activity. The Global Corporate Bond Index delivered a positive excess return of 1.24% versus government bonds. US corporate bonds outperformed European corporate bonds, with excess returns of 1.34% and 1.12% respectively. High yield (2.10%) outperformed, while emerging market credits (0.98%) underperformed global investment grade markets.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Currency policy
All currency risks are open.
Dividend policy
This share class of the fund does not distribute dividend.
ESG Integration policy
The prime goal of integrating ESG factors in our analysis is to strengthen our ability to assess the downside risk of our credit investments. Our analysts include RobecoSAM sustainability data and use external sources to make an ESG assessment as a part of the fundamental analysis.
Investment policy
This Fund is a feeder Fund ( the “Feeder Fund”) and as such invests at least 85% of its assets in class Z shares of Robeco Capital Growth Funds SICAV – RobecoSAM Global SDG Credits (“the Master”). The Master is a sub-fund of Robeco capital Growth Funds SICAV, a Luxembourg open-ended investment company with variable capital. The Master invests in a diversified portfolio of global investment grade corporate bonds complemented by best opportunities in high yield and emerging markets. The selection of these bonds is based on fundamental analysis. The fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. Engagement, ESG Integration and Robeco's exclusion policy. The benchmark of the Master is Bloomberg Barclays Global Aggregate Corporates Index (EUR)
Risk policy
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Despite some encouraging remarks during the G20 summit on a truce, we think the trade war and increasing tariffs will continue going forward. This will impact the global economy. We will have to cope with a cyclical slowdown in growth, more frequent mini spread cycles driven by lack of liquidity and central bank interventions due to fading inflation. Central banks are stubbornly and repeatedly applying the same remedy to cure the patient. We know it is wise not to fight the Fed or the ECB, as QE might return. We do not make it our central thesis to continually trade beta higher and lower. We believe we are in the phase of the credit cycle when stock picking, regional allocations and sectoral trends have a much higher relative probability of being profitable.
Victor Verberk,Reinout Schapers
Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | NL0013332463 |
| Bloomberg | POSPIEX NA |
| Valoren | |
| WKN | |
| Availability | |
| 1st quotation date | 1554854400000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
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| Management fee | ||
| Service fee | ||
Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
Extra fees
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Fiscal product treatment
The fund is established in the Netherlands. The fund is closed for corporate-income tax purposes (fiscally transparent). This means that all results are attributed directly to the participants. As a consequence, the fund is not liable to corporate-income tax and withholds no dividend tax.
