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Sustainable Pension Income X EUR

ISIN: NL0013332463
  • Contributes actively to the realization of the SDG goals
  • Core exposure of portfolio invested in global investment grade credits
  • Experienced investment team
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Sustainable Pension Income invests in the RobecoSAM Global SDG Credits fund. The fund's objective is to provide long term capital growth. Through the RobecoSAM Global SDG Credits fund, this fund invests in a diversified portfolio of global corporate bonds with an investment grade rating, the best opportunities in highyield and emerging markets. The fund applies a screening process to select bonds that contribute to the Sustainable Development Goals (Sustainable Development Goals) of the UN. The fund assesses the contribution to the SDGs of all companies and excludes companies that make a negative contribution to these goals.

Price development

No performance data available

Price development

Sustainable Pension Income X EUR

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.

Performance explanation

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Based on transaction prices, the fund's return was -0.61%. The underlying fund delivered a positive alpha driven by issuer selection. The excess return of our benchmark, the Bloomberg Barclays Global Aggregate Corporate (hedged in euros) versus Treasuries was 0.23%. The fund's beta was below one during the month, which made a small negative contribution. Issuer selection made a positive contribution. For example, InterContinental Hotels, LeasePlan and ZF Friedrichshafen added to performance.

Statistics

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Market development

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The Global Aggregate Corporate Bond Index returned -0.97% (hedged to EUR) last month. Credit spreads and interest rates were mixed. The 10-year US interest rate fell from 1.74% to 1.63%, and the German 10-year yield widened by 9 basis points to -0.20%. The credit spread on the Global Aggregate Corporate Bond Index was 4 basis points tighter at 0.91%.This year, the April earnings season was an interesting one. Demand for spread products was strong and many sectors are near YTD tights. Many of the first-quarter earnings reports published so far were better than expected. On a macro level, sentiment indicators like the purchasing managers' index show expectations of strong growth. This is also reflected in rising commodity prices. Central banks remain accommodative for now and are keen to run the economy hot. The ECB will step up PEPP asset purchases in the second quarter of this year. In the US, Biden has announced another stimulus package of USD 1.8 trillion.

Fund allocation

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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
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

Sustainable Pension Income invests in the RobecoSAM Global SDG Credits fund. The fund's objective is to provide long term capital growth. The fund promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries.Through the RobecoSAM Global SDG Credits fund, this fund invests in a diversified portfolio of global corporate bonds with an investment grade rating, the best opportunities in highyield and emerging markets. The fund applies a screening process to select bonds that contribute to the Sustainable Development Goals (Sustainable Development Goals) of the UN. The fund assesses the contribution to the SDGs of all companies and excludes companies that make a negative contribution to these goals. The fund does not use a benchmark.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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It seems obvious that in 2021 the global economy will experience the strongest growth in decades. Ultra-loose monetary policy, aggressive fiscal stimulus and the unleashing of pent-up demand as the economy eventually reopens fully, are expected to pave the way for high single-digit economic growth. The Fed and the ECB have made it very clear that they will keep rates low for a long time. The Fed has signaled that it will deliberately be behind the curve, and that it will accept higher bond yields as long as these are driven by higher inflation expectations. Credit markets traditionally perform well in the first year after a recession. What's more, spreads have been negatively correlated with rates for most of the last two decades. So, why are we advocating a defensive positioning? The short answer is that the market is priced for perfection, which means that you do not get paid for potential tail risks. While it is possible that credits could keep rallying, the margin for error is extremely limited. The opportunity costs of being defensive are therefore low. We believe it very likely that better entry points to increase credit risk will arise in the next six months.

Victor Verberk,Reinout Schapers
Victor Verberk,Reinout Schapers

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

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ISINNL0013332463
BloombergPOSPIEX NA
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1st quotation date1554854400000
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 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.

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