Sustainable Pension Income X EUR
- 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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| 1 month | ||
| 3 months | ||
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| 1 year | ||
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| 10 years | ||
| {{'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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| 3 years | 5 years | ||
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| Hit ratio (%) | |||
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| Hit ratio Bull (%) | |||
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| Hit ratio Bear (%) |
| Fund | Reference index | ||
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| Rating | |||
| Option Adjusted Modified Duration (years) | |||
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| Yield to Worst (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned 0.65% (hedged to EUR) last month. Credit spreads widened, while interest rates moved down. The 10-year US Treasury yield moved lower from 1.51% to 1.15%. The German 10-year yield moved from -0.43% to -0.61%. The credit spread on the Global Corporate Bond Index increased 20 basis points to 123.At the beginning of the month, new records were set in global equity markets amid optimism around trade, politics and central banks. But the performance was reversed in the last week of February, as it became clear that the spreading of the coronavirus would not be contained to China. The Chinese manufacturing PMI dropped to the lowest point in decades, after China decided to close factories. This reverberated in the global markets as China is now a significant contributor to global GDP. As a result interest rates declined globally. The reaction to the equity market and the corporate bond wiped out at least as much as the fourth quarter of 2019.The new issuances were well absorbed in the first three weeks of the month. UK and Eurozone credit outperformed other markets, while US and EM credits lagged the global market.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/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. This fund invests in a diversified portfolio of global corporate bonds with an investment grade rating, supplemented by the best opportunities in high yield and emerging markets. The fund applies a screening process in its selection of bonds that contribute to the UN Sustainable Development Goals (SDGs). The fund assesses the contribution to the SDGs of all companies and excludes companies that make a negative contribution to these goals.
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') ]}}Over 12 months of trade war and more restrictive policies by central banks up till June of this year have had their impact on the global economy and more specifically on the manufacturing sectors. The outbreak of the coronavirus will have an impact on the global economy in the next two quarters. With supply chains disrupted and demand weak, central banks across the world have been eager to restore the peace and calm in markets by yet again moving to more accommodative policies. In some cases they have already stepped in or are looking at the options. Governments are also speaking of fiscal intervention, which is likely more effective in this case. However, nothing concrete has been announced.Valuations across credit markets were more divers, with ‘safe’ assets trading at very expensive levels while weak companies were trading cheap. However, in a risk-off environment these high risk bonds do not necessarily outperform in the short term. Markets are not yet cheap but are looking increasingly interesting. Still, volatility is likely to stay with us for some time.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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| This fund deducts ongoing charges of |
| These charges comprise | ||
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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
| max entry fee | ||
| Max exit fee | ||
| Max sub fee | ||
| Max switch fee |
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.
