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 | ||
| YTD | ||
| 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.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -1.03%. The fund delivered a positive total return driven by much corporate spread tightening. The fund performed similarly to the index. The excess return of our benchmark, the Bloomberg Barclays Global Aggregate Corporate (hedged in euros) versus Treasuries was 0.64%. The fund's beta was slightly below 1 during the month, which made a negative contribution. Issuer selection made a positive contribution. The banking sector added to performance, specifically subordinated issuers such as Raiffeisen Bank, Allied Irish Bank and Bank of Ireland. Other sectors, such as consumer cyclical and capital goods, also added to performance for the month.
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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| Hit ratio Bear (%) |
| Fund | Reference index | ||
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| Rating | |||
| Option Adjusted Modified Duration (years) | |||
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| Green Bonds (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned -0.35% (hedged to EUR) last month. Credit spread and interest rate moves were mixed. The 10-year US Treasury yield moved to 0.91% from 0.84%. And the German 10-year yield remained unchanged at -0.57%. The credit spread on the Global Corporate Bond Index tightened 7 bps to 1.00%.The final month of a very interesting year. Fiscal and monetary actions removed most if not all systematic risk in the market. A Brexit deal was signed at the last possible moment. And new (third) lockdowns materialized in Europe during Christmas. In the US, transfer payments and additional unemployment benefits have been increased until mid-March. The ECB has announced more of the same: a rolling over of the PEPP program and TLTROs. Sectors that have been hit hardest by the virus, such as leisure, are still slow to recover, despite increased occupancy levels at hotels. The positive sentiment changed again in December, as fund flows slowed down, valuations tightened, macro rhetoric increased and most important of all, Covid-19 cases increased in developed markets. And yet, simply the best set of possible outcomes is priced in by the markets.
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') ]}}Last year was a year of many opportunities. There was a beta opportunity in March, a cyclical recovery opportunity in June and, later in the year, a Covid-19 sector theme opportunity. During this time, we did rigorous research in order to keep our portfolio free from the effects of defaults and accidents. We once again succeeded, with much lower defaults in high yield than the index, and not a single one in investment grade.It will be more difficult from here onwards. The possible variation in economic and technical outcomes is large. The year will be either boring or bearish. There is hardly any room for aggressive tightening by central banks. At best, we will see some carry, roll down and certain sectors recovering from Covid-19. While there is something left on the table, it is not much. We cannot afford to have policy errors, rising yields or inflation, nor any oil price, political or geopolitical shock. There is just not enough cushion left. We faced the same asymmetry this time last year. So, it will either be a boring year, with a small excess return, or a bearish one, should one of these events occur.
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.
