Robeco Sustainable Asian Bonds F USD
Active investing in Asian corporate and government bonds using our SDG framework for real-world impact
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
F-USD
BX-USD
D-USD
DH-EUR
FH-EUR
I-USD
IH-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU2465793268
Bloomberg:
RSSAFUD LX
Index
JP Morgan Asia Credit Index
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Providing long-term capital growth and optimizing yield & income.
- Sustainable investing in Asian credits and government debt.
- Proprietary SDG framework applied to select sustainable business models that facilitate the transition and create real-world impact.
About this fund
Robeco Sustainable Asian Bonds is an actively managed fund that invests in corporate and government bonds in Asia. The selection of these bonds is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund invests at least two-thirds of its total assets in bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar fixed income securities and asset backed securities issued by entities incorporated or exercising a preponderant part of their economic activities in Asia.
Sustainable transition
Find alpha in companies making the sustainable transition.
Key facts
Total size of fund
$ 10,860,963
Size of share class
$ 65,693
Inception date share class
17-05-2022
1-year performance
5.35%
Dividend paying
No
Fund manager
Thu Ha Chow
Frank Reynaerts
Reinout Schapers
Based in Singapore, Thu Ha Chow is Head of Fixed Income Asia and Portfolio Manager with a focus on Asian credits. Prior to joining Robeco in 2022, she was Portfolio Manager and Asia Strategist at Loomis Sayles & Co and Head of Asian Credit at Aberdeen Asset Management, both in Singapore. Previously Thu Ha worked for 15 years in London where she held senior fixed income positions at Deutsche Asset Management and Threadneedle Asset Management in addition to 3 years in investment banking at Credit Suisse First Boston. She started her career in 1998 after obtaining a Master’s in Economics and Philosophy from London School of Economics. Frank Reynaerts is an Emerging Credit Analyst and Portfolio Manager of the Sustainable Asian Bonds strategy. Frank joined Robeco in 2011 as a Portfolio Manager Emerging Debt. Prior to that, he was Portfolio Manager Investment Grade Credits at Syntrus Achmea, Portfolio Manager Emerging Debt at Lombard Odier and Portfolio Manager Fixed Income at Fortis. Frank started his career in 1997 at ASLK Bank as a Risk Analyst. He holds a Master’s in Commercial and Financial Sciences from EHSAL Business School of Brussels and he is a CFA® charterholder. Reinout Schapers is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management where he was a Head of European High Yield. Before that, he worked at Rabo Securities as an M&A Associate and at Credit Suisse First Boston as an Analyst Corporate Finance. Reinout has been active in the industry since 2003. He holds a Master's in Architecture from the Delft University of Technology.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
1.07%
1.06%
3 months
1.52%
1.42%
YTD
1.52%
1.42%
1 year
5.35%
5.87%
Since inception 05/2022
2.72%
3.48%
2023
7.00%
7.02%
Statistics
Rating
The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.
BAA1/BAA2
BAA1/BAA2
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
4.30
4.30
Maturity (years)
The average maturity of the securities in the portfolio.
5.50
6.00
Yield to Worst (%)
The average yield of the securities in the portfolio (lowest yield to either call date or redemption date).
5.70
7.00
Green Bonds (%)
The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.
21.30
8.90
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.71%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.50%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.50%
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.
Fund allocation
Currency
Duration
Rating
Sector
Subordination
Top 10
- Currency
- Duration
- Rating
- Sector
- Subordination
- Top 10
Policies
This share class of the fund does not distribute dividend.
Robeco Sustainable Asian Bonds is an actively managed fund that invests in corporate and government bonds in Asia. The selection of these bonds is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund invests at least two-thirds of its total assets in bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar fixed income securities and asset backed securities issued by entities incorporated or exercising a preponderant part of their economic activities in Asia. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. 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, while still controlling relative risk through the application of limits (on currencies) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
Sustainability is incorporated in the investment process by the means of a target universe, exclusions, ESG integration, and a minimum allocation to ESG-labeled bonds. The fund invests in credits issued by companies with a positive, neutral or low negative impact on the SDGs. The exposure to credits issued by companies with a low negative impact is at max 20% on the condition that those negative SDG scoring companies have a corresponding Climate traffic light that is 'Aligned' or 'Aligning'. This traffic light is part of Robeco's Paris Alignment Assessment, which is a forward looking assessment of a company's alignment with a below 2 degrees scenario. Furthermore, and the average SDG score of the fund must be greater than zero. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is quantified with a proprietary SDG score methodology, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures. The index used for all sustainability visuals is based on JP Morgan Asia Credit Index.
Market development
In March, the performance of Asian credit was positive at 1.09% with investment grade and high yield segments posting returns of 0.94% and 1.81% respectively. This meant that in the first quarter of 2024, JACI posted a 1.42% return with Asian investment grade posting 0.57% with spread contraction offsetting higher US Treasury yields, while the less interest-rate-sensitive high yield segment posted 6.83%. US Treasury yield continued to move up on the back of higher-than-expected US CPI and continued strong labor market data. Several Fed speakers were out with warnings that the market should expect less cuts, with some even suggesting no cuts for the year. China's data continue to show a cyclical bottoming, particularly with strong consumer numbers over the lunar new year period. There are signs that government stimulus is stabilizing the economy although the property sector continues to be under pressure.
Performance explanation
Based on transaction prices, the fund's return was 1.07%. The total return of the index on the month was +1.06% and the fund was +1.13%. Holdings in China and Hong Kong added to performance. The fund's underweight to frontier sovereigns Sri Lanka and Pakistan detracted from performance as both these countries move closer to receiving IMF support.
Expectation of fund manager
Thu Ha Chow
Frank Reynaerts
Reinout Schapers
This quarter's US data has been surprisingly robust with a stubbornly high CPI and strong US labor market data. The market is moving toward a US soft landing, and the aggressive US rate cuts are being priced out. We believe the market is too optimistic with credit spread at historic tight levels. We maintain a defensive stance in the weak single B and below-rated segment as spread compression does not compensate sufficiently to go down in credit quality. Persistent geopolitical tensions continue to burden Europe and increasing tension in the Middle East will keep oil prices elevated. Although China's economic recovery remains weak, there do seem to be signs of stabilization and policy will likely remain loose with supportive fiscal spending. Elsewhere in Asia, the economy continues to recover, with India being particularly robust. Elections in Indonesia and likely also in India are maintaining the status quo, which means no significant drift from the current policies. Fundamentals in Asian IG remain stable and the region has coped with this rate hiking cycle relatively well compared to historical episodes.
A provision for exchange rate fluctuation when representations are made in foreign currencies (i.e. Any representations made which are not denominated in HKD/ USD/ EUR) may expose investors to exchange rate fluctuations.
Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.
Positive distribution yield does not imply positive return. Investors should not make any investment decision solely based on information contained in the table. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
Annualized yield is calculated with the following formula: Sum of the monthly dividends over a period of 12 months / average of the applicable prices of the first business day of these 12 months * 100%
Where a reference is made to the frequency of dividend distributions, this frequency is an aim and not a guarantee. The fund may at its discretion pay dividend out from capital. Dividend yield is not guaranteed, and is not indicative the return of the Fund. The yield figure is for reference only. The fund may at its discretion to pay dividend out from capital. Distributions out of capital may result in the reduction of an investor’s original capital invested in the Sub-fund or from any capital gains attributable to that original investment of the Sub-fund. Also, any distributions involving the capital and/or capital gains may result in an immediate reduction of the net asset value per share of the relevant class. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. If there is a change of distribution policy of the Sub-fund, the Management Company will seek the prior approval of the Securities and Futures Commission in Hong Kong ('SFC') and provide at least one month’s prior notice to affected Shareholders.