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RobecoSAM Global SDG Credits IH EUR

Index: Bloomberg Barclays Global Aggregate Corporates Index (hedged into EUR)
ISIN: LU1811861431
  • Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
  • Offers diversified exposure to global investment grade credits, while optimizing the risk-return profile through off-benchmark high yield and emerging credit opportunities.
  • Aims to outperform the Bloomberg Barclays Global Aggregate Corporates Index over the full credit cycle.
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Global SDG Credits 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 also form part of the investment policy.

Price development

No performance data available

Price development

RobecoSAM Global SDG Credits IH 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 fund delivered a negative total return, but outperformed the index. The excess return of the market was 0.30%. The fund's beta was around 1 during the month. The beta position had no effect on the fund's return. Issuer selection made a positive contribution to the performance. Our short position in the CDX high yield contributed negatively. Halfway September we increased the duration of the fund as US yields neared their peak at 1.84%.

Statistics

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Market development

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The Global Aggregate Corporate Bond Index returned -0.76% (hedged to EUR) last month. Credit spreads widened and interest rates moved up. The 10-year US Treasury yield moved higher from 1.5% to 1.66%. The German 10-year yield moved from -0.70% to -0.57%. The credit spread on the Global Corporate Bond Index decreased 3 bps to 1.18%.Markets were mainly driven by central banks, the trade war and European politics. GE announced a USD 6 bln tender offer sending bonds higher across the board. The Fed had a stressful month with the first-in-a-decade intervention into the repo markets to calm money markets in addition to the announced rate cut, but remains reluctant to cut significantly further. Draghi ended his term with a bang, cutting interest rates and starting an open-ended QE program. The probability of a hard Brexit decreased somewhat, after the UK court ruled that the suspension of UK parliament by Boris Johnson was unlawful. Oil markets spiked mid-September due to an attack on a Saudi oil plant that instantly cut global output by 5%, however only for a short while. Despite weak manufacturing data, September turned out to be one of the biggest new issuance months ever recorded.

Fund allocation

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Name Sector Weight
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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 hedged.

Derivative policy

The fund fund make use of derivatives for hedging purposes as well as for investment purposes.

Dividend policy

This share class of the fund does not distribute dividend.

ESG Integration policy

In this fund we look for investments with a positive societal impact, whilst generating healthy financial returns. We define impact as an alignment with the UN Sustainable Development Goals (SDGs). We identify and evaluate the impact that specific credits have on the SDGs, and score all the issuers under coverage of the analysts’ team. These scores categorize credits as having either a Positive, Neutral, or Negative impact on the SDGs. The scores are then used in a screening process, to define the investable universe that exclude credits with a Negative impact on the SDGs. In addition to the universe screening, our credit analysts integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to assess the downside risk of our credit investments. Furthermore the portfolio’s environmental footprint is actively reduced and a part of the portfolio is allocated to green bonds.

Investment policy

RobecoSAM Global SDG Credits invests in a diversified portfolio of global investment grade corporate bonds. Core of the portfolio is invested in investment grade credits, complemented by best opportunities in High Yield and Emerging Markets The selection of these bonds is based on fundamental analysis. The fund aims to contribute to realizing the UN SDG goals by assessing the SDG score of all companies in the universe. The fund does not invest in companies that do not contribute to these goals. The investment philosophy is based on managing a solid diversified portfolio with a long term view. Companies that don't contribute to the realization of the SDG Goals as set by the UN are excluded from the universe. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, which defines the current credit environment and where we are in the credit cycle. This analysis is based on a fundamental, valuation and technical perspective. Bottom-up issuer research is executed by our credit analysts, who undertake  the fundamental analysis. Analyst research reports are discussed in approx. 500 credit committees per year. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery.

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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We aim for credit betas close to one in investment grade credit portfolios. Both the European Central Bank and the US Federal Reserve have adjusted their policy, as the economic situation deteriorates. This outcome has induced search-for-yield behavior among investors, which benefits credit markets. Meanwhile, valuations are below average in euro investment grades but spreads widened in September. We feel not inclined to go significantly overweight beta. Global trade tensions, especially between the US and China are expected to stay. This has a visibly negative impact on the global economy. We have to cope with a cyclical slowdown in growth, short-term spread cycles driven by a lack of liquidity, and central bank interventions due to fading inflation. We think it is wise not to fight the Fed or the ECB, as their policies create a positive market technical.

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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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1811861431
BloombergRGSDIHE LX
Valoren41496940
WKNA2JRZ9
Availability
1st quotation date1526428800000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

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This fund may also deduct a performance fee of

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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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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