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RobecoSAM SDG Credit Income CH EUR

ISIN: LU1806347545
  • Flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds
  • Invests in companies that contribute to the United Nations Sustainable Development Goals
  • Fund aims to maximize current yield and income for investors who are targeting a consistent level of income
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

RobecoSAM SDG Credit Income has the flexibility to invest in all fixed income segments and to utilize a broad range of fixed income securities. This fund aims to maximize current yield and income and seeks to meet the needs of investors who are targeting a consistent level of income. In addition 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. The final selection of the securities in the portfolio is based on bottom-up fundamental analysis. Engagement, ESG integration and Robeco's exclusion policy are part of the investment policy.

Price development

No performance data available

Price development

RobecoSAM SDG Credit Income CH 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 0.28%. The fund continues to perform well as short-dated financial bonds and perpetuals outperformed longer-dated bonds. The fund continues to show it can perform in both up and down markets. The low duration and roll-down in combination with higher credit risk provide a higher income while keeping volatility low. As markets are more volatile, certain positions in the portfolio are more tactical, although the majority remains long-term oriented. We reduced the interest rate hedge in the fund at the end of August as US treasuries were already pricing in significant rate cuts. Also because the fund already holds a position in T-bills. As interest rates moved up sharply in September, we decided to partly put our hedge back in place.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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The Credits Income fund reported a positive return of 0.59% (in USD) bringing year-to-date returns to 11.17%. Global investment grade credits returned -0.51%, while emerging market credits returned +0.63% and high yield credits +0.30%. Risk-free returns were negative this month as rates were rising. Excess returns on credit were positive. 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 will 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 SDG Credit Income has the flexibility to invest in all fixed income segments, including investment grade, high yield and emerging market corporate bonds. This fund aims to maximize current yield and income and seeks to meet the needs of investors who are targeting a consistent level of income. The fund is not constrained by a benchmark. The fund aims to have an overall credit quality of investment grade. Duration is a function of optimizing portfolio yield and income and the expected duration range is between 0-5 years. The fund can have an average maximum active FX exposure of 5% vs the base currency of the share class. The selection of fixed income securities is based on bottom-up fundamental analysis. The fund is managed by an experienced team with a proven track record capable of generating good performance in both rising and falling credit markets. The investment process is well structured and has a disciplined approach and is based both on a top down macro outlook of the credit markets and an in depth and comprehensive bottom up fundamental credit analysis. In addition the fund aims to contribute to realizing the United Nations Sustainable Development Goals (SDGs). The issuers in the investible universe are screened for their contribution to the UN Sustainable Development Goals (SDG). This is done by using RobecoSAM’s proprietary SDG measurement framework. The contribution of a company towards the realization of the SDGs is determined based on three steps; by looking at what a company produces, how a company produces, and correcting for controversies. The fund does not invest in companies that contribute negatively to these goals. The final selection of the securities in the portfolio is based on bottom-up fundamental analysis. Our credit analysts also integrate ESG factors in their analysis of the companies fundamental credit quality to strengthen our ability to better assess the downside risk of our credit investments. Engagement, ESG integration and Robeco's exclusion policy are part of the investment policy.

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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Both the European Central Bank and the US Federal Reserve have adjusted their policies 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. Emerging market valuations are more average. Emerging market corporates are also likely to benefit from looser monetary policy. However due to the slowdown in global manufacturing we are very selective in EM in general. 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. Although we are comfortable owning credit risk, we also like to hold a liquidity buffer via US T-bills in our Credit Income strategy. We think there is a chance of risk aversion periods as a result of for example Brexit, Hong Kong or trade war.

Reinout Schapers, Victor Verberk
Reinout Schapers, Victor Verberk

Reinout Schapers, Victor Verberk

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. 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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1806347545
BloombergROBCICH LX
Valoren41363988
WKN
Availability
1st quotation date1524182400000
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 0.05% 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.

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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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