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Sustainable Pension Income X EUR

ISIN: NL0013332463
  • Contributes actively to the realization of the SDG goals
  • Core exposure of portfolio invested in global investment grade credits
  • Experienced investment team
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

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.

Price development

No performance data available

Price development

Sustainable Pension Income X 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 1.50%. The fund delivered a positive total return driven by much corporate spread tightening. The fund slightly underperformed the index. The excess return of the market was 1.50%. The fund's beta was above 1 during the month, which made a positive contribution. Issuer selection made a negative contribution.

Statistics

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Market development

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The Global Aggregate Corporate Bond Index returned 1.73% (hedged to EUR) last month. Credit spreads tightened while interest rates remained mostly unchanged. The 10-year US Treasury yield moved from 0.65% to 0.66%. The German 10-year yield remained unchanged at -0.45%. The credit spread on the Global Corporate Bond Index dropped 24 bps to 1.39%.June started off strongly caused by positive news around monetary policy actions, including the first corporate bond buying via the Fed, the slowdown of new Covid-19 cases and the relaxation of lockdown policies. This positive tone did not last very long though and after the first week of June spreads gradually widened for the rest of the month. An important reason for this weaker sentiment is the fact that also in large economies like the United States the peak in Covid-19 cases has not been reached yet. Also the market felt a bit tired after so many new deals had been issued since spreads peaked at the end of March. Lastly, it was clear that there still was a lot of negative economic news to come. Recessions also remove the bad apples and Wirecard, once Germany’s fintech wunderkind, filed for insolvency after missing EUR 1.9 billion in cash.

Fund allocation

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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 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

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The economic fallout that we saw in 20Q2 was unlike anything we have ever seen in our careers. On top of that, an oil supply shock created the perfect storm for risky assets. Markets have since soared and are treating Covid-19 as a growth shock. To justify this rally, we really need a normalization in earnings. We have our doubts that this will materialize. The ‘common enemy’ elicited a massive unconventional, coordinated series of stimulus by policy makers. Government stimulus is financed by central banks. We have our doubts about this, too. For corporates, the economic downturn thus far means cash burn and clear declines in EBITDA. Revenues were already slowing in Q1, particularly in energy, retail and basic industries. Sectors facing technology challenges have for long been under pressure, leaving operating margins with little cushion. Outlooks from credit rating agencies remain heavily skewed to the negative, meaning that fallen angel volumes of the spring are unlikely to be the last wave of downgrades. For now we remain constructive on investment grade, but go underweight on high yield again. Technicals rule but fundamentals might strike back. Be ready to buy once more.

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
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Outstanding shares
ISINNL0013332463
BloombergPOSPIEX NA
Valoren
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Availability
1st quotation date1554854400000
Close financial year31-12
Legal status
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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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.