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RobecoSAM SDG High Yield Bonds IH USD

ISIN: LU2061804980
  • Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
  • Managed with a conservative approach by an experienced team
  • Disciplined and repeatable investment process
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM SDG High Yield Bonds is an actively managed fond that invests in a diversified portfolio of global corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The selection of these bonds is based on fundamental analysis. The fund applies a screening process, using RobecoSAM’s SDG framework, to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs).The fund excludes companies that contribute negatively to these goals. RobecoSAM’s SDG framework scores companies based on the magnitude and quality of their contributions to the SDGs through their products, services and operations. Engagement, ESG integration and RobecoSAM's exclusion policy are also form part of the investment policy.

Price development

No performance data available

Price development

RobecoSAM SDG High Yield Bonds IH USD

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 -0.60%. The global high yield index delivered a total return of around -1% in September. During the month, spreads widened 36 bps, with underlying government bonds making a flat contribution. The fund outperformed the index by around 33 bps. Our cautious beta positioning made a positive performance contribution of around 17 bps. Our preference for euro high yield at the expense of US high yield was also a positive contributor this month. Our quality bias made a negative contribution as CCCs outperformed BBs on a risk-adjusted basis. At sector level, energy was by far the weakest for the month – we benefited from being underweight. At an issuer level, we benefited from our overweight in Selecta (6 bps), with bonds moving up a few points on improved sentiment surrounding the sector and the value of the restructuring plan. Second was our large underweight in Occidental petroleum that added 9 bps. The weakness in the energy sector caused the bonds to drop a few points. Our underweight in Carnival cruises was the largest detractor (-4 bps). The bonds moved up a few points as the company intends to enter an equity offering program and the cruise industry slowly resumes some operations.

Statistics

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Market development

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The global high yield market came under some pressure in September, resulting in a negative total return of around -1% for the month. Election jitters, decreasing chances of a second round of federal stimulus, increasing global economic concerns, the uncertainty relating to a pickup in virus cases especially in Europe and heavy supply in the first two weeks resulted in wider spreads across high yields. Issuers are locking in ‘low’ coupons and stacking up liquidity for any near-term virus uncertainty. Gross monthly high yield issuance reached the fifth highest total on record with close to EUR 50 billion being printed. On the other hand, flows were negative during the month, which followed five consecutive months of inflows totaling a combined figure of close to USD 60 bln. The market demonstrated wide dispersion in performance as lower-rated market segments and sectors that were heavily impacted by Covid-19 outperformed higher-rated sectors. As oil prices fell over the course of the month, energy-related sectors remained under pressure. Spreads finished the month 36 bps wider at a level of 510 bps. The average yield to worst of the global high yield index ended the month at 5.47%.

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

RobecoSAM SDG High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are liquid.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

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 company’s fundamental credit quality to strengthen our ability to assess the downside risk of our credit investments. Engagement and RobecoSAM's exclusion policy are also form part of the ESG integration policy.

Investment policy

RobecoSAM SDG High Yield Bonds invests in a diversified portfolio of global corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The selection of these bonds is based on fundamental analysis. The fund applies a screening process, using RobecoSAM’s SDG framework, to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs). The fund excludes companies that contribute negatively to these goals. RobecoSAM’s SDG framework scores companies based on the magnitude and quality of their contributions to the SDGs through their products, services and operations. Engagement, ESG integration and RobecoSAM's exclusion policy also form part of the investment policy. The fund aims to outperform the Bloomberg Barclays Global High Yield Corporate Index over a full credit cycle. The investment process is based on a top-down analysis of credit markets, combined with thorough bottom-up issuer selection. The investment philosophy is based on contribution to the SDGs but also deliver attractive financial returns for our investors. RobecoSAM SDG High Yield Bonds is managed within our credit team which consists of ten portfolio managers and twenty-two credit analysts. Within the team, Sander Bus, Roeland Moraal and Christiaan Lever are responsible for high yield. Sander has been involved in the mainstream fund since inception in 1998, Roeland joined in 2003. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team's fundamental research. The duration of the portfolio is managed in line with the index and currency exposure is hedged. A proprietary in-house developed risk management approach avoids high risk concentration in the portfolio. Holdings in equities can only appear in the portfolio as a result of corporate actions and/or debt restructuring. It is not the intention of the portfolio manager to use options or swaptions. 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 are still in the midst of the largest global health crisis seen in a century. The world awaits a vaccine that will enable us to return to our normal lives. The market has already received its shot, though, in the form of unprecedented monetary and fiscal support for the private sector. Do fundamentals still matter in an environment where the central bank ‘put’ has overwhelmed everything else? Longer term, we have no doubt that fundamentals still matter. After the initial shock, macro data in Q3 surprised to the upside compared to very downbeat expectations. This has helped risk markets. But the momentum of the recovery is clearly fading now and positive surprises have ceased. Spread levels are at or below the long-term average for all segments of the market. Systemic risk is suppressed by central banks, idiosyncratic risk certainly is not! At the moment our beta is already below one – and we keep it there. We are convinced that there will be opportunities to add or reduce risk in the coming months, not only from a top-down perspective but also in individual issuers or sectors. There is still a lot of volatility in Covid-sensitive sectors, which from time to time offer good value.

Sander Bus, Christiaan Lever
Sander Bus, Christiaan Lever

Sander Bus, Christiaan Lever

Mr. Bus is Head of the Credit team and manages our high yield portfolios. Prior to joining Robeco in 1998, Mr. Bus worked for Rabobank as a fixed income analyst for two years. Mr. Bus holds a Master's degree in Financial Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003 and is registered with the Dutch Securities Institute. Mr. Bus has been active in the industry since 1996. Christiaan Lever is Portfolio Manager High Yield in the Credit team. Before assuming this role in 2016, he was Financial Risk Manager at Robeco, focusing on market risk, counterparty risk and liquidity risk within fixed Income markets. Christiaan has been active in the industry since 2010. He holds a Master's in Quantitative Finance and in Econometrics from Erasmus University Rotterdam.

Team

RobecoSAM SDG High Yield Bonds is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team’s fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by three dedicated quantitative researchers and four fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2061804980
BloombergRSHYIHU LX
Valoren50778573
WKNA2PVFQ
Availability
1st quotation date1571702400000
Close financial year31-12
Legal status
Tracking error limit (%)
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This fund deducts ongoing charges 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.

All documents have been registered with the Monetary Authority of Singapore (“MAS”).

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