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RobecoSAM Emerging SDG Credits FH EUR

Index: JPM CEMBI Broad Diversified (hedged into EUR)
ISIN: LU1082323582
  • Structured and disciplined investment process using a proprietary SDG framework for selecting issuers
  • Active & diversified strategy that targets emerging market opportunities
  • Experienced & stable credit team
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Emerging SDG Credits is an actively managed fund that invests in corporate bonds in Emerging Markets. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth. The portfolio is built on the basis of the eligible investment universe and an internally developed UN Sustainable Development Goals (SDGs) framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si. The investment universe of the fund comprises both Local currency as well as Hard currency debt.

Price development

No performance data available

Price development

RobecoSAM Emerging SDG Credits FH 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)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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 -0.51%. The fund has positions in all major regions and economies. The fund performance was close to the index performance – we outperformed the index by 6 basis points for the month. The fund beta below 1 contributed and issuer selection also made a positive contribution. The lower duration position versus the index contributed positively.

Statistics

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Market development

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Emerging credit markets ended the month with wider spreads, especially China. Weakness in the Chinese property market remains, with more and more companies moving to a default scenario. CEMBI Broad spreads widened by +7 bps to 267 bps. The total return for October was -0.46%. 10-year US Treasury yields rose 6 bps to 1.56% in anticipation of tapering by the Fed. The headlines in China continued with Kaisa Property moving into default and increased worries on many others in a stressed situation. The market for property developers is completely closed, both onshore and offshore. With the Chinese government unwilling to step in and resolve the situation, this could turn out to be a nasty situation where one of the other developers will default as they run out of cash. In Brazil, headlines were on electricity shortages, as hydro capacity is declining due to limited rainfall. As a result, Brazilian government bonds widened and several credits moved in tandem.

Fund allocation

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Name Sector Weight
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Currency policy

Derivatives can be used for various reasons; for example, to hedge single positions, for arbitrage, and for leverage to gain extra exposure to the credit market.

Dividend policy

The fund does not distribute a dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.

ESG Integration policy

Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. We deem it essential for a well-informed investment decision to take into account those ESG factors that have the potential to materially impact the financial performance of the issuer. This perfectly matches the basic need to avoid the losers in credit management, as many credit events in the past can be attributed to issues such as poorly designed governance frameworks, environmental issues, or weak health & safety standards. The aim of ESG integration is to improve the risk/return profile of the investments and does not have an impact goal. ESG analysis is fully integrated in the bottom-up security analysis. We have defined key ESG factors per industry, and for every company we analyze how the firm is positioned versus these key ESG factors, and how this impacts the fundamental credit quality.

Investment policy

RobecoSAM Emerging SDG Credits is an actively managed fund that invests in corporate bonds in Emerging Markets. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector. The fund advances the UN Sustainable Development Goals(SDGs) by investing in companies whose business models and operational practices are aligned with targets defined by the 17 UN SDGs. The fund integrates ESG (Environmental, Social and corporate Governance) in the investment process, applies an exclusion list basis controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel, alcohol, gambling, adult entertainment, cannibis) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to engagement. The portfolio is built on the basis of the eligible investment universe and an internally developed UN Sustainable Development Goals (SDGs) framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si. The investment universe of the fund comprises both Local currency as well as Hard currency debt.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, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of 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 policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

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Exclusions++

Full ESG Integration

Engagement

Target Universe

ESG integration policy

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. We deem it essential for a well-informed investment decision to take into account those ESG factors that have the potential to materially impact the financial performance of the issuer. This perfectly matches the basic need to avoid the losers in credit management, as many credit events in the past can be attributed to issues such as poorly designed governance frameworks, environmental issues, or weak health & safety standards. The aim of ESG integration is to improve the risk/return profile of the investments and does not have an impact goal. ESG analysis is fully integrated in the bottom-up security analysis. We have defined key ESG factors per industry, and for every company we analyze how the firm is positioned versus these key ESG factors, and how this impacts the fundamental credit quality.

Expectation of fund manager

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Do fundamentals still matter in a world of financial repression, in which monetary and fiscal policymakers set the stage? It seems that markets have downplayed the role of fundamentals for years; one scenario in which the relationship between fundamentals and markets might return is when central banks loosen their grip. But while the inflation debate is not yet settled, there are other questions to consider, given that tapering is now widely anticipated. Instead, we should be prepared for some less well-flagged themes that could drive the normalization of risk premiums in credit markets. Still a key metric to watch is wage inflation, as this might give an indication of the persistence of inflation and tightness in labor markets. This holds for Europe as well as the US. China will shift its focus from outright growth to more balanced growth via its 'common prosperity' plans. The sharpening in focus is very relevant for certain sectors and will probably also have a dampening impact on global growth. With spreads still near an all-time tight, a cautious positioning makes sense to us. At the margin we have a small preference for financial institution credit.

Reinout Schapers, Christiaan Lever
Reinout Schapers, Christiaan Lever

Reinout Schapers, Christiaan Lever

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. 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

The RobecoSAM Emerging SDG Credits fund is managed within Robeco's credit team, which consists of eight portfolio managers and twelve credit analysts (of which four cover the financial sector). 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 sixteen years, of which eight years with Robeco.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1082323582
BloombergRECFHEU LX
Valoren24777170
WKNA14P64
Availability
1st quotation date1404950400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

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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 0.05% 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 NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

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