RobecoSAM Global SDG Credits FH USD
- 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.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 0.46%. The fund delivered a positive total return driven by much corporate spread tightening. The fund performed similarly to the index. The excess return of our benchmark, the Bloomberg Barclays Global Aggregate Corporate (hedged in euros) versus Treasuries was 0.64%. The fund's beta was slightly below 1 during the month, which made a negative contribution. Issuer selection made a positive contribution. The banking sector added to performance, specifically subordinated issuers such as Raiffeisen Bank, Allied Irish Bank and Bank of Ireland. Other sectors, such as consumer cyclical and capital goods, also added to performance for the month.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned -0.35% (hedged to EUR) last month. Credit spread and interest rate moves were mixed. The 10-year US Treasury yield moved to 0.91% from 0.84%. And the German 10-year yield remained unchanged at -0.57%. The credit spread on the Global Corporate Bond Index tightened 7 bps to 1.00%.The final month of a very interesting year. Fiscal and monetary actions removed most if not all systematic risk in the market. A Brexit deal was signed at the last possible moment. And new (third) lockdowns materialized in Europe during Christmas. In the US, transfer payments and additional unemployment benefits have been increased until mid-March. The ECB has announced more of the same: a rolling over of the PEPP program and TLTROs. Sectors that have been hit hardest by the virus, such as leisure, are still slow to recover, despite increased occupancy levels at hotels. The positive sentiment changed again in December, as fund flows slowed down, valuations tightened, macro rhetoric increased and most important of all, Covid-19 cases increased in developed markets. And yet, simply the best set of possible outcomes is priced in by the markets.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Screening | ||||
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| Sustainability Themed Fund |
Currency policy
All currency risks are hedged.
Derivative policy
The 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 the RobecoSAM Global SDG Credits strategy 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 analyst 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.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Last year was a year of many opportunities. There was a beta opportunity in March, a cyclical recovery opportunity in June and, later in the year, a Covid-19 sector theme opportunity. During this time, we did rigorous research in order to keep our portfolio free from the effects of defaults and accidents. We once again succeeded, with much lower defaults in high yield than the index, and not a single one in investment grade.It will be more difficult from here onwards. The possible variation in economic and technical outcomes is large. The year will be either boring or bearish. There is hardly any room for aggressive tightening by central banks. At best, we will see some carry, roll down and certain sectors recovering from Covid-19. While there is something left on the table, it is not much. We cannot afford to have policy errors, rising yields or inflation, nor any oil price, political or geopolitical shock. There is just not enough cushion left. We faced the same asymmetry this time last year. So, it will either be a boring year, with a small excess return, or a bearish one, should one of these events occur.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU2055796721 |
| Bloomberg | ROGSCFU LX |
| Valoren | 50336280 |
| WKN | A2PSTU |
| Availability | |
| 1st quotation date | 1569369600000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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.
