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.
Robeco’s SDG Credit strategies help build wealth and contribute to the world’s collective well-being.
Watch the video to see how this works
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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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 1.26%. The fund outperformed the benchmark driven by issuer selection. The excess return of our benchmark, the Bloomberg Barclays Global Aggregate Corporate (hedged in euros) versus Treasuries was 0.39%. The fund's beta was below one during the month, which made a small negative contribution. Issuer selection contributed positively to our performance. In Western countries, vaccination programs are well on their way, with more than 70% of the population above the age of 16 having been vaccinated in multiple countries. This has resulted in loosening of restrictions and lifting of travel bans. Investors are pricing in times of economic prosperity after Covid-19, so Covid-19-impacted sectors continued to perform well. Other names which contributed positively are Cellnex and Raiffeisen Bank.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Global Aggregate Corporate Bond Index returned 1.12% (hedged to EUR) last month. The credit spread on the Global Aggregate Corporate Bond Index declined 2 basis points to 0.86%. US 10-year bond yields fell to 1.47% from 1.59%, while German 10-year yield rose two basis points to -0.21%. Positive momentum in credit markets continued in June. Many sectors continue to trade near all-time tight levels. In the US, unemployment claims dipped below 400,000, close to numbers last seen before the pandemic. President Biden is thinking about lowering corporate tax rates as well as creating a global digital tax system. The Fed has moved beyond the phase of ‘talking about talking about tapering’, based on stronger economic data. Prices for commodities like lumber started to normalize as supply bottlenecks eased. Oil continued to trade higher due to supply demand imbalances. In Europe, the ECB increased PEPP purchases to EUR 80 bln as core inflation is still below their medium-run target.
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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| 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 is an actively managed fund that invests in corporate bonds in the global developed and 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 European Sustainable Finance Disclosure Regulation. The fund aims to advance 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 (i.e. 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) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to engagement. The fund invests at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si.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) 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 sustainable objective of the fund.
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') ]}}Most likely, the credit market will at best deliver a coupon excess return. A boring year, in other words. We think it is better to be positioned on the cautions side. All signs on green has become the widely shared view for credit. This is a market that no longer compensates for tail risks and which is vulnerable to negative surprises. Confirmation biases rule. The credit impulse is set to roll over in Europe, the US and China. So, the net combined fiscal and private credit impulse will become negative soon. Towards 2022, this might start to have a dampening impact on growth rates. At times like these, it is best to be humble about the unknowns and to just accept that, every now and then, it is difficult to see the forest from the trees. We are not running huge underweight betas, though; our positioning is just below one. Given the very low dispersion in markets, it no longer pays to reach out for the riskier names. Nevertheless, we still find opportunities in banks, Covid-recovery trades and some idiosyncratic cases. At the margin, we like emerging market credit more than other credit subsectors. Our positioning is consistent across all credit categories.
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 |
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Cost of this fund
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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.
