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Robeco SDG High Yield Bonds IH USD
Benefiting from a long-term quality approach pays off in high yield bonds
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
IH-USD
DH-NOK
DH-SEK
EH-SEK
FH-EUR
FH-USD
IE-EUR
IEH-GBP
IEH-USD
IH-CHF
IH-EUR
IH-GBP
ZH-GBP
Class and codes
Asset class:
Bonds
ISIN:
LU2061804980
Bloomberg:
RSHYIHU LX
Index
Bloomberg Global High Yield Corporate Index
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- 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
About this fund
Robeco SDG High Yield Bonds is an actively managed fund that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si.
Key facts
Total size of fund
$ 475,821,552
Size of share class
$ 1,362,474
Inception date share class
20-09-2022
1-year performance
9.91%
Dividend paying
No
Fund manager
![Christiaan Lever](https://images.ctfassets.net/tl4x668xzide/5QU9cns6B2AmdWPHv5KiFS/c9a1bdd1b9662a12a77892a6b82f5de0/christiaan-lever-500x500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Christiaan Lever
![Sander Bus](https://images.ctfassets.net/tl4x668xzide/4sp4wZtACwhRFLLrR8wKNy/a47f9d156e6f9b982b1408cf900bbffc/sander-bus-06743-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Sander Bus
![Roeland Moraal](https://images.ctfassets.net/tl4x668xzide/2g6gvcw8ya9jPkIcddvfZT/340595f912e0aa3df2a39afba279fb6e/roeland-moraal-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Roeland Moraal
![Daniel de Koning](https://images.ctfassets.net/tl4x668xzide/2d5G4LyX3QB30DFvKeTOqK/4c72619369076065aa221f75fe7b9a42/daniel-de-koning-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Daniel de Koning
Christiaan Lever is Portfolio Manager High Yield and Emerging Credits 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. Sander Bus is CIO and Portfolio Manager High Yield Bonds in the Credit team. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Roeland Moraal is Portfolio Manager High Yield in the Credit team. Before assuming this role, he was Portfolio Manager in the Robeco Duration team and worked as an Analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam. Daniel de Koning is Portfolio Manager High Yield in the Credit team. Prior to joining Robeco in 2020, he was Portfolio Manager High Yield at NN Investment Partners. Daniel started his career in 2011 at APG Asset Management, where he held roles of Credit Analyst and Portfolio Manager High Yield. He holds a Master’s in Business Economics from the University of Amsterdam and he is a CFA® and CAIA® charterholder. Robeco 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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
1.38%
1.77%
3 months
3.35%
3.82%
YTD
4.24%
5.11%
1 year
9.91%
11.64%
Since inception 09/2022
10.36%
10.67%
2023
12.09%
13.04%
Statistics
Rating
The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.
BA2/BA3
BA3/B1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
3.00
3.00
Maturity (years)
The average maturity of the securities in the portfolio.
4.10
4.10
Green Bonds (%)
The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.
6.40
3.60
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.69%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.55%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.12%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.00%
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.
Fund allocation
Country
Currency
Duration
Rating
Sector
Top 10
- Country
- Currency
- Duration
- Rating
- Sector
- Top 10
Policies
All currency risks are hedged.
Robeco SDG High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are liquid.
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.
Robeco SDG High Yield Bonds is an actively managed fund that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si. The fund has sustainable investment as its objective within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation. 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 Governance) factors in the investment process and applies Robeco’s Good Governance policy and applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
Sustainability is incorporated in the investment process by the means of a target universe, exclusions, ESG integration, and a minimum allocation to ESG-labeled bonds. The fund solely invests in credits issued by companies with a positive or neutral impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact of financially material ESG risk on the issuer's fundamental credit quality. Furthermore, the fund invests at least 2% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Global High Yield Corporate Index.
Market development
In the month of July, the US high yield market witnessed some spread widening, as the OAS grew by 7 basis points to 324 bps. At the same time, yield-to-worst contracted by 27 bps, ending the period at 731 basis points. The strong rally during the first 2 weeks was led by growing anticipation that the Fed would cut rates by their September meeting. This was on the back of weak data coming in as US jobs reports showed the unemployment rate moving up to 4.1% in June, the highest level since November 2021. In addition we got a downward revision on the NFP growth. The biggest catalyst for these rate cut expectations was the latest CPI print. That showed the weakest monthly core CPI since January 2021. While the data was surprising on the downside, there were also a few disappointing earnings results that cast doubts on the massive rally. In the Eurozone, rates were also unchanged and inflation has kept its downward trajectory. New issuance in the US high yield market was the lightest in 2024, with USD 19.5 bln worth of bonds being printed. However, default activity was elevated, with 5 companies filing for chapter 11 (EUR 4.9 bln total).
Performance explanation
Based on transaction prices, the fund's return was 1.38%. In July, the high yield bond index recorded a total return of 1.62%. This result has been driven by underlying government yield movement, which fell consistently throughout the month, whereas spread widened for the month. The portfolio underperformed versus the benchmark by 33 bps. Issuer selection detracted 27 bps whereas beta positioning was a slight negative. On a risk-adjusted basis the lower-rated parts of the USD market outperformed, thus our up-in-quality positioning suffered from it. Also our overweight risk in EUR-denominated bonds detracted, as the EUR market underperformed versus the USD one on a risk-adjusted basis. Our underallocation in communications underperformed, as the most junior part of many capital structures in the sector outperformed. Underweight risk in the consumer cyclical sector was the main positive. Our position in Eurofins was the main positive contributor, as the name rebounded over the month after having lost partly, following a short-seller's report in June. Commscope and Level 3, two names in the US communications space where we are underweight, were among the main detractors, as their junkiest position rallied over the month. Also, our positioning in Thames Water suffered.
Expectation of fund manager
![Christiaan Lever](https://images.ctfassets.net/tl4x668xzide/5QU9cns6B2AmdWPHv5KiFS/c9a1bdd1b9662a12a77892a6b82f5de0/christiaan-lever-500x500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Christiaan Lever
![Sander Bus](https://images.ctfassets.net/tl4x668xzide/4sp4wZtACwhRFLLrR8wKNy/a47f9d156e6f9b982b1408cf900bbffc/sander-bus-06743-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Sander Bus
![Roeland Moraal](https://images.ctfassets.net/tl4x668xzide/2g6gvcw8ya9jPkIcddvfZT/340595f912e0aa3df2a39afba279fb6e/roeland-moraal-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Roeland Moraal
![Daniel de Koning](https://images.ctfassets.net/tl4x668xzide/2d5G4LyX3QB30DFvKeTOqK/4c72619369076065aa221f75fe7b9a42/daniel-de-koning-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Daniel de Koning
Economic data in the US has continued to paint a picture of a resilient economy. A 'goldilocks' scenario of softer growth, cooling inflation and the prospect of imminent rate cuts remains the broad market consensus. But the tails on either side of this base case cannot be dismissed entirely. In considering the downside (or hard-landing) scenario, we see increasing evidence that consumers are feeling the pinch from higher rates. On the other hand, sticky inflation clearly complicates matters for the Fed. If the market truly begins to consider that rate cuts may be even further out, or even contemplate further hikes, we would again consider this an unfriendly scenario for risk assets. In the high yield market, we see that companies feel the need to reduce debt. This is positive for investors in high yield issuers that have the ability to do that in a creditor-friendly way. However, at the lower end of the spectrum we find companies that can only reduce debt by restructuring their capital structure in a creditor-unfriendly way. This is the environment in which it is important to firmly hold on to our quality tilt and accept a beta below one.
A provision for exchange rate fluctuation when representations are made in foreign currencies (i.e. Any representations made which are not denominated in HKD/ USD/ EUR) may expose investors to exchange rate fluctuations.
Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.
Positive distribution yield does not imply positive return. Investors should not make any investment decision solely based on information contained in the table. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
Annualized yield is calculated with the following formula: Sum of the monthly dividends over a period of 12 months / average of the applicable prices of the first business day of these 12 months * 100%
Where a reference is made to the frequency of dividend distributions, this frequency is an aim and not a guarantee. The fund may at its discretion pay dividend out from capital. Dividend yield is not guaranteed, and is not indicative the return of the Fund. The yield figure is for reference only. The fund may at its discretion to pay dividend out from capital. Distributions out of capital may result in the reduction of an investor’s original capital invested in the Sub-fund or from any capital gains attributable to that original investment of the Sub-fund. Also, any distributions involving the capital and/or capital gains may result in an immediate reduction of the net asset value per share of the relevant class. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. If there is a change of distribution policy of the Sub-fund, the Management Company will seek the prior approval of the Securities and Futures Commission in Hong Kong ('SFC') and provide at least one month’s prior notice to affected Shareholders.