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Robeco Euro SDG Credits F EUR
Pioneering SDG Framework for credit portfolios
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.
F-EUR
0E-EUR
B-EUR
C-EUR
D-EUR
I-EUR
IE-EUR
IEH-CHF
IH-CHF
IH-GBP
IH-USD
Class and codes
Asset class:
Bonds
ISIN:
LU0940006884
Bloomberg:
ROBSFHE LX
Index
Bloomberg Euro Aggregate: Corporates
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
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (31/07)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in companies that contribute to the United Nations Sustainable Development Goals
- Provides a diversified exposure to the Euro investment grade credit market
- Disciplined and repeatable investment process and experienced team management
About this fund
Robeco Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth. 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 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 can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds.
Key facts
Total size of fund
€ 1,290,917,227
Size of share class
€ 90,195,931
Inception date share class
03-09-2013
1-year performance
7.29%
Dividend paying
No
Fund manager
![Jan Willem de Moor](https://images.ctfassets.net/tl4x668xzide/6uHrtSg2PCInJ08KwowUDv/94f42904a7030e4229af9b02b28b1b4e/jan-willem-de-moor-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Jan Willem de Moor
![Peter Kwaak](https://images.ctfassets.net/tl4x668xzide/49SfNcjqPfFgeKgJOT7l0n/5912a1cb2b8a84c4798d626407ad7a59/peter-kwaak.png?fit=fill&w=162&h=162&f=center&fm=webp)
Peter Kwaak
Jan Willem de Moor is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University. Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder. The Robeco Euro SDG Credits fundis managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials 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 dedicated quantitative researchers and 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
1.66%
1.72%
3 months
2.56%
2.66%
YTD
2.32%
2.27%
1 year
7.29%
7.15%
2 years
1.95%
1.76%
3 years
-2.07%
-2.07%
5 years
-0.63%
-0.69%
10 years
1.05%
1.14%
Since inception 05/2010
2.22%
2.42%
2023
7.76%
8.19%
2022
-13.25%
-13.65%
2021
-1.46%
-0.97%
2020
3.27%
2.77%
2019
5.96%
6.24%
2021-2023
-2.70%
-2.56%
2019-2023
0.16%
0.20%
Statistics
Statistics
Hit-ratio
Characteristics
- Statistics
- Hit-ratio
- Characteristics
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
0.61
0.62
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.91
0.97
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
-0.51
-0.15
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
0.55
0.64
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.00
1.02
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
6.50
6.44
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.29
4.34
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-3.99
-7.11
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
26
41
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
72.2
68.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
18
33
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
13
21
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
72.2
63.6
Months Bear market
Number of months of negative benchmark performance in the underlying period.
18
27
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
13
20
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
72.2
74.1
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.
A2/A3
A3/BAA1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
4.50
4.50
Maturity (years)
The average maturity of the securities in the portfolio.
5.00
5.10
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.
20.30
13.20
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.
0.57%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.35%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.08%
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
Investors outside Luxembourg are subject to their national tax regime applying to foreign investment funds. We advise individual investors to contact their financial or fiscal adviser regarding their specific fiscal situation.
Fund allocation
Duration
Rating
Sector
Subordination
Top 10
- Duration
- Rating
- Sector
- Subordination
- Top 10
Policies
The fund only invests in Euro-denominated bonds.
Robeco Euro SDG Credits make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.
The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
Robeco Euro SDG Credits is an actively managed fund and provides a diversified exposure to the Euro investment grade credit market. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth. 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 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 can take some off-benchmark positioning in emerging markets, covered bonds and a limited exposure to high yield bonds. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. 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 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 10% 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 Euro Aggregate: Corporates.
Market development
In July, the French elections resulted in a surprising win of the left-wing alliance NFP, although no party achieved an absolute majority. The market's initial reaction was muted, suggesting that worst-case scenarios had been avoided. Meanwhile, concerns are growing about a potential softening in consumer and labor markets, coinciding with the start of the second-quarter earnings season. There were indications of weakness in the luxury market in China, with companies like LVMH and Kering reporting a marked deceleration in revenues in the region. In the United States, President Joe Biden decided not to seek re-election, with current Vice President Kamala Harris stepping in as the Democratic candidate and narrowing the gap against Donald Trump in opinion polls. In Europe, the Eurozone composite PMI for July fell to 50.1 from 50.9 in June, signaling economic stagnation and missing consensus expectations. This economic slowdown, coupled with weakening consumption, supports the likelihood of a 25 basis point interest rate cut by the ECB in September. Overall, these factors contribute to expectations of further monetary easing in response to the slowing economy.
Performance explanation
Based on transaction prices, the fund's return was 1.66%. This month, the Euro Aggregate Corporate Bond Index posted a return of 1.72% (in euro terms), with excess returns at 0.52%. The yields on underlying government securities narrowed over the period, including a 20-basis-point decline in German 10-year yields, which reached 2.30% by the end of the month. Additionally, the index's credit spread rallied by 9 basis points to finish at 110 basis points. The underlying portfolio performed neutral to its benchmark index before fees. Relative performance is attributed to beta positioning and issuer selection, in line with our investment process. The beta contribution was neutral due to our beta being close to 1 throughout the month. As a result, close to neutral performance was achieved from our issuer selection.
Expectation of fund manager
![Jan Willem de Moor](https://images.ctfassets.net/tl4x668xzide/6uHrtSg2PCInJ08KwowUDv/94f42904a7030e4229af9b02b28b1b4e/jan-willem-de-moor-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Jan Willem de Moor
![Peter Kwaak](https://images.ctfassets.net/tl4x668xzide/49SfNcjqPfFgeKgJOT7l0n/5912a1cb2b8a84c4798d626407ad7a59/peter-kwaak.png?fit=fill&w=162&h=162&f=center&fm=webp)
Peter Kwaak
For IG portfolios, we target a small overweight position in terms of risk relative to the benchmark. We maintain an overweight in the banking sector, given strong fundamentals combined with superior relative valuation. Recent developments in Europe may well lead to underperformance in the French banks in the near term, but we see little reason for this to ultimately evolve into something truly systemic. We believe we will derive outperformance from deep research-driven name selection opportunities in the near term, as opposed to beta management. We intend to maintain a conservative stance regarding overall risk in portfolios. Recency bias is a powerful thing and we have seen numerous episodes in the past 20 years where investors become too comfortable with the idea that low volatility and unattractive valuation can persist indefinitely. It rarely does. By employing a patient and disciplined approach, we will be in a strong position to capture more compelling opportunities as they arise.