Robeco Climate Global Credits IH EUR
Investing in credits and striving to keep the global temperature rise to well below 2°C
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-EUR
DH-EUR
DH-USD
DHCo-EUR
FH-EUR
FH-USD
FHCo-EUR
IH-GBP
IH-USD
IHCo-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU2258387716
Bloomberg:
ROCCIHE LX
Index
Solactive Paris Aligned Global 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 9
Morningstar
Morningstar
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Rating (31/08)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- At the forefront of the transition to a low-carbon economy in line with the Paris Agreement
- Contrarian investment style that harvests opportunities from behavioral biases in the market
- Part of a successful global credit capability run by highly experienced team
About this fund
Robeco Climate Global Credits is an actively managed fund that invests mainly in nongovernment bonds all around the world. The selection of these bonds is based on fundamental analysis. 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 aims to reduce the carbon footprint of the portfolio and thereby contribute towards the goals of the Paris agreement to keep the maximum global temperature rise well-below 2◦C. The carbon footprint reduction objective will be aligned with the Solactive Paris Aligned Global Corporate Index. The fund invests mainly in nongovernment bonds (which may include contingent convertible bonds (also “coco” bonds) and similar nongovernment fixed income securities and asset backed securities from all around the world. The fund's objective is also to provide long term capital growth.
Defining fair value in global credit markets
Key facts
Total size of fund
€ 565,720,059
Size of share class
€ 11,997,729
Inception date share class
09-12-2020
1-year performance
7.14%
Dividend paying
No
Fund manager
Peter Kwaak
Reinout Schapers
Matthew Jackson
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. Reinout Schapers is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management where he was a Head of European High Yield. Before that, he worked at Rabo Securities as an M&A Associate and at Credit Suisse First Boston as an Analyst Corporate Finance. Reinout has been active in the industry since 2003. He holds a Master's in Architecture from the Delft University of Technology. Matthew Jackson is Portfolio Manager Global Investment Grade in the Credit team. He joined Robeco in 2024 from Western Asset Management in London where he started his career in the industry in 2003 and consequently held roles of Risk Analyst, Portfolio Analyst, Research Analyst and Portfolio Manager of numerous dedicated credit funds and mandates. He holds a Bachelor’s in Economics (Hons) from the University of Sheffield. The Robeco Climate Global Credits is 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
1 month
0.91%
1.02%
3 months
3.61%
3.73%
YTD
2.41%
2.43%
1 year
7.14%
7.22%
2 years
2.55%
2.83%
3 years
-4.22%
-3.60%
Since inception 12/2020
-3.52%
-2.85%
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.
0.78
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.
-0.11
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.
-0.66
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..
0.15
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.
1.04
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).
8.52
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.42
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-5.86
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
16
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
44.4
Months Bull market
Number of months of positive benchmark performance in the underlying period.
15
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
8
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
53.3
Months Bear market
Number of months of negative benchmark performance in the underlying period.
21
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
8
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
38.1
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.
6.20
6.30
Maturity (years)
The average maturity of the securities in the portfolio.
8.20
8.80
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.
18.00
5.50
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.
0.53%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.40%
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.
0.07%
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
Currency
Duration
Rating
Sector
Subordination
Top 10
- Currency
- Duration
- Rating
- Sector
- Subordination
- Top 10
Policies
All currency risks are hedged.
The fund does not distribute a dividend.
Robeco Climate Global Credits is an actively managed fund that invests mainly in nongovernment bonds all around the world. The selection of these bonds is based on fundamental analysis. 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 aims to reduce the carbon footprint of the portfolio and thereby contribute towards the goals of the Paris agreement to keep the maximum global temperature rise well-below 2◦C. The carbon footprint reduction objective will be aligned with the Solactive Paris Aligned Global Corporate Index. The fund invests mainly in nongovernment bonds (which may include contingent convertible bonds (also “coco” bonds) and similar nongovernment fixed income securities and asset backed securities from all around the world. The fund's objective is also 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 reduce the carbon footprint of the portfolio and thereby contribute towards the goals of the Paris agreement to keep the maximum global temperature rise well-below 2◦C. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process, applies Robeco’s Good Governance policy and applies normative exclusions and activity-based exclusions in line with Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. The Sub-fund is managed against a Benchmark that is consistent with the sustainable investment objectives pursued by the Sub-fund. It aims to align with the Paris Agreement requirements on greenhouse gas emission reduction. For corporate bonds the Benchmark aims to represent the performance of an investment strategy that is aligned with the technical standards for EU Paris Aligned Benchmarks in areas such as exclusions and carbon reduction objectives. The Benchmark differs from a broad market index in that the latter does not take into account in its methodology any criteria for alignment with the Paris Agreement on greenhouse gas emission reduction and related exclusions.
Risk management is fully embedded in the investment process so as to ensure that the fund's positions remain within set limits at all times.
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
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year.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 Solactive Paris Aligned Global Corporate Index.
Market development
August saw significant volatility in global financial markets, triggered by a weak US jobs report that raised fears of a potential economic downturn. The VIX briefly surged to March 2020 levels, while Japan's TOPIX dropped over 12% in a single day amidst a sharp unwinding of global carry trades. Credit spreads widened by more than 20 basis points in just a few sessions. Despite initial turmoil, investor sentiment improved after positive data and a dovish speech from Fed Chair Powell. The average credit spread on the Paris-Aligned Corporate Index was unchanged at 96 bps at the end of the month, having reached 112 bps on August 5. Despite these moves, total returns in investment grade credit were positive. German and US treasury markets had a strong month, 2-year US Treasury yields dropped by 34 basis points to 3.92%, and 10-year yields fell by 13 basis points to 3.90%. German government bonds also rallied. Both USD and EUR primary markets saw record-high issuance volumes during August, driven by strong investor demand for new deals to lock in relatively high yields. This demand has led to deals being priced with minimal new issue concessions.
Performance explanation
Based on transaction prices, the fund's return was 0.91%. The Paris-Aligned Global Corporate Index return was 1.14% this month (hedged to GBP). Despite significant volatility, credit spreads widened in global investment grade were unchanged in the end. Total returns were positive, as underlying treasury yields moved down in the US and in Europe. The portfolio return was 1.22% this month (hedged to GBP). Our beta position did not have a significant impact on performance. The beta position was close to neutral, thereby insulating the portfolio from the volatility in credit spreads. In terms of issuer selection, the overweight positions in Cellnex telecom, Vodafone, Enel and WarnerMedia made positive contributions this month.
Expectation of fund manager
Peter Kwaak
Reinout Schapers
Matthew Jackson
We remain comfortable with investment grade credit, but are cautious on lower rated segments such as high yield bonds and bank Tier-1 capital. The net result is a neutral top-down position, with portfolio betas very close to one (1.00). Spreads are especially low in the US credit market, both in high yield and investment grade. We see pockets of value in European investment grade. We continue to target betas close to neutral in global investment grade credit funds. We maintain our overweight Euro versus underweight USD positioning. We intend on maintaining 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.