Marketing Communication. Please refer to the prospectus of the fund and to the key investor information document before making any investment decision. The documents can be obtained free of charge.
“Sustainable Finance Disclosure Regulation” : Regulation 2019/2088 on sustainability-related disclosures in the financial services sector
About this fund
Candriam Sustainable Bond Global Convertible (hereafter "the fund"), a sub-fund of the Candriam Sustainable sicav, aims to enable shareholders to benefit from the evolution of global convertible bonds markets by investing in convertible debt securities selected by the portfolio management team on a discretionary basis and to outperform the benchmark. The selection is mainly based on analysis of macro-economic and creditworthiness factors, specific security characteristics, and proprietary analysis of ESG criteria. The fund’s sustainable investment objective is to contribute to reducing greenhouse gas emissions through specific targets as well as the integration of climate related indicators in issuer and securities analysis. The fund also aims to have long-term positive impact on environment and social objectives. The fund may be appropriate for investors who are aware of, understand and are able to bear the specific risks of the fund. The investment horizon is 4 years. The fund is actively managed and the investment process implies referring to a benchmark index. For further information on the risks or the benchmark and its use, please consult the fund’s key information document (KID).
Principal assets traded:
Convertible bonds or bonds that can be exchanged for shares and other debt instruments having the same characteristics, denominated in a developed market currency and issued by companies rated at least B-/B3 (or equivalent) (or equivalent) by one recognized rating agency (i.e. reputedly good quality issues) or considered as equivalent by the Management Company at the time of purchase.
Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded, through a diversified and balanced investment in equities and bonds, and to outperform the benchmark.
The neutral equity weight in the portfolio is about 50% (the neutral equity weight being the theoretical proportion of the assets of the fund exposed to equities from which point the investment team determines the repartition of the fund assets depending on its anticipation of the financial markets). Nevertheless, the equity & bond exposure can vary according to the Fund manager's expectations of the trend of the financial markets.
The fund’s sustainable investment objective is to have long-term positive impact on environment and social domains. The analysis of ESG aspects is also integrated into the selection and global allocation of the underlying assets.
The fund aims to achieve a carbon footprint that is at least 25% lower than carbon footprint of the Benchmark.
The fund invests at least 90% of its net assets in sustainable investments. A broad majority of the underlying funds themselves have a sustainable investment objective and/or in transferable securities and/or other financial instruments with a sustainable investment objective. For investments in direct lines corporate issuances have to qualify as sustainable Investments.
The fund also seeks to exclude investments in companies which do not comply with certain internationally recognised standards and principles, or which are significantly exposed to certain controversial activities or which collaborate with countries considered to have highly oppressive regimes.
The selection and allocation process is also accompanied, where applicable indirectly via the underlying fund(s), by active stewardship, in particular through dialogue with companies and, as a shareholder, through voting at general meetings.
This investment approach will cause the fund to avoid certain issuers due to their poor ESG quality or contribution to attaining sustainability objectives. Whilst the manager believes that such issuers are likely to lose out to more sustainable ones over the long term, market volatility and short term market trends could result in such issuers outperforming more sustainable ones over shorter periods.
The fund has not filed for the French SRI Label.
For further information, please refer to Candriam’s website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: Refinitiv Global Focus EUR Hedged Convertible Index.
The fund is actively managed and the investment approach implies a reference to a benchmark.
Benchmark definition: The index measures ththe performance of Global convertible bonds using a balanced diversification scheme.
Use of the benchmark:
- as investment universe. In general, the majority of the issuers of the fund’s financial instrumentsare part of the benchmark. This said, investments outside this benchmark are admitted,
- in the determination of risk levels/parameters,
- for performance comparison.
- for performance fees calculation for certain share classes if applicable.
Deviation level of the portfolio composition from the benchmark:
The fund being managed actively, its objective is not to invest in all constituents of the benchmark, nor to invest to the same extent in the constituents of the benchmark. Under normal market conditions, the tracking error of the fund will be important this is superior to 2.5%.
This measure is an estimation of the deviation of the fund’s performance compared to the performance of the benchmark. The more the tracking error is important, the more deviations compared to the benchmark are important. The effective tracking error depends notably on the market conditions (volatility and correlations between financial instruments) and can deviate from the expected tracking error.
NAV & Performances
Historical values graph
This graph represents the synthetic net asset value of the fund. It is provided for information and illustrative purposes only. The synthetic net asset value is obtained by a recalculation of the values of the fund’s assets by leveling out the effect of securities transactions (split, coupon, dividend distribution...) in order to reflect the real performance of the fund share or unit. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses.
Annual return over the last years (%)
This chart shows the fund’s performance as the percentage loss or gain per year over the last 1 years.
It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
The index composition may change over time. The performance reported may therefore differ from the performance of the relevant index before its change. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change. If for one year, there is no performance information, it is because there is no data or the data is insufficient to provide investors with useful or reliable indications on this performance.
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Share class | 3.91 % |
Excluding fees/taxes: taxes are not part of the performance calculation
Additional information
The returns listed above are provided on the basis of the Net Asset Value (NAV), net of commissions and reinvested income. All management fees and commissions are included in the calculation of past performance except for any entry and exit charges. Taxes are not included in the calculation of returns. The value or price converted into euros may be reduced or increased depending on fluctuations in the exchange rate. The fund is not a guaranteed investment. The NAVs are net of fees and are provided by the accounting department and the benchmark by the official providers.
Market developments (currency conversion, coupon, split, …) have an influence on the chart. This graph is provided for information purposes only and does not precisely illustrate the evolution of the fund's net assets. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses
Characteristics
Fund Characteristics
- Fund name
- Candriam Sustainable Bond Global Convertible
- Benchmark
- Refinitiv Global Focus EUR Hedged Convertible Index
- SICAV Name
- Candriam Sustainable
- Currency
- EUR
- Legal Form
- Sub-fund of a SICAV under Luxembourg law
- Fund type
- UCITS
- SFDR Category
- Article 9
- Creation Date
- Term of the fund
- The fund has no limited term
- Domicile Country
- Luxembourg
- Management Company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Depository Bank
- CACEIS Bank, Luxembourg Branch
- Transfer Agent
- CACEIS Bank, Luxembourg Branch
- Recommended investment horizon
- 4 years
- Swing Pricing System
- yes
- Swing Pricing Description
-
Swing Pricing is a mechanism by which the net asset value is adjusted upwards (or downwards) if the change in liabilities is positive (or negative) in such a way as to reduce for existing investors the portfolio restructuring costs linked to subscription/ redemption movements in the fund. On valuation days where the difference between the amount of subscriptions and the amount of redemptions of a sub-fund (i.e. net transactions) exceeds a threshold set beforehand by the Board of Directors, the latter shall be entitled to:
- value the net asset value by adding to the assets (in the case of net subscriptions) or deducting from assets (at net redemptions) a fixed percentage of the fees corresponding to market practices and reflecting the fees and/or conditions of liquidity when buying or selling securities; - value the securities portfolio on the basis of bid or ask prices;
- assess the net asset value by setting a level of spreads representative of the relevant market;
- The dilution mechanism must not exceed 2% of the net asset value, except in exceptional circumstances, as in the event of a sharp decrease in liquidity, which would then be detailed for the sub-fund concerned in the annual (semi-) annual report of the SICAV.
Tax, Charges & Fees
- Management fees (max)
- 1.50 %
- Subscription
- 3.50 %
- Ongoing charges Date
-
Ongoing charges
Ongoing charges represent all operating and management costs invoiced to the UCI net of retrocessions.
- 1.51 %
Instrument
- Name
- C - Cap
- Benchmark
- Refinitiv Global Focus EUR Hedged Convertible Index
- Currency
- EUR
- ISIN
- LU2428020718
- Bloomberg Ticker
- CABGCCA LX Equity
- Morningstar Ticker
- F00001E5MH
- First NAV Date
- 5/7/22
Orders
- NAV Date
- D
- NAV Calculation Day
- D+1
- Frequency valuation
- daily
- Subscription Cut off
- D 12:00
- Redemption Cut off
- D 12:00
The corresponding time zone is the one associated with the fund's domicile.
Risks
- SRI Date
- SRI Value
- 3
- Definition
-
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.
The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.
It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
Risk and reward indicators
-
Fund
-
Average Rating
The Average Rating is calculated using the Weighted Average Rating Factor (WARF) and is a measure to indicate the credit quality of the fund. The measure aggregates the credit ratings of the fund's holdings into a single rating.
-
C
-
Average Spread
The Average Spread for the fund is the weighted average Option-Adjusted<br>Spread (OAS) for all underlying fixed income instruments. The OAS refers<br>to the difference or spread between the fixed income instrument's yield<br>and the swap rate with the same maturity, using a dynamic pricing model<br>that accounts for embedded options.
-
158.73
-
Credit Sensitivity
The Credit Sensitivity is a formula that expresses the measurable change in the value of a fixed income instrument in response to a change in credit spread. The credit sensitivity for the fund is calculated as the weighted average credit sensitivity of all underlying fixed income instruments.
-
1.53
-
Number of Issues
The Number of Issues represents the total number of instruments in position.
-
80
-
Number of Issuers
The Number of Issuers represents the total number of companies in position.
-
74
-
Modified Duration to Worst
The Modified Duration is a formula that expresses the measurable change in the value of a fixed income instrument in response to a change in interest rates. The Modified Duration to Worst is calculated taking into account the call date for callable bonds and the scenario that would provide the worst yield to the holders of fixed income instruments. The Modified Duration to Worst for the fund is calculated as the weighted average MDTW of all underlying fixed income instruments.
-
1.63
-
Net High Yield exposure
The Net High Yield Exposure is the percentage difference between a fund’s long and short exposures to high yield fixed income instruments, including derivatives. An instrument is considered as a high yield instrument if its credit rating is below BBB-.
-
3.55 %
-
Net Investment Grade exposure
The Net Investment Grade Exposure is the percentage difference between a fund’s long and short exposures to investment grade fixed income instruments, including derivatives. An instrument is considered as an investment grade instrument if its credit rating is above or equal to BBB-.
-
26.03 %
-
Yield to Worst
The Yield To Worst (YTW) is the lowest potential yield that can be received on all fixed income instruments in a fund without the issuers actually defaulting. It represents the lowest of all yields computed at each call date for callable bonds. The YTW for the fund is calculated as the weighted average YTW of all underlying fixed income instruments.
-
1.45
ESG
SFDR Category: Article 9
OUR APPROACH TO SELECTING SUSTAINABLE INVESTMENTS FOR FUNDS REFERRED TO IN ARTICLE 9 OF THE SFDR*:
This fund has a sustainable investment objective. It invests in economic activities contributing to an environmental and/or social objective. To achieve this objective, the management team makes discretionary investment choices based on an economic/financial analysis process and an internal analysis of environmental, social and governance (ESG) criteria.
a. ESG selection criteria:
For corporates, the internal analysis of ESG criteria consists in selecting the issuers:
• that are the best positioned to meet the challenges of sustainable development;
• that comply with the principles of the United Nations Global Compact (i.e. human rights, labour law, the environment, anti-corruption), and which are therefore less exposed to the risks associated with these themes; and
• that are not engaged in controversial activities such as armament (securities of a company whose activity consists of manufacturing, the use or possession of anti-personnel mines, cluster bombs and/or depleted uranium weapons), tobacco, thermal coal.
For sovereign issuers, the internal analysis of ESG criteria consists in selecting:
• Countries that perform best across our four categories of sustainable development criteria: Human Capital, Natural Capital, Social Capital and Economic Capital;
• Countries that are not part of our highly Oppressive Regimes or dictatorships, based on the Freedom House Freedom in the World Index and the World Bank Voice & Accountability Index.
b. Selection methodology:
The companies selected by the management company are subject to a dual analysis:
• Analysis of their activity to assess their alignment with the major challenges of sustainable development. For example, regarding the transition to a circular economy, the management company will consider a company producing recycled steel to be more sustainable than a company producing steel exclusively from iron ore; and
• Analysis of how the company manages players interacting with the company: its employees, its customers, its shareholders, its suppliers and the environment. Here too, the management company will favour companies that adopt the most sustainable practices given their sector. For example, with regard to relations with its clients, the management company will favour pharmaceutical companies with balanced pricing practices and commercial policies. Similarly, with regard to relations with their employees, the management company attaches great importance to the fight against discrimination and compliance with social standards.
Our sovereign investible universe consists of those countries which perform best across our four categories of sustainable development criteria:
• Natural Capital: stock of naturel resources managed by the country;
• Social Capital: trust, norms and institutions which people can rely on to solve common problems and create social cohesion;
• Human Capital: human productivity to which the country participates through education and other initiatives;
• Economic Capital: assessing the level of economic activity viability.
c. A team of ESG analysts is responsible for assessing the selection criteria:
The analysis and selection of sustainable investments is carried out by a dedicated team of ESG analysts within Candriam. This team is made up of specialists whose mission is to analyse the exposure of companies and governments to the risks and opportunities associated with sustainable development. Selection criteria are expected to evolve over time, based on advances in ESG research and changes in company practices.
Sustainability-related disclosures
- Sustainability-related disclosures
a. General approach
- Transparency codes
b. Fund specific features
For more information on the sustainability of our investments and the integration of sustainability risks, please refer to Candriam’s transparency policies and codes and SFDR Article 9 fund sustainability information (available on our website: https://www.candriam.com/en/professional/sfdr/) and the fund prospectus (available on our website https://www.candriam.com).
* SFDR is the acronym given to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability information in the financial services sector
Information on the sustainability aspects of the promoted fund is available on the SFDR* page of the https://www.candriam.com website. The decision to invest in the fund must take into account all the characteristics or objectives of the fund as described in its prospectus.
* European reference of the regulation and title: “Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability related disclosures in the financial services sector
Documents
Legal documents
ESG documents
Annual and semi-annual reports
Other important information
This is a marketing communication. Please refer to the prospectus of the funds and to the key information document before making any investment decision. This marketing communication does not constitute an offer to buy or sell financial instruments, nor does it represent an investment recommendation or confirm any kind of transaction, except where expressly agreed. Although Candriam selects carefully the data and sources within this document, errors or omissions cannot be excluded a priori. Candriam cannot be held liable for any direct or indirect losses as a result of the use of this document. The intellectual property rights of Candriam must be respected at all times, contents of this document may not be reproduced without prior written approval.
Warning: Past performance of a given financial instrument or index or an investment service or strategy, or simulations of past performance, or forecasts of future performance does not predict future returns. Gross performances may be impacted by commissions, fees and other expenses. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change.
In respect to money market funds, please be aware that an investment in a fund is different from an investment in deposits and that the investment’s principal is capable of fluctuation. The fund does not rely on external support for guaranteeing its liquidity or stabilizing its NAV per unit or share. The risk of loss of the principal is borne by the investor.
Candriam consistently recommends investors to consult via our website https://www.candriam.com the key information document, prospectus, and all other relevant information prior to investing in one of our funds, including the net asset value (“NAV) of the funds. Investor rights and complaints procedure, are accessible on Candriam’s dedicated regulatory webpages https://www.candriam.com/en/professional/legal-information/regulatory-information/. This information is available either in English or in local languages for each country where the fund’s marketing is approved.
According to the applicable laws and regulations, Candriam may decide to terminate the arrangements made for the marketing of a relevant fund at any time.
Information on sustainability-related aspects: the information on sustainability-related aspects contained in this communication are available on Candriam webpage https://www.candriam.com/en/professional/sfdr/. The decision to invest in the promoted product should take into account all the characteristics or objectives of the promoted product as described in its prospectus, or in the information documents which are to be disclosed to investors in accordance with the applicable law.