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Robeco Global Total Return Bond Fund DH USD

Index: Bloomberg Barclays Global-Aggregate Index (hedged into USD)
ISIN: LU1124238426
  • Invests globally in government and corporate bonds
  • Dynamic cross-asset class strategies within fixed income to take advantage of global opportunities
  • Solid and long track record since 1974
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Global Total Return Bond Fund is an actively managed fund that invests globally in developed government and corporate bonds but also has the flexibility to invest in Emerging Debt. The selection of these bonds is based on fundamental analysis. The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The fund will pursue an active duration policy with the objective to limit draw downs when bond yields rise and enhance returns when bond yields fall. Active currency positions are part of the investment strategy.

Price development

No performance data available

Price development

Robeco Global Total Return Bond Fund DH USD

Performance

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Fund Index
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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
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

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Based on transaction prices, the fund's return was 0.25%. The fund posted a positive absolute return in April, as interest rates and spreads traded sideways. The fund outperformed the index by 0.04%. The fund's underweight duration positions in Germany, the United Kingdom and the United States added to performance, as did the fund's curve positions. FX detracted a bit from performance, mainly due to the ZAR outperforming the MXN. Credit allocations added to performance, as spreads in EM widened a bit due to rising financial stability risks in China.

Statistics

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Market development

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The sell-off in rates faded in April as US Treasuries gained back some ground, finishing the month up 0.75%. The FOMC meeting turned out to be dovish. It will take a "string" of strong data releases for the Fed to change its tone on a tapering of asset purchases. UK Gilts returned 0.51% in April, also retracing some of the losses seen in Q1, even as economic data remains strong. European government bonds posted negative returns of 1.07% in April, as the reflation theme finally took hold. EGBs underperformed the global rates complex significantly, even as the ECB increased its PEPP purchases to counter the sell-off in rates. A couple of drivers can be identified to explain the rise in Bund yields: the prospects of the economic reopening as the vaccination progress finally gathers steam in Europe, the strong pickup in the global manufacturing cycle and the likelihood of the European rescue fund (NGEU) starting to disburse monies in H2. Remarkably, after months of outperformance, Italian BTPs returned -1.46% in April, thereby lagging the broader EGB market. Concerns over rising debt levels and the expectations that the ECB will have to pull back support at some stage are gaining traction.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
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Sustainability Themed Fund

Currency policy

Currency risks are hedged, however active currency positions of the fund are part of the investment strategy and will not be hedged.

Dividend policy

All income earned is accumulated and not distributed as dividend. Therefore the total return is reflected in the share price development.

ESG Integration policy

For Robeco Global Total Return Bond Fund, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For investments in sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. For credits, the ESG analysis is part of the fundamental scoring by the sector analyst.

Investment policy

Robeco Global Total Return Bond Fund invests in government and corporate bonds, and has the flexibility to invest in emerging debt, with the aim of capturing opportunities in fixed income classes around the globe. The investment process and bond selection is fundamentally driven, based on in-depth research. By adopting a contrarian approach to markets, with a focus on value, while utilizing tools to measure risk aversion, euphoria and value, we believe we can exploit market inefficiencies over the cycle. The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The duration of the fund will be managed actively and can move between 0 and 10 years. Active currency positions are part of the investment strategy. The backbone of the investment process is consistent and in-depth fundamental research on both companies and countries. An important element in this analysis is the assessment of environmental, social and governance (ESG) factors.

Risk policy

The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The fund targets an ex-ante total return volatility within the range of 2 to 6% and can adjust the duration of the portfolio between 0 and 10 years. The leverage exposure of derivatives on a fund level is restricted as described in the prospectus.

Expectation of fund manager

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The recovery in Treasuries and Gilts in April reflects the fact that it has become increasingly harder to surprise the market with positive economic news, even as economic data remains strong. Nonetheless, we still see higher yields ahead, as the recovery gains traction fueled by fiscal support and questions linger in the near-term over whether base effect driven inflation could be more than transitory. UK Gilts could be vulnerable, as the economy is reopening fast with the pandemic seemingly defeated and the BoE expected to dial down asset purchases in Q2. After the recent sell-off in German Bunds, the ECB will likely weigh against further yield rises. But the experience since the introduction of QE suggests that the market could still price in higher yields.

Jamie Stuttard, Bob Stoutjesdijk
Jamie Stuttard, Bob Stoutjesdijk

Jamie Stuttard, Bob Stoutjesdijk

Jamie Stuttard is Lead Portfolio Manager of Robeco Global Total Return Bond Fund and Robeco All Strategy Euro Bonds. He started at Robeco in 2018. In the period 2014-2018 Jamie worked at HSBC Bank in London, where was Head of European and US Credit Strategy. Prior to that he held a number of senior fixed income positions at Fidelity Management & Research, Schroder Investment Management and PIMCO Europe. He started his career at Dresdner Kleinwort Benson in London in 1998. Jamie has a Master’s in History from University of Cambridge. Bob Stoutjesdijk is a portfolio manager and strategist on Robeco’s Global Macro team. Bob worked at Shell Asset Management Company as Portfolio Manager Fixed Income Sovereign Credit from 2011 to 2019. Prior to that, he was Portfolio Manager Fixed Income at SNS Asset Management. He started his career as Quantitative Analyst at APG Asset Management in 2008. Bob has a Master’s in Economics & Business from Erasmus University Rotterdam and is a CAIA® charterholder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1124238426
BloombergRORDHUS LX
Valoren25753469
WKNA14S7K
Availability
1st quotation date1414022400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

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Disclaimer Robeco Switzerland Ltd.

The information contained on these pages is for marketing purposes and solely intended for Qualified Investors in accordance with the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”) domiciled in Switzerland, Professional Clients in accordance with Annex II of the Markets in Financial Instruments Directive II (“MiFID II”) domiciled in the European Union und European Economic Area with a license to distribute / promote financial instruments in such capacity or herewith requesting respective information on products and services in their capacity as Professional Clients. 

The Funds are domiciled in Luxembourg and The Netherlands. ACOLIN Fund Services AG, postal address: Affolternstrasse 56, 8050 Zürich, acts as the Swiss representative of the Fund(s). UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich, postal address: Europastrasse 2, P.O. Box, CH-8152 Opfikon, acts as the Swiss paying agent. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s) may be obtained, on simple request and free of charge, at the office of the Swiss representative ACOLIN Fund Services AG. The prospectuses are also available via the website www.robeco.ch. Some funds about which information is shown on these pages may fall outside the scope of the Swiss Collective Investment Schemes Act of 26 June 2006 (“CISA”) and therefore do not (need to) have a license from or registration with the Swiss Financial Market Supervisory Authority (FINMA). 

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