Robeco Global Total Return Bond Fund FH EUR

Government bond markets continued their sell-off in September. Energy crunches, supply and logistics bottlenecks remained at the forefront. In the Eurozone, headline inflation has risen to fresh 10-year highs, and is set to rise somewhat further in Q4. In addition, market attention for the virus faded considerably. Vaccination rates in Europe are high and so far there are no signs of a new autumn infection wave. The German elections outcome provided no real surprises, with the SPD as expected becoming the largest fraction in the Bundestag. The most likely scenario currently seems to be a three-party coalition between SPD/FDP/Greens. Generally, such an outcome is seen as not rocking the boat too much on the fiscal side. In the US, a deadlock is emerging with regard to the debt ceiling, while the Fed is holding on to its policy stance yet indicating that tapering is near. In China, the economy is slowing given the policy-induced tightening of the real estate sector spreading through the economy. This is leading to weakness in Asian credit markets.

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

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

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.

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's objective is to provide long term capital growth.The fund aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to engagement. The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The fund is a well-diversified global bond portfolio, which aims to achieve attractive returns by means of a top-down asset-allocation policy. 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. The majority of bonds selected will be components of the Benchmark, but bonds outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on issuers and currencies) 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 ESG characteristics promoted by the fund.

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.