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RobecoSAM Climate Global Bonds DH EUR

Index: Solactive Paris Aware Global Aggregate Index (hedged into EUR)
ISIN: LU2258388284
  • 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
  • Combination of sustainable investing expertise and highly experienced Global Macro and Global Credit teams
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Climate Global Bonds is an actively managed fund that invests in bonds globally. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests in worldwide bonds and other marketable debt securities and instruments (which may include short dated fixed or floating rate securities) issued or guaranteed by OECD member states and by companies based in OECD countries.

Price development

No performance data available

Price development

RobecoSAM Climate Global Bonds DH EUR

Performance

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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.

Statistics

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Market development

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Government bonds showed positive returns in November, with German Bunds up 1.8% and US Treasuries gaining 0.8%. The discovery of the supposedly more infectious Omicron Covid strain, brought about a sharp flight to quality rally during the last days of the month. Nonetheless, Fed Chair Powell made clear to markets that the Fed will need to acknowledge inflation concerns and will discuss a quicker pace of tapering of its bond purchases. Such a decision would leave the door open for bringing forward rate hikes. German short-term bonds benefited from a year-end-related liquidity squeeze in front-end government paper. This had a significant impact on the euro rates market, which also found support from the ECB. Governing Council members emphasized that it was premature to have rate hikes priced in for 2022, even as Eurozone inflation printed at a record 4.9% in November. Volatility in Asian credit markets continued, driven by distressed China property as well as widening economic ramifications. Both US and EUR IG corporate bonds had negative 1% excess returns for the month, with spreads 14 bps and 23 bps wider relative to Treasuries and Bunds.

Fund allocation

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Name Sector Weight
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Currency policy

All currency risks are hedged.

Dividend policy

The fund does not distribute a dividend.

ESG Integration policy

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 as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, 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 through exclusions 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 quality. In the portfolio construction the fund targets carbon footprints at least equal to the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of 7% year on year.

Investment policy

RobecoSAM Climate Global Bonds is an actively managed fund that invests in bonds globally. The selection of these bonds is based on fundamental analysis. The fund's objective is 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 contributes to keeping the maximum global temperature rise well-below 2◦C by reducing the carbon footprint intensity of the portfolio. The fund integrates ESG (Environmental, Social and corporate Governance) in the investment process, applies an exclusion list basis controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to engagement. The fund invests in worldwide bonds and other marketable debt securities and instruments (which may include short dated fixed or floating rate securities) issued or guaranteed by OECD member states and by companies based in OECD countries. The fund is managed against a benchmark that is consistent with the sustainable investment objectives pursued by the 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. For investments in government bonds in the Benchmark, the long term aim is to strive for a 7% year-on-year decarbonization as long as this is realistically feasible and technical standards are not applicable. 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 policy

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

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Exclusions

ESG Integration

ESG Target

Footprint target
Better than index

Target Universe

Environmental Footprint

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The footprint ownership of the portfolio expresses the total resource consumption the portfolio finances. Each company's footprint is calculated by normalizing resources consumed by the company's enterprise value. Multiplying these values by the dollar amount invested in each company yields the aggregate footprint ownership figures. The selected index's footprint (for an equivalent $ amount invested in corporates) is provided alongside. The portfolios score is shown in blue and the index in grey.

CGF CGLB_20211130-CGLBPAB_20211130-footprintIntensityCo2.png
Source: Data based on RobecoSAM impact data.
CGF CGLB_20211130-CGLBPAB_20211130-footprintIntensityCo2Capita.png
Source: Data based on RobecoSAM impact data.

Sustainability

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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 as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, 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 through exclusions 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 quality. In the portfolio construction the fund targets carbon footprints at least equal to the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of 7% year on year.

Expectation of fund manager

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The Fed is expected to speed up its tapering process. Concluding this process in March could open the door for rate hikes in mid-2022. The ECB will aim to avoid a QE cliff effect once PEPP, as currently expected, is ended in March next year. Perhaps the Governing Council will decide on a temporary, flexible step-up in the monthly pace of its core APP facility or it could introduce a new QE backstop tool. In any case, we believe that spread volatility is likely to increase with declining purchases and growing risks of communication errors by the ECB. While there was a backup in credit spreads at the end of the month, US and EUR IG spreads are still at near long-term historic tight ranges and are still priced for perfection, so we remain underweight overall IG beta but still with a preference for EUR IG versus US.

Jamie Stuttard, Regina Borromeo, Bob Stoutjesdijk
Jamie Stuttard, Regina Borromeo, Bob Stoutjesdijk

Jamie Stuttard, Regina Borromeo, 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. Regina Borromeo is Portfolio Manager in the Global Macro team with a focus on top-down allocation within credits and on EM allocation. She joined Robeco in 2018. She joined Brandywine Global Investment Management in London, where she worked in the period 2010-2017. Her last position was Head of International High Yield. Before that she was Portfolio Manager and Credit Analyst at Morgan Stanley in London and Philadelphia. Regina started her career in the industry in 2000. She holds a Bachelor’s in Communications from University of Pennsylvania. 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
ISINLU2258388284
BloombergROCBDHE LX
Valoren58898199
WKN
Availability
1st quotation date1607472000000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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The expected transaction costs are

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This fund may also deduct a performance fee of

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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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