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RobecoSAM Climate Global Bonds FH EUR

Index: Solactive Paris Aware Global Aggregate Index (hedged into EUR)
ISIN: LU2258388367
  • 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 FH 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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Global government bonds rallied significantly in July, as concerns over the return of the virus in the form of the delta variant and a set of dovish central bank meetings benefited valuations. The ECB now needs to forecast inflation at 2% well ahead of the forecast horizon before lifting rates, while the Fed indicated less appetite for inflation shoots, with the latter implying faster steps in monetary tightening at the expense of growth. Hence, the UST curve flattened strongly. For the ECB, the current inflation outlook is still quite some distance away from this threshold. Nonetheless, the ECB left the discussion regarding the size of monthly purchases under its PEPP program for the September meeting. ECB asset purchases are the key policy tool and a decision around tapering is likely to adversely affect the outright level of rates, but could also impact country spreads. On the other hand, US IG corporate bonds had negative excess returns for the month, with spreads in US IG 5 bps wider, while EUR IG relatively outperformed, with spreads ending flat for the period.

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

Climate change considerations are fully integrated in the research process, from an impact and risk perspective. The greenhouse gas emission intensity of issuers is a starting point for determining the impact on climate change, and in our research process we add a forward looking element by assessing the decarbonization potential, strategy and targets. This is to ensure the strategy follows the desired decarbonization trajectory. This may include issuers whose emissions are currently high and that are making an effort to reduce these. Our approach is to invest in sovereign and corporate issuers that allocate capital towards sustainable economic activities. Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. ESG factors play an important role in the investment process, including climate related risks, both in country analysis and credit analysis. For investments in sovereigns, 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

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

Full ESG Integration

Engagement

ESG Target

Footprint target
↓Below Index

Target Universe

ESG integration policy

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

Climate change considerations are fully integrated in the research process, from an impact and risk perspective. The greenhouse gas emission intensity of issuers is a starting point for determining the impact on climate change, and in our research process we add a forward looking element by assessing the decarbonization potential, strategy and targets. This is to ensure the strategy follows the desired decarbonization trajectory. This may include issuers whose emissions are currently high and that are making an effort to reduce these. Our approach is to invest in sovereign and corporate issuers that allocate capital towards sustainable economic activities. Our analysis of issuers goes beyond the traditional financial factors and includes the issuers’ performance on ESG factors. ESG factors play an important role in the investment process, including climate related risks, both in country analysis and credit analysis. For investments in sovereigns, 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.

Expectation of fund manager

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With the Fed inching closer to a decision to taper asset purchases, we envision increased sensitivity to economic data, especially to those on jobs growth and inflation. This could lead to continued flattening of the US curve. For Europe this is a bit different. With vaccinations progressing, it seems premature to fully price in an extension of PEPP. Indeed, for now we stick to the baseline view that PEPP will be gradually phased out by mid-2022 and that the current PEPP envelope will not be expanded. In our view, the market has now effectively priced out vaccination effectiveness. Hence, we believe the scope for yields to decline further is still there, but note the potential retracement higher in rates once delta cases come down. Credit spreads are still priced for perfection and we remain underweight overall IG and HY beta.

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
ISINLU2258388367
BloombergROCGBFH LX
Valoren58898200
WKNA2QN2J
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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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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