RobecoSAM Global Green Bonds FH EUR
- Uses a proprietary green bonds framework to determine eligibility of green bonds for the fund
- Provides a diversified exposure to the global green bonds market
- Impact investing, using a disciplined and repeatable investment process and an experienced portfolio management team
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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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| Green Bonds (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The global green bond index delivered a total return of -0.53% last month. The yield on 10-year German Treasuries ended the month almost unchanged, while the US 10-year yield increased 16 bps to 1.07%. In the end, the credit spread (OAS) on the global green bond index was unchanged at 56 bps.Credit spreads were quite stable, as the outlook for monetary support remained rosy. The short-term outlook for economies actually deteriorated, as strict lockdowns remain in place in many countries. Total returns for government bonds were negative in January, with UK Gilts at -1.8% and US Treasuries at -1.3% clearly underperforming Bunds (-0.5%). This rise in US yields can be explained by heightened inflation expectations, anticipations of sizable fiscal stimulus with a Democrat majority in Congress and speculation on a tapering of Fed bond purchases. In the UK, progress in vaccinations and hope of an upcoming reopening of the economy added to the rise in yields. Euro rates markets responded negatively to the ECB's January statement, as this specifically mentioned that "the PEPP envelope need not be used in full".
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
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| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
All currency risks are hedged.
Dividend policy
The fund does not distribute a dividend.
ESG Integration policy
The RobecoSAM Global Green Bonds strategy invests in bonds whose proceeds are used towards an environmental objective, referred to as green bonds. The eligibility of green bonds is based on an internally developed five-step framework. We assess if the issuer takes into account the ICMA Green Bond Principles, the Climate Bond Initiative and/or the EU Green Bond Standard. Then we identify and evaluate the allocation of the investment proceeds in line with the EU Taxonomy and EU’s six environmental objectives. We verify that the bond proceeds are allocated to projects that positively contribute to at least one of the six objectives, and do not significantly harm the other five: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, waste prevention and recycling, pollution prevention and control, protection of healthy ecosystems. We require the bond issuers to report on the use of proceeds. In addition to the use-of-proceeds screening, we assess the wider sustainability strategy of the issuer. Finally, we require issuers to respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition to the universe screening, our analysts integrate ESG factors in their fundamental analysis of companies and sovereigns.
Investment policy
RobecoSAM Global Green Bonds is an actively managed fund that aims to provide long-term capital growth by investing in green bonds issued by governments, government-related agencies and corporates. The selection of these bonds is based on fundamental analysis. Green bonds are defined as bonds whose proceeds are used to finance environmentally friendly projects. The eligibility of green bonds for the fund is based on an internally developed framework that assesses the environmental impact of the investment, both at a project and an issuer level. The fund benchmark is the Bloomberg Barclays MSCI Global Green Bond Index (hedged into EUR). The fund aims to outperform this benchmark over the long run.
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.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}We are still in the midst of the largest global health crisis seen in a century. With the start of vaccination programs around the world, we have reached the next phase on the road to normalization. The market has already received its shot, though, in the form of unprecedented monetary and fiscal support for the private sector. We aim for neutral credit betas in investment grade, and stay underweight in high yield. We expect yields to remain anchored by the expectation that central banks will keep rates unchanged for at least another two years. Still, in the coming months, markets could be inspired by (temporarily) higher inflation prints to price in some tightening of monetary policy in 3-5 years' time. Much will depend on the speed of vaccinations, and possible new virus mutations. Expectations on additional fiscal stimulus will likely remain an important driver as well. Within euro periphery markets, we see opportunities in flattening of still steep spread curves, especially in longer maturities.
Michiel de Bruin, Peter Kwaak
Michiel de Bruin is Co-Head of the Fixed Income Global Macro team and Co-Manager of Euro Government Bonds. Prior to joining Robeco, Michiel worked for BMO Global Asset Management in London, most recently as Head of Global Rates and Money Markets. He held various other positions before that, including Head of Euro Government Bonds. The roles he fulfilled before joining BMO included Co-Head of Fixed Income Sales and Trading at NIB Financial Markets in Amsterdam. Michiel started his career in the industry in 1986 and he holds a Bachelor's degree from Amsterdam University of Applied Sciences. Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU2138604611 |
| Bloomberg | ROGGBFE LX |
| Valoren | 54406050 |
| WKN | |
| Availability | |
| 1st quotation date | 1587427200000 |
| Close financial year | 31-12 |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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.
