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RobecoSAM Global Green Bonds ZH EUR

Index: Bloomberg MSCI Global Green Bond Index (hedged into EUR)
ISIN: LU2400458183
  • 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
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Global Green Bonds is an actively managed fund that invests in green bonds issued by governments, government-related agencies and corporates. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests at least two-thirds of its total assets in global green bonds with a minimal rating of "BBB-" or equivalent by at least one of the recognized rating agencies. Green bonds selection is based on external vendor data or the internally developed framework, about which more information can be obtained via the website www.robeco.com/si.

Price development

No performance data available

Price development

RobecoSAM Global Green Bonds ZH 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.

Performance explanation

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Based on transaction prices, the fund's return was -0.39%. The Global Green Bond Index delivered a total return of -0.31% last month (EUR hedged). The credit spread on the Global Green Bond Index widened 2 basis points to 131 bps. Government bond yields rose, contributing to the negative total return. The total return of the fund was -0.19%, outperforming the index. USD green bonds underperformed EUR green bonds. Duration detracted from performance, as bond markets remained volatile and especially in the US, shorter-dated yields climbed higher. While the curve position in euro rates added, the steepener in the US detracted, as 2-year yields remained vulnerable to market volatility and uncertainty around the number of expected Fed hikes. Positions in swaps benefited performance though, as spreads tightened.Our small overweight beta made a neutral contribution to performance. Most of our positive performance came from issuer selection. The largest monthly contributors were (in absolute terms): French Republic government bonds, Dutch government bonds, and the underweight in CTP holdings.

Statistics

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Market development

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Volatility in global capital markets was high in October, though the corporate bond market was relatively stable versus government bond and equity markets. Both the ECB and the Fed delivered a 75 bps rate hike in October, while reported inflation numbers in Europe and the US continue to be elevated. Central banks continue to strike a hawkish tone and the market anticipates that the Fed will raise rates by another 125 bps to end the hiking cycle at 5% in March 2023.In Europe, gas prices declined due to warmer weather conditions and a decent supply of LNG volumes. In the UK, we saw a change in government, whereby plans from the earlier mini-budget were mostly canceled. On the corporate front there were some disappointing numbers from tech companies, and analysts are starting to revise earnings expectations downwards. Banks' earnings are solid due to strong net interest income.In China, Xi Jinping secured a third term, with other positions in the Politburo also occupied by allies. This will most likely lead to less market-oriented policies going forward. In Brazil, Lula was elected for a third term, which caused unrest in the country.

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 invest in green bonds. Green bonds are bonds that are recognized as such by external sources and which proceeds are used to finance or re-finance in part or in full new and/or existing environmentally-friendly projects. The green bond selection is based on external data or an internally developed five-step Green bond framework. The five-step framework states that the issuer's green bond framework must be aligned with market standards related to green bonds such as such as the ICMA Green Bond Principles. Next, the allocation of the investment proceeds must contribute to at least one of the six objectives of the EU Taxonomy nor do any significant harm to the other five. The six objectives of the EU Taxonomy Regulation are climate change mitigation and adaptation, sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection of healthy ecosystems. The third and fourth steps require that the bond issuer reports on the use of proceeds and that the issuance aligns with the wider sustainability strategy of the issuer. The fifth and last step states that the issuer must respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition, the investment process also takes into account exclusions following Robeco's exclusion policy and integrates financially material ESG factors in the bottom-up issuer analysis to assess the impact on the issuer's fundamentals.

Investment policy

RobecoSAM Global Green Bonds is an actively managed fund that invests in green bonds issued by governments, government-related agencies and corporates. 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 finances or re-finances new and/or existing environmentally-friendly projects by investing in green bonds which are designed to support specific climate-related or environmental projects. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The fund invests at least two-thirds of its total assets in global green bonds with a minimal rating of "BBB-" or equivalent by at least one of the recognized rating agencies. Green bonds selection is based on external vendor data or the internally developed framework, about which more information can be obtained via the website www.robeco.com/si. The Benchmark is aligned with the sustainable investment objective of the fund by applying clearly defined rules for classifying green bonds. 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 currencies and issuers) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. the Benchmark is aligned with the sustainable investment objective of the fund by applying clearly defined rules for classifying green bonds.

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

Target Universe

Sustainability

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The fund’s sustainable investment objective is to invest in green bonds. Green bonds are bonds that are recognized as such by external sources and which proceeds are used to finance or re-finance in part or in full new and/or existing environmentally-friendly projects. The green bond selection is based on external data or an internally developed five-step Green bond framework. The five-step framework states that the issuer's green bond framework must be aligned with market standards related to green bonds such as such as the ICMA Green Bond Principles. Next, the allocation of the investment proceeds must contribute to at least one of the six objectives of the EU Taxonomy nor do any significant harm to the other five. The six objectives of the EU Taxonomy Regulation are climate change mitigation and adaptation, sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection of healthy ecosystems. The third and fourth steps require that the bond issuer reports on the use of proceeds and that the issuance aligns with the wider sustainability strategy of the issuer. The fifth and last step states that the issuer must respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition, the investment process also takes into account exclusions following Robeco's exclusion policy and integrates financially material ESG factors in the bottom-up issuer analysis to assess the impact on the issuer's fundamentals.

Expectation of fund manager

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The age of confusion has started. Inflection points in the business cycle, the monetary cycle as well as some secular cycles around demographics and geopolitics make the current period confusing to analyze. For now, we believe that the business cycle has to unwind a little further, there is a risk that central banks will overreact and the market, in general, is not yet priced for a full-blown recession. Looking at valuations, we are very constructive on European swap spreads. Cross-sectional relative value shows that is the cheapest part of the market on a risk-adjusted basis compared to its history. Driven by Bund scarcity and very tight repo markets, which in turn is one of the many side effects of QE. A reversal of Bund scarcity could be triggered by some kind of QT program by the ECB. We prefer European credit spreads over US credit spreads. More severe fundamental risks are impacting the European continent, whether it is political risk, behind-the-curve central bank policy or the conflict in Ukraine. These are all known risks. US investment grade spreads are not there yet in terms of widening. In Europe, spreads have widened a bit further due to the swap spread.

Michiel de Bruin, Peter Kwaak
Michiel de Bruin, Peter Kwaak

Michiel de Bruin, Peter Kwaak

Michiel de Bruin is Head of Euro Sovereigns within the Global Macro team and Portfolio Manager. Prior to joining Robeco in 2018, Michiel was Head of Global Rates and Money Markets at BMO Global Asset Management in London. He held various other positions before that, including Head of Euro Government Bonds. Before he joined BMO in 2003, he was, among others, Co-Head of Fixed income Sales and Trading at NIB Financial Markets in Amsterdam. Michiel started his career in the industry in 1986. He is a Certified European Financial Analyst and has a holds a Bachelor’s in Applied Sciences from University of Applied Sciences in Amsterdam. Peter Kwaak is Portfolio Manager Investment Grade in the Credit team. Prior to joining Robeco in 2005, he was Portfolio Manager Credits at Aegon Asset Management for three years and at NIB Capital for two years. Peter has been active in the industry since 1998. He holds a Master’s in Economics from Erasmus University Rotterdam and he is a CFA® charterholder.

Details

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ISINLU2400458183
BloombergROGGBZE LX
Valoren
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1st quotation date1635206400000
Close financial year31-12
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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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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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