![loader](/gifs/loader-light.gif)
Robeco Global Green Bonds ZH GBP
Targeted impact investing that benefits the environment
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
ZH-GBP
DH-EUR
FH-EUR
IH-NOK
IH-USD
ZH-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU2539432034
Bloomberg:
ROBGBND LX
Index
Bloomberg MSCI Global Green Bond Index (hedged into GBP)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 9
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- 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
Robeco 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.
Key facts
Total size of fund
£ 119,815,828
Size of share class
£ 36,764,548
Inception date share class
18-10-2022
1-year performance
5.35%
Dividend paying
No
Fund manager
![Michiel de Bruin](https://images.ctfassets.net/tl4x668xzide/3KNOErwjcYMCXxhTYrlZBQ/8b677039ad1def762f2ca7ba5792b8d1/michiel-de-bruin-03837-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Michiel de Bruin
![Peter Kwaak](https://images.ctfassets.net/tl4x668xzide/49SfNcjqPfFgeKgJOT7l0n/5912a1cb2b8a84c4798d626407ad7a59/peter-kwaak.png?fit=fill&w=162&h=162&f=center&fm=webp)
Peter Kwaak
![Stephan van IJzendoorn](https://images.ctfassets.net/tl4x668xzide/7s2Yuhy14qkgmre1DC55Jj/27c044d34e256f4c20c2ade8c6fbb117/stephan-ijzerdoorn-00279-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Stephan van IJzendoorn
![Joost Breeuwsma](https://images.ctfassets.net/tl4x668xzide/3oDGQn80OMKGS5aIg18w5s/45e9ce556f2b15dc85ac7f981a080fd4/joost-breeuwsma-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Joost Breeuwsma
Michiel de Bruin is Head of Global Macro 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, Head of Fixed Income Trading at Deutsche Bank in Amsterdam. Michiel started his career in the industry in 1986. He holds a post graduate diploma investment analyses from the VU University in Amsterdam and is a Certified EFFAS Analyst (CEFA) charterholder. He 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. Stephan van IJzendoorn is Portfolio Manager and member of Robeco’s Global Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Portfolio Manager Fixed Income and worked in similar functions at Allianz Global Investors and A&O Services prior to that. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor’s in Financial Management, a Master's in Investment Management from VU University Amsterdam and is Certified European Financial Analyst (CEFA) Charterholder. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. Prior to starting his career and joining Robeco in 2017, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.69%
0.55%
3 months
-0.53%
-0.44%
YTD
-1.28%
-0.48%
1 year
5.35%
5.19%
Since inception 10/2022
5.24%
5.36%
2023
7.77%
8.59%
Statistics
Rating
The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.
AA3/A1
AA3/A1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
6.80
6.70
Maturity (years)
The average maturity of the securities in the portfolio.
7.50
8.10
Green Bonds (%)
The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.
92.50
98.70
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.01%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.00%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.00%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.04%
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.
Fund allocation
Currency
Duration
Rating
Sector
Subordination
- Currency
- Duration
- Rating
- Sector
- Subordination
Policies
All currency risks are hedged.
The fund does not distribute a dividend.
Robeco 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. 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 Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 Sub-fund by applying clearly defined rules for classifying Green Bonds.
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-related disclosures
![febelfin.png](https://images.ctfassets.net/tl4x668xzide/7pddMIQ0YNBNlDgqkLe1UD/18ec2d12fa900dd203c407c6a011319e/febelfin.png?fit=fill&w=80&h=80&f=center&fm=webp)
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg MSCI Global Green Bond Index (hedged into GBP).
Market development
In June, several central banks initiated rate cuts. The ECB reduced its deposit rate by 25 basis points to 3.75%, its first cut since the pandemic. Although the US Fed did not cut rates, the slowest core CPI growth since August 2021 reinforced expectations for future cuts. The Fed's tone became slightly more dovish, acknowledging modest progress toward the inflation target, but projections were more hawkish, predicting one rate cut by year's end and nine cuts over the next two and a half years. In Europe, French assets were volatile after President Macron's snap election announcement, leading to fears of a right-wing majority and increased fiscal profligacy. This caused significant sell-offs in the CAC 40 and French OATs. The OAT-Bund spread rose above 70 basis points as sovereign bond yields fell. Risk aversion widened credit spreads after weeks of stability, with French credits, particularly banks and utilities, underperforming. Softer economic data, French election concerns and flight-to-quality flows caused German Bunds and US Treasuries to rally.
Performance explanation
Based on transaction prices, the fund's return was 0.69%. The portfolio saw gains due to the flight-to-quality rally in German Bunds of which also US Treasuries benefited. The uncertainty among investors ahead of the French parliamentary elections fueled a surge in demand for German bonds, leading to a marked decrease in Bund yields in June. The relative performance of the fund was positive as the fund outperformed its benchmark. The portfolio benefited from the yield curve steepening as front-end paper was supported by the first ECB rate cut in this cycle. Positions in SSA paper detracted. SSA and swaps spreads were dragged along by the OAT-Bund widening. Nonetheless, the fact that the fund reduced exposure to OATs insulated the fund from the sharp widening of the OAT-Bund spread in June. The overweight beta stance contributed negatively to performance, which was partly offset by our issuer selection.
Expectation of fund manager
![Michiel de Bruin](https://images.ctfassets.net/tl4x668xzide/3KNOErwjcYMCXxhTYrlZBQ/8b677039ad1def762f2ca7ba5792b8d1/michiel-de-bruin-03837-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Michiel de Bruin
![Peter Kwaak](https://images.ctfassets.net/tl4x668xzide/49SfNcjqPfFgeKgJOT7l0n/5912a1cb2b8a84c4798d626407ad7a59/peter-kwaak.png?fit=fill&w=162&h=162&f=center&fm=webp)
Peter Kwaak
![Stephan van IJzendoorn](https://images.ctfassets.net/tl4x668xzide/7s2Yuhy14qkgmre1DC55Jj/27c044d34e256f4c20c2ade8c6fbb117/stephan-ijzerdoorn-00279-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Stephan van IJzendoorn
![Joost Breeuwsma](https://images.ctfassets.net/tl4x668xzide/3oDGQn80OMKGS5aIg18w5s/45e9ce556f2b15dc85ac7f981a080fd4/joost-breeuwsma-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Joost Breeuwsma
For IG portfolios, we target a close to neutral position in terms of risk relative to the benchmark. We maintain an overweight in the banking sector given strong fundamentals combined with superior relative valuation. Recent developments in Europe may well lead to underperformance in the French banks in the near term, but we see little reason for this to ultimately evolve into something truly systemic. We believe we will derive outperformance from deep research-driven name selection opportunities in the near term, as opposed to beta management. We intend on maintaining a conservative stance regarding overall risk in portfolios. Recency bias is a powerful thing and we have seen numerous episodes in the past 20 years where investors become too comfortable with the idea that low volatility and unattractive valuation can persist indefinitely. It rarely does. By employing a patient and disciplined approach, we will be in a strong position to capture more compelling opportunities as they arise.