Robeco, The Investments Engineers
Hong Kong
Switch language
香港 (ZH)
International
Asia-Pacific
Australia
上海 (CN)
Hong Kong (EN)
香港 (ZH)
日本 (JP)
Singapore
Americas
América Latina (ES)
Latin America (EN)
United States
Africa & Middle East
Africa
Middle East
Europe
Belgique (FR)
België (NL)
Deutschland
España
France
Italia
Nederland
Schweiz (DE)
Switzerland (EN)
United Kingdom
Other countries
blue circle
Robeco, The Investments Engineers
  • Insights
    • Latest
    • Top stories
    • Market view & outlook
    • Education
    • Webinars
  • Products
    • Funds
    • Strategies
  • Sustainable investing
    • Journey
    • Expertise
    • Influence
    • Climate & Biodiversity
    • SDGs
  • About us
    • Who we are
    • Key strengths
    • Diversity & inclusion
    • Contact
Switch language
香港 (ZH)
International
Global website
Asia-Pacific
Australia
上海 (CN)
Hong Kong (EN)
香港 (ZH)
日本 (JP)
Singapore
Americas
América Latina (ES)
Latin America (EN)
United States
Africa & Middle East
Africa
Middle East
Europe
Belgique (FR)
België (NL)
Deutschland
España
France
Italia
Nederland
Schweiz (DE)
Switzerland (EN)
United Kingdom
Other countries
loader
Contact us

Robeco Global Total Return Bond Fund DH EUR

Unconstrained flexibility to capture opportunities by investing in government and corporate bonds

Contact us

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.

DH-EUR

DH-CHF

DH-USD

EH-EUR

FH-EUR

IH-CHF

IH-EUR

IH-USD

Class and codes

Asset class:

Bonds

ISIN:

LU0934195610

Bloomberg:

RORDHEU LX

Index

Bloomberg Global-Aggregate Index (hedged into EUR)

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 8

Morningstar

Morningstar

Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating (30/04)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
Switch funds

Fund topics

Overview
Performance & costs
Portfolio
Sustainability
Commentary
Documents
Switch funds

MISSING: fund.detail.tabs.

Key points

  • Invests globally in government and corporate bonds
  • Dynamic cross-asset class strategies within fixed income to take advantage of global opportunities
  • Solid and long track record since 1974

About this fund

Robeco Global Total Return Bond Fund is an actively managed fund that invests globally in developed government and corporate bonds but also has the flexibility to invest in Emerging Debt. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth.The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The fund is a well-diversified global bond portfolio, which aims to achieve attractive returns by means of a top-down asset-allocation policy. The fund will pursue an active duration policy with the objective to limit draw downs when bond yields rise and enhance returns when bond yields fall.

Key facts

Per 30-04-2023

Total size of fund

€ 410,109,556

Size of share class

€ 208,239,927

Inception date fund

03-07-1974

1-year performance

-6.09%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Performances are net of fees and based on transaction prices.

Fund manager

Jamie Stuttard

Bob Stoutjesdijk

Jamie Stuttard is Head of the Global Macro team and Portfolio Manager of Robeco Global Total Return Bond Fund and of Robeco All Strategy Euro Bonds. He started at Robeco in 2018. In 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. On the buy-side, he has been awarded the Plan Sponsor Europe Fund Manager of the Year award, was twice named as a Financial News Rising Star, won several Lipper Fund awards as well as helping earn Morningstar’s Best Large Fixed Interest House. He started his career at Dresdner Kleinwort Benson in London in 1998. Jamie has a Master’s in History from the University of Cambridge. Bob Stoutjesdijk is Portfolio Manager of Robeco Global Total Return Bond Fund, Strategist and member of Robeco’s Global Macro team. He joined Robeco in 2019. He worked at Shell Asset Management Company as Portfolio Manager Fixed Income Sovereign Credit in the period 2011-2019. 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.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 30-04-2023
Per period Fund Index

1 month

0.08%

0.34%

3 months 

0.02%

0.47%

YTD

1.46%

2.53%

1 year

-6.09%

-3.31%

2 years

-7.14%

-5.56%

3 years

-5.19%

-4.00%

5 years

-1.75%

-0.92%

10 years

-0.61%

0.43%

Since inception 07/1974

6.00%

-

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2022

-14.70%

-13.27%

2021

-2.82%

-2.23%

2020

6.64%

4.24%

2019

4.80%

5.28%

2018

-3.97%

-1.22%

2020-2022

-4.03%

-4.03%

2018-2022

-2.31%

-1.67%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

Characteristics

  • Statistics
  • Hit-ratio
  • Characteristics
Per 30-04-2023
Statistics 3 years 5 Years

Tracking error ex-post (%)

The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.

0.99

1.31

Information ratio

This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.

-0.28

0.02

Sharpe ratio

This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.

-0.85

-0.16

Alpha (%)

Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..

-0.26

0.04

Beta

Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.

1.01

1.00

Standard deviation

Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).

5.09

4.64

Max. monthly gain (%)

The maximum (i.e. highest) absolute positive monthly performance in the underlying period.

2.79

2.79

Max. monthly loss (%)

The maximum (i.e. highest) absolute negative monthly performance in the underlying period.

-3.75

-3.75

Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

17

29

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

47.2

48.3

Months Bull market

Number of months of positive benchmark performance in the underlying period.

16

29

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

8

15

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

50

51.7

Months Bear market

Number of months of negative benchmark performance in the underlying period.

20

31

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

9

14

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

45

45.2

Characteristics Fund Index

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

AA2/AA3

Option Adjusted Modified Duration (years)

The interest rate sensitivity of the portfolio.

6.70

6.80

Maturity (years)

The average maturity of the securities in the portfolio.

6.00

8.60

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.

6.80

1.90

Above mentioned ratios are based on gross of fees returns.

Costs

Per 30-04-2023
Cost of this fund Percentage

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.

1.02%

Included management fee

A fee paid by the fund to the asset management company for the professional management of the fund.

0.80%

Included service fee

This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.

0.16%

Transaction costs

The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.

0.28%

MISSING: fund.detail.tabs.performance-costs.costs.disclaimer

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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Currency

Duration

Rating

Sector

  • Currency
  • Duration
  • Rating
  • Sector
Per 30-04-2023
The fund is overweight in the USD, SEK and JPY versus underweight in the AUD, KRW, PLN and TWD. As global growth is cooling, we expect cyclical currencies like the KRW, TWD, and PLN to trade weaker over time. The overweight in the yen is based on very attractive long-term valuation arguments, while at the same time we expect some policy normalization to come from the BoJ, underpinning a stronger yen over the course of the next twelve months. The fund has changed its position in the USD from underweight to overweight in the past few months to capture the change in market regime after relatively strong labor market data in the United States and flight-to-quality in case of banking stress.

Policies

  • Currency risks are hedged, however active currency positions of the fund are part of the investment strategy and will not be hedged.

  • All income earned is accumulated and not distributed as dividend. Therefore the total return is reflected in the share price development.

  • Robeco Global Total Return Bond Fund invests in government and corporate bonds, and has the flexibility to invest in emerging debt, with the aim of capturing opportunities in fixed income classes around the globe. The investment process and bond selection is fundamentally driven, based on in-depth research. By adopting a contrarian approach to markets, with a focus on value, while utilizing tools to measure risk aversion, euphoria and value, we believe we can exploit market inefficiencies over the cycle. The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks 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 duration of the fund will be managed actively and can move between 0 and 10 years. Active currency positions are part of the investment strategy. The backbone of the investment process is consistent and in-depth fundamental research on both companies and countries.

  • The fund aims to deliver an attractive total return, also on a risk-adjusted basis. The fund targets an ex-ante total return volatility within the range of 2 to 6% and can adjust the duration of the portfolio between 0 and 10 years. The leverage exposure of derivatives on a fund level is restricted as described in the prospectus.

Fund allocation
Policies

Sustainability-related disclosures

Full sustainability-related disclosures
Download full report
Summary sustainability-related disclosures
Download summary

Sustainability profile

Per 30-04-2023
Exclusions
ESG Integration
Engagement

Sustainability

Per 30-04-2023

The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement and a minimum allocation to ESG-labeled bonds. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures investments have a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund invests in a minimum of 2.5% in green, social, sustainable and/or sustainability-linked bonds.

Information
Profile
Sustainability

Market development

Per 30-04-2023

Global bond yields ended the month of April at similar levels as in March. Nonetheless, bond market volatility remained very high. In the US, 10-year Treasuries traded within a 3.3% to 3.6% range, ending the month at 3.42%. US government bonds rallied at the beginning of the month, as the ISM Manufacturing Index and job openings came in below expectations. In Europe, front-end German bond yields traded in a 2.5% to 3.0% range. On the last day of the month, bonds rallied strongly, with the 2-year German yield dropping 14 bps to 2.69%. Demand for bonds was boosted by lower-than-expected Eurozone GDP growth and German inflation surprising on the downside. Even as fears around banking stress seemed to subside, the 2-year BTP-Bund spread widened 15 bps to 62 bps. Spreads widened on supply pressures and expectations that the ECB will increase its QT pace in the summer.

Performance explanation

Per 30-04-2023

Based on transaction prices, the fund's return was 0.08%. The fund posted a positive absolute return in April as interest rates fell. The fund's steepener positions in the United States added significantly to performance, while the contribution from duration was negative. Credit and EMD detracted from performance given the tightening of corporate bond spreads versus Euro swap spreads.

Expectation of fund manager

Jamie Stuttard

Bob Stoutjesdijk

While inflation is still elevated, we have seen peak inflation levels in both the US and Europe. In addition, after a year of central bank tightening, it is expected that much higher interest rate levels will increasingly start to bite. We expect this to limit the room to hike rates further in this cycle to 25 bps for the Fed and 50 bps for the ECB. Further out, we believe that Fed and ECB policy rates will fall back to neutral levels sooner than markets currently think. Against this background, we continue to gradually scale into duration. As the ECB is expected to further increase (passive) QT by reducing reinvestment from its APP program from July onwards, we remain slightly cautious with regard to Italian and Spanish bonds, as valuations are already quite expensive on a relative basis.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • Portfolio Manager's Update
  • Prospectus
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2022
  • Annual report 2021
  • Annual report 2020
  • Semi-annual report 2022
  • Semi-annual report 2021
  • Semi-annual report 2020

Announcements

  • Dividend dates January 2023 (21-12-2022)
  • Publication Semi-annual reports 2022 (31-08-2022)
  • Semi-annual 2021 available (31-08-2021)
Fund documents
Reports
Announcements
Calendar year return summary of the funds

A provision for exchange rate fluctuation when representations are made in foreign currencies (i.e. Any representations made which are not denominated in HKD/ USD/ EUR) may expose investors to exchange rate fluctuations.

Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

Positive distribution yield does not imply positive return. Investors should not make any investment decision solely based on information contained in the table. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

Annualized yield is calculated with the following formula: Sum of the monthly dividends over a period of 12 months / average of the applicable prices of the first business day of these 12 months * 100%

Where a reference is made to the frequency of dividend distributions, this frequency is an aim and not a guarantee. The fund may at its discretion pay dividend out from capital. Dividend yield is not guaranteed, and is not indicative the return of the Fund. The yield figure is for reference only. The fund may at its discretion to pay dividend out from capital. Distributions out of capital may result in the reduction of an investor’s original capital invested in the Sub-fund or from any capital gains attributable to that original investment of the Sub-fund. Also, any distributions involving the capital and/or capital gains may result in an immediate reduction of the net asset value per share of the relevant class. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. If there is a change of distribution policy of the Sub-fund, the Management Company will seek the prior approval of the Securities and Futures Commission in Hong Kong ('SFC') and provide at least one month’s prior notice to affected Shareholders.

Let's keep the conversation going

Keep track of fast-moving events in sustainable and quantitative investing, trends and credits with our newsletters.

Stay updated
Robeco

Robeco aims to enable its clients to achieve their financial and sustainability goals by providing superior investment returns and solutions.

Key topics
Insights
Funds
Strategies
Sustainable investing
About us
Quick links
Contact
Glossary
Insurers
Advisor education
Expertise
Sustainable investing
Quantitative investing
Thematic investing
Emerging markets
Credit investing

Disclaimer Privacy and Cookie Statement Policies

Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.