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Robeco Global Total Return Bond Fund CH EUR

Index: Bloomberg Barclays Global-Aggregate Index (hedged into EUR)
ISIN: LU0951484418
  • 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
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

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.

Price development

No performance data available

Price development

Robeco Global Total Return Bond Fund CH 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 -0.62%. The fund posted a negative absolute return in March as interest rates increased globally. The fund underperformed the index by 0.05%. The fund's underweight duration positions in Germany, the United Kingdom and the United States detracted from performance, as did the fund's curve positions. Similarly, the fund's small overweight positions in Italy and Spain added to performance. FX added a bit to performance mainly due to the ZAR outperforming the MXN. Credit allocations detracted a bit from performance as spreads tightened a bit further.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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Government bond returns were mixed in March. While US Treasuries were down 1.4% for the month, Australian government bonds managed to gain 1.0%. The euro periphery markets did relatively well, with plusses of 0.6% for Italian BTPs and 0.4% for Spanish Bonos. Eurozone government bonds were supported by the outcome of the ECB's March meeting. The Governing Council expressed the intention to conduct its PEPP bond purchases "at a significantly higher pace". New waves of Covid-19 infections in the EU and a slow vaccination pace probably tempered reopening enthusiasm, thereby also supporting Eurozone bonds. A helping hand from the central bank benefited Australian government bonds as well. In a speech, RBA governor Low pushed back against market expectations of hiking rates in 2022. Fed officials decided not to verbally intervene in the US Treasuries sell-off. Together with reopening enthusiasm this probably explains most of the lagging returns in this market.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
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ESG integration
Exclusion
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Integration
Sustainability Themed Fund

Currency policy

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

Dividend policy

In principle, this share class of the fund will distribute dividend.

ESG Integration policy

For Robeco Global Total Return Bond Fund, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For investments in sovereigns, the 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

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 for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to engagement. 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. 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 issuers and currencies) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk policy

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.

Expectation of fund manager

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With the US economy reopening we expect the moment to come closer for the Fed to start signaling a tapering of bond purchases. This could give a new impulse to the sell-off in bonds globally. We are mindful that in the past, a sharp increase in rate volatility has coincided with peripheral spread widening. Nonetheless, even as rate volatility has picked up, we remain relatively constructive on peripheral spreads. Whilst Italian yield spreads over Germany have tightened, they remain above previous lows, especially in the long end. We therefore continue to favor longer-dated BTPs.

Jamie Stuttard, Bob Stoutjesdijk
Jamie Stuttard, Bob Stoutjesdijk

Jamie Stuttard, 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. 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
ISINLU0951484418
BloombergRORCHEU LX
Valoren21808181
WKNA2DQPF
Availability
1st quotation date1440633600000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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