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Robeco Global Total Return Bond Fund DH EUR

Index: Bloomberg Barclays Multiverse Index (hedged into EUR)
ISIN: LU0934195610
  • 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
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Global Total Return Bond Fund 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 aims to deliver an attractive total return, also on a risk-adjusted basis. The fund will purse an active duration (interest-rate sensitivity) policy with the objective to limit draw downs when bond yields rise and enhance returns when bond yields fall. Currency positions outside the base currency are part of the total return strategy, but are limited.

Performance

No performance data available

Performance

Robeco Global Total Return Bond Fund DH EUR

Performance

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Statistics

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Subject 3 years 5 years
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Market development

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US Treasuries (0.2% euro hedged) and German Bunds (0.7%) posted positive returns in August, while Italian BTPs ended the month in the red (-3.3%). US Treasuries were supported by a decline in risk appetite following the sell-off in emerging market assets. A somewhat dovish speech by Fed chairman Powell at the Jackson Hole conference added to the strength in US Treasuries. Counterbalancing forces for US bonds may be found in a new high for the S&P 500 Index and in somewhat higher core inflation. In Europe, inflation data surprised on the downside, which gave German Bunds additional support. But the switch of investors out of Italian BTPs and into Bunds ahead of the release of Italian budget plans, was probably more important in explaining the rally in Bunds. The impact on other euro area government bonds was limited. Spanish and French bond spreads widened modestly versus Bunds in August.

Fund Classification

DescriptionYesNoN/A 
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Sustainability Themed Fund

Fund allocation

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Currency policy

The fund aims to maximise the risk-adjusted return in euro. Derivatives are used to hedge most currency positions of the investments' currency of this share class. Currency positions outside the base currency are part of the total return strategy, but are limited.

Dividend policy

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

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 invests in government and corporate bonds with the aim of capturing opportunities in fixed income classes around the globe. The fund aims to deliver an attractive total return, also on a risk-adjusted basis, and targets a return volatility of 2 to 6%. The duration of the fund will be managed actively and can move between 0 and 10 years. Currency positions outside the base currency are part of the total return strategy, but are limited. The backbone of the investment process is consistent and in-depth fundamental research on both companies and countries. An important element in this analysis is the assessment of environmental, social and governance (ESG) factors.

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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Bond yields in core euro countries are close to the bottom of recent ranges. From that perspective, there is room for yields to rise. Italian budget worries have calmed somewhat recently, but political risks could flare up again and lead to a new episode of risk aversion. In addition, we still do not see much inflation materializing in Europe, nor in the US. There is an upswing visible in European wages, but its translation into rising core inflation will probably be a slow process. So, while we are underweight duration, we do expect modest moves rather than a huge rise in yields.

Fred Belak
Fred Belak

Fred Belak

Fred Belak, Head of the Global Fixed Income Macro team, is Lead Portfolio Manager of Robeco Global Total Return Bond Fund and Robeco All Strategy Euro Bonds. Prior to joining Robeco, Fred Belak worked for Lombard Odier as CIO Rate and Macro Trading Funds. Before that, he was Partner at Stoneworks, a start-up macro hedge fund. Previously he held positions at various asset managers, including JP Morgan Chase and Barclays. Fred started his career in the industry in 1991. He has an MBA in Finance and a Bachelor's in Economics, both from Cornell University.

Details

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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU0934195610
BloombergRORDHEU LX
Valoren21434864
WKNA1WZHE
AvailabilityAT, BE, FR, DE, IT, LU, NL, SG, ES, CH, GB
1st quotation date142041600000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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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.

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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