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Based on transaction prices, the fund's return was -2.92%. The fund posted a negative absolute return in April, as interest rates increased in tandem with credit spreads. The fund's flattener curve positions in Germany and the United States added to performance, as did the fund's positions in country spreads and SSA. FX added only marginally to performance, given the underperformance of Asian currencies versus the dollar. Credit added to performance, given the underweights in Asian credit and sub-financials, as those spreads widened during the month.
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The sell-off in global government bonds continued in April, with all of the major markets showing negative return figures. German Bunds, UK Gilts and US Treasuries (-3.4%) all lost approximately 3% last month. The losses were noticeably smaller in Japanese government bonds (-0.3%) and Chinese government bonds even posted positive numbers for the month. Bond markets reflected ongoing worries about elevated inflation and the required central bank response to curb inflationary pressures. During the month, the rhetoric from major central banks also became more hawkish. Several Fed officials talked about the possibility of larger rate hike steps, while ECB Chair Lagarde confirmed the end of asset purchases and the possibility of rate hikes in the summer. The more hawkish stance by the ECB also helped to explain why returns in markets such as Italian BTPs (-4.4%) and Spanish BONOs lagged German Bunds. Both US and EUR IG corporate bonds had negative excess returns for the month, -1.4% and -0.98% respectively, as spreads were 17 bps and 18 bps tighter relative to Treasuries and Bunds respectively.
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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.
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. 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. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.
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.
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. 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. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.
The outlook for sovereign bonds remains challenging for now. Central banks have either started raising rates, or communicated the intention to start hiking in the coming months. At the same time, a lot of tightening has already been priced in, after the repricing in bonds since the start of this year. The trajectory of inflation, and especially underlying inflation pressures such as wages and rents, will probably be an important driver of rates. The war in Ukraine and supply chain disruptions due to Covid remain important uncertain elements.
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.
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ISIN | LU1124238426 |
Bloomberg | RORDHUS LX |
Valoren | 25753469 |
WKN | A14S7K |
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1st quotation date | 1414022400000 |
Close financial year | 31-12 |
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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.
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.
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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