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Robeco Global Total Return Bond Fund DH USD

Index: Bloomberg Barclays Global-Aggregate Index (hedged into USD)
ISIN: LU1124238426
  • 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 USD
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 pursue an active duration 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.

Price development

No performance data available

Price development

Robeco Global Total Return Bond Fund DH USD

Performance

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Fund Index
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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 -0.31%. The fund posted a slightly negative performance versus the index in October, as global interest rates rose during the month. The fund’s overweight duration position and yield curve flattening position contributed negatively to performance, whereas the various overweights in peripheral bonds, government-related bonds and short-dated emerging market bonds contributed positively to performance. FX positions detracted from performance somewhat, as the CNY strengthened due to positive news on the US-China trade dispute.

Statistics

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Market development

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Government bonds posted negative returns in October, reflecting more constructive news on China-US trade talks and a more positive view on Brexit developments. German Bunds were down -1.5% on the month, US Treasuries -0.2% and UK Gilts lost -2.2%. Euro periphery bonds fared slightly better than Bunds, with returns of about -0.7% for Spain, Italy and Ireland, and even a modest positive return (0.2%) for Portugal. The better returns in these markets can be linked to Brexit optimism and the continued effects from the decision to restart the ECB’s bond purchase program. The October ECB meeting brought little news, apart from comments on capital key rules, which stipulate the division of government bond purchases across countries, suggesting some flexibility to buy more periphery debt. The FOMC’s decision to cut rates and give a neutral guidance was in line with expectations and had only a modest impact on bond prices.

Fund allocation

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Name Sector Weight
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Fund Classification

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Sustainability Themed Fund

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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Central banks around the globe are in an easing mode and both the Fed and ECB have announced stimulus measures in recent meetings. At the same time, there is growing reluctance to cut official rates further among central banks whose rates are in negative territory. This reluctance can be linked to an increasing attention for the ‘reversal rate’, the rate at which further cuts will have negative economic consequences. The Riksbank will likely hike rates in December, based on this argument. These considerations do confirm the idea that prospects are weaker for bond markets where official yields have broken zero.

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
ISINLU1124238426
BloombergRORDHUS LX
Valoren25753469
WKNA14S7K
Availability
1st quotation date1414022400000
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
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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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