Robeco Global Total Return Bond Fund IH EUR
- 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
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -0.15%. The fund posted a slightly negative performance vs. the index in February. There were no large individual performance drivers in February. Country duration positioning remained close to benchmark overall, with an underweight in Japan again detracting somewhat from performance. We hold a 6% position in TIPS which helped the portfolio somewhat as the Fed began to discuss the subject of contemplating targeting average inflation over the cycle instead of just 2%. This would have the effect of allowing inflation overshoots to offset undershoots during recessions. Peripheral bond underweights had a small negative impact on the portfolio, while fx positioning detracted from overall performance as well. Credit performance was neutral as we hedged a small cash bond overweight with derivative indices to reduce overall credit exposure, as we expect markets have performed better than the data would suggest and are due a correction soon.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Government bonds posted mixed returns in February, with gains in Spain, Ireland and Portugal and negative returns in Germany, the US and Italy. Periphery bonds were supported by the expectation that the ECB would soon announce a new cheap funding program for banks (TLTRO). After a rally in January, Italy lost ground due to negative news on leading indicators for growth in Q1. BTPs did find support towards the end of the month from Fitch maintaining their BBB credit rating for the country, despite the negative outlook. Bunds and Treasuries lagged, but returns remained close to zero (-0.3 to -0.5). A continued dovish guidance from central banks across a range of countries helps explain why bond yields remain quite anchored in spite of the positive mood in stocks. The Federal Reserve, for example, gave a strong indication that the balance sheet rundown could already end this summer.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Economic news has been rather negative over recent months, and expectations for both economic growth and central bank rates have been revised downwards to a large degree. This has created an environment in which it is easier for economic news to surprise on the upside. As some of the immediate event risks (China trade dispute, Brexit) seem to have diminished, we would be inclined to use a (further) rally in bonds to trim duration.
Fred Belak, Jamie Stuttard
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. Jamie Stuttard is Co-Head of the Global Macro team, and Portfolio Manager 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 atFidelity Management & Research, Schroder Investment Management and PIMCO Europe. He started his career at Dresdner Kleinwort Benson in London in 1998. Jamie has aMaster’s in History from University of Cambridge.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0951484178 |
| Bloomberg | RORIHEU LX |
| Valoren | 21808048 |
| WKN | A11402 |
| Availability | |
| 1st quotation date | 1373846400000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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 0.01% 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
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.
