Robeco Global Total Return Bond Fund IH EUR
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| 1m | ||
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| 1 year | ||
| 2 years | ||
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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 -0.62%. The fund posted a negative return in September as core-bond yields rose over the month due to clear signs of upcoming wage pressure in the US , and some form of a relief in Europe around the Italian political situation. In the final part of the month Italian yields came under a lot of pressure again after the Italian government announced the 2019 budget plans. Financials also got hurt due to this flare-up of tensions. Credits subtracted from performance, mainly due to our skew towards European credits versus US credits. Both the FX positions and the long positions in Turkey and Argentina added to performance.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundStatistics.date,'llll') ]}}| 3 years | 5 years | ||
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| Fund | Reference index | ||
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| Option Adjusted Modified Duration (years) | |||
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| Rating | |||
| Yield to Worst (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}For most government bond markets, September was a negative month. US Treasuries were down 1.2% and Bunds returned -0.9%. Among the larger bond markets, Italy was the exception, with a return of +1.8%. The sell-off in bonds was initiated by a jump in hourly earnings in the US labor market report. Earnings rose 2.9% in August, the highest number since 2009. Surprisingly optimistic comments on inflation by ECB president Draghi were another catalyst for the sell-off. The rise in negotiated wages to 2.2% in the euro area probably helped support his confidence. Italian bond markets gaining strength ahead of the release of the budget plans also helped to push German yields higher, although that optimism was battered at the end of the month when the actual plans were released.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| 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.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Economic conditions in the US are strong and the main central banks together have moved from being net buyers to net sellers of bonds. These trends create room for a further rise in yields. In addition, markets could respond to the rising trend in oil prices and the implementation of trade tariffs, which will probably raise the inflation outlook globally. Therefore we expect somewhat higher yields for US, core-euro and Japanese government bonds.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Outstanding shares | |
| ISIN | LU0951484178 |
| Bloomberg | RORIHEU LX |
| Valoren | 21808048 |
| WKN | A11402 |
| Availability | |
| 1st quotation date | 1373846400000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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| This fund deducts ongoing charges of |
| These charges comprise | ||
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| Management fee | ||
| Service fee | ||
Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| 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 0.01% 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.
