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Based on transaction prices, the fund's return was -0.62%. The fund posted a negative absolute return in January as interest rates increased globally and credit spreads increased as well. The fund outperformed the index by 0.06%. The fund's underweight duration positions in Germany and the United Kingdom added positively to performance, as did the fund's credit hedges. FX positions also added to performance, as mainly the ZAR depreciated during the month.
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Total returns for government bonds were negative in January, with UK Gilts at -1.8% and US Treasuries at -1.3% clearly underperforming Bunds (-0.5%). This rise in US yields can be explained by heightened inflation expectations, anticipations of sizable fiscal stimulus with a Democrat majority in Congress and speculation on a tapering of Fed bond purchases. In the UK, progress in vaccinations and hope of an upcoming reopening of the economy added to the rise in yields. Euro rates markets responded negatively to the ECB's January statement, as this specifically mentioned that "the PEPP envelope need not be used in full". Peripheral bonds behaved relatively well, despite Italian Prime Minister Conte resigning after not receiving enough votes in the Senate for an absolute majority. The expectation that snap elections are still a remote scenario, combined with continued ECB PEPP purchases, prevented the Italian bond market from coming under severe pressure.
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Sustainability Themed Fund |
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.
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.
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 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. An important element in this analysis is the assessment of environmental, social and governance (ESG) factors.
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.
We expect yields to remain anchored by the expectation that central banks will keep rates unchanged for at least another two years. Still, in the coming months, markets could be inspired by (temporarily) higher inflation prints to price in some tightening of monetary policy in 3-5 years' time. Much will depend on the speed of vaccinations, and possible new virus mutations. Expectations on additional fiscal stimulus will likely remain an important driver as well. Within euro periphery markets, we see opportunities in flattening of still steep spread curves, especially in longer maturities. In corporate bonds and emerging markets we favor remaining conservative given the very expensive levels while credit fundamentals are weak.
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 | LU0951484178 |
Bloomberg | RORIHEU LX |
Valoren | 21808048 |
WKN | A11402 |
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1st quotation date | 1373846400000 |
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 0.01% 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.
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.
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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Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.
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