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Robeco Global Total Return Bond Fund IH JPY

Index: Bloomberg Barclays Multiverse Index (hedged into JPY)
ISIN: LU1278322935
  • 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 JPY
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 IH JPY

Performance

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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 -0.50%. The fund posted a small negative return in November. Duration positioning subtracted from performance, especially the large underweight position in Japan where yields declined sharply. We do not own any JGBs with maturities shorter than 15 years as rates are largely negative and we feel the BoJ still wants to guide rates higher to help banks. The US curve steepener position also subtracted from performance as especially long-dated bonds in the US rallied significantly. We hold a 6% position TIPS, which hurt the portfolio. We were surprised by the sharp fall in oil prices and this reduced breakeven inflation expectations sharply during November. Our credit positioning also hurt performance. Partly due to a small overweight in HY, but also from our overweight European financials position versus US corporates.

Statistics

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Market development

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Returns were modestly positive for most government bond markets in November. Italian BTPs performed the best, with a return of 1.5%. Government bonds responded to wider credit spreads, lower oil prices and more dovish remarks from Fed officials. The top-three Fed officials all signaled the Fed will give a greater weight to incoming data and less weight to bringing rates to a specific neutral level. This was seen as opening the door to a pause in the tightening cycle. The rally in Italian BTPs was triggered by news on a more constructive attitude towards the budget by the Italian government. Credit markets had a rough ride again in November. Investors are becoming more concerned about the economic outlook, as economic data in Europe is surprising negatively and momentum in the US seems to be slowing down too. Worries around Brexit increased, as the political situation within the Conservative government turned out to be very volatile.

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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Fed officials have recently been clear in communicating their intentions. They want to continue hiking rates until the data tells them to stop and not overtighten. The message from equity and credit markets has been evident: tightening is hurting already and it is time for a pause. We think the Fed will listen and pause after December. With the Fed expected to pause and economic momentum weakening, the ECB will likely refrain from hiking rates in 2019. There are many reasons to be cautious about credit markets, like trade wars, Italy, Brexit and the slowdown in China. The biggest concern however, seems to be the end of easy liquidity, now that QE is ending. It is very difficult to predict when the next recession will arrive, but we can see that market volatility is increasing and we know the credit market is vulnerable after a long period of increasing corporate leverage.

Fred Belak
Fred Belak

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

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1278322935
BloombergRORIHJP LX
Valoren29268603
WKN
Availability
1st quotation date1440633600000
Close financial year31-12
Legal status
Tracking error limit (%)
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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This fund may also deduct a performance fee of

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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.

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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