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Based on transaction prices, the fund's return was 0.00%. The fund posted a small negative absolute return in December, as credit spreads tightened a little bit while interest rates remained stable. The fund outperformed the index by 0.24%. The fund's overweight duration positions in South Korea and China added negatively to performance, as did the FX and corporate credit allocations.
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Total returns for government bonds were close to zero for most countries in December, with UK Gilts at plus 1.5% being an important exception. The uncertainty related to the Brexit negotiations and the discovery of a more contagious virus variant in the UK explain the rally in Gilts. While the ECB delivered on the expectation of additional bond buying, the impact on German Bunds remained limited. Italian BTPs and Spanish Bonos outperformed Bunds in December, but their returns were only modestly higher and in line with other spread markets such as investment grade credits. The US fiscal deal and the outcome of the December Fed meeting also had only a modest impact on markets. There was some disappointment about the signaled hesitation by the FOMC to lengthen the maturity of the Fed's Treasury purchases, but yields remained steady.
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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. We expect there is some room for rates to maneuver, and yields could bounce especially in markets where they are still close to the lows. However, this room to maneuver will probably be restricted. Next to the anchoring of front-end yields, we also see central bank purchase policies and a lack of yield globally as factors that could dampen moves. Within euro periphery markets, we see opportunities in flattening of still steep spread curves, especially in longer maturities.
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 | LU0955120620 |
Bloomberg | RORIHUS LX |
Valoren | 21937905 |
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1st quotation date | 1376870400000 |
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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