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RobecoSAM Climate Global Bonds FH USD

Index: Solactive Paris Aware Global Aggregate Index (hedged into USD)
ISIN: LU2258388870
  • At the forefront of the transition to a low-carbon economy in line with the Paris Agreement
  • Contrarian investment style that harvests opportunities from behavioral biases in the market
  • Combination of sustainable investing expertise and highly experienced Global Macro and Global Credit teams
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Climate Global Bonds is an actively managed fund that invests in bonds globally. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests in worldwide bonds and other marketable debt securities and instruments (which may include short dated fixed or floating rate securities) issued or guaranteed by OECD member states and by companies based in OECD countries.

Price development

No performance data available

Price development

RobecoSAM Climate Global Bonds FH USD

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 -1.81%. The fund had negative total returns in March, but was ahead of the benchmark for the month and quarter. The fund's alpha performance was driven by spread tightening in swap spreads and US 10-30s and EUR 2-5s flatteners as well as an underweight in Japan duration and an overweight in CGBs. Also, the overweight in Denmark duration detracted from performance, as did the underweight in EM Asia local currency duration, which outperformed during the month. The corporate allocation also contributed to returns, as euro IG outperformed US IG during the month.

Statistics

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Market development

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On 1 March, German Bund yields declined 20 basis points to -0.07%, as fears of the war in Ukraine fueled the flight-to-quality demand. US Treasury yields also fell, but in a more modest fashion. Nonetheless, as energy prices skyrocketed and the market became more convinced that the conflict would be contained to Ukraine and Russia, inflation pressures started dominating market pricing. Bond yields rose fast, helped as well by hawkish central bank rhetoric. Fed officials pointed to the possibility of 50-bps rate hikes and a quick balance sheet reduction, after a 25-bps step in March. The ECB continued to pave the way for hiking rates later this year. US 2-year yields rose 90 bps in the month and 2-year German yields moved into positive territory for the first time since 2014. Yields on 10-year US Treasuries (2.34%), Bunds (0.55%) and OATs (0.98 %) all closed March at around multi-year highs. Both US and EUR IG corporate bonds had positive excess returns for the month, 0.65% and 0.80% respectively, as spreads were 8 bps and 21 bps tighter relative to Treasuries and Bunds respectively.

Fund allocation

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Name Sector Weight
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Currency policy

All currency risks are hedged.

Dividend policy

The fund does not distribute a dividend.

ESG Integration policy

The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, the fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks through exclusions as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental quality. In the portfolio construction the fund targets carbon footprints at least equal to the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of 7% year on year.

Investment policy

RobecoSAM Climate Global Bonds is an actively managed fund that invests in bonds globally. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund contributes to keeping the maximum global temperature rise well-below 2◦C by reducing the carbon footprint intensity of the portfolio. The fund integrates ESG (Environmental, Social and corporate Governance) in the investment process, applies an exclusion list basis controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to engagement. The fund invests in worldwide bonds and other marketable debt securities and instruments (which may include short dated fixed or floating rate securities) issued or guaranteed by OECD member states and by companies based in OECD countries. The fund is managed against a benchmark that is consistent with the sustainable investment objectives pursued by the fund. It aims to align with the Paris Agreement requirements on greenhouse gas emission reduction. For corporate bonds the Benchmark aims to represent the performance of an investment strategy that is aligned with the technical standards for EU Paris Aligned benchmarks in areas such as exclusions and carbon reduction objectives. For investments in government bonds in the Benchmark, the long term aim is to strive for a 7% year-on-year decarbonization as long as this is realistically feasible and technical standards are not applicable. The Benchmark differs from a broad market index in that the latter does not take into account in its methodology any criteria for alignment with the Paris Agreement on greenhouse gas emission reduction and related exclusions.

Risk policy

Risk management is fully embedded in the investment process so as to ensure that the fund's positions remain within set limits at all times.

Sustainability profile

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Exclusions

ESG Integration

ESG Target

Footprint target
Better than index

Target Universe

Footprint Ownership

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Carbon ownership - Credit allocation

Footprint ownership expresses the total resource utilization the credit allocation of the portfolio finances. Each assessed company's footprint is calculated by normalizing resources utilized by the company's enterprise value including cash (EVIC). Multiplying these values by the dollar amount invested in each assessed company yields the aggregate footprint ownership figures. The same is done for the corporate bonds in the index. Carbon efficient companies have lower ownership values. The portfolios score is shown in blue and the index in grey.

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Carbon intensity - Government bond allocation

Carbon intensity expresses the aggregate efficiency of the government bond allocation of the portfolio. Each country’s carbon intensity is calculated by normalizing the country’s greenhouse gas emissions (expressed in carbon equivalents) by its population size. The portfolio's aggregate intensity figure is calculated by multiplying each portfolio holding’s intensity figure by its respective portfolio weight. The same is done for the government bonds in the index. Carbon efficient countries have lower intensity values. The portfolios score is shown in blue and the index in grey.

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Sustainability

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The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, the fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks through exclusions as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental quality. In the portfolio construction the fund targets carbon footprints at least equal to the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of 7% year on year.

Expectation of fund manager

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Markets will need to digest staggering inflation numbers, as price shocks continue to kick in. Against this backdrop, the Fed will probably hike in 50-bps steps and announce QT in May, while the ECB should end net asset purchases in Q3 and deliver a 25-bps hike in early autumn. Only in case of a sharp slowdown in growth or abrupt tightening in financing conditions could these trajectories be derailed. We stick to a flattening bias, while preparing for the moment to add duration, as more than 300 bps in Fed tightening and almost 200 bps in ECB hikes have been priced in. With regard to spread markets, swap spread valuations have a crowding-out effect in corporates in an uncertain economic environment: there is no need to take overweight credit risk into a potential recession if there are better opportunities elsewhere.

Jamie Stuttard, Regina Borromeo, Bob Stoutjesdijk
Jamie Stuttard, Regina Borromeo, Bob Stoutjesdijk

Jamie Stuttard, Regina Borromeo, Bob Stoutjesdijk

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. Regina Borromeo is Portfolio Manager in the Global Macro team with a focus on top-down allocation within credits and on EM allocation. She joined Robeco in 2018. She joined Brandywine Global Investment Management in London, where she worked in the period 2010-2017. Her last position was Head of International High Yield. Before that she was Portfolio Manager and Credit Analyst at Morgan Stanley in London and Philadelphia. Regina started her career in the industry in 2000. She holds a Bachelor’s in Communications from University of Pennsylvania. 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.

Details

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Management company
Fund capital
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Outstanding shares
ISINLU2258388870
BloombergROCBFHU LX
Valoren58900771
WKN
Availability
1st quotation date1607472000000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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.

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