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Robeco Global Total Return Bond Fund FH EUR

Index: Bloomberg Barclays Global-Aggregate Index (hedged into EUR)
ISIN: LU0951484681
  • 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 EUR
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 (interest-rate sensitivity) 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 FH EUR

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 -0.58%. The fund posted positive performance versus the index in September, with diversified contributions from duration, cross-market positioning, fx and credit. As market volatility has increased we have found a lot of opportunities in country level duration. The fund benefited in particular from active positioning in the US Treasury-Bund spread that tightened after we increased the position earlier in the month. The fund also benefited from an outright overweight duration position in the US and spread positions in Belgium and Italy versus Germany. Fx positioning added to performance in September as we saw outperformance of the CAD and NOK vs AUD and NZD. Intra-month volatility allowed for a more tactical positioning in credit: the fund benefited from outperformance of euro high yield versus investment grade, and also the adding of credit hedges as from mid-month. Overall, the fund continues to maintain a conservative risk profile, given cyclically tight spread valuations. In emerging markets, we see value in short-dated USD bonds especially in countries with FX reserves that comfortably cover imports.

Statistics

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Market development

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Most government bonds posted negative returns in September, as yields bounced after a strong bond rally in August. German Bunds returned -1.1% and US Treasuries gave back -1.2%, while most developed government bond markets posted similar returns. Euro periphery markets performed better, with Italy even posting a positive return of 1.4%, reflecting constructive sentiment towards the new Five Star–PD coalition government. UK Gilts were another positive exception, as economic conditions in the UK weakened further due to ongoing Brexit uncertainty. Central banks played a role in driving yields higher. The ECB cut rates and announced a new bond purchase program at their September meeting, but also pointed to fiscal policy starting to play a larger role in stimulating the economy. In the US, the move up in yields was fueled by disappointment on the ‘dot plot’, the expected fed funds rate trajectory as signaled by FOMC meeting participants, as well as some natural consolidation after the strong bond rally in August.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
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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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Global economic growth continues to decelerate, driven to a large extent by slower growth in China and the impact of the China-US trade dispute. Chinese monetary authorities show a limited appetite to stimulate the economy, as they have a desire to reduce private sector leverage in the economy. This suggests that central banks in other countries need to stimulate more, in order to mitigate the effects from global factors on their domestic economies. In Europe, Brexit brings additional uncertainty affecting the economy. We see room for yields to decline, especially in those high quality markets where yields are still in clearly positive territory.

Jamie Stuttard, Bob Stoutjesdijk
Jamie Stuttard, Bob Stoutjesdijk

Jamie Stuttard, 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. 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
Size of share class
Outstanding shares
ISINLU0951484681
BloombergRORFHEU LX
Valoren21808393
WKNA1XCPK
Availability
1st quotation date1373846400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
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.

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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