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Based on transaction prices, the fund's return was -0.99%. The fund posted a negative absolute return in August as interest rates increased in response to a recovery in economic data and economic sentiment. The fund underperformed the index by 0.12%. The fund’s overweight duration positions in South Korea and China added negatively to performance. Global corporate credit and government-related exposure, and FX contributed neutrally to performance.
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Government bonds posted negative returns in August, responding to a recovery in economic data and strong risk sentiment. Returns for German Bunds and US Treasuries were both in a range of -1.2 to -1.3%. Euro periphery bonds fared somewhat better due to broader positive risk sentiment (e.g. Italy -0.4%). The bounce in economic data from extremely low levels in March-April was visible across countries and most pronounced in retail sales and in producer survey data, such as the PMIs, which give a judgement on economic conditions vis-à-vis the previous month. Bond yields also rose in response to Fed Chair Jerome Powell’s announcement that the Fed will shift its policy objective to an average 2% inflation over a longer period. Powell also announced that the Fed will not raise rates in response to a decline in unemployment alone. This allows for an overshoot of inflation under strong economic conditions.
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Sustainability Themed Fund |
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.
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 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.
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.
The Fed’s adoption of an average inflation target was expected, but its explicit intention not to raise rates in response to low unemployment alone did give the announcement a dovish twist. The suggestion that the Fed is willing to tolerate a larger overshoot of inflation will make it more difficult for long-term yields to test this year’s lows. This aside, we remain of the opinion that yields will remain in a controlled environment. Central banks will probably allow some flexibility in long-term rates, but a sizeable move would hamper the transmission of their zero rates policy.
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 Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.