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Based on transaction prices, the fund's return was 0.33%. The fund posted a positive absolute return in November, slightly above the index. This was primarily due to tightening credit spreads. Sentiment in equity and credit markets was strong due to the US presidential election outcome, better-than-expected news on the vaccine, and rising expectations for additional stimulus measures by the ECB, to be announced at the December meeting. Duration positioning in Germany and the US added to performance, while that in China and Korea detracted. Credit and government-related allocation added to performance, while FX positioning detracted. The gains from overweight positions in Italian BTPs were counterbalanced by a sizable short in French government bonds.
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German Bund returns lagged those of the US in November, though the numbers for both countries remained quite close to zero. The positive response in equity markets to both the US election results as well as favorable vaccine news could have led to higher rates, but the response in rates was muted because of ongoing worrying news about Covid-19 infections and remaining uncertainty regarding fiscal stimulus in the US. The vaccine news also had little impact on the dovish guidance from central banks. Despite supportive ECB guidance, Eurozone AAA government bonds posted modest negative returns. In explaining their returns, it is probably relevant to mention that these bonds started November at around the lowest yield level since March. Euro periphery bonds did better, benefiting from strong risk sentiment and dovish ECB rhetoric.
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Relatively small positions in currencies other than the euro are permitted. Derivatives can be used for various reasons such as hedging single positions and arbitrage, or for leverage to gain extra exposure.
Robeco All Strategy Euro Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are regarded very liquid.
The fund does not distribute dividend but retains all income in the portfolio, so total performance is reflected in the price.
For Robeco All Strategy Euro Bonds, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For 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 All Strategy Euro Bonds is an active bond fund looking to optimize returns on a risk adjusted basis. Its benchmark agnostic investment style is well suited to benefit from inefficiencies linked to benchmarks. It applies a top down strategic allocation. The fund benefits from market segmentation and prevailing silo thinking as it can allocate between all of the asset classes within the fixed income universe. The fund performance is driven by multiple drivers, of which country allocation is currently the most dominant. The Fixed Income Allocation portfolio managers focus on strategic asset allocation decisions. This team is responsible for the asset allocation of the fund and is looking at duration and credit strategies to be implemented into the portfolio. The team can also allocate to foreign exchange strategies but this is not the main contributor to performance. The fixed income investment teams focus on asset class specific strategies. The fund benefits from the expertise of each specific team. The team sets up detailed investment theses bases on fundamental research, applying a structured analysis framework that combines both top-down (macro environment & policy, valuation, sentiment & positioning) and bottom-up perspectives (a country's debt sustainability, macro-economic cycle, ESG profile). As such the portfolio managers have created a repeatable process that has led to long term alpha generation. Alpha generation of the fund is based on multiple performance drivers, such as country allocation, duration management and yield curve positioning. Risk budgeting can be adaptive through time in order to capture the most compelling investment opportunities.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Encouraging news on vaccines has brightened the economic outlook for 2021, and for H2 in particular. Still, with Europe in partial lockdowns and the US suffering from a third virus wave, the near-term outlook for economic growth does not look promising. Additional fiscal support and continued easy financial conditions seem essential in bridging economies to a time of widespread vaccination. The Fed will keep UST purchases at a high level and possibly extend the average maturity of their purchases. The ECB December meeting will likely result in recalibration of the PEPP and TLTRO programs, to ensure sustained loose financial conditions.
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 atFidelity Management & Research, Schroder Investment Management and PIMCO Europe. He started his career at Dresdner Kleinwort Benson in London in 1998. Jamie has aMaster’s in History from University of Cambridge. Mr. van IJzendoorn is a Portfolio Manager in Robeco's Global Fixed Income Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Senior Portfolio Manager Fixed Income. Before his move to F&C Investments he worked in similar functions at Allianz Global Investors and A&O Services. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor's degree in Financial Management, a Master's degree in Investment Management from the VU University Amsterdam and is CEFA charterholder.
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ISIN | LU0210247085 |
Bloomberg | RCGASIE LX |
Valoren | 3249308 |
WKN | A0MY6H |
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1st quotation date | 1180051200000 |
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.
Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.
The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
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