RobecoSAM Global Green Bonds IH EUR
- Uses a proprietary green bonds framework to determine eligibility of green bonds for the fund
- Provides a diversified exposure to the global green bonds market
- Impact investing, using a disciplined and repeatable investment process and an experienced portfolio management team
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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 | |
|---|---|---|
Annualized (for periods longer than one year)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The Bloomberg Barclays MSCI Global Green Bond Index delivered a total return of 0.52% last month. The yield on 10-year German Bunds ended the month slightly higher at -0.57%, with some volatility during the month around the announcement of Covid vaccines. The US 10-year Treasury yield dropped somewhat, ending the month at -0.83%. The credit spread (OAS) on the Global Green Bond Index tightened 12 bps to 0.59% at the end of the month.After the US elections and the vaccine announcement by Pfizer, market sentiment clearly improved, leading to strong performance of equity and corporate bond markets. Especially companies that suffered in the Covid-19 recession (hotels, airlines, real estate companies) performed very well. In rates markets, the bullish tone did not translate into much higher rates. There was uncertainty around fiscal stimulus in the US, and the ECB remained quite dovish despite the vaccine news. As a result, euro periphery bonds performed well. November was again a busy month for green bond issuance. Several corporates raised green debt capital, including TenneT and Stora Enso. Also, Italy announced it will issue a green treasury bond soon.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
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| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
All currency risks are hedged.
Dividend policy
The fund does not distribute a dividend.
ESG Integration policy
The RobecoSAM Global Green Bonds strategy invests in bonds whose proceeds are used towards an environmental objective, referred to as green bonds. The eligibility of green bonds is based on an internally developed five-step framework. We assess if the issuer takes into account the ICMA Green Bond Principles, the Climate Bond Initiative and/or the EU Green Bond Standard. Then we identify and evaluate the allocation of the investment proceeds in line with the EU Taxonomy and EU’s six environmental objectives. We verify that the bond proceeds are allocated to projects that positively contribute to at least one of the six objectives, and do not significantly harm the other five: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, waste prevention and recycling, pollution prevention and control, protection of healthy ecosystems. We require the bond issuers to report on the use of proceeds. In addition to the use-of-proceeds screening, we assess the wider sustainability strategy of the issuer. Finally, we require issuers to respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition to the universe screening, our analysts integrate ESG factors in their fundamental analysis of companies and sovereigns.
Investment policy
RobecoSAM Global Green Bonds is an actively managed fund that aims to provide long-term capital growth by investing in green bonds issued by governments, government-related agencies and corporates. The selection of these bonds is based on fundamental analysis. Green bonds are defined as bonds whose proceeds are used to finance environmentally friendly projects. The eligibility of green bonds for the fund is based on an internally developed framework that assesses the environmental impact of the investment, both at a project and an issuer level. The fund benchmark is the Bloomberg Barclays MSCI Global Green Bond Index (hedged into EUR). The fund aims to outperform this benchmark over the long run.
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.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}We are still in the midst of the largest global health crisis seen in a century. The world awaits a vaccine that will enable us to return to our normal lives. The market has already received its shot, though, in the form of unprecedented monetary and fiscal support for the private sector. In credit beta terms, we aim for small overweights in investment grade, and stay underweight in high yield. We expect green bond issuance by sovereigns and agencies to continue to grow. Also, a growing number of corporates and financials is developing sustainable finance frameworks. As a result, the global green bond market should continue to develop at a rapid pace.
Michiel de Bruin, Peter Kwaak
Michiel de Bruin is Co-Head of the Fixed Income Global Macro team and Co-Manager of Euro Government Bonds. Prior to joining Robeco, Michiel worked for BMO Global Asset Management in London, most recently as Head of Global Rates and Money Markets. He held various other positions before that, including Head of Euro Government Bonds. The roles he fulfilled before joining BMO included Co-Head of Fixed Income Sales and Trading at NIB Financial Markets in Amsterdam. Michiel started his career in the industry in 1986 and he holds a Bachelor's degree from Amsterdam University of Applied Sciences. Peter Kwaak is a Senior Portfolio Manager and a member of the Credit team. Prior to joining Robeco in 2005, Mr. Kwaak was employed by Aegon Asset Management for three years as Credits and High Yield Portfolio Manager and at NIB Capital for two years as Portfolio Manager. Peter Kwaak started his career in the Investment Industry in 1998. Mr. Kwaak is a CFA Charterholder and holds a Master's degree in economics from the Erasmus University Rotterdam. Mr. Kwaak is registered with the Dutch Securities Institute.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU2138604454 |
| Bloomberg | ROGGBIE LX |
| Valoren | 54405041 |
| WKN | |
| Availability | |
| 1st quotation date | 1587427200000 |
| Close financial year | 31-12 |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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 0.01% 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.
Fiscal treatment of investor
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.
