Michiel de Bruin is Head of Global Macro and Portfolio Manager. Prior to joining Robeco in 2018, Michiel was Head of Global Rates and Money Markets at BMO Global Asset Management in London. He held various other positions before that, including Head of Euro Government Bonds. Before he joined BMO in 2003, he was, among others, Head of Fixed Income Trading at Deutsche Bank in Amsterdam. Michiel started his career in the industry in 1986. He holds a post graduate diploma investment analyses from the VU University in Amsterdam and is a Certified EFFAS Analyst (CEFA) charterholder. He holds a Bachelor’s in Applied Sciences from University of Applied Sciences in Amsterdam. Stephan van IJzendoorn is Portfolio Manager and member of Robeco’s Global Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Portfolio Manager Fixed Income and worked in similar functions at Allianz Global Investors and A&O Services prior to that. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor’s in Financial Management, a Master's in Investment Management from VU University Amsterdam and is Certified European Financial Analyst (CEFA) Charterholder. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. He has a focus on European investment grade portfolios and global green bond portfolios. Prior to starting his career and joining Robeco in 2017 as a credit analyst, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London.

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.

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.

The fund’s sustainable investment objective is to invest in green bonds. Green bonds are bonds that are recognized as such by external sources and which proceeds are used to finance or re-finance in part or in full new and/or existing environmentally-friendly projects. The green bond selection is based on external data or an internally developed five-step Green bond framework. The five-step framework states that the issuer's green bond framework must be aligned with market standards related to green bonds such as such as the ICMA Green Bond Principles. Next, the allocation of the investment proceeds must contribute to at least one of the six objectives of the EU Taxonomy nor do any significant harm to the other five. The six objectives of the EU Taxonomy Regulation are climate change mitigation and adaptation, sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection of healthy ecosystems. The third and fourth steps require that the bond issuer reports on the use of proceeds and that the issuance aligns with the wider sustainability strategy of the issuer. The fifth and last step states that the issuer must respect international norms related to conduct such as international labor rights, human rights and the UN Global Compact. In addition, the investment process also takes into account exclusions following Robeco's exclusion policy and integrates financially material ESG factors in the bottom-up issuer analysis to assess the impact on the issuer's fundamentals. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg MSCI US Green Bond Index.

Government bond markets returns were mixed over March. The US market posted a small positive return as the 10-year government bond yield remained unchanged at 4.21%, while shorter tenor yields were somewhat lower. German government bonds posted negative returns as the 10-year bund yields rose by 33 basis points to 2.74%, which was the largest month-on-month rise in the Bund yield in over a year. Japanese yields continued to rise for a 6th consecutive month to 1.49%. During March, the US administration made abrupt back and forth changes to its trade policy. A byproduct of this policy uncertainty was a large drop in US consumer confidence. Meanwhile, in Europe the German government voted in favor of a EUR 500 billion infrastructure fund and also approved extra defense spending. The ECB reduced its policy rate to 2.5%, while the Fed remained on hold at its March meeting. In credit, both high yield and investment grade credit widened, with Europe outperforming the US in terms of credit spreads.

Based on transaction prices, the fund's return was 0.41%. The fund outperformed its index in March. The key driver of outperformance over the month was the curve steepener in the fund. The risk of sustained high fiscal deficits and economic uncertainty is leading to steeper curves both in the US and in Europe. In addition, the underweight in Japanese bonds added, as JGB yields climbed higher. In terms of corporate credit, the index showed negative excess returns. The beta for the month was below neutral, therefore contributing to performance, enhanced by our issuer selection which also added positive performance. Our positions in VW hybrids, LG Energy and our underweight all contributed to performance.

Markets are gripped by fear as aggressive US tariff policies fuel global economic uncertainty, strain international relations, and drive capital outflows toward Europe and Asia. Trade tensions have disrupted traditional market correlations, with US credit underperforming amid slowing growth, persistent inflation, and waning confidence in policy direction. In contrast, Europe is benefiting from fiscal support and more accommodative monetary policy, bolstering both credit markets and investor sentiment. Despite rising volatility, credit valuations remain tight, supported by technical factors. However, high yield spreads had grown overly compressed – particularly in the lower-rated segments – and are now beginning to underperform as risk sentiment deteriorates. In this environment, banks and domestically focused companies are preferred. Meanwhile, concerns around the safety of US assets are putting pressure on the dollar's reserve currency status. Investment positioning remains cautious, with a focus on issuer selection and a preference for European over US credit, due to stronger fundamentals and supportive technicals.