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Robeco All Strategy Euro Bonds CH EUR

Index: Bloomberg Barclays Euro-Aggregate (EUR)
ISIN: LU0940005050
  • Outspoken active and adaptive approach
  • Dynamic and strategic asset allocation
  • Disciplined and repeatable investment process
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco All Strategy Euro Bonds invests mainly in euro denominted government and corporate bonds. The selection of these bonds is based on fundamental analysis. The fund is an active bond fund looking to optimize returns on a risk adjusted basis. It applies a flexible approach to investing and is not fully constrained by its underlying benchmark.

Price development

No performance data available

Price development

Robeco All Strategy Euro Bonds CH 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 1.36%. The fund posted another very strong absolute return in July, in line with the index. The fund’s overweight in North American Treasuries failed to keep up with the continued rally in the Bund market, which detracted from performance. The overweight position in European peripheral government bonds added to relative performance, while the credit allocation was neutral to performance. The fund’s positioning in corporate bonds is close to the index level, while the allocation to EM hard currency bonds is below the index level. The fund’s overweight in long-dated Japanese government bonds (JGBs), hedged with JGB futures once again added value, as long-dated JGBs outperformed intermediate maturities.

Statistics

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Market development

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Government bond yields in the US and the Eurozone came under upward pressure at the beginning of last month, in the wake of better European production and US payroll data. However, this reversed sharply halfway through the month, with 10-year German yields hitting fresh record lows at the end of the month. Central bank policy helped sustain demand for government bonds. The Federal Reserve cut rates by 25 bps, albeit somewhat hesitantly, and while the ECB did not deliver a rate cut just yet, they paved the way for fresh easing at the next meeting in September. This will likely involve a rate cut – probably accompanied by mitigating measures for banks such as a ‘tiered’ system for reserve remuneration – but also potential new net asset purchases. The latter prospect propelled demand for Italian government bonds, also helped by the decision of the European Commission not to place Italy into an Excessive Deficit Procedure.

Fund allocation

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Name Sector Weight
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Fund Classification

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Sustainability Themed Fund

Currency policy

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.

Derivative policy

Robeco All Strategy Euro Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are regarded very liquid.

Dividend policy

The fund distributes dividend on a quarterly basis. The dividends referred to are target dividends and may be subject to change as a result of market conditions.

ESG Integration policy

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.

Investment policy

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 policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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The recent flare-up in the US-China trade dispute will likely reinforce the resolve of central banks to ease monetary policy, to try to avoid a lasting economic downturn. Against the backdrop of (even) lower rates for longer, the search for yield among investors is likely to continue, manifesting itself in ongoing spread tightening and curve flattening pressure. However, episodes of risk aversion could still (temporarily) weigh on riskier government bonds.

Fred Belak, Jamie Stuttard
Fred Belak, Jamie Stuttard

Fred Belak, Jamie Stuttard

Fred Belak, Head of the Global Fixed Income Macro team, is Lead Portfolio Manager of Robeco Global Total Return Bond Fund and Robeco All Strategy Euro Bonds. Prior to joining Robeco, Fred Belak worked for Lombard Odier as CIO Rate and Macro Trading Funds. Before that, he was Partner at Stoneworks, a start-up macro hedge fund. Previously he held positions at various asset managers, including JP Morgan Chase and Barclays. Fred started his career in the industry in 1991. He has an MBA in Finance and a Bachelor's in Economics, both from Cornell University. Jamie Stuttard is Co-Head of the Global Macro team, and Portfolio Manager 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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0940005050
BloombergROACHEU LX
Valoren21528168
WKNA1XCTM
Availability
1st quotation date1378166400000
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
Management fee
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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.

Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.

Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.

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