zwitserlanden
Image

Robeco All Strategy Euro Bonds FH EUR

Index: Bloomberg Barclays Euro-Aggregate (EUR)
ISIN: LU0940007262
  • 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 payingNo

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 FH EUR

Performance

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}
Fund Reference index
1m
3m
YTD
1 year
2 years
3 years
5 years
10 years
{{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}}
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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

Based on transaction prices, the fund's return was 0.73%. The fund posted a positive return in December as core-bond yields declined slightly further over the month. The fund performance benefited somewhat less from this yield decline due to its underweight duration position. Country allocation contributed positively to performance, predominantly due to its overweight in Italian government bonds. Credit allocation made a neutral contribution to performance. Main drag on performance was the long position in the Norwegian krona.

Statistics

{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}
3 years 5 years
Standard deviation
Max. monthly gain (%)
Tracking error ex-post (%)
Alpha
Beta
Sharpe ratio
Information ratio
Max. monthly loss (%)
Above mentioned ratios are based on gross of fees returns
3 years 5 years
Hit ratio (%)
Hit ratio Bear (%)
Hit ratio Bull (%)
Months Bear market
Months Bull market
Months outperformance
Months outperformance Bear
Months outperformance Bull
Above mentioned ratios are based on gross of fees returns
Fund Reference index
Option Adjusted Modified Duration (years)
Maturity (years)
Rating
Yield to Worst (%)

Market development

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

Government bonds rallied in December, with gains of 1.9% in US Treasuries and 0.5% in German Bunds. Government bonds in general benefited from a demand for safe haven assets, as equities and high yield bonds were facing selling pressures. Asset price volatility reflected fears about China-US trade relations and a slowdown in global growth. Market sentiment was also hurt by the Fed signaling plans to continue tightening monetary policy at their 19 December meeting. Italy escaped from this sentiment due to good news on the 2019 budget. The Italian government presented a plan for a more contained (2.0%) budget deficit. This plan was accepted by the European Commission, which at least for now ended the dispute on budget rules between the two. The combination of political risk with tighter financial conditions globally has resulted in one of the weakest equity and credit December months in history.

Fund allocation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}
Name Sector Weight
{{fund.fundInvestmentExplanations.top10}}

Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
Screening
Integration
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 does not distribute dividend but retains all income in the portfolio, so total performance is reflected in the price.

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

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

Risk sentiment is badly hurt, the momentum in global growth is decelerating and inflation pressures have remained contained. All of this explains the current bullish environment for government bonds. Looking forward, we expect central banks to acknowledge these market trends and signal a more dovish monetary policy stance. As yields have corrected a lot, such announcements will probably lead to some stability in rates and curve steepening. Weakness in China and slowing growth in the US are an increasing risk factor for credit markets. Fortunately, Trumps’ stance towards the trade talks with China did improve. There seems to be a willingness to get a trade deal soon which would benefit both economies. Chinese loosening and stimulus policies so far have had little impact.

Fred Belak
Fred Belak

Fred Belak

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.

Details

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0940007262
BloombergROAFHEU LX
Valoren21529011
WKN
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
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
Max exit fee
Max sub fee
Max switch fee

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.

This website is not directed to any person in any jurisdiction where, by reason of that person's nationality, residence or otherwise, the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply must not access this website.

I Disagree