Robeco Euro Government Bonds Z EUR

Applying an active and adaptive approach to euro government bonds

Share classes Share classes Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are: a) D/DH shares, which are regular shares and available for all Investors; b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority. For more information on share classes please go to the prospectus.

Class and codes

Asset class
Bonds
ISIN
LU0301741277
Bloomberg
ROEGZEU LX

Asset class

Bonds

ISIN

LU0301741277

Bloomberg

ROEGZEU LX

Index

Bloomberg Euro Aggregate: Treasury

Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.

Article 8

Morningstar Morningstar Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating

( 31-10 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Outspoken active and adaptive approach
Country allocation main performance driver
Active duration and yield curve positioning

About this fund

Robeco Euro Government Bonds is an actively managed fund that invests predominantly in euro government bonds.The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests in euro denominated bonds issued by the EMU-member countries. It employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis.

Key facts

Per 31-10-2025

Total size of fund	EUR 1,040,285,819
Size of share class	EUR 174,986,435
Inception date share class	25-05-2007
1-year performance	3.87%
Dividend paying	No

Fund manager

Michiel de Bruin
Stephan van IJzendoorn

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.

Per period	Fund	Reference index
1 month	1.08%	0.92%
3 months	1.17%	0.93%
YTD	2.65%	1.22%
1 year	3.87%	2.13%
2 years	5.93%	4.93%
3 years	3.65%	2.58%
5 years	-2.13%	-2.70%
10 years	0.50%	0.12%
Since inception 01-06-2007	3.04%	2.68%

Statistics	3 years	5 Years
Tracking error ex-post (%) The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.	0.97	0.84
Information ratio This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.	1.12	0.69
Sharpe ratio This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.	0.11	-0.55
Alpha (%) Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..	1.10	0.75
Beta Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.	1.07	1.03
Standard deviation Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).	6.35	6.77
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.16	4.16
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-4.20	-4.95

Cost of this fund	Percentage
Ongoing charges Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.	0.02%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.10%

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.

Fund

Index

The portfolio remains underweight in French government bonds in market weight % terms, but switched to a more neutral duration stance in duration in France, as we anticipated a survival of the Lecornu government past month. That said, we remain cautious. Budget negotiations are taking place, but all concessions given (like the delay of the pension reform) to prevent new parliamentary elections in coming weeks will eventually lead to more budgetary challenges in the future. Overweight positions in Italy and Spain were also reduced, locking in gains after the recent tightening. We have held on to our Greek bonds, despite tight valuations, as bond scarcity will likely push spreads even tighter. Bulgaria will enter the EU per January 2026, which also means EGB benchmark inclusion per March 2026. We expect these bonds to tighten in the run-up to and following this inclusion, as a whole new investor base will have to buy these relatively scarce bonds.

Policies

Per 31-10-2025

Market development

Per 31-10-2025

Government bond returns were positive in October, with US Treasuries up 0.5% and German Bunds gaining 0.7%. Bonds benefited from a small period of risk-off sentiment, related to US-China trade tensions and from stable US inflation data. While the Fed cut rates by 25 bps on 29 October, the FOMC meeting was still seen as hawkish. In the press conference Fed chair Powell pushed back on rate cutting expectations for their 10 December meeting. UK Gilts had a strong month, with a return of 2.6%. Weaker labor market data and lower than expected inflation lead to more optimistic views on the potential for rate cuts by the Bank of England. The ECB decided to keep rates on hold on 30 October and the meeting had little impact on yields. French OATs managed to keep pace with German Bunds, despite the political unrest and rating downgrade to A+ by S&P. Moody's kept France at its AA3 rating, but lowered the outlook to negative.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 1.08%. The fund posted a positive return over the month, also above its index. Both the overweight duration position and the yield curve steepening strategy contributed to relative returns over the month. The ultra long end of the curve remains vulnerable in our view, now that more and more Dutch pension funds get approval from the DNB to transition per January 2026. Country allocation also contributed positively. Positioning in France slightly detracted, but overweight positions in Spain, Italy and Greece contributed, as spreads managed to tighten further, driven by the positive risk sentiment in markets. Within EM, the overweight in Bulgaria contributed in particular, as the country gets closer to EU inclusion. SSA allocation also added to performance; especially the position in EU bonds was supportive.

Expectation of fund manager

Michiel de Bruin
Stephan van IJzendoorn

As the US government shutdown continues, the lack of fresh data makes it more difficult for the Fed to decide on rates. Ultimately, we think the Fed is willing to cut rates to approximately 3.25%, which can be seen as the lower end of the 3-4% neutral range. This should support US Treasuries in the front and belly of the curve. The ECB looks firmly on hold, which will probably reduce volatility in euro rates. Still, the steepening of the euro yield curve is expected to continue, on the prospect of increased supply and less pension fund demand for long-end duration. French political and fiscal developments remain a risk for OATs, but the overall spread climate in euro government bonds remains supported by improving fundamentals and upgrades in credit ratings.

Robeco Euro Government Bonds Z EUR

Applying an active and adaptive approach to euro government bonds

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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