Robeco Euro Government Bonds F 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.
F-EUR
2C-EUR
2E-EUR
2F-EUR
C-EUR
D-EUR
E-EUR
G-EUR
I-EUR
IHI-EUR
Z-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU0832429905
Bloomberg:
ROEGFHE 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 (31/08)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
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
Total size of fund
€ 955,020,878
Size of share class
€ 36,331,899
Inception date share class
28-09-2012
1-year performance
5.46%
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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.56%
0.39%
3 months
3.33%
2.87%
YTD
0.33%
0.65%
1 year
5.46%
5.02%
2 years
1.26%
0.75%
3 years
-4.77%
-4.75%
5 years
-2.79%
-2.94%
10 years
0.20%
0.38%
Since inception 04/2005
2.18%
2.55%
2023
6.97%
7.13%
2022
-18.12%
-18.46%
2021
-3.52%
-3.46%
2020
5.75%
4.99%
2019
6.87%
6.77%
2021-2023
-5.46%
-5.52%
2019-2023
-0.92%
-1.12%
Statistics
Statistics
Hit-ratio
Characteristics
- Statistics
- Hit-ratio
- Characteristics
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.
0.93
0.76
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.
0.47
0.77
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.
-0.77
-0.49
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..
0.69
0.69
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.
1.03
1.02
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).
8.10
6.72
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.17
4.17
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-4.95
-4.95
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
22
39
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
61.1
65
Months Bull market
Number of months of positive benchmark performance in the underlying period.
15
28
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
12
20
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
80
71.4
Months Bear market
Number of months of negative benchmark performance in the underlying period.
21
32
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
10
19
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
47.6
59.4
Rating
The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.
AA3/A1
AA3/A1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
8.00
7.30
Maturity (years)
The average maturity of the securities in the portfolio.
9.30
8.90
Green Bonds (%)
The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.
17.20
2.90
Costs
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.
0.47%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.25%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.08%
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.
Fund allocation
Country
Duration
Rating
Sector
- Country
- Duration
- Rating
- Sector
Policies
The fund is not exposed to currency risks, as the fund invests in Euro-denominated bonds.
Robeco Euro Government Bonds makes use of government bond futures. These derivatives are regarded very liquid.
The fund does not distribute dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.
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. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, region-based exclusions and invest partly in green, social or sustainable bonds. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the environmental, social and governance characteristics promoted by the Sub-fund.
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.
Sustainability profile
Exclusion based on negative screening
≥15%
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and a minimum average country sustainability ranking score as well as a minimum allocation to ESG-labeled bonds. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption'. ESG factors of countries are integrated in the bottom-up country analysis. In the portfolio construction the fund ensures a minimum weighted average score of 6.5 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Lastly, the fund invests in a minimum of 10% in green, social, sustainable and/or sustainability-linked bonds.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Euro Aggregate: Treasury.
Market development
August was a very positive month for nearly all government bond markets. Especially short maturity government bond yields declined. 2-year US Treasury yields fell by 34 basis points to 3.92% while the 10-year bond yield fell by 13 basis points to 3.90%. The 2 and 10-year German government bonds also rallied by 14 and 1 basis point, respectively. August begun with a large risk-off move as markets responded to a weak US labor market report and uptick in the unemployment rate. These moves were exacerbated in Japan as the BoJ had also raised its policy rate to 0.25%. Risk markets recovered in the following days. Fed chair Powell held a dovish speech at the Jackson Hole symposium in which he confirmed the need to reduce policy rates and limit any further cooling in the US labor market. In the Eurozone, inflation data was largely in line with expectations and data from the ECB on wage negotiations showed a slower pace of wage growth over the second quarter. Italian government bond spreads to Germany slightly widened to 140 basis points.
Performance explanation
Based on transaction prices, the fund's return was 0.56%. The return of the fund was positive and the fund outperformed its index considerably. The overweight duration position and curve steepening position both contributed to performance, as markets priced in more rate cuts, particularly for the Fed, which impacted yields globally. Especially shorter-dated bonds benefited in this environment, with the curve gradually normalizing from very inverted levels. The market is supported by expectations of further rate reductions by the ECB in the coming quarters but also the Fed is expected to cut rates in September. Country spreads also added to performance, as Italian government bond spreads widened somewhat over the month. In addition, positions in the SSA complex added to performance. Government-related bond spreads tightened again after the initial sharp deterioration in risk sentiment seen at the start of August. The overweight in front-end Norway contributed as the curve, which has been lagging the steepening moves seen in other regions, started to price in an increased number of rate cuts.
Expectation of fund manager
Michiel de Bruin
Stephan van IJzendoorn
Economic growth remains downbeat in the Eurozone and the labor market continues to cool in the US. Both lead to a reduction in inflationary pressures going forward and it is becoming evident that high policy rates are not required any more. Most central banks around the world have already started to reduce the restrictiveness of their policy stance and the Fed is expected to follow suit at the September FOMC meeting. As such, the discussion is shifting from when rates should be cut towards how much should they be cut. Yield curves have steepened significantly over the past months and we expect them to continue to steepen throughout the easing cycle. We have shifted some of our steepening exposure from the 5-year to the 2-year maturity government bonds as they tend to perform best in an easing cycle. We remain cautious on France due to its political instability, upcoming government budget negotiations and large issuance requirements.