Robeco Euro Government Bonds 2E 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.
2E-EUR
2C-EUR
2F-EUR
2I-EUR
C-EUR
D-EUR
E-EUR
F-EUR
G-EUR
I-EUR
IHI-EUR
Z-EUR
Class and codes
Asset class:
Bonds
ISIN:
LU1241712378
Bloomberg:
ROEG2EH 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 (30/03)
- 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
€ 947,733,987
Size of share class
€ 63,982
Inception date share class
25-06-2015
1-year performance
3.81%
Dividend paying
Yes
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
1.07%
3 months
-1.29%
YTD
-1.29%
1 year
3.81%
2 years
-4.44%
3 years
-5.28%
5 years
-2.29%
Since inception 06/2015
-1.27%
2023
6.79%
2022
-18.25%
2021
-3.67%
2020
5.58%
2019
2.20%
2021-2023
-5.61%
2019-2023
-1.92%
Statistics
Statistics
Characteristics
- Statistics
- Characteristics
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.
-0.76
-0.35
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).
7.96
6.62
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
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.
AA2/AA3
AA3/A1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
8.10
7.40
Maturity (years)
The average maturity of the securities in the portfolio.
9.80
9.00
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.
19.30
2.70
Dividend paying history
24-04-2024
€ 0.11
28-04-2022
€ 0.14
29-04-2021
€ 0.32
30-04-2020
€ 0.92
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.
0.64%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.42%
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.
0.09%
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.
The fund distributes an annual dividend. This fund aims to pay a dividend of 3% - 4%. The dividends referred to are target dividends and may be subject to change as a result of market conditions.
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 majority of bonds selected will be components of the benchmark, but bonds outside the benchmark may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies) to the extent of the 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 ESG characteristics promoted by the 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-related disclosures
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
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
March saw a rangebound moves in rates. In the first half of the month rates generally declined, while interest rates rose somewhat during the second half of the month. 10-year German Bunds ended the month 11 bps lower at 2.30%, while US 10-year Treasuries ended the month 2 bps higher at 4.20%. UK Gilts saw a strong positive performance over the month, as rates declined due to inflation coming in below expectations. March saw two notable central bank meetings. The first was from the Swiss National Bank as it became the first DM central bank to cut rates during its quarterly meeting. The second was the Bank of Japan which decided to increase the policy rate for the first time in 17 years, moving it from -0.1% to 0%.
Performance explanation
Based on transaction prices, the fund's return was 1.07%. The fund posted a positive absolute return over the month, also above its index. Duration contributed to relative performance, while curve positioning subtracted slightly. We expect the ECB to start cutting rates in June, which will benefit bond markets more than is currently priced. In addition, the yield curve should normalize from its very inverted level in this scenario. The main contributor to relative performance over the month was the overweight in SSA bonds, which rallied substantially over the month. Even after the recent rally we still favor SSA bonds over semi-core. The positive risk sentiment also impacted BTPs spreads, which tightened further, thus subtracting from relative performance.
Expectation of fund manager
Michiel de Bruin
Stephan van IJzendoorn
There has been a growing convergence among DM central banks that official rates reached their appropriate levels, and the next step should be a reduction, the BoJ being the exception. This matters for the general direction of interest rates as it should reduce the risk of a new peak in rates in this cycle. While moving in unison toward official rates, ideas on the pace with which rates could be brought to neutral differ across economies. The US, for example, has shown a stronger resilience to the tightening of monetary conditions than the Eurozone. That is why we favor duration positions in Euro rates. The normalization of policy rates should also be accompanied by steepening yield curves, and we continue to hold/add to positions that would benefit from such a move.