Robeco All Strategy Euro Bonds D EUR

Outspoken active approach in euro-denominated government and corporate bonds

Clase de acción Clase de acción 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.

Clase y códigos

Clase de activos
Bonds
ISIN
LU0085135894
Bloomberg
RGCGEBU LX

Clase de activos

Bonds

ISIN

LU0085135894

Bloomberg

RGCGEBU LX

Índice

Bloomberg Euro Aggregate

Información sobre sostenibilidad
Información sobre sostenibilidad
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.

Artículo 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

( 30-06 )

Visión general Rentabilidad & costes Cartera de valores Sostenibilidad Comentario Documentos

Puntos clave

Outspoken active and adaptive approach
Dynamic and strategic asset allocation
Disciplined and repeatable investment process

Acerca de este fondo

Robeco All Strategy Euro Bonds is an actively managed fund that invests mainly in euro-denominated government and corporate bonds. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. 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.

Hechos clave

A 30-06-2026

Tamaño del fondo	EUR 144,197,466
Tamaño de la clase de acción	EUR 15,522,889
Fecha de creación de la clase de acciones	17-04-1998
Rendimiento de 1 año	0.77%
Pago de dividendos	No

Gestor del fondo

Michiel de Bruin
Stephan van IJzendoorn
Lauren Mariano

Michiel de Bruin is Head of Global Macro and a 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 in 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 a portfolio manager and member of the 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. Lauren Mariano is a portfolio manager emerging markets debt and member of the Global Macro team. Prior to joining Robeco in 2024, she worked at Manulife on the emerging markets debt team as a portfolio management associate with a focus on sovereigns, currencies and macro-economic analysis. She started her career in the industry in 2017 at Manulife. She holds a Bachelor’s in Finance from Bentley University and is a CFA® Charterholder.

Por periodo	Fondo	Index
1 mes	0.32%	0.42%
3 meses	1.97%	1.95%
YTD	0.35%	1.30%
1 año	0.77%	1.71%
2 años	3.15%	3.22%
3 años	2.88%	3.34%
5 años	-2.30%	-1.46%
10 años	-0.56%	-0.03%
Desde inicio 17-04-1998	2.38%	-

Estadísticas	3 años	5 años
Error de seguimiento 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.	1.22	1.18
Ratio de información 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.	0.37	0.06
Ratio de Sharpe 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.	0.19	-0.52
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..	0.39	0.25
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.	1.15	1.05
Desviación estándar 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).	4.98	6.41
Máx. ganancia mensual (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.74	3.92
Máx. pérdida mensual (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-3.29	-4.97

Coste de este fondo	Porcentaje
Gastos corrientes 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.	0.92%
Comisión de gestión incluida A fee paid by the fund to the asset management company for the professional management of the fund.	0.70%
Comisión de servicio incluida This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Gastos transaccionales The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.21%

Tratamiento fiscal del producto

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.

Tratamiento fiscal del inversor

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.

Evolución del mercado

A 30-06-2026

Government bond returns were positive in June. The US yield curve flattened significantly; 2-year US Treasury yields increased by 17 basis points, while the 30-year US Treasury yield declined by 2 basis points. In Germany, the curve also flattened, albeit to a lesser extent. Throughout the month, oil prices trended lower as the US and Iran agreed on a memorandum of understanding and oil exports began to recover through the Strait of Hormuz. The June FOMC meeting, the first under Fed Chair Kevin Warsh, struck a hawkish tone, as the statement was significantly shortened and forward guidance was removed. In Europe, the ECB increased its deposit facility rate by 25 basis points to 2.25%, in line with market expectations. Preliminary June CPI releases across the Eurozone generally came in below consensus forecasts. Eurozone sovereign bond spreads versus Germany widened modestly during the month, reflecting a combination of tighter financial conditions and lingering macro and political uncertainties across the region.

Explicación del rendimiento

A 30-06-2026

Based on transaction prices, the fund's return was 0.32%. The fund posted a positive return over the month, in line with its index. Bond markets benefited from a decline in oil prices, which alleviated inflation concerns. Duration positioning was a modest headwind, while curve positioning had a neutral impact. Positive contributions came from country allocation decisions across both Eurozone and non-EMU markets, while overall credit contribution including hedged was broadly neutral to performance. During the month, the duration of the portfolio was increased somewhat again. In the current environment, without a clear trend, we prefer to play duration and curve more tactically, as we think German Bunds will likely trade in a relatively narrow range. The underweight position in Italy was reduced somewhat, as a less hawkish ECB could be supportive for spreads over summer. We remain cautious on France though.

Expectativas del gestor del fondo

Michiel de Bruin
Stephan van IJzendoorn
Lauren Mariano

In the US, the shift from markets pricing in rate cuts to anticipating rate hikes led to a significant repricing of front-end yields, triggering notable moves across global government bond yield curves. We believe a Fed rate hike can still be avoided, provided inflation continues to trend favorably in the near term. For the ECB, the risk of an additional 25 basis point rate hike in September remains, although this is far from certain. Inflation seems to ease somewhat faster than expected, largely supported by the recent decline in energy prices. Whether further tightening will be necessary will depend to a large extent on how energy markets evolve in the coming months. Within European sovereign spreads, we expect further divergence across countries. French government bond spreads are likely to remain under widening pressure, as investor focus shifts toward upcoming presidential elections and fiscal developments. By contrast, Spain continues to benefit from a more favorable economic backdrop, supporting its relative performance.

Robeco All Strategy Euro Bonds D EUR