Robeco Euro Government Bonds D EUR

Applying an active and adaptive approach to euro government 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
LU0213453268
Bloomberg
ROEGVBD LX

Clase de activos

Bonds

ISIN

LU0213453268

Bloomberg

ROEGVBD LX

Índice

Bloomberg Euro Aggregate: Treasury

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
Country allocation main performance driver
Active duration and yield curve positioning

Acerca de este fondo

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.

Hechos clave

A 30-06-2026

Tamaño del fondo	EUR 1,005,655,657
Tamaño de la clase de acción	EUR 75,691,455
Fecha de creación de la clase de acciones	01-04-2005
Rendimiento de 1 año	0.74%
Pago de dividendos	No

Gestor del fondo

Michiel de Bruin
Stephan van IJzendoorn

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.

Por periodo	Fondo	Index
1 mes	0.35%	0.40%
3 meses	1.91%	1.88%
YTD	0.59%	1.25%
1 año	0.74%	1.29%
2 años	3.06%	2.86%
3 años	2.92%	2.72%
5 años	-2.19%	-2.05%
10 años	-0.57%	-0.32%
Desde inicio 01-04-2005	2.04%	2.47%

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.	0.88	0.90
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.	0.97	0.53
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.	0.14	-0.51
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..	0.86	0.68
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.	1.11	1.04
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).	5.43	6.95
Máx. ganancia mensual (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.17	4.17
Máx. pérdida mensual (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-3.35	-4.95

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.	0.63%
Comisión de gestión incluida A fee paid by the fund to the asset management company for the professional management of the fund.	0.42%
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.	0.10%

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.

Fondo

Índice

Spread positions remained broadly stable in June, with only selective adjustments. The underweight in Italy was partially reduced; while spreads are already at the tighter end of their historical range, we expect them to stabilize amid lower volatility. In France, a cautious stance was maintained given elevated political and fiscal risks. The fund modestly added exposure to Belgium. Overweights in Greece, Bulgaria, and Hungary were maintained, supported by solid fundamentals, strong growth in Greece, and improving prospects for EU funding in Hungary. The portfolio also retained an overweight in SSA paper, with a constructive view on EU bonds, particularly in the longer-dated segment, where spreads continue to offer attractive value.

Políticas

A 30-06-2026

Evolución del mercado

A 30-06-2026

German 10-year Bund yields declined by 8 basis points to 2.86%, with the curve flattening as short-dated bonds remained under relative pressure amid a more hawkish central bank narrative. Oil prices, however, trended lower over the course of the month. Following the memorandum of understanding between the US and Iran, oil exports gradually resumed through the Strait of Hormuz. The June FOMC meeting, the first chaired by Kevin Warsh, delivered a notably hawkish message, leading investors to increase expectations for at least one Fed rate hike in 2026. The ECB raised its deposit facility rate by 25 basis points to 2.25%, in line with expectations, underscoring its continued focus on inflation control. Preliminary June CPI releases across the Eurozone generally surprised to the downside, offering some tentative signs of easing price pressures. Against this backdrop, 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 0.35%. The fund generated a positive return in July as bond markets benefited from a decline in oil prices, which alleviated inflation concerns. Relative performance was broadly in line with the benchmark (gross of fees). Duration positioning was a modest headwind, while curve positioning and SSA exposure had a neutral impact. Positive contributions came from country allocation decisions across both Eurozone and non-EMU markets.

Expectativas del gestor del fondo

Michiel de Bruin
Stephan van IJzendoorn

For the ECB, the risk of an additional 25 basis point rate hike in September remains, although this outcome is far from certain. Inflation appears to be easing somewhat faster than previously 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. In the US, the shift from markets pricing in rate cuts to anticipating a potential rate hike has led to a significant repricing of front-end yields. For the Fed, we believe a rate hike can still be avoided, provided inflation continues to trend favorably in the near term. Looking ahead, monetary policy is increasingly likely to act as a headwind to economic growth. 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 Euro Government Bonds D EUR

Applying an active and adaptive approach to euro government bonds

Puntos clave

Acerca de este fondo

Hechos clave

Gestor del fondo

Rentabilidad

Evolución del precio

Estadísticas

Coste

Tratamiento fiscal del producto

Tratamiento fiscal del inversor

Asignación del fondo

Políticas

Evolución del mercado

Explicación del rendimiento

Expectativas del gestor del fondo

Documentos del fondo

Informes anuales y semestrales

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