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Robeco Euro Government Bonds Z EUR

Applying an active and adaptive approach to euro government bonds

Contact us

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.

Z-EUR

2C-EUR

2E-EUR

2F-EUR

C-EUR

D-EUR

E-EUR

F-EUR

G-EUR

I-EUR

IE-EUR

Class and codes

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 (31/05)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
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Fund topics

Overview
Performance & costs
Portfolio
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Commentary
Documents
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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

Per 31-05-2025

Total size of fund

€ 958,822,896

Size of share class

€ 184,859,653

Inception date share class

25-05-2007

1-year performance

6.44%

Dividend paying

No

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Performances are net of fees and based on transaction prices.

Fund manager

Michiel de Bruin

Michiel de Bruin

Stephan van IJzendoorn

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.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 31-05-2025
Per period Fund Index

1 month

0.40%

0.13%

3 months 

0.80%

0.25%

YTD

1.77%

0.75%

1 year

6.44%

4.90%

2 years

4.32%

3.42%

3 years

0.95%

0.09%

5 years

-1.55%

-2.09%

10 years

0.53%

0.17%

Since inception 06/2007

3.06%

2.72%

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2024

1.74%

1.88%

2023

7.45%

7.13%

2022

-17.74%

-18.46%

2021

-3.08%

-3.46%

2020

6.21%

4.99%

2022-2024

-3.48%

-3.81%

2020-2024

-1.53%

-2.04%

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

Characteristics

  • Statistics
  • Hit-ratio
  • Characteristics
Per 31-05-2025
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.

1.00

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.

0.89

0.65

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.

-0.23

-0.43

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..

1.01

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.

1.04

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).

7.85

6.85

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.

-4.95

-4.95

Above mentioned ratios are based on gross of fees returns.
Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

25

39

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

69.4

65

Months Bull market

Number of months of positive benchmark performance in the underlying period.

19

29

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

17

21

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

89.5

72.4

Months Bear market

Number of months of negative benchmark performance in the underlying period.

17

31

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

8

18

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

47.1

58.1

Above mentioned ratios are based on gross of fees returns.
Characteristics Fund Index

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.

7.50

7.30

Maturity (years)

The average maturity of the securities in the portfolio.

9.00

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.

16.90

3.10

Above mentioned ratios are based on gross of fees returns.

Costs

Per 31-05-2025
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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Country

Duration

Rating

Sector

  • Country
  • Duration
  • Rating
  • Sector
Per 31-05-2025
The fund purchased Bulgarian euro-denominated government bonds (BBB-rated), anticipating Bulgaria's likely entry into the Eurozone in 2026. This is expected to significantly broaden Bulgaria's investor base and further tighten spreads versus Bunds. The portfolio has now fully closed its remaining small underweight in Italy. Moody's revised Italy's outlook to positive while maintaining its Baa3 rating, and S&P upgraded Italy last month to BBB+. These positive rating actions further support Italy's improving fundamentals. The fund slightly reduced its overweight positions in both Spain and Greece. While remaining constructive on both countries, gains were locked in following a strong spread rally. France remains an underweight due to ongoing political uncertainty, despite the current period of relative calm.

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.

  • 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.

Fund allocation
Policies

Sustainability-related disclosures

  • Summary sustainability-related disclosures
  • Full sustainability-related disclosures
febelfin.png

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

Per 31-05-2025
ESG Integration
Engagement
ESG target
Topic Value

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

Per 31-05-2025

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.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Euro Aggregate: Treasury.

Sustainability-related disclosures
Profile
ESG Important Information
Sustainability
Sustainability metrics

Market development

Per 31-05-2025

Government bond market returns were predominantly negative in May. The 10-year US Treasury yield rose by 24 basis points to 4.40%, while the 30-year yield briefly exceeded 5%. Yields on 10-year German government bonds increased more modestly, by 6 basis points to 2.49%. The US House passed a tax-and-spending bill projected to add USD 3.8 trillion to the federal deficit, which now awaits Senate consideration. Moody's downgraded the US government's credit rating from AAA to AA1, becoming the last of the three major rating agencies to do so. In the Eurozone, the ReArm Europe plan was approved, making EUR 150 billion in loans available, backed by the EU's shared budget. Risk assets performed strongly in May, helping Italian 10-year government bond spreads over German Bunds tighten by 14 basis points to a year-to-date low of 98 basis points. The Fed left policy rates unchanged at its May FOMC meeting, as expected. Chair Powell reiterated that the Fed "doesn't need to be in a hurry" to adjust policy and is awaiting greater clarity.

Performance explanation

Per 31-05-2025

Based on transaction prices, the fund's return was 0.40%. The fund posted a small positive return and outperformed its index (gross of fees). Duration contributed neutrally to performance, while the curve steepener position added significantly, benefiting from the continued steepening trend. Positive risk sentiment supported performance, with overweight positions in Greece and Spain, as well as allocations to Central European countries (Bulgaria and Hungary), contributing positively as spreads tightened. SSA bond allocations also added value, supported by the constructive risk environment.

Expectation of fund manager

Michiel de Bruin

Michiel de Bruin

Stephan van IJzendoorn

Stephan van IJzendoorn

It is becoming clear that US trade tariffs are here to stay, as evidenced by the newly announced US-UK trade deal, which maintains a general 10% tariff rate on most goods. Tariffs are a negative shock to growth and increase US inflation, at least as a one-off rise, putting the Fed in a difficult situation. At the same time, the US fiscal position is unlikely to improve. The federal budget deficit is projected to remain high, in the order of 6-8% of GDP, with limited political appetite for fiscal consolidation. We view the premium for holding longer-duration treasuries as too low and envisage a steeper curve. Similarly, we expect the German yield curve to steepen on higher upcoming issuance in Europe. We remain cautious on France, as political tensions are bound to return. In May, the IMF warned that without further measures, the government's deficit could remain near 6% of GDP in the medium term. We are more constructive on Italian bonds currently.

Market development
Performance explanation
Expectation of fund manager

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