Robeco Euro Government Bonds E EUR

Applying an active and adaptive approach to euro government bonds

Aandelenklassen Aandelenklassen 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.

Klasse en codes

Fondscategorie
Bonds
ISIN
LU0770131059
Bloomberg
ROBEGEH LX

Fondscategorie

Bonds

ISIN

LU0770131059

Bloomberg

ROBEGEH LX

Index

Bloomberg Euro Aggregate: Treasury

Informatieverschaffing over duurzaamheid
Informatieverschaffing over duurzaamheid
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.

Artikel 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

( 31-07 )

Overzicht Rendement & kosten Portefeuille Duurzaamheid Commentaar Documenten

Kernpunten

Outspoken active and adaptive approach
Country allocation main performance driver
Active duration and yield curve positioning

Over dit fonds

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.

Belangrijke feiten

Per 31-07-2026

Totale fondsgrootte	EUR 878,810,816
Grootte van de shareclass	EUR 2,691,840
Ingangsdatum shareclass	12-04-2012
1-jaars rendement	-0.87%
Dividenduitkerend	Ja

Fondsmanager

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.

Per periode	Fonds	Index
1 maand	-1.82%	-1.70%
3 maanden	-0.29%	-0.17%
YTD	-1.24%	-0.48%
1 jaar	-0.87%	-0.21%
2 jaar	0.83%	0.84%
3 jaar	2.24%	2.19%
5 jaar	-2.86%	-2.74%
10 jaar	-0.80%	-0.57%
Sinds oprichting 12-04-2012	1.32%	1.72%

Statistieken	3 jaar	5 jaar
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.	0.86	0.89
Informatieratio 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.	0.81	0.55
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.	0.02	-0.61
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..	0.76	0.74
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	1.05
Standaarddeviatie 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).	5.56	6.94
Max. maandelijkse winst (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.17	4.17
Max. maandelijks verlies (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-3.35	-4.95

Datum	Bedrag
22-04-2026	EUR 1.92
23-04-2025	EUR 1.33
24-04-2024	EUR 0.12
27-04-2023	EUR 0.25

Download dividend history

Kosten van dit fonds	Percentage
Lopende kosten 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%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.42%
Inbegrepen serviceprovisie This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transactiekosten The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.10%

Fiscale behandeling product

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.

Fiscale behandeling belegger

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.

Fonds

Index

During the month, we reduced exposure to Romania and Bulgaria, lowering overall CEE country risk. At the same time, we increased our allocation to Italian government bonds, as we continue to see a more attractive risk-reward profile in this market and scope for outperformance versus France, where we maintained an underweight position. The fund also retained its overweight positions in Greece and the Netherlands. Within the SSA segment, we maintained a significant overweight allocation, particularly in longer-dated EU bonds. We continue to see value in this area of the market and expect spreads to tighten further over time.

Policies

Per 31-07-2026

Marktontwikkeling

Per 31-07-2026

Government bond returns were negative across the globe in July. 10-year US Treasuries rose 27 basis points to 4.73% while the 30-year bond reached its highest yield since 2007. The German Bund yield even rose by 35 basis points to 3.21%. Oil prices rose sharply again, driven by a renewed escalation of the US-Iran conflict, which fueled concerns about inflation and increased expectations for further monetary policy tightening. As widely anticipated, the ECB left its deposit rate unchanged at 2.25%. At the press conference, President Lagarde highlighted the near-term downside risks to growth stemming from higher energy prices, while reiterating the ECB's data-dependent approach to monetary policy. The Fed left rates unchanged at its July meeting, despite markets assigning some probability to a rate hike ahead of the decision. Peripheral Eurozone spreads widened marginally versus Bunds, as investors demanded a higher risk premium amid weaker risk sentiment and heightened geopolitical uncertainty.

Toelichting rendement

Per 31-07-2026

Based on transaction prices, the fund's return was -1.82%. The fund modestly underperformed versus its benchmark during the month (gross of fees). Duration positioning detracted from performance, while emerging market exposure, particularly Czech rates, also weighed on returns. Country allocation and SSA positions were broadly neutral. Despite the recent market volatility, we continue to view a truce in the Iran conflict and at least a partial reopening of the Strait of Hormuz as the most likely outcome. Under this scenario, energy prices should stabilize or retrace from current levels, helping to ease inflation concerns. With front-end rates now pricing in roughly two additional ECB rate hikes, valuations have become more attractive. As a result, we maintain a modest long duration position and a preference for a steeper yield curve.

Verwachting van de fondsmanager

Michiel de Bruin
Stephan van IJzendoorn

The renewed escalation of the US-Iran conflict has led to upside risks to inflation and increased the scope for near-term monetary tightening. In the US, this raises the likelihood that the Fed will raise its policy rate later this year. A meaningful deterioration in labor market conditions, further progress on underlying inflation, or a sharp decline in oil prices would likely be required to alter this outlook. We expect the ECB to hike rates by 25 bps at their September meeting if oil prices stay at current levels. After September, our base case is for a stable depo rate at 2.5%, but that will require more stable energy prices and a continued absence of second round effects on inflation. 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 E EUR

Applying an active and adaptive approach to euro government bonds

Kernpunten

Over dit fonds

Belangrijke feiten

Fondsmanager

Rendement

Koersontwikkeling

Statistieken

Historie dividenduitkering

Kosten

Fiscale behandeling product

Fiscale behandeling belegger

Fondsallocatie

Policies

Marktontwikkeling

Toelichting rendement

Verwachting van de fondsmanager

Fondsdocumenten

(Half)jaarverslagen

Aankondigingen

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