Robeco Euro Government Bonds 2E 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
LU1241712378
Bloomberg
ROEG2EH LX

Clase de activos

Bonds

ISIN

LU1241712378

Bloomberg

ROEG2EH 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

( 31-07 )

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 31-07-2026

Tamaño del fondo	EUR 878,810,816
Tamaño de la clase de acción	EUR 34,770
Fecha de creación de la clase de acciones	25-06-2015
Rendimiento de 1 año	-0.86%
Pago de dividendos	Si

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
1 mes	-1.83%
3 meses	-0.30%
YTD	-1.24%
1 año	-0.86%
2 años	0.84%
3 años	2.24%
5 años	-2.86%
10 años	-1.19%
Desde inicio 24-06-2015	-0.77%

Fecha	Cantidad
22-04-2026	EUR 1.64
23-04-2025	EUR 1.12
24-04-2024	EUR 0.11
28-04-2022	EUR 0.14

Download dividend history

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

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.

Políticas

A 31-07-2026

Evolución del mercado

A 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.

Explicación del rendimiento

A 31-07-2026

Based on transaction prices, the fund's return was -1.83%. 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.

Expectativas del gestor del fondo

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 2E 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

Historial de pago de dividendos

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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