Robeco Institutional Core Euro Bonds Fund
Investing in euro-denominated government and government-related bonds
Class and codes
Asset class:
Bonds
ISIN:
NL0010278982
Bloomberg:
RICEUGB NA
Index
BLOOMBERG EURO TREASURY AAA and AA
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 (30/04)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
About this fund
Robeco Institutional Core Euro Bonds Fund is an actively managed fund that invests in euro-denominated government and government-related bonds. The selection of these bonds is based on Fundamental analysis.The Fund's objective is to provide long term capital growth. The Fund mainly invests in bonds rated at least AA or with a comparable rating from at least one of the recognized rating agencies. The Fund aims for a better sustainability profile by integrating country ESG scores and investing in green bonds of government and government-related entities. The country allocation is determined by a top down and a bottom up analysis to determine country specific risks and opportunities. The portfolio holds Euro denominated investments only and therefore eliminates currency risk.
Key facts
Size of share class
€ 24,713,491
Inception date share class
16-12-2013
1-year performance
4.69%
Dividend paying
No
Fund manager
Stephan van IJzendoorn
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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.04%
3 months
0.92%
YTD
0.75%
1 year
4.69%
2 years
3.13%
3 years
-0.95%
5 years
-2.93%
10 years
-0.41%
Since inception 12/2013
0.80%
2024
0.84%
2023
6.91%
2022
-18.97%
2021
-3.93%
2020
4.73%
2022-2024
-4.40%
2020-2024
-2.55%
Statistics
Statistics
Hit-ratio
Characteristics
- Statistics
- Hit-ratio
- Characteristics
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.
0.42
0.45
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.
1.76
0.84
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.
-0.45
-0.62
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..
0.74
0.38
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.
1.00
1.00
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).
7.97
6.89
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.80
4.80
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-5.50
-5.50
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
29
43
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
80.6
71.7
Months Bull market
Number of months of positive benchmark performance in the underlying period.
17
25
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
15
19
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
88.2
76
Months Bear market
Number of months of negative benchmark performance in the underlying period.
19
35
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
14
24
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
73.7
68.6
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.
AAA/AA1
AA1/AA2
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
7.80
7.70
Maturity (years)
The average maturity of the securities in the portfolio.
9.00
9.30
Costs
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.
0.07%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.06%
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.
0.00%
Fiscal product treatment
The fund is established in the Netherlands. The fund is closed for corporate-income tax purposes (fiscally transparent). This means that all results are attributed directly to the participants. As a consequence, the fund is not liable to corporate-income tax and withholds no dividend tax.
Fiscal treatment of investor
Professional investors are divided into pension funds and non-pension funds. Dutch pension funds may re-claim the 25% dividend tax deducted on cash dividends entirely. Dutch non-pension funds may deduct the 25% dividend tax deducted on cash dividends in their corporate income tax assessment. Dividend tax in that case is tax deducted at source. No tax is deducted at source on interest income. Thus, Dutch pension funds do not owe taxes on interest income. Dutch non-pension funds should specify interest income in their corporate income tax assessment.
Fund allocation
Country
Currency
Duration
Rating
Sector
- Country
- Currency
- Duration
- Rating
- Sector
Policies
All currency risks are hedged.
All income earned will be accumulated and not be distributed as dividend. Therefore the entire return is reflected in the share price development.
Robeco Institutional Core Euro Bonds Fund is an actively managed fund that invests in euro-denominated government and government-related bonds. The selection of these bonds is based on Fundamental analysis.The Fund's objective is to provide long term capital growth. The Fund mainly invests in bonds rated at least AA or with a comparable rating from at least one of the recognized rating agencies. The Fund aims for a better sustainability profile by integrating country ESG scores and investing in green bonds of government and government-related entities. The country allocation is determined by a top down and a bottom up analysis to determine country specific risks and opportunities. The portfolio holds Euro denominated investments only and therefore eliminates currency risk. 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, normative, activity-based and region-based exclusions and invests 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 the set limits at all times.
Sustainability-related disclosures
Sustainability profile
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
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and minimum thresholds for the ESG score of countries 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 7 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 20% in green, social, sustainable and/or sustainability-linked bonds.For more information please visit the sustainability-related disclosures.
Market development
Government bond markets returns were positive over April, with high volatility during the month. The US 10-year yield closed between 3.99% and 4.49% over April. Additionally, the curve steepened significantly. The German Bund yield curve also steepened but to a lesser extent. The yield on the 10-year maturity Bund declined by 29 basis points over the month to 2.44%. During the month, US President Trump announced sweeping global tariff measures, leading to a significant risk-off in financial markets. A week later, a 90-day pause was imposed and a more limited 10% global tariff rate on goods imports was applied. Tariff uncertainty boosted US imports in Q1 and the first estimate of US Q1 GDP came in weaker than expected at -0.3% annualized, while in Europe, growth surprised somewhat to the upside at 1.4%. The ECB reduced its deposit rate by 25 basis points to 2.25% and ECB President Lagarde sounded dovish at the press conference. Italy received a rating upgrade to BBB+ from S&P.
Performance explanation
Based on closing GAV, the fund's return was 2.04%. The fund posted a positive return over the month, also slightly above its index. Duration positioning was more or less neutral to performance, while yield curve contributed as the curve steepened over the month. Country positioning also contributed, while the allocation to SSA detracted, as spreads versus the underlying government bond curve widened over the month.
Expectation of fund manager
Stephan van IJzendoorn
US tariff announcements have surprised markets. Even with a more limited rate of 10%, the effective tariff rate is still many multiples higher than in the previous decades. The safe-haven status of US Treasuries has been affected, as government bond yields on longer maturities started to rise as the risk-off move progressed, while Bunds continued to act as a safe-haven asset. Current uncertainties could lead to more cohesion within Europe. To a certain degree, this is already reflected in periphery bond spreads to Germany. These remained relatively tight compared to other spread markets, such as corporate bonds, in the risk-off move. The focus on tariffs has caused markets to ignore the higher upcoming issuance plans in Europe, at least temporarily. We expect these supply dynamics to come back in focus and continue to expect steeper curves. We remain cautious with regard to France, as political tensions are bound to return, especially around next year's budget negotiations set for later this year. We remain more constructive on Spanish and Greek government bonds.