Robeco Customized Euro Government Bonds Fund - EUR Z

Investing in euro-denominated bonds issued by the EMU member countries

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.

Class and codes

Asset class
Bonds
ISIN
NL0015000Z70
Bloomberg
ROBNVCZ NA

Asset class

Bonds

ISIN

NL0015000Z70

Bloomberg

ROBNVCZ NA

Index

Bloomberg Euro-Aggregate: Treasury (EUR)

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

( 30-11 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

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

About this fund

Robeco Customized Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds issued by the EMU-member countries. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund 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 targeted duration of the fund can vary over time and depends on the interest rate vision.

Key facts

Per 30-11-2025

Total size of fund	EUR 160,978,150
Size of share class	EUR 10,894,757
Inception date share class	26-07-2022
1-year performance	1.49%
Dividend paying	No

Fund manager

Michiel de Bruin
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.

Per period	Fund	Reference index
1 month	0.09%	-0.01%
3 months	1.59%	1.36%
YTD	2.93%	1.36%
1 year	1.49%	0.03%
2 years	4.46%	3.46%
3 years	3.02%	1.93%
Since inception 26-07-2022	2.58%	1.36%

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.	1.01	-
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.	1.09	-
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.	0.01	-
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..	1.13	-
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	-
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).	5.84	-
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.18	-
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-3.56	-

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.	0.00%
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.	0.09%

Fiscal product treatment

The fund is established in the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). The fund has the status of 'tax-exempt investment institution' in the sense of article 6a of the Dutch Corporate-Income Tax Act 1969, and, as such, is exempt from corporate-income tax. The fund is also exempt from withholding Dutch dividend tax on its dividend distributions. In principle the fund cannot use the Dutch treaty network to reduce any foreign withholding tax, nor can it recover any Dutch dividend tax on its income.

Fiscal treatment of investor

For private investors residing in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Participating units held by private investors who are taxpayers in the Netherlands belong in Box 3. If and insofar as an investor's net assets exceed the net wealth exemption limit, said investor is liable from 1 January to pay 1.2% annually on the balance of his or her net assets. Investors who are subject to Dutch corporate-income tax will be taxed for the result achieved on their investment in the fund. This result can consist of realized current income, and realized and unrealized capital gains. For Dutch corporate-income tax purposes, the shares or participating units must be valued at market value in the balance sheet and dividends received must be included in the taxable result. Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. The above is based on the current fiscal legislation and regulations in the Netherlands. 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.

Fund

Index

2025 has been a very strong year for EGB spreads, except for French OATs. Portfolios have benefited from this development, as we have been running overweight positions in the periphery and underweights in French OATs. Generally, we remain optimistic with regard to EGB spreads (except France). Toward month-end, we reduced exposure to Italian and French government bonds, while we closed the underweight in Belgium, as the Belgian government reached an agreement on the budget, while tough negotiations in France are ongoing. This adjustment also positions the fund for the January 2026 start of the supply season, where we aim to use new issuance opportunities to add paper back at more attractive levels. In addition, the fund took profit on an overweight in Romanian paper after a strong rally. The portfolio is short in German Schatz spreads, as we see few catalysts for further tightening, but a risk-off event could prompt a flight into Schatz. This would help to offset potential adverse impacts in sectors where we remain overweight, such as SSA paper and selective EM names such as Bulgaria.

Policies

Per 30-11-2025

Market development

Per 30-11-2025

Government bond market returns were mixed over November. The 10-year US Treasury yield declined by 6 basis points to 4.01%, while German Bund yields increased by 6 basis points. The US government shutdown ended, allowing official economic statistics to resume publication. US labor market signals turned more cautious as WARN notices are jumping, indicating large employers are preparing for increased layoffs. A dovish speech by regional Fed President Williams caused markets to raise the probability of a December Fed cut to 80%. Across the Atlantic, UK Chancellor Reeves presented the much-anticipated 2025 budget, which was well received by markets, while in France, tough budget negotiations remain ongoing. The ECB made it quite clear that it aims to keep rates on hold for a while. Italian 10-year spreads tightened to 71 basis points, reflecting improved risk sentiment, while also receiving a one-notch upgrade to Baa2 by Moody's.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.09%. The fund outperformed its index in November (gross of fees). While contribution to performance from duration was flat, the curve steepener position added considerably again. We think long-end curve steepening will continue, as we expect increased long-dated selling flows from Dutch pension funds and reduced investor interest in ultralong issuance next year. In addition, country positions contributed positively as spreads tightened, with positions in Bulgaria and Romania standing out. Lastly, the overweight in SSA bonds (especially in EU paper) added to performance as this segment also benefited from the positive risk sentiment in markets.

Expectation of fund manager

Michiel de Bruin
Stephan van IJzendoorn

The ECB continues to signal that rates are "in a good place", expressing confidence in Europe's economic outlook. However, with growth remaining moderate and inflation likely undershooting the 2% target, we remain in the camp that sees risks skewed to further ECB easing next year. We expect the Fed to cut rates by 25 bps in December. In the UK, the 2026 budget was received positively by markets. A more robust budget will make it easier for the BoE to cut rates, also because the UK economy continues to lag. Country spreads in Europe remained in the sweet spot over recent months. Despite this rally, we see further performance in the periphery as the spread tightening is backed by fundamental improvements and a series of credit rating upgrades, which we think will continue. That said, tight valuations have caused us to become more selective in where on the curve we want to be invested. Ultra-long-dated bonds still offer value, whereas short-dated bonds, in our view, no longer do. The big exception remains France, where the fiscal outlook is concerning.

Robeco Customized Euro Government Bonds Fund - EUR Z

Investing in euro-denominated bonds issued by the EMU member countries

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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