Robeco All Strategy Euro Bonds BH EUR
- Outspoken active and adaptive approach
- Dynamic and strategic asset allocation
- Disciplined and repeatable investment process
The following share classes will be closed: the institutional inflation hedged share class (IHHI), retail inflation hedged share class (DHHI) and privileged inflation hedged shareclass (FHHI).
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About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
| Fund | Reference index | |
|---|---|---|
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -0.09%. The fund posted a neutral return in October, more or less in line with the index. The underweight duration position subtracted from relative performance as German bond yields declined over the month. Overweight positions in Italy and Spain hurt relative performance slightly as spreads widened further. The US curve steepener position added to performance. Main positive contributor to relative performance was the underweight credit via several credit derivative indices. After the as ‘somewhat hawkish’ interpreted speech by Jerome Powell, equity and credit markets started to sell off. Confrontational rhetoric from the populist Italian government and increased tensions around the trade war between the US and China also was not supportive to sentiment. We closed the underweight credit positions around month end.
Statistics
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Dividend paying history
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Date | Amount |
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Returns were mixed in October for government bonds. US Treasuries lagged, with a return of -0.8%, while Germany was leading with +0.6%. The main reason for the difference in return was renewed unrest in Italy, which drove euro area investors into the safe haven of German Bunds. Italian spreads widened as the government posted a 2019 budget with a ‘confrontational’ deficit level of 2.4%. This led to a rift with the European Commission, which is still unresolved. The spread widening was dampened after Moody’s and S&P did not surprise on the negative side in their judgement on Italy’s credit outlook.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
Relatively small positions in currencies other than the euro are permitted. Derivatives can be used for various reasons such as hedging single positions and arbitrage, or for leverage to gain extra exposure.
Derivative policy
Robeco All Strategy Euro Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are regarded very liquid.
Dividend policy
The fund distributes dividend on a quarterly basis. The dividends referred to are target dividends and may be subject to change as a result of market conditions.
ESG Integration policy
For Robeco All Strategy Euro Bonds, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. For credits, the ESG analysis is part of the fundamental scoring by the sector analyst.
Investment policy
Robeco All Strategy Euro Bonds is an active bond fund looking to optimize returns on a risk adjusted basis. Its benchmark agnostic investment style is well suited to benefit from inefficiencies linked to benchmarks. It applies a top down strategic allocation. The fund benefits from market segmentation and prevailing silo thinking as it can allocate between all of the asset classes within the fixed income universe. The fund performance is driven by multiple drivers, of which country allocation is currently the most dominant. The Fixed Income Allocation portfolio managers focus on strategic asset allocation decisions. This team is responsible for the asset allocation of the fund and is looking at duration and credit strategies to be implemented into the portfolio. The team can also allocate to foreign exchange strategies but this is not the main contributor to performance.The fixed income investment teams focus on asset class specific strategies. The fund benefits from the expertise of each specific team. The team sets up detailed investment theses bases on fundamental research, applying a structured analysis framework that combines both top-down (macro environment & policy, valuation, sentiment & positioning) and bottom-up perspectives (a country's debt sustainability, macro-economic cycle, ESG profile). As such the portfolio managers have created a repeatable process that has led to long term alpha generation. Alpha generation of the fund is based on multiple performance drivers, such as country allocation, duration management and yield curve positioning. Risk budgeting can be adaptive through time in order to capture the most compelling investment opportunities.
Risk policy
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Since the start of Q4, combined net bond purchases by the Fed, ECB and BoJ have turned from positive to negative. In our opinion this dynamic will gradually make itself felt in bond markets, via increased upward pressure on long-term yields. Short-term yields are expected to move up as well, but the extent of the rise is limited by what is priced in already. The confrontational stance of the Italian populist government will likely continue, but we think just a little bit of giving in on both sides might already be enough to relieve markets.
Fred Belak
Fred Belak, Head of the Global Fixed Income Macro team, is Lead Portfolio Manager of Robeco Global Total Return Bond Fund and Robeco All Strategy Euro Bonds. Prior to joining Robeco, Fred Belak worked for Lombard Odier as CIO Rate and Macro Trading Funds. Before that, he was Partner at Stoneworks, a start-up macro hedge fund. Previously he held positions at various asset managers, including JP Morgan Chase and Barclays. Fred started his career in the industry in 1991. He has an MBA in Finance and a Bachelor's in Economics, both from Cornell University.
Team
Robeco All Strategy Euro Bonds is managed by the Fixed Income Allocation team which consists of three portfolio managers. The portfolio managers of the Fixed Income Allocation team primarily focus on the asset allocation decisions in the portfolio. For the asset specific strategies in the proposed capability they make use of the in-depth asset class knowledge of other Robeco fixed income investment teams, the Rates, Credit and the Emerging Debt team. The underlying strategies are however implemented in accordance with the guidelines of the Fixed Income Allocation team. Furthermore, the team is supported by three dedicated quantitative researchers and four fixed income traders.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0528646820 |
| Bloomberg | RCGASBE LX |
| Valoren | 11559254 |
| WKN | A1H702 |
| Availability | |
| 1st quotation date | 1282694400000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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 0.05% 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.
Fiscal treatment of investor
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.
