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Robeco All Strategy Euro Bonds CH EUR

Index: Bloomberg Barclays Euro-Aggregate (EUR)
ISIN: LU0940005050
  • Outspoken active and adaptive approach
  • Dynamic and strategic asset allocation
  • Disciplined and repeatable investment process
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco All Strategy Euro Bonds invests mainly in euro denominted government and corporate bonds. The selection of these bonds is based on fundamental analysis. The fund is an active bond fund looking to optimize returns on a risk adjusted basis. It applies a flexible approach to investing and is not fully constrained by its underlying benchmark.

Price development

No performance data available

Price development

Robeco All Strategy Euro Bonds CH EUR

Performance

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Fund Reference index
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The value of the investments may fluctuate. Past performance is no guarantee of future results.
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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
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

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Based on transaction prices, the fund's return was -0.16%. The fund posted a neutral return in November, which was below that of the index. The underweight duration position subtracted from relative performance as global bond yields declined over the month. We took a slightly more constructive stance to risk at the start of the month. However, both Brexit and Italian debt concerns continued to impact Eurozone country spreads adversely. Overweight positions in Italy and Spain hurt relative performance slightly as spreads widened further. The US curve steepener position also subtracted from performance as especially long-dated bonds in the US rallied significantly.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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Returns were modestly positive for most government bond markets in November. Italian BTPs performed the best, with a return of 1.5%, while US Treasuries were up circa 0.7%. Government bonds responded to wider credit spreads, lower oil prices and more dovish remarks from Fed officials. The top three Fed officials (Powell, Williams and Clarida) all signaled the Fed will give a greater weight to incoming data and less weight to bringing rates to a specific neutral level. This was seen as opening the door to a pause in the tightening cycle. The rally in Italian BTPs in November was triggered by news on a more constructive attitude towards the budget by the Italian government.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
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Screening
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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

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Fed officials have recently been clear in communicating their intentions. They want to continue hiking rates until the data tells them to stop and not overtighten. The message from equity and credit markets has been evident: tightening is hurting already and it is time for a pause. We think the Fed will listen and pause after December. Inflation levels allow them to do so and the alternative would be risking the current recovery with little ammunition to curb any downturn. With the Fed expected to pause and economic momentum weakening, the ECB will likely refrain from hiking rates in 2019.

Fred Belak
Fred Belak

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

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0940005050
BloombergROACHEU LX
Valoren21528168
WKNA1XCTM
Availability
1st quotation date1378166400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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