Robeco All Strategy Euro Bonds DH EUR
- Outspoken active and adaptive approach
- Dynamic and strategic asset allocation
- Disciplined and repeatable investment process
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | 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 -0.72%. The fund posted a negative return in April, more or less in line with its index. Yields in Europe rose over the month, which was a bit of a catch-up with global yield moves in the past quarter. Duration positioning added to performance, as did curve positioning. This was mainly due to the underweight duration position in Europe and the curve steepener position in the short end of the curve in Europe. The underweight credit risk position detracted from performance. Despite already very expensive valuations, corporate bonds tightened a little further. The position in inflation-linked bonds was beneficial to the relative performance, while FX detracted a bit.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The sell-off in rates faded in April as US Treasuries gained back some ground, finishing the month up 0.75%. The FOMC meeting turned out to be dovish. It will take a "string" of strong data releases for the Fed to change its tone on a tapering of asset purchases. UK Gilts returned 0.51% in April, also retracing some of the losses seen in Q1, even as economic data remains strong. European government bonds underperformed the global rates complex significantly, even as the ECB increased its PEPP purchases to counter the sell-off in rates. A couple of drivers can be identified to explain the rise in Bund yields: the prospects of the economic reopening as the vaccination progress finally gathers steam in Europe, the strong pickup in the global manufacturing cycle and the likelihood of the European rescue fund (NGEU) starting to disburse monies in H2. Remarkably, after months of outperformance, Italian BTPs returned -1.46% in April, thereby lagging the broader EGB market. Concerns over rising debt levels and the expectations that the ECB will have to pull back support at some stage are gaining traction.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
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| Voting | ||||
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| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
All currency risks are hedged.
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 does not distribute dividend but retains all income in the portfolio, so total performance is reflected in the price.
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 actively managed fund that invests mainly in euro denominted government and corporate bonds. The selection of these bonds is based on fundamental analysisThe fund's objective is to provide long term capital growth. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to engagement.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.The majority of bonds selected will be components of the Benchmark, but bonds outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the environmental, social and governance characteristics promoted by the fund.
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') ]}}The recovery in Treasuries and Gilts in April reflects the fact that it has become increasingly harder to surprise the market with positive economic news, even as economic data remains strong. Nonetheless, we still see higher yields ahead, as the recovery gains traction fueled by fiscal support and questions linger in the near-term over whether base effect driven inflation could be more than transitory. UK Gilts could be vulnerable, as the economy is reopening fast with the pandemic seemingly defeated and the BoE expected to dial down asset purchases in Q2. After the recent sell-off in German Bunds, the ECB will likely weigh against further yield rises. But the experience since the introduction of QE suggests that the market could still price in higher yields. Growth in the periphery should receive an additional boost from H2 onwards, as NGEU funds will start flowing from North to South. In addition, increased PEPP purchases during Q2 should support peripheral spreads. Nonetheless, this increase is likely to be temporary. How this dynamic pans out for the following quarters remains to be seen, as it is unlikely that the total amount of the PEPP envelope will be raised.
Jamie Stuttard, Stephan van IJzendoorn
Jamie Stuttard is Lead Portfolio Manager of Robeco Global Total Return Bond Fund and Robeco All Strategy Euro Bonds. He started at Robeco in 2018. In the period 2014-2018 Jamie worked at HSBC Bank in London,where was Head of European and US Credit Strategy. Prior to that he held a number of senior fixed income positions atFidelity Management & Research, Schroder Investment Management and PIMCO Europe. He started his career at Dresdner Kleinwort Benson in London in 1998. Jamie has aMaster’s in History from University of Cambridge. Mr. van IJzendoorn is a Portfolio Manager in Robeco's Global Fixed Income Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Senior Portfolio Manager Fixed Income. Before his move to F&C Investments he worked in similar functions at Allianz Global Investors and A&O Services. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor's degree in Financial Management, a Master's degree in Investment Management from the VU University Amsterdam and is CEFA charterholder.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0085135894 |
| Bloomberg | RGCGEBU LX |
| Valoren | 889009 |
| WKN | 988157 |
| Availability | |
| 1st quotation date | 892771200000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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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.
