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Robeco All Strategy Euro Bonds F EUR

Index: Bloomberg Euro Aggregate
ISIN: LU0940007262
  • Outspoken active and adaptive approach
  • Dynamic and strategic asset allocation
  • Disciplined and repeatable investment process
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

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 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 F EUR

Performance

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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 -0.51%. The fund posted a small negative return over the month, but above its index. Duration positioning and curve positioning contributed most to the relative performance. Although the level of 10-year Bund yields stabilized at around -0.10% over the month, curves flattened significantly as rate hikes were brought forward due to the spike in inflation. As markets fear this will dampen economic growth, ultralong-dated bond yields declined. Government-related bonds underperformed in this environment, as swap spreads widened further. This detracted from the relative performance of the fund. Country positioning detracted slightly from performance, predominantly the underweight in France. Overall, credit allocation and FX were more or less neutral to performance.

Statistics

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Above mentioned ratios are based on gross of fees returns
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Market development

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A quick glance at the total returns for US Treasuries and Bunds would suggest October was a quiet month for government bonds. In reality, the month was characterized by significant volatility in especially front end rates, fierce yield curve flattening and sizeable spread moves between countries. October returns were negative in the dollar bloc countries, for instance, as central banks either hiked rates (RBNZ), signaled a reduction in asset purchases (BoC), or loosened some control over their yield curve (RBA). Front-end rates also rose and the back end flattened in the US, UK and Eurozone as the market was questioning central banks' tolerance for the current higher inflation. Within the Eurozone, Italy, Portugal, Greece and to a lesser extent Spain and France, suffered from widening in spreads over Bunds, as ECB President Lagarde confirmed that PEPP would end in March.

Fund allocation

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Name Sector Weight
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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 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.

Sustainability profile

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Exclusions

Full ESG Integration

Engagement

ESG integration policy

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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.

Expectation of fund manager

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Government bond yields have either returned to the year-to-date highs seen in Q2, or bounced from levels close to these peaks. But, unlike earlier this year, the latest increase has been increasingly led by a repricing of the outlook for central bank rates. The uncertainty around inflation creates room for some further repricing of expected official rates, but the risk-reward of being short front-end rates has become less favorable after the recent move. Nonetheless, we continue to favor 2s5s curve steepeners in Europe. Country spreads are likely to remain fragile in the run-up to the December ECB meeting, given the uncertainty on how the ECB plans to avoid a cliff edge should the PEPP program be phased out.

Jamie Stuttard, Stephan van IJzendoorn
Jamie Stuttard, Stephan van IJzendoorn

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

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0940007262
BloombergROAFHEU LX
Valoren21529011
WKNA2P669
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
Management fee
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
Max exit 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.

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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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