Robeco Customized Euro Government Bonds Fund - EUR F
- Outspoken active and adaptive approach
- Country allocation main performance driver
- Active duration (duration of 3yrs targeted currently) and yield curve positioning
About this fund
Performance
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Subject | Fund | Reference index |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundFacts.inceptionDate,'LL') ]}} |
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{{fund.fundPerformances.returnType}} (return before costs)
{{fund.fundPerformances.returnType}} (return net of costs)
{{fund.fundPerformances.returnType}} (value of holdings in the fund at which they are traded)
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{{fund.fundPerformancePeriods.returnType}} (return before costs)
{{fund.fundPerformancePeriods.returnType}} (return net of costs)
{{fund.fundPerformancePeriods.returnType}} (value of holdings in the fund at which they are traded)
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundStatistics.date,'llll') ]}}| Subject | 3 years | 5 years | |
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| Subject | Fund | Reference index | |
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}US Treasuries (0.2% euro hedged) and German Bunds (0.7%) posted positive returns in August, while Italian BTPs ended the month in the red (-3.3%). European inflation data surprised on the downside, which gave German Bunds additional support. But the switch of investors out of Italian BTPs and into Bunds ahead of the release of Italian budget plans, was probably more important in explaining the rally in Bunds. The impact on other euro area government bonds was limited. Spanish and French bond spreads widened modestly versus Bunds in August.
Fund Classification
| Description | Yes | No | N/A | |
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Description | Yes | No | N/A | |
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Currency policy
The fund is not exposed to currency risks, as the fund invests in Euro-denominated bonds.
Derivative policy
Robeco Euro Government Bonds makes use of government bond futures. These derivatives are regarded very liquid.
Dividend policy
The fund does not distribute dividend. The income earned by the fund is reflected in its share price. This means that the fund's total performance is reflected in its share price performance.
ESG Integration policy
ESG information of countries is integrated in the investment policy. For a large group of countries an ESG profile is conducted. These profiles are the basis for the 'Country Sustainability Ranking' where we rank countries in terms of ESG performance. The ranking is updated twice a year. Countries are discussed individually in the team, to clearly assess where opportunities and risks are expected. This information is taken into consideration in the investment decisions, in combination with traditional analyses of fiscal and monetary policy. ESG information is especially valuable for decisions regarding country allocation.
Investment policy
The fund invests in euro denominated bonds issued by the EMU countries. Investing in euro government bonds calls for active management in order to cope with country risks and interest rate risks. The fund performance is driven by multiple drivers, of which country allocation is currently the most dominant. The team is actively allocating across core and peripheral European exposure, and as such investors can benefit from spread movements whilst keeping investment risks under control. The aim of the country allocation decisions is to confront price differences between Eurozone countries with divergences in economic and political developments. Country views can capture either broader trends (for example changes in European policy) or country specific developments. Both are assessed in a structured way, combining top-down (macro environment & policy, valuation, sentiment & positioning) and bottom-up inputs (a country's debt sustainability, macro-economic cycle, ESG profile). Next to country allocation, active duration and yield curve positioning are the other drivers of alpha. 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 so as to ensure that the fund's positions remain within set limits at all times.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Bond yields in core euro countries are close to the bottom of recent ranges. From that perspective, there is room for yields to rise. Italian budget worries have calmed somewhat recently, but political risks could flare up again and lead to a new episode of risk aversion. In addition, we still do not see much inflation materializing in Europe, nor in the US. There is an upswing visible in European wages, but its translation into rising core inflation will probably be a slow process. So, while we are underweight duration, we do expect modest moves rather than a huge rise in yields.
Olaf Penninga
Mr. Olaf Penninga is a Senior Portfolio Manager with Robeco's Rates team. Previous affiliations include a position as a Senior Quantitative Researcher with Robeco. Prior to rejoining Robeco in 2002, Olaf was employed by Interpolis as Investment Econometrician for one year. Olaf started his career in the Investment Industry in 1998. He holds a Master's degree in Mathematics (cum laude) from Leiden University.
Team
This fund is managed within Robeco’s Rates team, which consists of four portfolio managers. The team is focused on government bond strategies including quantitative duration strategies. The investment professionals in the rates team combine portfolio management and research in one function. Furthermore, the team is supported by four dedicated quantitative researchers and four fixed income traders. On average, the members of the rates team have an experience in the asset management industry of sixteen years, of which ten years with Robeco.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | Robeco Institutional Asset Management B.V |
| Fund capital | |
| Outstanding shares | |
| ISIN | NL0012650444 |
| Bloomberg | ROCEGEF NA |
| Valoren | |
| WKN | |
| Availability | NL |
| 1st quotation date | 1516320000000 |
| Close financial year | 31-12 |
| Legal status | Investment company with variable capital incorporated under Dutch law |
| Reference index |
Cost of this fund
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| Management fee | ||
| Service fee | ||
Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
Extra fees
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Fiscal product treatment
The fund is established in the Netherlands. The fund is a mutual fund that is open in the sense of the Dutch Corporate-Income Tax Act 1969. 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
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.
