Robeco Customized Euro Government Bonds Fund - EUR G
Investing in euro-denominated bonds issued by the EMU member countries
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
G-EUR
F-EUR
Z-EUR
Class and codes
Asset class:
Bonds
ISIN:
NL0012650451
Bloomberg:
ROCEGEG NA
Index
Bloomberg Euro-Aggregate: Treasury (EUR)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (28/02)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Outspoken active and adaptive approach
- Country allocation main performance driver
- Active duration and yield curve positioning
About this fund
Robeco Customized Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds issued by the EMU-member countries. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest-rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis. The targeted duration of the fund can vary over time and depends on the interest rate vision.
Key facts
Total size of fund
€ 158,830,683
Size of share class
€ 40,763,926
Inception date share class
19-01-2018
1-year performance
6.04%
Dividend paying
Yes
Fund manager
Michiel de Bruin
Stephan van IJzendoorn
Michiel de Bruin is Head of Global Macro and Portfolio Manager. Prior to joining Robeco in 2018, Michiel was Head of Global Rates and Money Markets at BMO Global Asset Management in London. He held various other positions before that, including Head of Euro Government Bonds. Before he joined BMO in 2003, he was, among others, Head of Fixed Income Trading at Deutsche Bank in Amsterdam. Michiel started his career in the industry in 1986. He holds a post graduate diploma investment analyses from the VU University in Amsterdam and is a Certified EFFAS Analyst (CEFA) charterholder. He holds a Bachelor’s in Applied Sciences from University of Applied Sciences in Amsterdam. Stephan van IJzendoorn is Portfolio Manager and member of Robeco’s Global Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Portfolio Manager Fixed Income and worked in similar functions at Allianz Global Investors and A&O Services prior to that. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor’s in Financial Management, a Master's in Investment Management from VU University Amsterdam and is Certified European Financial Analyst (CEFA) Charterholder. 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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
-1.49%
3 months
1.96%
YTD
-2.01%
1 year
6.04%
2 years
-1.48%
3 years
-1.66%
5 years
0.06%
Since inception 01/2018
-0.16%
2023
7.15%
2022
-8.83%
2021
-1.54%
2020
3.34%
2019
2.89%
2021-2023
-1.29%
2019-2023
0.45%
Statistics
Statistics
Characteristics
- Statistics
- Characteristics
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
1.04
0.88
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.46
0.80
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
-0.43
-0.04
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
0.56
0.73
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.02
1.01
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
5.84
4.75
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.18
4.18
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-3.56
-3.56
Rating
The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.
AA2/AA3
AA3/A1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
7.70
7.00
Maturity (years)
The average maturity of the securities in the portfolio.
9.40
8.60
Yield to Worst (%)
The average yield of the securities in the portfolio (lowest yield to either call date or redemption date).
2.90
3.10
Dividend paying history
30-06-2021
€ 0.48
18-06-2020
€ 1.89
28-06-2023
€ 0.42
29-06-2022
€ 0.47
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.32%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.20%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.12%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.09%
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.
Fund allocation
Country
Duration
Rating
Sector
- Country
- Duration
- Rating
- Sector
Policies
Robeco Customized Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds issued by the EMU-member countries. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest-rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis. The target duration of this fund is reduced which means that interest-rate sensitivity is relatively low.
Robeco Customized Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds issued by the EMU-member countries. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest-rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis. The target duration of this fund is reduced which means that interest-rate sensitivity is relatively low.
Robeco Customized Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds issued by the EMU-member countries. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest-rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis. The target duration of this fund is reduced which means that interest-rate sensitivity is relatively low.
Robeco Customized Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds issued by the EMU-member countries. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest-rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis. The targeted duration of the fund can vary over time and depends on the interest rate vision. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions and invests partly in green, social or sustainable bonds. The majority of bonds selected will be components of the Benchmark, but bonds outside the Benchmark may be se-lected 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) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the per-formance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.
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.
Sustainability-related disclosures
Sustainability profile
Exclusion based on negative screening
≥15%
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and minimum thresholds for the ESG score of countries as well a minimum allocation to ESG-labeled bonds. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption'. ESG factors of countries are integrated in the bottom-up country analysis. In the portfolio construction the fund ensures a minimum weighted average score of 6.5 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Lastly, the fund invests in a minimum of 10% in green, social or sustainable bonds.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Euro-Aggregate: Treasury (EUR).
Market development
Government bonds posted negative returns in February, with German Bunds down 2.2%. In the US 10-year yields were up 34 bps on the month, while German Bund yields rose 24 bps. For euro periphery bonds, some of the losses were cushioned by spread tightening. Italian BTPs saw their 10-year yield rise 11 bps, as spreads versus Bunds were down 13 bps to 142 bps. The broad-based sell-off was a response to stronger-than-expected data. In the US, January non-farm payrolls kicked off the negative bond market sentiment by increasing as much as 353k, the highest number since January 2023. High core US CPI numbers (0.4%) added to the sentiment, as did comments from Fed officials suggesting the Fed can be patient in cutting rates. These comments were echoed by ECB officials, which resulted in the market fully pricing out any chance of a March rate cut for both the Fed and the ECB.
Performance explanation
Based on transaction prices, the fund's return was -1.49%. The fund posted a negative absolute return over the month below its index. The sharp repricing in fixed income adversely impacted both duration and curve positions in the fund. In addition, the underweight position in Italy detracted from the relative performance. Nonetheless, positions in SSA paper and the overweight in swaps added to performance as spreads benefited from a constructive risk environment. The position in inflation added, as break-even inflation expectations rose. Positions in Central European markets such as Poland and Hungary held up well after the recent spread tightening in these markets.
Expectation of fund manager
Michiel de Bruin
Stephan van IJzendoorn
The market has priced out any chance of a Fed or ECB rate cut at their March meetings, while their number of expected 25 bps cuts for 2024 as a whole has been reduced to 3 to 4. The re-pricing was data driven, which suggests that some of the move higher in yields is justified by fundamentals. Still, we remain of the opinion that most major central banks will start cutting rates this year. History suggests that any such policy change should result in lower front-end yields and steeper curves. We remain cautious on Italian government bonds due to expected weak growth, worsening debt dynamics and large supply needs in combination with even more (passive) QT in the second half of the year. Spreads have continued to tighten and in our view are not a proper reflection of (slowly) worsening fundamentals.
Announcements
- Prospectus change: Several Robeco Funds (17-10-2023)
- Publication semi-annual reports 2023 (31-08-2023)
- Robeco (NL) Umbrella Fund II: Annual General Meeting Documents (24-05-2023)
- Several Robeco funds: Publication Annual Report (28-04-2023)
- Several Robeco funds: Advertisement AVP (18-04-2023)
- Publication Semi-annual reports 2022 (31-08-2022)
- Prospectus amendment (23-08-2022)
- Annual General Meeting Documents (27-05-2022)
- Publication Annual Report (29-04-2022)
- Advertisement Annual General Meeting (19-04-2022)