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Based on transaction prices, the fund's return was 0.05%. The fund's return was flat in December. The government-related allocation added to performance as demand for high-rated paper continued to be strong, also fueled by the ECB's announcement that it would increase the size of the PEPP program in December once again. However, the gains from the overweight positions in Italian BTPs were counterbalanced by a sizeable short in French government bonds. Market volatility was relatively subdued. Although the ECB did not disappoint in its December governing council meeting, the BTP market was not hugely impressed by its outcome either. Moreover, the SGB-Bund spread widened slightly, which had a modest adverse performance impact on the Swedish overweight in the fund.
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Total returns for government bonds were close to zero for most countries in December, with UK Gilts at plus 1.5% being an important exception. While the ECB delivered on the expectation of additional bond buying, the impact on German Bunds remained limited. Italian BTPs and Spanish Bonos outperformed Bunds in December, but their returns were only modestly higher and in line with other spread markets such as investment grade credits. The US fiscal deal and the outcome of the December Fed meeting also had only a modest impact on markets. There was some disappointment about the signaled hesitation by the FOMC to lengthen the maturity of the Fed's Treasury purchases, but yields remained steady.
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Sustainability Themed Fund |
The fund is not exposed to currency risks, as the fund invests in Euro-denominated bonds.
Robeco Euro Government Bonds makes use of government bond futures. These derivatives are regarded very liquid.
The fund distributes an annual dividend.
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.
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 management is fully embedded in the investment process so as to ensure that the fund's positions remain within set limits at all times.
We expect yields to remain anchored by the expectation that central banks will keep rates unchanged for at least another two years. We expect there is some room for rates to maneuver, albeit it restricted, and yields could bounce especially in markets where they are still close to the lows. Next to the anchoring of front-end yields, we also see central bank purchase policies and a lack of yield globally as factors that could dampen moves. Periphery markets have performed strongly amid the broader vaccine-driven risk rally and expectations of a significant expansion and extension of the ECB’s PEPP program, coupled with a further relaxation of TLTRO-III conditions. Near-term ratings risk in Italy has diminished with the removal of the negative outlook by S&P on its BBB rating in late October. The consensus sees further outperformance in 21H1, under the assumption that all the liquidity support from the ECB and the NGEU keeps soothing rating agencies’ debt sustainability concerns.
Michiel de Bruin is Co-Head of the Fixed Income Global Macro team and Co-Manager of Euro Government Bonds. Prior to joining Robeco, Michiel worked for BMO Global Asset Management in London, most recently as Head of Global Rates and Money Markets. He held various other positions before that, including Head of Euro Government Bonds. The roles he fulfilled before joining BMO included Co-Head of Fixed Income Sales and Trading at NIB Financial Markets in Amsterdam. Michiel started his career in the industry in 1986 and he holds a Bachelor's degree from Amsterdam University of Applied Sciences. 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.
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.
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ISIN | NL0012650451 |
Bloomberg | ROCEGEG NA |
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1st quotation date | 1516320000000 |
Close financial year | 31-12 |
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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.
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.
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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Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.
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