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Robeco Customized Euro Government Bonds Fund - EUR G

Index: Bloomberg Euro-Aggregate: Treasury (EUR)
ISIN: NL0012650451
  • Outspoken active and adaptive approach
  • Country allocation main performance driver
  • Active duration (duration of 3yrs targeted currently) and yield curve positioning
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

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 target duration of this fund is reduced which means that interest-rate sensitivity is relatively low.

Price development

No performance data available

Price development

Robeco Customized Euro Government Bonds Fund - EUR G

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 -2.20%. The fund posted a negative return over the month, below its index. German Bunds rose sharply during April, as inflation continued to creep higher, and broadened out. Risks of so called 'second-round effects' have increased, with employees demanding higher wages to compensate for the price increases. As yields rose, the curve steepened, thereby hurting performance. But as more ECB rate hikes are getting priced in, which will negatively impact economic growth, we think this will lead to curve flattening, similar to what was visible in the US. The overweight in government-related bonds detracted from performance, as swap spreads continued to widen. Although country positions benefited performance, this was not enough to compensate for the impact of the spread widening seen in SSAs and swaps. We expect a normalization of swap spreads later on in the year.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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Bond yields again rose sharply in April, as inflation pressures continued to take their toll on bond markets. German 2-year bond yields rose by about 0.33% from -0.07% to 0.26%. German 10-year bond yields rose a stunning 0.40% and ended April at 0.94%. A week earlier, 10-year Bunds nearly reached 1%, but yields could decline somewhat, as the market found some support around that level. Italian BTPs suffered in April, as risk sentiment deteriorated and supply concerns around BTPs are mounting. 10-year BTP yields rose to 2.77%, a jump of around 0.70% from March. Inflation in the Eurozone continues to raise eyebrows. The April flash-estimate was announced at 7.50%, stabilizing at the March level, but core inflation was the eye-catcher this time around. Core inflation rose from 2.9% to 3.5%, beating estimates. The ECB sent mixed signals in April. Increasing inflationary pressures were acknowledged, but the ECB continues to take a wait and see approach with regard to rate normalization, thereby increasing market concerns that the ECB is getting more and more behind the curve.

Fund allocation

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Name Sector Weight
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Currency policy

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.

Derivative policy

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.

Dividend policy

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.

ESG Integration policy

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 investments in ESG-labelled 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.

Investment policy

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 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 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. 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) 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 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.

Sustainability profile

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Exclusions

ESG Integration

Sustainability

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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 investments in ESG-labelled 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.

Expectation of fund manager

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The markets will need to digest yet another set of staggering inflation numbers in the coming months, as the latest commodity price shock kicks in. Against this backdrop, the ECB is likely to end net asset purchases in Q3 and will likely deliver a first 25 bps rate hike in early autumn. Only in case of a very sharp slowdown in economic growth and too-abrupt tightening in financing conditions across the Eurozone could this trajectory be derailed. With Eurozone headline inflation set to reach an even higher peak near term, we stick to a flattening bias. As for 10-year Bund yield levels, we have entered an area (0.50%-0.75%) where we would turn more constructive on duration again.

Michiel de Bruin, Stephan van IJzendoorn
Michiel de Bruin, Stephan van IJzendoorn

Michiel de Bruin, Stephan van IJzendoorn

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.

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

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Management company
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ISINNL0012650451
BloombergROCEGEG NA
Valoren
WKN
Availability
1st quotation date1516320000000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

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This fund deducts ongoing charges of
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Transaction costs

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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.

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