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Robeco Euro Government Bonds IHHI EUR

Index: Bloomberg Barclays Euro-Aggregate: Treasury (EUR)
ISIN: LU0853036605
  • Outspoken active and adaptive approach
  • Country allocation main performance driver
  • Active duration and yield curve positioning
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests in euro denominated bonds issued by the EMU-member countries. It 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.

Price development

No performance data available

Price development

Robeco Euro Government Bonds IHHI 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 0.01%. The fund return was slightly positive in March. European bond markets consolidated as the ECB announced to step up its purchases through the PEPP program aiming to stem the rise in yields. The ECB is closely eying the 10-year GDP weighted Eurozone government bond yield, which has risen by about 0.25% since the start of the year. In an international context this rise is very modest though and seems to be reflective of an improving economic outlook and higher inflation expectations in the Eurozone. Positions in French linkers were favorable for returns, as the break-even inflation rate rallied on vaccination and reopening hopes. Even so, these gains were offset by some small losses in relative duration and spread positions. The underweight duration position detracted as bond yields rallied after the ECB stepped up buying. Country positions and positions in government-related bonds also detracted slightly. With spreads now at multi-year lows and issuance being elevated, further spread tightening is regarded as being less obvious from current levels.

Statistics

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Market development

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Government bond returns were mixed in March. While US Treasuries were down 1.4% for the month, Australian government bonds managed to gain 1.0%. The euro periphery markets did relatively well, with plusses of 0.6% for Italian BTPs and 0.4% for Spanish Bonos. Eurozone government bonds were supported by the outcome of the ECB's March meeting. The Governing Council expressed the intention to conduct its PEPP bond purchases "at a significantly higher pace". New waves of Covid-19 infections in the EU and a slow vaccination pace probably tempered reopening enthusiasm, thereby also supporting Eurozone bonds. A helping hand from the central bank benefited Australian government bonds as well. In a speech, RBA governor Low pushed back against market expectations of hiking rates in 2022. Fed officials decided not to verbally intervene in the US Treasuries sell-off. Together with reopening enthusiasm this probably explains most of the lagging returns in this market.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
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Integration
Sustainability Themed Fund

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

In our government bond portfolios, the active country allocation is based on a combination of top-down and bottom-up analysis. In the bottom-up analysis, besides debt sustainability and economic cycle, ESG criteria are an integral part of our analysis. For our top-down analysis, our in-house developed RobecoSAM Country Sustainability Ranking (CSR) is used in our country allocation decisions. The CSR acts as an early-warning system which helps us to identify problems as well as opportunities in countries well before they are reflected in spreads, or are picked up by the rating agencies.

Investment policy

Robeco Euro Government Bonds is an actively managed fund that invests only in euro-denominated government bonds. 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 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. The fund invests in euro denominated bonds issued by the EMU-member countries. It 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 analysisThe 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 performance 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.

Expectation of fund manager

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With the US economy reopening we expect the moment to come closer for the Fed to start signaling a tapering of bond purchases. This could give a new impulse to the sell-off in bonds globally.We are mindful that in the past, a sharp increase in rates volatility has coincided with peripheral spread widening. Nonetheless, even as rate volatility has picked up, we remain relatively constructive on peripheral spreads. Whilst Italian yield spreads over Germany have tightened, they remain above previous lows, especially in the long end. We therefore continue to favor longer-dated BTPs.

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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0853036605
BloombergROEGFIH LX
Valoren19971859
WKNA2PQVY
Availability
1st quotation date1354492800000
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
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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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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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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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