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Robeco Institutional Core Euro Government Bonds

Index: BLOOMBERG BARCLAYS EURO TREASURY AAA and AA
ISIN: NL0010278982
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

The fund invests only in in euro-denominated government bonds with an AAA/AA rating. The fund manager selects government bonds on the basis of macroeconomic developments, debt sustainability analysis and ESG profile.

Price development

No performance data available

Price development

Robeco Institutional Core Euro Government Bonds

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 closing NAV, the fund's return was 0.44%. The fund posted a positive return in October as core bond yields declined over the month. The fund's performance did not benefit much from this yield decline due to its underweight duration position. Country allocation slightly detracted, as Belgian bonds underperformed both French bonds and German bonds.

Statistics

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Market development

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Returns were mixed in October for government bonds. US Treasuries lagged, with a return of -0.8%, while Germany was leading with +0.6%. The main reason for the difference in return was renewed unrest in Italy, which drove euro area investors into the safe haven of German Bunds. Italian spreads widened as the government posted a 2019 budget with a ‘confrontational’ deficit level of 2.4%. This led to a rift with the European Commission, which is still unresolved. The spread widening was dampened after Moody’s and S&P did not surprise on the negative side in their judgement on Italy’s credit outlook.

Fund allocation

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Name Sector Weight
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Fund Classification

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

Currency policy

All currency risks are hedged.

Dividend policy

All income earned will be accumulated and not be distributed as dividend. Therefore the entire return is reflected in the share price development.

ESG Integration policy

For Robeco Institutional Core Euro Government Bonds ESG information of countries is integrated in the investment policy. For a large group of countries a 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

Robeco Institutional Core Euro Government Bonds Fund is the ideal fund for investors seeking a solid bond investment, made up of 100% AAA/AA European government bonds. Thanks to its solid bond expertise, Robeco holds one of the top positions among Europe's bond-fund providers. The country allocation is determined by a top down and a bottom up analysis to determine country specific risks and opportunities. Country allocation has been an important performance driver over the past few years. Active portfolio management of Euro sovereign bonds allows investors to benefit from credit spread movements whilst keeping investment risks under control. This fund offers the possibility to benefit from Robeco's many years' experience in government bonds. The fund can be used as a solid building block of an institutional portfolio. The portfolio holds Euro denominated investments only and therefore eliminates currency risk.

Risk policy

Risk management is fully embedded in the investment process so as to ensure that the fund's positions remain within the set limits at all times.

Expectation of fund manager

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Since the start of Q4, combined net bond purchases by the Fed, ECB and BoJ have turned from positive to negative. In our opinion this dynamic will gradually make itself felt in bond markets, via increased upward pressure on long-term yields. Short-term yields are expected to move up as well, but the extent of the rise is limited by what is priced in already. The confrontational stance of the Italian populist government will likely continue, but we think just a little bit of giving in on both sides might already be enough to relieve markets.

Stephan van IJzendoorn
Stephan van IJzendoorn

Stephan van IJzendoorn

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
Outstanding shares
ISINNL0010278982
Bloomberg
Valoren
WKN
Availability
1st quotation date1387152000000
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 the Netherlands. The fund is closed for corporate-income tax purposes (fiscally transparent). This means that all results are attributed directly to the participants. As a consequence, the fund is not liable to corporate-income tax and withholds no dividend tax.

Fiscal treatment of investor

Professional investors are divided into pension funds and non-pension funds. Dutch pension funds may re-claim the 25% dividend tax deducted on cash dividends entirely. Dutch non-pension funds may deduct the 25% dividend tax deducted on cash dividends in their corporate income tax assessment. Dividend tax in that case is tax deducted at source. No tax is deducted at source on interest income. Thus, Dutch pension funds do not owe taxes on interest income. Dutch non-pension funds should specify interest income in their corporate income tax assessment.

Disclaimer

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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