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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 GAV, the fund's return was 2.07%. The fund posted a very strong return in March, slightly outperforming its benchmark. Core-bond yields declined sharply over the month, with 10-year German Bund yields dropping below 0% for the first time since October 2016 again. The duration of the fund is around the level of the benchmark. The allocation to sustainable bonds added to relative performance, while country allocation contributed slightly negative, mainly due to the underweight position in French government bonds.

Statistics

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Market development

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Government bonds rallied in March, pushing yields sharply lower. Both German Bunds and Italian BTPs generated a return of 1.7% last month. The rally was driven by dovish turns from both the ECB and the Fed. The ECB downgraded its growth forecasts and pushed back the timing of the first rate hike in their forward guidance. The Fed surprised on the dovish side by taking out all rate hikes for 2019 in the summary of economic projections and by announcing the end of balance sheet reduction in Q3. Weak German manufacturing PMI data (44.7) also helped push rates lower and 10-year yields dipped into negative territory on 22 March. With Bund yields below zero, the demand for French OATs rose as well, leading to some spread compression in the long end of the curve.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
Exclusion
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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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The rally in March has led to a sizeable reduction in market expectations for central bank rates on a 1 to 2 year horizon. For the Fed, the market now prices in 45 bps of rate cuts over the next two years, while only 10 bps in rate hike expectations are left for the ECB. For the Fed funds rate, this marks an 80 bps reduction from December, while expectations for ECB rates have come down by 30 bps. Fed expectations have already bounced a bit, and we expect some further easing to be priced out in coming months.

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
Size of share class
Outstanding shares
ISINNL0010278982
BloombergRICEUGB NA
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
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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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