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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 in euro-denominated government and government-related bonds with an AAA/AA rating. The fund aims for a better sustainability profile by integrating country ESG scores and investing in green bonds.

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 1.45%. The fund posted a very strong positive return, also outperforming its benchmark. Core bond yields declined sharply over the month, as the markets feared the consequences of the outbreak of the coronavirus. The overweight in government-related bonds versus government bonds subtracted from performance, but this was counterbalanced by gains from country allocation, as we sold a significant portion of our French, Belgian and Austrian government bonds over the month.

Statistics

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Market development

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Most government bond markets posted strong returns in February, with US Treasuries gaining 2.7% and German Bunds up 1.4%. The euro periphery markets did not participate in the rally. Bonds reacted strongly to the global spreading of the coronavirus and its implications for growth. The sudden appearance of the virus in Italy, and its possible consequences for fiscal policy and growth, was the driving factor behind the spread widening of Italian BTPs. Other European spread markets followed the widening in Italy, albeit to a smaller degree, and were also impacted by the general risk-off sentiment. Central banks initially adopted a wait-and-see approach with respect to the possible economic implications of the virus, but started to sound more dovish towards the end of the month.

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 Sustainable Core Euro Bonds Fund 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 Sustainable Core Euro 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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For now, we expect markets to remain dominated by news on the virus. This suggests that the stronger pre-virus economic data will likely be ignored, with the market focusing on shorter-term information on the spreading of the coronavirus and its economic implications. We expect central banks across a range of countries to respond to the economic impact of the virus by cutting interest rates. A fiscal response is also likely. We have maintained an overweight duration stance, but are aware of the significant amount of easing that is priced into some 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
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.

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