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Robeco All Strategy Euro Bonds IH EUR

Index: Bloomberg Barclays Euro-Aggregate (EUR)
ISIN: LU0210247085
  • Outspoken active and adaptive approach
  • Dynamic and strategic asset allocation
  • Disciplined and repeatable investment process
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco All Strategy Euro Bonds invests mainly in euro denominted government and corporate bonds. The selection of these bonds is based on fundamental analysis. The fund is an active bond fund looking to optimize returns on a risk adjusted basis. It applies a flexible approach to investing and is not fully constrained by its underlying benchmark.

Price development

No performance data available

Price development

Robeco All Strategy Euro Bonds IH EUR

Performance

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Fund Index
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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)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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 -1.00%. The fund posted a negative absolute return in October, as core bond yields rose. The fund’s performance was slightly below that of the index. The fund’s overweight duration position and yield curve flattening position detracted from performance, while the overweight in European peripheral bonds added to performance. Credit selection added to the relative performance, while FX positioning detracted. The renminbi strengthened due to the positive news flow around a potential upcoming trade deal.

Statistics

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Above mentioned ratios are based on gross of fees returns.
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Market development

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Government bonds posted negative returns in October, reflecting more constructive news on China-US trade talks and a more positive view on Brexit developments. German Bunds were down -1.5% on the month, US Treasuries -0.2% and UK Gilts lost -2.2%. Euro periphery bonds fared slightly better than Bunds, with returns of about -0.7% for Spain, Italy and Ireland, and even a modest positive return (0.2%) for Portugal. The better returns in these markets can be linked to Brexit optimism and the continued effects from the decision to restart the ECB’s bond purchase program. The October ECB meeting brought little news, apart from comments on capital key rules, which stipulate the division of government bond purchases across countries, suggesting some flexibility to buy more periphery debt. The FOMC’s decision to cut rates and give a neutral guidance was in line with expectations and had only a modest impact on bond prices.

Fund allocation

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Name Sector Weight
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Fund Classification

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

Currency policy

Relatively small positions in currencies other than the euro are permitted. Derivatives can be used for various reasons such as hedging single positions and arbitrage, or for leverage to gain extra exposure.

Derivative policy

Robeco All Strategy Euro Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are regarded very liquid.

Dividend policy

The fund does not distribute dividend but retains all income in the portfolio, so total performance is reflected in the price.

ESG Integration policy

For Robeco All Strategy Euro Bonds, ESG factors play an important role in the investment process, both in country analysis and credit analysis. For sovereigns, the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. For credits, the ESG analysis is part of the fundamental scoring by the sector analyst.

Investment policy

Robeco All Strategy Euro Bonds is an active bond fund looking to optimize returns on a risk adjusted basis. Its benchmark agnostic investment style is well suited to benefit from inefficiencies linked to benchmarks. It applies a top down strategic allocation. The fund benefits from market segmentation and prevailing silo thinking as it can allocate between all of the asset classes within the fixed income universe. The fund performance is driven by multiple drivers, of which country allocation is currently the most dominant. The Fixed Income Allocation portfolio managers focus on strategic asset allocation decisions. This team is responsible for the asset allocation of the fund and is looking at duration and credit strategies to be implemented into the portfolio. The team can also allocate to foreign exchange strategies but this is not the main contributor to performance. The fixed income investment teams focus on asset class specific strategies. The fund benefits from the expertise of each specific team. The team sets up detailed investment theses bases on fundamental research, applying a structured analysis framework that combines both top-down (macro environment & policy, valuation, sentiment & positioning) and bottom-up perspectives (a country's debt sustainability, macro-economic cycle, ESG profile). As such the portfolio managers have created a repeatable process that has led to long term alpha generation. Alpha generation of the fund is based on multiple performance drivers, such as country allocation, duration management and yield curve positioning. Risk budgeting can be adaptive through time in order to capture the most compelling investment opportunities.

Risk policy

Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Central banks around the globe are in an easing mode and both the Fed and ECB have announced stimulus measures in recent meetings. At the same time, there is growing reluctance to cut official rates further among central banks whose rates are in negative territory. This reluctance can be linked to an increasing attention for the ‘reversal rate’, the rate at which further cuts will have negative economic consequences. The Riksbank will likely hike rates in December, based on this argument. These considerations do confirm the idea that prospects are weaker for bond markets where official yields have broken zero.

Jamie Stuttard, Stephan van IJzendoorn
Jamie Stuttard, Stephan van IJzendoorn

Jamie Stuttard, Stephan van IJzendoorn

Jamie Stuttard is Lead Portfolio Manager of Robeco Global Total Return Bond Fund and Robeco All Strategy Euro Bonds. He started at Robeco in 2018. In the period 2014-2018 Jamie worked at HSBC Bank in London,where was Head of European and US Credit Strategy. Prior to that he held a number of senior fixed income positions atFidelity Management & Research, Schroder Investment Management and PIMCO Europe. He started his career at Dresdner Kleinwort Benson in London in 1998. Jamie has aMaster’s in History from University of Cambridge. 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
ISINLU0210247085
BloombergRCGASIE LX
Valoren3249308
WKNA0MY6H
Availability
1st quotation date1180051200000
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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Disclaimer

Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.

The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

In the UK, Robeco Institutional Asset Management B.V. (“ROBECO”) only markets its funds to institutional clients and professional investors. Private investors seeking information about ROBECO should visit our corporate website www.robeco.com or contact their financial adviser. ROBECO will not be liable for any damages or losses suffered by private investors accessing these areas.

In the UK, ROBECO Funds has marketing approval for the funds listed on this website, all of which are UCITS funds. ROBECO is authorized by the AFM and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

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