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Euro Government Bonds

Euro Government Bonds

Applying an active and adaptive approach to euro government bonds

Key points:

  • Structured fundamental and quantitative research framework to analyze markets
  • Diversified portfolio drivers: country allocation, duration, yield curve, and relative value opportunities
  • Fully integrated ESG to enrich fundamental analysis and act as an early indicator.

Philosophy

Bond markets are inefficient. We have the capability and process in place to identify and exploit these inefficiencies, and believe you need to be contrarian to avoid crowded trades. We research debt dynamics intensively in order to understand where the market consensus might be underestimating the chance of major structural shifts.

Euro government returns are dominated by risk cycles and regime shifts. By adopting a contrarian approach to markets, with a focus on value, we believe we can exploit inefficiencies over the cycle.

Fixed income markets are segmented as a result of various factors including mandate restrictions across investor types and organizational rigidities. This can lead to dislocations and changes in relationships between sectors, offering active investors opportunities to improve returns and reduce risk.

Process

Our proven, research-driven country allocation framework enables us to assess the risk profile and spread outlook for individual countries, which is evaluated against the differences in yield. This results in overweight and underweight positions at a country level. This strategy lets us take advantage of relative yield fluctuations between countries and benefits from active interest rate management, aiming to capture parallel shifts and twists of the yield curve.

Our innovative Country Sustainability Ranking framework, developed in house, has added valuable insight into the ability of countries to regain debt sustainability and market confidence. Our Green Bond Assessment framework determines if a sovereign bond is truly green. Both frameworks are important elements in the success of our country allocation and our bond selection decisions.

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Team

The portfolio managers are responsible for the portfolio risks and the sourcing of ideas. They are part of the Global Macro team, which consists of very experienced portfolio managers, economists, strategists and macro analysts. The team is further supported by and embedded in a broader Robeco framework of sustainability, trading and quant specialists.

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