All Strategy Euro Bonds C EUR - LU0940005050

Key points

Outspoken active and adaptive approach
Dynamic and strategic asset allocation
Disciplined and repeatable investment process

About this fund

Robeco All Strategy Euro Bonds is an actively managed fund that invests mainly in euro-denominated government and corporate bonds. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. 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.

Key facts

Per 31-08-2025

Total size of fund	EUR 157,623,358.97
Size of share class	EUR 113,855,425.07
Inception date share class	2013-09-03
1-year performance	2.44%
Dividend paying	Yes

Fund manager

Michiel de Bruin
Stephan van IJzendoorn
Lauren Mariano

Michiel de Bruin is Head of Global Macro and Portfolio Manager. Prior to joining Robeco in 2018, Michiel was Head of Global Rates and Money Markets at BMO Global Asset Management in London. He held various other positions before that, including Head of Euro Government Bonds. Before he joined BMO in 2003, he was, among others, Head of Fixed Income Trading at Deutsche Bank in Amsterdam. Michiel started his career in the industry in 1986. He holds a post graduate diploma investment analyses from the VU University in Amsterdam and is a Certified EFFAS Analyst (CEFA) charterholder. He holds a Bachelor’s in Applied Sciences from University of Applied Sciences in Amsterdam. Stephan van IJzendoorn is Portfolio Manager and member of Robeco’s Global Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Portfolio Manager Fixed Income and worked in similar functions at Allianz Global Investors and A&O Services prior to that. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor’s in Financial Management, a Master's in Investment Management from VU University Amsterdam and is Certified European Financial Analyst (CEFA) Charterholder. Lauren Mariano is Portfolio Manager and member of Robeco’s Global Macro team. Prior to joining Robeco in 2024, she worked at Manulife as an analyst and as a fixed income portfolio management associate with a focus on sovereigns, currencies and macro-economic analysis. She started her career in the industry in 2017 at Manulife. She holds a Bachelor’s in Finance from Bentley University and is a CFA® Charterholder.

Per period	Fund	Reference index
1 month	-0.14%	-0.20%
3 months	-0.10%	-0.29%
YTD	1.56%	0.64%
1 year	2.44%	2.03%
2 years	3.96%	3.82%
3 years	1.33%	1.75%
5 years	-2.31%	-1.84%
10 years	0.25%	0.39%
Since inception 04/1998	2.57%	-

Statistics	3 years	5 Years
Tracking error ex-post (%) The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.	1.40	1.13
Information ratio This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.	0.09	0.08
Sharpe ratio This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.	-0.17	-0.53
Alpha (%) Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..	0.22	0.22
Beta Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.	1.07	1.03
Standard deviation Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).	6.07	6.22
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.74	3.92
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-3.79	-4.97

Date	Amount
23.09.2025	EUR 0.65
25.06.2025	EUR 0.66
25.03.2025	EUR 0.66
20.12.2024	EUR 0.66

Cost of this fund	Percentage
Ongoing charges Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.	0.57%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.35%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.21%

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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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.

Fund

Index

Policies

Per 31-08-2025

Profile

Per 31-08-2025

ESG IntegrationEngagementESG target

Topic	Value
Exclusion based on negative screening	≥15%

Sustainability

Per 31-08-2025

The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures the fund has a minimum weighted average score of at least 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Euro Aggregate.

Market development

Per 31-08-2025

Government bond returns were mixed in August, with US Treasuries (+0.8%) gaining, while European government bonds were down somewhat. German Bunds ended the month down -0.2%. Weak US payrolls explain most of the strong returns of US Treasuries. Front-end US yields rallied, but the curve steepened as the market is getting increasingly worried about Fed independence. In Europe, rates rose after ECB officials commented on a prolonged pause in the easing cycle. French PM Francois Bayrou spooked markets by announcing a vote of confidence on his government on 8 September. OAT spreads widened and dragged other spread markets along. Curves steepened in Europe, as an expected increase in issuance meets a weakening pension fund demand for long-end bonds. On credit ratings, there was positive and negative news. Portugal got upgraded to A+ by S&P and Austria (Aa1) saw its outlook changed to negative by Moody's.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was -0.14%. The fund posted a small negative return over the month, but above its index. While the overweight duration position was more or less flattish to performance, yield curve positioning contributed again. Although we think the ECB is done cutting for now, risks for yields are tilted to the downside, as Europe seems vulnerable to Trump renegotiating the US-EU trade deal because of the digital sales tax. Most of the steepening is taking place in long and ultralong maturities, which continues to be impacted by more issuance and changing pension regulations. Country positioning also contributed. Especially the underweight position in French government bonds benefited the relative return of the portfolio. During the month, the fund selectively reduced positions in expensive government-related bonds. The corporate allocation of the fund is above that of its index, and predominantly located in short-dated corporate bonds.

Expectation of fund manager

Michiel de Bruin
Stephan van IJzendoorn
Lauren Mariano

The Fed is expected to cut interest rates at its September meeting. A 25-bps cut is fully priced for this meeting, as well as three additional cuts by June next year. We agree with these expected cuts. The attempts to push the Fed into more cuts and undermine independence are a growing concern. This could increase the inflation risk and should lead to a higher risk premium in longer-term bonds. For the ECB, we expect rates to remain unchanged for now. Market pricing has been reflecting this view, which has created more attractive entry levels for overweight duration positions. Still, EGB curves could steepen as well, especially in longer-dated maturities. Issuance is expected to increase, while demand for longer-dated bonds is seen to slow. French OATs will likely continue to suffer from a lack of political agreement on reducing the fiscal deficit.

Robeco All Strategy Euro Bonds C EUR

Outspoken active approach in euro-denominated government and corporate bonds

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Dividend paying history

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Profile

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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