Robeco Euro Government Bonds D EUR

Applying an active and adaptive approach to euro government bonds

Share classes Share classes Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are: a) D/DH shares, which are regular shares and available for all Investors; b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority. For more information on share classes please go to the prospectus.

Class and codes

Asset class
Bonds
ISIN
LU0213453268
Bloomberg
ROEGVBD LX

Asset class

Bonds

ISIN

LU0213453268

Bloomberg

ROEGVBD LX

Index

Bloomberg Euro Aggregate: Treasury

Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.

Article 8

Morningstar Morningstar Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating

( 31-08 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Outspoken active and adaptive approach
Country allocation main performance driver
Active duration and yield curve positioning

About this fund

Robeco Euro Government Bonds is an actively managed fund that invests predominantly in euro government bonds. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long term capital growth.The fund invests in euro denominated bonds issued by the EMU-member countries. It employs an investment process combining top-down and bottom-up elements. Fundamental analysis is performed on each of the three performance drivers: country allocation, duration (interest rate sensitivity) management and yield curve positioning. Country ESG scores are part of our bottom-up analysis.

Key facts

Per 31-08-2025

Total size of fund	EUR 978,981,957.12
Size of share class	EUR 89,612,187.62
Inception date share class	2005-04-01
1-year performance	1.64%
Dividend paying	No

Fund manager

Michiel de Bruin
Stephan van IJzendoorn

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.

Per period	Fund	Reference index
1 month	-0.37%	-0.43%
3 months	-0.77%	-0.89%
YTD	0.73%	-0.15%
1 year	1.64%	1.07%
2 years	3.43%	3.03%
3 years	1.27%	0.85%
5 years	-2.59%	-2.51%
10 years	0.00%	0.22%
Since inception 04/2005	2.05%	2.47%

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.	0.97	0.84
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.	1.08	0.67
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.	-0.15	-0.51
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..	1.19	0.72
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).	6.77	6.80
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.17	4.17
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-4.20	-4.95

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.	0.64%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.42%
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.	0.10%

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

Within country positioning, the fund holds overweight positions in Greece, Spain and Italy, versus underweight positions in France and Belgium. During the month, we reduced the overweight in Spain and in the Netherlands, locking in gains after a prolonged period of spread tightening. Within government-related bonds, we have selectively taken profit by selling names that have become quite expensive, such as KfW and BNG. We continue to like EU bonds, although they underperformed a bit after index provider ICE announced to not (yet) include the name in their sovereign indices. The fund has a sizeable position in Bulgarian government bonds, which will be included in the EGB indices in 2026Q1, after the European Commission approved this summer the accession of Bulgaria as 21st member of the Eurozone per January 2026. This likely means more investors need to step into the Bulgarian bond market by that time.

Policies

Per 31-08-2025

Topic	Value
Exclusion based on negative screening	≥15%

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. This came after a long period of spread tightening for periphery bonds. 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 change to negative by Moody's. Both events had little direct impact on spreads.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was -0.37%. Over the month of August, the fund outperformed its benchmark (gross of fees). While the overweight duration position was more or less flattish to performance over August, yield curve positioning again contributed. Although we think the ECB is done cutting for now, risks to yields are tilted to the downside, as Europe seems vulnerable to a possibility of a renegotiation of 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 contributed, while overweight positions in the Netherlands, Italy and Greece detracted somewhat.

Expectation of fund manager

Michiel de Bruin
Stephan van IJzendoorn

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. We expect French bonds to continue to underperform versus peers, such as Spain and Italy.

Robeco Euro Government Bonds D EUR

Applying an active and adaptive approach to euro government bonds

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

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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