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2. Important risk disclosures
Important risk disclosures Robeco Capital Growth Funds (“the Funds”) are distinguished by their respective specific investment policies or any other specific features. Please read carefully for the risks of the Funds:

Some Funds are subject to investment, market, equities, liquidity, counterparty, securities lending and foreign currency risk and risk associated with investments in small and/or mid-capped companies.
Some Funds are subject to the risks of investing in emerging markets which include political, economic, legal, regulatory, market, settlement, execution, counterparty and currency risks.
Some Funds may invest in China A shares directly through the Qualified Foreign Institutional Investor (“QFII”) scheme and / or RMB Qualified Foreign Institutional Investor (“RQFII”) scheme and / or Stock Connect programmes which may entail additional clearing and settlement, regulatory, operational, counterparty and liquidity risk.
For distributing share classes, some Funds may pay out dividend distributions out of capital. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.
Some Funds’ investments maybe concentrated in one region / one country / one sector / around one theme and therefore the value of the Fund may be more volatile and may be subject to concentration risk.
The risk exists that the quantitative techniques used by some Funds may not work and the Funds’ value may be adversely affected.
In addition to investment, market, liquidity, counterparty, securities lending, (reverse) repurchase agreements and foreign currency risk, some Funds are subject to risk associated with fixed income investments like credit risk, interest rate risk, convertible bonds risk, ABS risk and the risk of investments in non-investment grade or unrated securities and the risk of investments made in non-investment grade sovereign securities.
Some Funds can use derivatives extensively. Robeco Global Consumer Trends Equities can use derivatives for hedging and efficient portfolio management. Derivatives exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the Funds may suffer significant losses (even a total loss of the Funds’ assets) from its derivative usage.
Robeco European High Yield Bonds is subject to Eurozone risk.
Investors may suffer substantial losses of their investments in the Funds. Investor should not invest in the Funds solely based on the information provided in this document and should read the offering documents (including potential risks involved) for details.

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I Disagree

Bond markets are inefficient. Robeco has the capability and process in place to identify and exploit this inefficiency. We believe euro government fixed income returns are dominated by risk cycles and regime shifts. By researching these debt dynamics intensively, we can understand where the market consensus might be underestimating the chance of major structural shifts. These shifts describe structural changes in markets that have operated in one particular valuation zone for a long period of time. By adopting a contrarian approach to markets and focusing on value we believe we can exploit inefficiencies over the cycle.

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

Alpha drivers

Euro Government Bonds uses four sources of return to reach the alpha target over the cycle:

⁰¹

Country allocation

Risk profile and spread outlook for the individual countries is evaluated against the differences in yield. This results in overweight and underweight positions on a country level.

⁰²

Duration management

The aim of duration management is to profit from changes in interest rates.

⁰³

Yield curve positioning

Whereas duration decisions anticipate a parallel shift in the yield curve, yield curve positions aim to anticipate steepening or flattening twists in the yield curve.

⁰⁴

Relative value

Government-related bonds typically offer a somewhat higher yield than comparable government bonds, partly because of their lower liquidity.

Our approach

The four steps in our investment process:

Step 1

We apply our research framework to all the aspects that drive markets. The team looks at the economic cycle, monetary and fiscal policy, discusses its strategies and sets strategic positioning in the quarterly meetings.

Step 2

We decide which issues we like best, and these are then combined in a model portfolio.

Step 3

The portfolio managers assess risk across the four sources of return mentioned earlier: country allocation, duration, yield curve and relative value.

Step 4

The final step is portfolio implementation. The Fixed Income Portfolio Engineering and Trading team implements the model portfolio into client portfolios and performs trading cost analysis.

Team

The Euro Governments Bonds strategy is managed by two portfolio managers who are fully accountable for performance and responsible for the portfolio risks and the sourcing of ideas. They are part of the Global Macro team, which consists of experienced portfolio managers, economists, strategists and macro analysts. In addition to a formal meeting cycle to accommodate a structured approach to the investment process, the portfolio managers cooperate on a daily basis with the other team members. The team is further supported by and embedded in a broader Robeco framework of sustainability, trading and quant specialists.

Sustainability

This strategy promotes, among other characteristics, environmental and/or social characteristics, which can include exclusionary screening, ESG integration, ESG risk monitoring and active ownership. It is classified as Article 8 under the EU Sustainable Finance Disclosure Regulation.

The strategy uses two frameworks for incorporating sustainability: Country Sustainability Ranking framework and Green Bonds 5-step eligibility process.

In order to get a clear view on ESG-related country risks, we have developed a proprietary Country Sustainability Ranking framework. Ranking is based on country data that we find most relevant for government bonds, such as quality of governance and political risks. This framework summarizes, from an investor perspective, the most important risks and strengths on a country-by-country basis.

The Robeco Fixed Income team has developed a proprietary Green Bond Assessment framework to substantiate the green credentials of bonds under consideration for investment. This framework is in line with the most recent regulatory developments on sustainable finance and is applied to government bonds.

MyRobeco – Access to your portfolio and sustainable data

Euro Government Bonds

Applying an active and adaptive approach to euro government bonds