HEAD-TO-HEAD: Bluebay vs Robeco

FSA compares the Bluebay Investment Grade Euro Government Bond Fund with the Robeco Euro Government Bond Fund

by Fund Selector Asia 6 April 20182 August 2022

The BlueBay fund is tactical and nimble in nature with extensive use of derivatives. It is expected to underperform when the emerging markets and/or peripheral countries sell-off, or when volatility increases sharply, Dhoosche said.

The Robeco fund, on the other hand, is more strategic in nature with an overweight on Germany. It will underperform when fundamental country differentiation is not the primary driver of the European government bond market.

Investors looking for a higher tracking error strategy with the ability to have non-euro government bond diversification should consider the Bluebay fund, according to Dhoosche, especially after evaluating its track record.

For those looking for a pure euro government bond fund with a tight tracking error, the Robeco fund would be a better choice, Dhoosche said, even though the fund has underperformed its benchmark recently.

He expects that when the QE ends, the market dynamics normalise and investors again start “paying more attention to fundamental analysis within Europe”, the investment process of Robeco will “deliver on its expectations”.

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