Robeco European High Yield Bonds ZH EUR

Investing in euro-denominated credits issued by companies with a sub-investment grade rating

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
LU0834379108
Bloomberg
RCGEZHE LX

Asset class

Bonds

ISIN

LU0834379108

Bloomberg

RCGEZHE LX

Index

Bloomberg Pan-European HY Corporate ex Financials 2.5% Issuer Constraint index (Hedged to EUR)

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

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Managed with an active, quality tilted investment style
Disciplined and repeatable investment process
Experienced and stable investment team

About this fund

Robeco European High Yield Bonds is an actively managed fund that invests predominantly in bonds with a sub-investment grade rating, issued primarily by European issuers. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection.

Key facts

Per 31-12-2025

Total size of fund	EUR 337,415,975
Size of share class	EUR 179,672,408
Inception date share class	30-05-2023
1-year performance	5.63%
Dividend paying	No

Fund manager

Roeland Moraal
Daniel de Koning
Sander Bus
Christiaan Lever

Roeland Moraal is Portfolio Manager High Yield in the Credit team. Before assuming this role, he was Portfolio Manager in the Robeco Duration team and worked as an Analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam. Daniel de Koning is Portfolio Manager High Yield in the Credit team. Prior to joining Robeco in 2020, he was Portfolio Manager High Yield at NN Investment Partners. Daniel started his career in 2011 at APG Asset Management, where he held roles of Credit Analyst and Portfolio Manager High Yield. He holds a Master’s in Business Economics from the University of Amsterdam and he is a CFA® and CAIA® charterholder. Sander Bus is CIO and Portfolio Manager High Yield Bonds in the Credit team. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Christiaan Lever is Portfolio Manager High Yield and Emerging Credits in the Credit team. Before assuming this role in 2016, he was Financial Risk Manager at Robeco, focusing on market risk, counterparty risk and liquidity risk within fixed Income markets. Christiaan has been active in the industry since 2010. He holds a Master's in Quantitative Finance and in Econometrics from Erasmus University Rotterdam and he is a CFA® Charterholder.

Per period	Fund	Index
1 month	0.48%	0.37%
3 months	1.08%	0.63%
YTD	5.63%	4.92%
1 year	5.63%	4.92%
2 years	6.11%	5.96%
Since inception 30-05-2023	8.00%	7.85%

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.	0.05%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.00%

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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.

Market development

Per 31-12-2025

In December, euro high yield spreads tightened by 7 bps to 274, while YTW edged 5 bps higher to 5.17%. Over the month, views on the Eurozone outlook for the year ahead remained divided, following a stronger-than-expected 2025, with growth reaching 1.4% versus initial forecasts of 0.9%. What drew broader consensus was the ECB's success in bringing inflation under control, shifting the policy debate away from price stability toward growth and fiscal support. Looking ahead, fiscal policy is set to play a more prominent role across the bloc. Germany's plan to deploy EUR 1 trn in infrastructure and defense spending was widely welcomed as a key catalyst for future growth, particularly after several years of economic stagnation. Reflecting improved fundamentals, government borrowing costs in Italy and Spain fell to their lowest levels relative to Germany in 16 years. The ECB left rates unchanged at 2% at its final meeting of the year, with markets increasingly convinced the easing cycle has run its course. In the UK, cooling inflation allowed the Bank of England to cut rates by 25 bps to 3.75%. Euro high yield printed EUR 5.6 bln worth of new issuance, and there were no defaults in December.

Performance explanation

Per 31-12-2025

Based on transaction prices, the fund's return was 0.48%. In December, the euro high yield market had a total return of 0.37%. The strong credit excess returns were partly offset by the underlying government rates widening over the month, as the 10-year German yield climbed 10 bps to 2.85 per cent. The portfolio outperformed by 9 bps this month, as issuer selection contributed 12 bps and underweight beta positioning detracted 3 bps. Single Bs and BBs, where we hold the majority of our portfolio, outperformed on a risk-adjusted basis. From a sector perspective, underweight in communications contributed 13 bps, whereas overweight in basic industry detracted 6 bps. Full underweight in Altice International contributed 7 bps, as the bonds declined sharply after the announcement of an assets transfer outside of the restricted group and raising financing against them. The overweight position in Ineos Quattro detracted 4 bps, as persistent weakness in the company's chemicals end markets continued to exert pressure on its bonds.

Expectation of fund manager

Roeland Moraal
Daniel de Koning
Sander Bus
Christiaan Lever

The fourth quarter of 2025 ended positively for credit investors, with high yield outperforming, though the lowest-rated credits lagged, underscoring the need for selectivity. Heading into 2026, Europe's outlook is constructive: rates support the economy, growth should remain modest but positive, and labor markets are healthy. Fiscal stimulus, especially in Germany, will further boost prospects, while inflation stays subdued, creating a stable credit environment. Technical factors are strong, with demand for fixed maturity products and pension derisking driving credit buying. The euro market has outperformed the US, but further gains may be limited as supply dynamics shift. The AI investment boom and increased M&A activity will drive new issuance, adding uncertainty. Tight valuations offer limited cushion, and the gap between high-quality and stressed credits persists. We remain conservative, focusing on quality, risk management, and a selective approach as technological shifts and evolving supply shape the year.

Robeco European High Yield Bonds ZH EUR

Investing in euro-denominated credits issued by companies with a sub-investment grade rating

Key points

About this fund

Key facts

Fund manager

Performance

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

Let's keep the conversation going