Robeco QI Long/Short Dynamic Duration F EUR

Systematic and active duration management within bonds and similar fixed income securities

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
LU0940006538
Bloomberg
ROBFHEU LX

Asset class

Bonds

ISIN

LU0940006538

Bloomberg

ROBFHEU LX

Index

ICE BofA ESTR Overnight Rate Index

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

( 30-11 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Benefiting from falling and rising bond yields
Quantitative model anticipating bond market direction
Proven track record in challenging market environments

About this fund

Robeco QI Long/Short Dynamic Duration is an actively managed fund that invests mainly in bonds and similar fixed income securities with a short duration and takes active long or short duration (interest-rate sensitivity) positions, implemented using bond futures. The fund can benefit from rising yields (with short positions) as well as from declining yields (with long positions). The duration positioning of the fund is based on Robeco’s quantitative duration model. The fund's objective is to provide long term capital growth.

Key facts

Per 30-11-2025

Total size of fund	EUR 50,225,109
Size of share class	EUR 1,710,761
Inception date share class	03-09-2013
1-year performance	-0.45%
Dividend paying	No

Fund manager

Olaf Penninga
Lodewijk van der Linden
Johan Duyvesteyn

Olaf Penninga is Portfolio Manager Quant Fixed Income. He has been Portfolio Manager for Global Dynamic Duration since 2005 (Lead portfolio manager since 2011). Furthermore, he has been the Lead Portfolio Manager of the Global Multi-Factor Bonds strategy since inception in 2019. His previous positions with Robeco include that of Lead Portfolio Manager for Robeco’s fundamentally-managed Euro Government Bonds strategy and Researcher with responsibility for fixed income allocation research. Olaf was employed by Interpolis as Investment Econometrician for one year before returning to Robeco in 2003. He started his career in 1998 at Robeco. He holds a Master's in Mathematics (cum laude) from Leiden University. Lodewijk van der Linden is Portfolio Manager Quant Fixed Income. Lodewijk has published in the Journal of Asset Management on the application of CDS in portfolio management and has written on the volatility effect. He joined Robeco in August 2018. In the period 2015-2018 Lodewijk worked at Aegon Asset Management where he was Risk associate and Team Manager Client Reporting. Lodewijk started his career at PwC as an actuarial consultant in 2013. He holds a Master's in Actuarial Science from the University of Amsterdam and a Master's in Econometrics and Management Science from Erasmus University Rotterdam. Johan Duyvesteyn is Portfolio Manager Quant Fixed Income. His areas of expertise include government bond market timing, credit beta market timing, country sustainability and emerging-market debt. He has published in the Financial Analysts Journal, the Journal of Empirical Finance, the Journal of Banking and Finance, and the Journal of Fixed Income. Johan started his career in the industry in 1999 at Robeco. He holds a PhD in Finance, a Master's in Financial Econometrics from Erasmus University Rotterdam and he is a CFA® charterholder.

Per period	Fund	Reference index
1 month	0.11%	0.15%
3 months	-0.43%	0.48%
YTD	-0.71%	2.06%
1 year	-0.45%	2.33%
2 years	2.22%	3.09%
3 years	3.56%	3.09%
5 years	1.80%	1.68%
10 years	0.29%	0.65%
Since inception 01-10-2005	0.64%	1.19%

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.	3.02	2.67
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.	0.35	0.26
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.	0.38	0.26
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	0.68
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.	-0.10	2.30
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).	3.09	2.77
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	2.24	2.24
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.11	-2.11

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.	0.04%

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.

Market development

Per 30-11-2025

Government bond markets diverged in November. US bonds rallied, while German and especially Japanese yields rose. The Japanese 10-year yield topped 1.8% for the first time since 2008. The US government shutdown ended, allowing the publication of official economic statistics to resume. Signs of a weaker US labor market and a dovish speech by New York Fed President Williams caused markets to raise the probability of a December Fed cut to 80%. UK bonds rallied after the budget announcement, as the remaining 30-year auctions for this fiscal year were canceled. The ECB made it quite clear that it aims to keep rates on hold for a while. Eurozone country spreads generally tightened, as Italy's credit rating was upgraded to Baa2 by Moody's. US Treasuries gained 0.4% while German Bunds returned -0.3% and Japanese government bonds -1% (all returns hedged to EUR).

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.11%. The fund slightly outperformed cash (the benchmark) in November (gross of fees). It opened short duration positions in the US and Germany during the month. These positions were closed in the last week of the month and a long position in Japan was opened. The position in Germany contributed positively to the performance, but this was offset by the US position. The Japanese position contributed somewhat in the last days of the month. These active duration positions are based on the outcomes of our quantitative duration model. The duration positions that aim to exploit shorter-term market inefficiencies contributed positively to the performance.

Expectation of fund manager

Olaf Penninga
Lodewijk van der Linden
Johan Duyvesteyn

The fund's duration policy is driven by the outcomes of our proprietary quantitative duration model. At the end of November, the fund had a long duration position in Japan and it opened a short duration position in German bond futures. Rising equity markets and positive economic surprises signal stronger (than expected) economic growth, while the weak performance of low-risk equities signals lower demand for safe assets such as bonds. The economic growth and low-risk variables thus pointed to higher bond yields, as did the trend variable. The inflation variable was positive for bonds, as commodity prices had declined, and the valuation and monetary policy variables were also positive for Japanese bonds.

Robeco QI Long/Short Dynamic Duration F EUR

Systematic and active duration management within bonds and similar fixed income securities

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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