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Robeco High Yield Bonds I EUR

Solid solution for investing in corporate bonds with a subinvestment grade rating

Contact us

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.

I-EUR

0BXH-AUD

0BXH-RMB

0BXH-USD

0CH-GBP

0D3H-USD

0DH-EUR

0DH-USD

0EH-EUR

0FH-EUR

0IH-CHF

0IH-EUR

0IH-USD

0MH-USD

BH-EUR

BXH-AUD

BXH-HKD

BXH-RMB

BXH-USD

CH-EUR

CH-USD

D-EUR

D2H-USD

D3H-USD

DH-AUD

DH-CHF

DH-EUR

DH-USD

EH-EUR

FH-CHF

FH-EUR

FH-GBP

FH-USD

GH-EUR

I-USD

IBH-CHF

IBXH-EUR

IBXH-USD

IEH-EUR

IEH-USD

IEXH-USD

IH-CHF

IH-EUR

IH-GBP

IH-USD

M2H-USD

M3H-USD

MH-USD

Z2H-USD

ZH-CAD

ZH-EUR

ZH-USD

Class and codes

Asset class:

Bonds

ISIN:

LU1736382489

Bloomberg:

ROBHYBI LX

Index

Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap

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 (30/07)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
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Fund topics

Overview
Performance & costs
Portfolio
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Commentary
Documents
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MISSING: fund.detail.tabs.

Key points

  • Managed with a conservative approach
  • Disciplined and repeatable investment process
  • Experienced team management

About this fund

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

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Key facts

Per 31-07-2023

Total size of fund

€ 6,540,876,581

Size of share class

€ 77,239,103

Inception date fund

14-12-2017

1-year performance

-1.41%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Performances are net of fees and based on transaction prices.

Fund manager

Sander Bus

Sander Bus

Roeland Moraal

Roeland Moraal

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. 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. The Robeco High Yield fund is managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts. The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team’s fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by three dedicated quantitative researchers and four fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 31-07-2023
Per period Fund Index

1 month

0.59%

0.46%

3 months 

1.93%

2.31%

YTD

3.14%

4.09%

1 year

-1.41%

-1.52%

2 years

1.48%

0.73%

3 years

3.43%

3.83%

5 years

4.39%

4.10%

Since inception 12/2017

4.08%

-

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2022

-3.91%

-6.55%

2021

9.86%

11.18%

2020

-3.11%

-1.72%

2019

17.18%

16.04%

2018

3.19%

3.30%

2020-2022

0.76%

0.70%

2018-2022

4.34%

4.13%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

Characteristics

  • Statistics
  • Hit-ratio
  • Characteristics
Per 31-07-2023
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.

1.36

1.49

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.

0.34

0.63

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.

0.59

0.60

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..

0.77

1.21

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.

0.90

0.92

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).

6.70

8.25

Max. monthly gain (%)

The maximum (i.e. highest) absolute positive monthly performance in the underlying period.

7.39

7.39

Max. monthly loss (%)

The maximum (i.e. highest) absolute negative monthly performance in the underlying period.

-3.90

-10.58

Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

16

32

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

44.4

53.3

Months Bull market

Number of months of positive benchmark performance in the underlying period.

20

37

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

7

19

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

35

51.4

Months Bear market

Number of months of negative benchmark performance in the underlying period.

16

23

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

9

13

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

56.3

56.5

Characteristics Fund Index

Rating

The average credit quality of the securities in the portfolio. AAA, AA, A en BAA (Investment Grade) means lower risk and BB, B, CCC, CC, C (High Yield) higher risk.

BA1/BA2

BA3/B1

Option Adjusted Modified Duration (years)

The interest rate sensitivity of the portfolio.

3.50

3.40

Maturity (years)

The average maturity of the securities in the portfolio.

4.90

4.60

Yield to Worst (%)

The average yield of the securities in the portfolio (lowest yield to either call date or redemption date).

6.90

8.00

Green Bonds (%)

The percentage of total AuM in the portfolio (market-weight based) that is indicated as Green Bond in Bloomberg. Green bonds are any type of regular bond instrument for which the proceeds will be applied exclusively to environmental projects.

3.20

2.30

Above mentioned ratios are based on gross of fees returns.

Costs

Per 31-07-2023
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.

0.70%

Included management fee

A fee paid by the fund to the asset management company for the professional management of the fund.

0.55%

Included service fee

This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.

0.12%

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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Country

Currency

Duration

Rating

Sector

Top 10

  • Country
  • Currency
  • Duration
  • Rating
  • Sector
  • Top 10
Per 31-07-2023
Country risk analysis is incorporated in our proprietary credit research, but we do not implement any specific top-down country policy in the portfolio. We have a preference for Europe versus the United States based on valuations.

Policies

  • This share class has similar currency weights as the Benchmark (unhedged).

  • Robeco High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are very liquid.

  • The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

  • Robeco High Yield Bonds is an actively managed fund that invests in high yield corporate bonds. The selection of these bonds is mainly based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The fund invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The majority of bonds selected will be components of the benchmark, but bonds outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund.

  • Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.

Fund allocation
Policies

Sustainability-related disclosures

  • Summary sustainability-related disclosures
  • Full sustainability-related disclosures

Sustainability profile

Per 31-07-2023
Exclusions
ESG Integration
Engagement

Sustainability

Per 31-07-2023

The fund incorporates sustainability in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds, and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Furthermore, the fund invests at least 2% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Sustainability-related disclosures
Profile
Sustainability

Market development

Per 31-07-2023

Spreads in the high yield market narrowed by 20 basis points to reach new lows since April 2022, and the yield to worst concluded the month 20 basis points tighter at 8.03%. Unemployment rates near a multi-decade low and stronger-than-expected wage growth keep providing evidence to policymakers that the hiking cycle may not be over. Despite the first signs of declining core inflation, the Fed followed up with a 25 bps rate hike. Potential clouds to the growth picture from either the strong rise in the oil price, the debt ceiling or the required resumption of the very sizable federal student loan repayments did not significantly impact markets, which increasingly prices in a soft landing. In Europe, inflation showed signs of slowing, albeit from very high levels. With mixed data observed at the country level, it still led the ECB to raise interest rates by another 25 basis points. July marked the second-lowest month of 2023 in terms of bond issuance, with USD 6.7 billion worth of US high-yield bonds priced. Additionally, default activity remained relatively muted, with only four defaults affecting the market and impacting a relatively small volume of USD 3 billion.

Performance explanation

Per 31-07-2023

Based on transaction prices, the fund's return was 0.59%. The high yield bond index experienced a positive total return in July of well over 1%, driven by 20 basis points of spread tightening and favorable underlying government bond returns. The fund outperformed the benchmark by some 20 bps. This was the result of a small negative impact from our underweight beta being more than offset by positive issuer selection. Bonds with higher ratings outperformed lower-rated ones on a risk-adjusted basis, both in euros and dollars. Our quality bias therefore made a positive contribution to the relative performance. Our underweight US versus overweight Europe resulted in a slightly negative contribution. On a sector basis, our overweight position in financials, particularly in the banking sector, made a positive impact, driven by Tier-1 and Tier-2 bonds. Another larger contribution came from our underweight in communications, the clear laggard among all corporate sectors. On a stock level, major contributors to performance were our active underweight position in Altice and overweight position in Level 3.

Expectation of fund manager

Sander Bus

Sander Bus

Roeland Moraal

Roeland Moraal

Markets have been talking about the upcoming US recession for more than a year. Over the past few quarters, we have elaborated about the increased risks of a recession, too. As of yet, a recession has not arrived. In Europe, Germany did recently slip into a technical recession after we witnessed two consecutive quarters of negative GDP growth. Markets are stuck between a stubborn inflation environment and a pending recession. These are interconnected. To kill the inflation monster, central banks almost have to force the economy into a recession to cool off labor markets. The time-lags between central bank action and impact make it virtually impossible to avoid overshooting or undershooting. Risks lie in those parts of the market that are vulnerable to these much higher rates, like over-indebted LBOs or certain debt-laden sectors. Luckily we have not seen a capex cycle that has created over-supply situations. Yet, we think accidents are likely to happen, and have seen some already. Stock picking is ever more important, as the current environment will certainly create winners and losers. For now, the beta is below one.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • Product sheet
  • Portfolio Manager's Update
  • Prospectus
  • Articles of association
  • Key Information Document (PRIIP)
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2022
  • Annual report 2021
  • Annual report 2020
  • Semi-annual report 2023
  • Semi-annual report 2022
  • Semi-annual report 2021

Announcements

  • Publication semi-annual reports 2023 (31-08-2023)
  • Prospectus change September 2023 (04-08-2023)
  • Publication Semi-annual reports 2022 (31-08-2022)
Fund documents
Reports
Announcements

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