Robeco Corporate Hybrid Bonds IH USD

Investing in the corporate hybrids of investment grade non-financials

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
LU1874124479
Bloomberg
ROCHIHU LX

Asset class

Bonds

ISIN

LU1874124479

Bloomberg

ROCHIHU LX

Index

Bloomberg Global Corporate Hybrids 3% 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

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Investing in subordinated bonds with a high yield, issued by non-financial companies with an investment grade rating.
Corporate hybrids offer attractive valuations within fixed income.
Corporate hybrids have developed into a mature, standardized and diversified asset class.

About this fund

Robeco Corporate Hybrid Bonds is an actively managed fund that invests in global corporate hybrids bonds issued by nonfinancials. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. Corporate hybrids are deeply subordinated bonds with equity-like features. The bonds are mainly issued by investment grade issuers. The fund selects the best-in-class hybrid bonds, with the best risk-return characteristics.

Key facts

Per 31-10-2025

Total size of fund	USD 357’176’690
Size of share class	USD 2’756’031
Inception date share class	18-09-2018
1-year performance	8.88%
Dividend paying	No

Fund manager

Daniel Ender
Jan Willem Knoll

Daniel Ender is Portfolio Manager Investment Grade in the Credit team. Previously, he was a Credit Analyst at Actiam. Daniel started his career in the industry in 2018 at ABN AMRO. He has a Master’s in Financial Economics from Erasmus University Rotterdam and a Bachelor’s in Political Science and Economics from the University of Connecticut. Daniel also is CFA® charterholder. Jan Willem Knoll is Portfolio Manager Investment Grade in the Credit team. He joined the Credit team in 2016 as Analyst for the Financials sector. Previously, Jan Willem headed the Financials Equity sell-side research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including Portfolio Manager of global insurance portfolio pan-European financials portfolios. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® Charterholder.

Per period	Fund	Reference index
1 month	0.82%	0.92%
3 months	2.69%	2.57%
YTD	7.80%	7.51%
1 year	8.88%	8.52%
2 years	12.02%	11.32%
3 years	10.94%	10.43%
5 years	4.61%	4.60%
Since inception 17-09-2018	5.26%	5.13%

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.	0.70	1.05
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.	1.56	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.	1.90	0.37
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..	0.38	0.50
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.	1.12	1.12
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).	3.49	5.45
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.44	3.72
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-0.92	-5.56

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.	0.54%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.40%
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.	0.01%

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 31-10-2025

Markets stayed firm in October as an extended US China trade truce, solid data and decent earnings supported risk assets. Early tariff threats from President Trump sparked a risk-off move, but later meetings with President Xi delivered a renewed truce and scaled back measures. Equities finished higher, with the S&P 500 up 2.3 percent for a sixth consecutive monthly gain and Japanese stocks rallying after Sanae Takaichi became prime minister. Rates rallied alongside risk. The Fed cut its policy rate by 25 bps in late October but signalled that another December move was not assured, leaving the 10-year Treasury yield at 4.08 percent, its lowest close in over a year. The ECB and Bank of Japan left policy unchanged. Credit markets were resilient. Concerns around private credit and regional banks weighed on financials, but fundamentals and inflows kept global spreads broadly stable. Toward month-end, heavy hyperscaler jumbo issuance added pressure on credit spreads, particularly in the US. Precious metals extended their rally, with gold moving above 4,000 dollars per ounce and silver posting a sixth consecutive monthly gain.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 0.82%. The Bloomberg Global Corporate Hybrids Index returned 0.73% in October (hedged to EUR). Average spreads tightened by 1 bp to 144 bps over governments, resulting in credit excess returns of +0.34%. Rates also supported performance, with the 10-year Treasury yield declining by 7 bps to 4.08% and the 10-year Bund yield falling by 8 bps to 2.63%. Overall, positive total returns were driven by a combination of spread tightening, carry, and lower underlying sovereign yields. The portfolio underperformed versus its benchmark before fees. A modest beta above one in a market with positive excess returns supported performance. However, this was more than offset by weak issuer selection. Large overweight positions in names such as Paramount, SPP-Distribúcia and Volkswagen underperformed on a risk-adjusted basis. Underweight positions also detracted, notably our underweight in MTR Corp.

Expectation of fund manager

Daniel Ender
Jan Willem Knoll

Credit markets remain comfortably numb: spreads hover near cycle tights and risk appetite holds even as growth slows and inflation risks persist. Strong technicals and fading memories of drawdowns keep investors long, yet valuations leave no margin for error. In the US, credit defies weakening fundamentals: softer labor demand, margin pressure, and political interference at the Fed risk reigniting inflation into a cooling economy. Tariff pass-through and sticky services prices lift stagflation risk, so complacency is the enemy. We stay defensive, favoring shorter spread duration and higher quality issuers. Europe remains our preferred region given sturdier balance sheets, near target inflation, and supportive technicals. In IG, we keep spread duration short, underweight in long dated USD, and tilt up in quality. In HY, we run roughly neutral beta in BB and B, avoid CCC, and hunt idiosyncratic carry. We take profits in European corporate hybrids after sharp tightening, and stay overweight in European bank subs. EM technicals are constructive, but stretched valuations argue for selection over beta. Bottom line: we are cautious on valuations, constructive on technicals, and patient on adding risk.

Robeco Corporate Hybrid Bonds IH USD

Investing in the corporate hybrids of investment grade non-financials

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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