
Robeco SDG High Yield Bonds FH EUR
Benefiting from a long-term quality approach pays off in high yield bonds
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.
FH-EUR
DH-SEK
EH-SEK
FH-USD
IE-EUR
IEH-GBP
IEH-USD
IH-CHF
IH-EUR
IH-USD
ZH-EUR
ZH-GBP
Class and codes
Asset class:
Bonds
ISIN:
LU2061804121
Bloomberg:
RSHYFHE LX
Index
Bloomberg Global High Yield Corporate 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 (31/12)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Uses a proprietary SDG measurement framework to select companies that contribute positively to the SDGs, excludes those that do the opposite.
- Managed with a conservative approach by an experienced team
- Disciplined and repeatable investment process
About this fund
Robeco SDG High Yield Bonds is an actively managed fund that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si.
Key facts
Total size of fund
€ 523,741,549
Size of share class
€ 3,308,704
Inception date share class
22-10-2019
1-year performance
5.43%
Dividend paying
No
Fund manager

Christiaan Lever

Sander Bus

Roeland Moraal

Daniel de Koning
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. 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. 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. Robeco SDG High Yield Bonds 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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.02%
-0.29%
3 months
0.00%
0.22%
YTD
5.43%
7.26%
1 year
5.43%
7.26%
2 years
7.39%
8.86%
3 years
0.63%
1.03%
5 years
1.28%
2.15%
Since inception 10/2019
1.51%
2.43%
2024
5.43%
7.26%
2023
9.37%
10.48%
2022
-11.64%
-12.97%
2021
1.42%
2.81%
2020
3.09%
4.91%
2022-2024
0.63%
1.03%
2020-2024
1.28%
2.15%
Statistics
Statistics
Hit-ratio
Characteristics
- Statistics
- Hit-ratio
- Characteristics
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.
1.35
1.50
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.
0.27
-0.10
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.
-0.12
0.10
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..
0.26
-0.09
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.
0.94
0.89
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).
7.57
8.31
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
4.58
4.60
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-5.97
-10.71
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
20
28
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
55.6
46.7
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.
8
11
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
40
29.7
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.
12
17
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
75
73.9
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.
BA2/BA3
BA3/B1
Option Adjusted Modified Duration (years)
The interest rate sensitivity of the portfolio.
3.10
3.10
Maturity (years)
The average maturity of the securities in the portfolio.
4.20
4.00
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.
6.60
3.80
Costs
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.
0.77%
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.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.01%
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 0.05% 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.
Fund allocation
Country
Currency
Duration
Rating
Sector
Top 10
- Country
- Currency
- Duration
- Rating
- Sector
- Top 10
Policies
All currency risks are hedged.
Robeco SDG High Yield Bonds make use of derivatives for hedging purposes as well as for investment purposes. These derivatives are 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 SDG High Yield Bonds is an actively managed fund that invests in global corporate bonds. The selection of these bonds is based on fundamental analysis.The fund's objective is to provide long term capital growth. The funds invests in high yield corporate bonds with a sub-investment grade rating, with a structural bias to the higher rated part in high yield. The portfolio is built on the basis of the eligible investment universe and the relevant SDGs using an internally developed framework about which more information can be obtained via the website www.robeco.com/si. The fund has sustainable investment as its objective within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation. The fund advances the UN Sustainable Development Goals (SDGs) by investing in companies whose business models and operational practices are aligned with targets defined by the 17 UN SDGs. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco’s Good Governance policy and applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies and issuers) to the extent of 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 environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
Sustainability is incorporated in the investment process by the means of a target universe, exclusions, ESG integration, and a minimum allocation to ESG-labeled bonds. The fund solely invests in credits issued by companies with a positive or neutral impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). In addition, 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. ESG factors are integrated in the bottom-up security analysis to assess the impact of financially material ESG risk on the issuer's fundamental credit quality. Furthermore, the fund invests at least 2% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where a credit issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Global High Yield Corporate Index.
Market development
In the month of December, US high yield market spreads expanded by 13 bps and yields by 26bps, ending the period at respectively 300 bps and 7.15%. After months of inflation pressures easing and well into the cutting cycle, major central banks are realizing that inflation proved to be stickier than expected. The US PCE showed an uptick for the second month, showing a 2.4% increase from last year, and the expectation for the year to come is that the last mile to the 2% target will be difficult. Trade, taxes and immigration policies of the new US president-elect are adding uncertainties to global inflation projections. Accordingly, the Fed – after cutting rates by 25 bps to 4.25% – showed 2025 projections with fewer cuts than anticipated, sending the 10-year treasury yield back to May highs. Inflation has been on the rise in the UK as well, printing at 2.6%. The Eurozone, on the other hand, is observing inflation coming down to its target and having a downside risk due to a looming growth outlook. US high yield new issuance totaled USD 11.5 bln in the month of December. Default activity was on the rise, with USD 13.4 bln in bonds involved in defaults/distressed transactions.
Performance explanation
Based on transaction prices, the fund's return was 0.02%. In December, the high yield bond index posted a total return of -0.29%. Minimal excess returns were not enough to compensate for the jump in underlying treasury yields to 4.57%. The portfolio outperformed the benchmark by 29 bps over the month. The outcome was driven by negative beta contribution (-3 bps), compensated by positive issuer selection (+36 bps). On a risk-adjusted basis, EUR-denominated bonds outperformed, particularly in the higher quality segment, whereas USD bonds witnessed the opposite. Our positioning in higher quality paper, with an overweight in European names benefited. Overweight in the banking sector was positive (+7 bps), whereas positioning in the capital goods sector was the main detractor (-1 bps). Overweight in the secured bonds of Commscope was beneficial (+3 bps), as the company was able to get financing and repay the more imminent maturities. Overweight in the Pharmaceutical company Ceplapharm detracted 5 bps, as Q3 numbers disappointed and the company issued a negative outlook.
Expectation of fund manager

Christiaan Lever

Sander Bus

Roeland Moraal

Daniel de Koning
Global high yield spreads remain historically tight due to strong demand and elevated yields, as investors prioritize higher returns over concerns about valuations and macroeconomic uncertainties. The US economy has shown resilience despite monetary tightening, supported by fiscal stimulus, pent-up demand, and longer debt maturities. Further rate cuts are expected as labor markets cool, contributing to a stable outlook for markets. Europe faces challenges exacerbated by high energy costs, weak investment, and sluggish growth. However, fiscal easing and Chinese stimulus may offer support. Emerging markets are on stronger footing with improved credit profiles and lower leverage. HY spreads are near historical lows, leaving limited protection against shocks like trade disruptions, inflation and geopolitical instability. Cross-currency opportunities, especially in EUR credit, remain appealing, and selective M&A activity may offer entry points if issuers avoid excessive leverage. Despite valuation concerns, HY markets benefit from strong technical support and a solid corporate backdrop, requiring a flexible, selective, bottom-up approach to identify opportunities.