Robeco SDG High Yield Bonds EH SEK

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.

Class and codes

Asset class
Bonds
ISIN
LU2582979113
Bloomberg
RSHYEHS LX

Asset class

Bonds

ISIN

LU2582979113

Bloomberg

RSHYEHS LX

Index

Bloomberg Global High Yield Corporate Index (Hedged into SEK)

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

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. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The fund 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's objective is to provide long term capital growth.

Key facts

Per 31-10-2025

Total size of fund	SEK 6’157’457’771
Size of share class	SEK 43’077’285
Inception date share class	21-02-2023
1-year performance	4.18%
Dividend paying	Yes

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 and he is a CFA® 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. 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.

Per period	Fund	Reference index
1 month	-0.05%	-0.01%
3 months	1.04%	1.36%
YTD	3.98%	5.18%
1 year	4.18%	5.72%
2 years	7.76%	9.81%
Since inception 21-02-2023	6.03%	7.80%

Date	Amount
23-04-2025	SEK 3.99
24-04-2024	SEK 3.25

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.	1.32%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.10%
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.	0.00%

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 0.05% 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

Index

Policies

Per 31-10-2025

Market development

Per 31-10-2025

In October, high yield spreads widened by 13 bps to 287, with YTW also expanding 6 bps to 6.44%. In October, the US government entered a shutdown after lawmakers failed to reach a budget deal, forcing hundreds of thousands of federal employees on furlough and halting several key services. The disruption complicated the Federal Reserve's policy assessment, with policymakers deprived of crucial economic data. While no jobs report was released, inflation rose less than expected in September, up 2.9% month-on-month. Against this backdrop, the Fed cut rates by 25 bps to 3.75% and signaled the end of its three-year quantitative tightening phase, citing concerns over tightening money markets. Meanwhile, the AI investment boom continued to inject optimism, standing in contrast to a weakening labor market and the fiscal paralysis in Washington. In Europe, the ECB kept rates unchanged at 2%. High yield new issuance was the third highest on record, with USD 19 bln printed.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was -0.05%. In October, the high yield market had total returns of 0.25%. From a macro perspective, negative excess returns and volatile underlying rates, ending the month flat, contributed to this result. The portfolio outperformed by 9 bps this month, as issuer selection contributed 5 bps and underweight beta positioning added 3 bps. Our tilt toward higher quality credits contributed positively, as during the period, BBs outperformed and CCCs underperformed, on a risk-adjusted basis. Our higher allocation to EUR-denominated bonds did not contribute meaningfully, as they performed in line with USD. From a sector perspective, our underweight in the energy sector and our overweight in the capital goods sector contributed 3 bps each, while our overweight in basic industry detracted 9 bps. Our underweight in Organon contributed 3 bps, as bonds and equity of the company dropped after an investigation found that the company engaged in improper sales practices, involving less than 1% of consolidated revenue. Overweight in Magnera detracted 3 bps, as packaging volumes have underperformed in the third quarter.

Expectation of fund manager

Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning

The third quarter of 2025 was again notable, with high yield spreads tightening to near record lows despite geopolitical tensions and softer economic signals. Markets remain resilient, largely ignoring repeated risk warnings. US growth is expected to slow to approximately 1.5% annualized, with labor data showing weaker job creation and private employment. Further deterioration could weigh on sentiment and spending, while inflation risks persist from tariffs, wages, and AI-driven power demand. Europe looks steadier, supported by savings, fiscal spending, and inflation back at target, though still exposed to US policy shifts. Despite stretched valuations, strong technicals prevail as investors, burned by past false alarms, avoid hedging and continue to chase new issues. We remain cautious, emphasizing quality and avoiding weaker segments where valuations no longer cover risks.

Robeco SDG High Yield Bonds EH SEK

Benefiting from a long-term quality approach pays off in high yield bonds

Key points

About this fund

Key facts

Fund manager

Performance

Dividend paying history

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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