Robeco High Yield Bonds IH JPY

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

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
LU2895059892
Bloomberg
RGHYBIJ LX

Asset class

Bonds

ISIN

LU2895059892

Bloomberg

RGHYBIJ 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

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Managed with an active, quality tilted investment style
Disciplined and repeatable investment process
Experienced and stable investment team

About this fund

Robeco High Yield Bonds is an actively managed fund that invests predominantly in bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. 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.

Key facts

Per 30-11-2025

Total size of fund	JPY 859’385’118’177
Size of share class	JPY 521’771’830
Inception date share class	24-09-2024
1-year performance	2.17%
Dividend paying	No

Fund manager

Sander Bus
Roeland Moraal
Christiaan Lever
Daniel de Koning

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. 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. 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	0.19%	0.20%
3 months	0.34%	0.47%
YTD	2.75%	3.68%
1 year	2.17%	2.98%
Since inception 24-09-2024	1.16%	2.48%

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.	0.69%
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.	0.09%

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.

Fund

Index

Policies

Per 30-11-2025

Market development

Per 30-11-2025

In November, high yield spreads tightened by 11 bps to 276, while YTW compressed by 17 bps to 6.27%. The month was characterized by a risk-off tone in equities but relative stability in credit, as investors weighed renewed concerns over global growth. Discussion centered on the bifurcation within the US economy, where higher-income households continue to drive consumption while lower-income segments show increasing signs of strain amid a cooling labor market and slowing wage growth. The 43-day US government shutdown – the longest in history – ended on November 12th, allowing the resumption of key data releases and enabling policymakers to make a more informed decision in their final meeting of the year. In Europe, the ECB kept rates unchanged at 2%, with inflation viewed as broadly under control and policy settings seen near the target level. US high yield issuance totaled USD 24.9 bln during the month, while three default or LME events affected just under USD 10 bln of debt.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.19%. In November, the high yield market had a total return of 0.32%. This result was mainly driven by declining underlying government rates, with the US 10-year yield falling to 4.1%, together with negative excess credit returns. The portfolio outperformed by 19 bps this month, as issuer selection contributed 18 bps and underweight beta positioning added 1 bps. Higher quality credit outperformed in the dollar market, and underperformed in the EUR market, on a risk-adjusted basis. Overall, the EUR market – where we hold an overweight – had better returns. From a sector perspective, our underweight in consumer cyclical and overweight in capital goods added 5 bps and 4 bps, respectively; underweight in the energy sector detracted 4 bps. Our overweight in Magnera contributed 6 bps, after the specialty materials company delivered a strong first set of results after its merger with Glatfelter. Conversely, our position in Mercer detracted 3 bps, as uncertainty in international trade weighed on pulp demand; following weak earnings, rating agencies downgraded the company to CAA.

Expectation of fund manager

Sander Bus
Roeland Moraal
Christiaan Lever
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 High Yield Bonds IH JPY

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

Key points

About this fund

Key facts

Fund manager

Performance

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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