Robeco Global SDG Credits IH NOK

Select companies that contribute positively to the SDGs while aiming to outperform over the full credit cycle

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
LU2539430764
Bloomberg
ROBCBSG LX

Asset class

Bonds

ISIN

LU2539430764

Bloomberg

ROBCBSG LX

Benchmark

Bloomberg Global Aggregate Corporates Index (hedged into NOK)

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 an active, value focused and contrarian investment style
Experienced and stable investment team

About this fund

Robeco Global SDG Credits is an actively managed fund that invests in corporate bonds in the global developed and emerging markets. 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 at least two-thirds of its total assets in non-government bonds (which may include contingent convertible bonds (also "coco" bonds)) and similar non-government fixed income securities and asset backed securities from all around the world. The fund will not invest into assets with a rating lower than "B-" by at least one of the recognized rating agencies. The fund takes into account the contribution of a company to the United Nations Sustainable Development Goals (SDG). The portfolio is built on the basis of the eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions, 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 31-12-2025

Total size of fund	NOK 19,619,743,583
Size of share class	NOK 801,331,557
Inception date share class	18-10-2022
1-year performance	6.95%
Dividend paying	No

Fund manager

Matthew Jackson
Daniel Ender
Evert Giesen
Joost Breeuwsma

Matthew Jackson is Portfolio Manager Global Investment Grade in the Credit team. He joined Robeco in 2024 from Western Asset Management in London where he started his career in the industry in 2003 and consequently held roles of Risk Analyst, Portfolio Analyst, Research Analyst and Portfolio Manager of numerous dedicated credit funds and mandates. He holds a Bachelor’s in Economics (Hons) from the University of Sheffield. 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. Evert Giesen is Portfolio Manager Investment Grade in the Credit team. Previously, he was an Analyst, responsible for covering the Automotive sector within the Credit team. Prior to joining Robeco in 2001, Evert worked at AEGON Asset Management for four years as a Fixed Income Portfolio Manager. He has been active in the industry since 1997 and holds a Master's in Econometrics from Tilburg University. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. He has a focus on European investment grade portfolios and global green bond portfolios. Prior to starting his career and joining Robeco in 2017 as a credit analyst, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London.

Per period	Fund	Benchmark
1 month	-0.24%	-0.08%
3 months	0.76%	0.92%
YTD	6.95%	7.05%
1 year	6.95%	7.05%
2 years	4.90%	4.85%
3 years	5.35%	5.54%
Since inception 18-10-2022	6.58%	6.36%

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.	0.51	-
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.	1.01	-
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.	0.34	-
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..	0.50	-
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.	1.00	-
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).	5.43	-
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.34	-
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.61	-

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%

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

Benchmark

Policies

Per 31-12-2025

Market development

Per 31-12-2025

Credit markets ended December on firmer footing despite renewed volatility. Global IG closed at 80 bps and EUR IG at 78 bps, with spreads holding tight as typical year-end seasonal strength emerged. The Fed delivered a third rate cut, but three dissents and conflicting catch-up labor data following the shutdown highlighted a divided policy backdrop. Risk appetite improved into month-end as political noise faded and macro data stabilized. European credit remained well anchored. Hawkish ECB messaging and higher inflation forecasts pushed Bund yields higher, but strong demand, limited supply, and conservative balance sheets continued to support EUR markets. Despite December usually being a quiet month, the corporate news flow was unusually active. Paramount and Skydance's hostile takeover attempt for Warner Bros Discovery injected event risk into credit markets. SoftBank's additional USD 22.5 bln investment in OpenAI, lifting its stake to around 11%, reinforced strong financing momentum across the AI ecosystem. Technicals were seasonally supportive, and credit finished the year resilient but finely balanced heading into 2026.

Performance explanation

Per 31-12-2025

Based on transaction prices, the fund's return was -0.24%. The Bloomberg Global Aggregate Corporate Bond Index returned -0.28% in December (hedged to EUR). Year-to-date, the fund delivered 5.39%, outperforming the benchmark's 4.86%. Credit spreads held firm, supported by seasonally strong technicals and light issuance. Global IG ended at 80 bps and EUR IG at 78 bps, while modestly higher core yields kept total returns slightly negative. The portfolio had a neutral performance. Beta and issuer selection impact was minimal, with a near neutral stance maintained throughout the month. The largest positive contributor was Cemex perps. The largest detractors were Paramount Global, pressured by corporate action volatility, and Netflix, whose spreads widened after markets reacted negatively to its initial winning bid for Warner Bros. Discovery.

Expectation of fund manager

Matthew Jackson
Daniel Ender
Evert Giesen
Joost Breeuwsma

Credit markets enter 2026 on a resilient macro footing, but confidence is fragile. Global growth looks solid, supported by AI‑driven capex, easier policy, and reduced tariff risk, though dispersion is widening. US momentum continues, yet labor softness and political pressure on the Fed cloud visibility. Europe remains steadier with benign inflation, strong balance sheets, and loose policy. EM are robust, but China's uncertain stimulus and tight valuations call for careful selection. Valuations offer little cushion as spreads sit near historic tights, and an expected supply wave – from hyperscalers to M&A – may challenge strong technicals. Demand remains firm, but conditions could be peaking as issuance competes for limited risk budgets. We stay disciplined: we favor higher‑quality IG, shorter spread duration, and conservative beta. We avoid long‑dated USD credit and are selective in sectors with stretched fundamentals, especially AI‑heavy tech. In high yield, we focus on BB/B names, avoid distressed areas, and seek idiosyncratic carry. We maintain a constructive stance on European credit and bank capital, while approaching EM selectively.

A provision for exchange rate fluctuation when representations are made in foreign currencies (i.e. Any representations made which are not denominated in HKD/ USD/ EUR) may expose investors to exchange rate fluctuations.

Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

Positive distribution yield does not imply positive return. Investors should not make any investment decision solely based on information contained in the table. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

Annualized dividend yield is calculated with the following formula: (Dividend payout per share / Net Asset Value (NAV) per share on the last business day of the previous month the dividend was paid in) x (12 / Number of month(s) since the last dividend payment) x 100%. Positive distribution yield does not imply a positive return. The yield figure is for reference only.

Where a reference is made to the frequency of dividend distributions, this frequency is an aim and not a guarantee. The fund may at its discretion pay dividend out from capital. Dividend yield is not guaranteed, and is not indicative the return of the Fund. The yield figure is for reference only. The fund may at its discretion to pay dividend out from capital. Distributions out of capital may result in the reduction of an investor’s original capital invested in the Sub-fund or from any capital gains attributable to that original investment of the Sub-fund. Also, any distributions involving the capital and/or capital gains may result in an immediate reduction of the net asset value per share of the relevant class. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. If there is a change of distribution policy of the Sub-fund, the Management Company will seek the prior approval of the Securities and Futures Commission in Hong Kong ('SFC') and provide at least one month’s prior notice to affected Shareholders.

Robeco Global SDG Credits IH NOK

Select companies that contribute positively to the SDGs while aiming to outperform over the full credit cycle

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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