Robeco Emerging Markets Bonds D USD

Sourcing alpha opportunities with high conviction across emerging bond markets

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
LU2862982225
Bloomberg
RBEMDUS LX

Asset class

Bonds

ISIN

LU2862982225

Bloomberg

RBEMDUS LX

Index

J.P. Morgan EMBI Global Diversified (Total Return, USD)

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

Highly experienced and stable team with average of 15+ years experience
Sovereign credit analysis at the core of the investment process
Aiming to outperform through superior market positioning, and issuer and bond selection

About this fund

Robeco Emerging Market Bonds is an actively managed fund investing in assets such as government bonds, asset backed securities and other fixed income securities of emerging countries mainly denominated in Hard currency (where Hard currency refers to globally traded major currency, such as but not limited to USD, EUR, GBP, JPY and CHF). The selection of these assets is based on fundamental analysis. The fund's objective is to achieve a better return than the index and provide long-term capital growth.

Key facts

Per 31-10-2025

Total size of fund	USD 12,255,072
Size of share class	USD 30,141
Inception date share class	24-09-2024
1-year performance	10.58%
Dividend paying	No

Fund manager

Diliana Deltcheva
Nicholas Sauer
Richard Briggs

Diliana Deltcheva is Head of Emerging Market Debt and member of the Global Macro team. She joined Robeco in 2024. Previously, she was Head of Emerging Market Debt at Candriam. She has also worked at ING Investment Management in various roles, including portfolio manager Emerging Market Debt. She joined the industry in 2002 at ING Investment Management and worked in various roles, including portfolio manager Emerging Market Debt. She holds a Bachelor's in Business Administration/ Political Science & International Relations at the American University in Bulgaria and a Master's in International Finance from the University of Amsterdam. She is a CFA® Charterholder. Nicholas Sauer is Portfolio Manager Emerging Market Debt and member of the Global Macro team. He joined Robeco in 2024. Previously, he was portfolio manager Emerging Market Debt at Candriam. Prior to joining Candriam in 2019, he worked in various roles at BMO Global Asset Management, including as portfolio manager EMD and analyst EMD. Nicholas Sauer joined the industry in 2011. He holds a Master's in Finance and Investments from the Rotterdam School of Management, Erasmus University Rotterdam and is a CFA® Charterholder. Richard Briggs is a Portfolio Manager covering Emerging Market Debt and a member of the Global Macro team. He joined Robeco in 2024. Previously, he was a portfolio manager focused on Emerging Market Debt at Candriam. Prior to joining Candriam in 2022, he worked at GAM Investments as a portfolio manager covering EMD and prior to that he led emerging market credit strategy at CreditSights. He joined the industry in 2011. He holds a Bachelor of Arts with Honours in Economics from the University of Strathclyde and a Master’s in Financial Economics from the University of Glasgow. He is a CFA® Charterholder and holds the CFA ESG certificate.

Per period	Fund	Reference index
1 month	2.34%	2.13%
3 months	5.33%	5.64%
YTD	10.59%	13.02%
1 year	10.58%	12.76%
Since inception 24-09-2024	7.61%	10.08%

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.	1.41%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.20%
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%

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

Emerging markets have continued to deliver strong returns for investors in October, which ended as the second strongest month of the year so far with a return of 2.13%. The primary driver of returns was further spread tightening, which added 1.5%, and falling base rates adding a further 0.62%. The index spread closed the month at 262 bps, or 26 bps tighter. The top performers in October were Argentina (+29.34%) and Venezuela (+26.81%), both for highly idiosyncratic reasons, followed by Ethiopia (9.66%) and Bolivia (+4.69%). At the bottom of the range we find Gabon (-2.26%), and Mozambique (-1.91%).

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 2.34%. The fund outperformed the index by a reasonable margin in October. Local currency positions in Egypt and Turkey continued contributing to fund returns versus the benchmark. Duration in USD detracted from performance, which was only partially compensated for by the contribution from EUR duration. In terms of country allocation and security selection, the most important performance drivers were the overweights in Egyptian long-end bonds, Sri Lanka, and the underweight in Saudi Arabia. The largest detractor from performance was the position in CDX EM, followed by security selection in Colombia and Argentina.

Expectation of fund manager

Diliana Deltcheva
Nicholas Sauer
Richard Briggs

With an asset class yield of 6.8% at the end of August, expected EM bond returns are still attractive, but spreads are starting to look expensive in absolute terms. Spreads are still attractive when compared to those in other credit asset classes, suggesting that credit default risk is still overcompensated for in emerging markets debt. US monetary policy easing is expected to continue to support EM markets, and could continue to provide risk appetite, benefiting EM bonds. EM fundamentals are generally healthy and have continued to improve. Expectations of defaults are currently low. Reserve coverage is generally strong, as terms of trade of EMs have improved.

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 Emerging Markets Bonds D USD

Sourcing alpha opportunities with high conviction across emerging bond markets

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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