Robeco Euro Credit Bonds Z EUR

Unconstrained approach across different segments of the European corporate bond market

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
LU0357605475
Bloomberg
ROECRZU LX

Asset class

Bonds

ISIN

LU0357605475

Bloomberg

ROECRZU LX

Index

Bloomberg Euro Aggregate: Corporates

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

( 30-11 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Pure play on Euro investment grade credits
Contrarian and value-driven investment style
Experienced and stable investment team

About this fund

Robeco Euro Credit Bonds is an actively managed fund providing diversified exposure to Euro investment grade credits. The fund can invest to a limited extent outside the Benchmark in high yield-rated debt, securitized debt and non-Euro denominated bonds. All risks from exchange rate fluctuations are hedged. 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's objective is to provide long-term capital growth.

Key facts

Per 30-11-2025

Total size of fund	EUR 1,140,168,684
Size of share class	EUR 148,740,420
Inception date share class	18-04-2008
1-year performance	2.94%
Dividend paying	No

Fund manager

Jan Willem de Moor
Jan Willem Knoll
Joost Breeuwsma

Jan Willem de Moor is Portfolio Manager Investment Grade with a focus on European and financial bonds. Working together with the Insurance and Pensions Solutions team, he is also responsible for the management of buy & maintain portfolios. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University. Jan Willem Knoll is Portfolio Manager Investment Grade in the Credit team. He joined the Credit team in 2016 as Analyst for the Financials sector. Previously, Jan Willem headed the Financials Equity sell-side research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including Portfolio Manager of global insurance portfolio pan-European financials portfolios. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® Charterholder. 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	Reference index
1 month	-0.35%	-0.24%
3 months	0.90%	0.84%
YTD	3.36%	3.23%
1 year	2.94%	2.84%
2 years	5.75%	5.39%
3 years	5.36%	4.74%
5 years	0.59%	0.04%
10 years	2.06%	1.38%
Since inception 18-04-2008	3.55%	3.13%

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.	0.35	0.46
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.	1.77	1.31
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.	0.67	-0.20
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..	0.58	0.58
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.	1.01	0.99
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).	3.56	5.19
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	2.79	4.30
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-1.70	-4.06

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.	0.02%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.08%

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.

Market development

Per 30-11-2025

Credit markets navigated a volatile November. Spreads widened early in the month as markets priced out a December Fed cut and equity volatility rose. Most of that move reversed once softer labor data, dovish Fed commentary, and the resolution of the US government shutdown restored expectations for near-term easing and reduced fiscal uncertainty. UK Chancellor Reeves presented the much-anticipated 2025 budget, which was well received by markets, while in France, tough budget negotiations remain ongoing. The ECB made it quite clear that is aims to keep rates on hold for a while. Technical conditions were mixed. November delivered one of the heaviest new issue calendars of the year, with jumbo multi-tranche supply in USD from Alphabet and Amazon following Meta's blockbuster deal at the end of October. The sheer volume created brief indigestion and soft secondary performance in early prints. By month-end, however, supply tapered, the market absorbed the backlog, ETF flows steadied, liquidity improved, and sentiment firmed as concerns around the crowded AI trade eased.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was -0.35%. The portfolio posted a negative return in November; credit spreads widened and underlying government bond yields rose a bit too. The average index spread ended the month at 83 basis points, which is 6 bps wider than at the end of October. The performance of the portfolio was better than the performance of the index. The beta positioning of the portfolio was just slightly below neutral, which allowed for a small positive contribution from the modest widening of credit spreads. Issuer selection contributed to the performance of the portfolio, coming mainly from banking and consumer non-cyclicals. Our allocation to Tier-2 bonds also outperformed this month. The best-performing individual positions on a risk-adjusted basis were Teva, NIBC Bank and CEZ. Detractors from the performance were EPEN, Athora and Linde.

Expectation of fund manager

Jan Willem de Moor
Jan Willem Knoll
Joost Breeuwsma

Credit markets enter the last quarter of the year in a state of calm complacency. Spreads sit at new cycle lows, even as growth slows and inflation risks persist. Strong technicals and fading memories of past drawdowns keep investors comfortably long, yet valuations offer no margin for error. US credit continues to defy fundamentals as slowing labor demand, margin pressure, and political interference at the Fed risk reigniting inflation just as growth cools. We maintain a defensive stance, preferring shorter spread duration and higher-quality issuers. Europe remains our favored region, supported by steadier fundamentals, near-target inflation, and strong corporate balance sheets. Euro credit benefits from firm demand, limited supply, and a more balanced policy mix. Sector-wise, we stay overweight in financials – especially in European bank subordinated debt – given resilience to mild slowdowns or geopolitical stress, while taking profits in corporate hybrids. We avoid weaker areas such as chemicals, US homebuilders, and construction materials. Credit markets feel 'comfortably numb': supported by technicals, detached from fundamentals, and increasingly exposed to complacency.

Robeco Euro Credit Bonds Z EUR

Unconstrained approach across different segments of the European corporate bond market

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

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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