Robeco High Yield Bonds 0DH USD

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
LU0594695172
Bloomberg
RHY0DHU LX

Asset class

Bonds

ISIN

LU0594695172

Bloomberg

RHY0DHU 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

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

( 31-03 )

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.

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Key facts

Per 31-03-2026

Total size of fund	USD 5,356,168,742
Size of share class	USD 9,401,248
Inception date share class	01-03-2011
1-year performance	5.40%
Dividend paying	No

Fund manager

Sander Bus
Christiaan Lever
Roeland Moraal
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. 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. Roeland Moraal is Head of Leveraged Finance and 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	Index
1 month	-1.68%	-1.39%
3 months	-0.64%	-0.51%
YTD	-0.64%	-0.51%
1 year	5.40%	6.65%
2 years	5.18%	7.16%
3 years	6.39%	8.51%
5 years	3.16%	4.32%
10 years	4.81%	6.08%
Since inception 01-03-2011	4.35%	5.78%

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.	0.83	1.14
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.	-0.88	0.17
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.	0.82	0.16
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..	-0.36	0.23
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.	0.91	0.92
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).	3.67	6.06
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.00	5.28
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-1.58	-5.60

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.	0.04%

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.

Market development

Per 31-03-2026

In March, high yield spreads widened by 31 bps to 322, and YTW increased by 81 bps to 7.16%. Markets were dominated by the conflict with Iran launched in late February, which sent Brent crude surging to USD 113/bbl as the Strait of Hormuz was effectively blocked. Pre-war February CPI held at 2.4%, but the energy shock is expected to push the figures higher. The Fed held rates at 3.50–3.75%, with markets now pricing out any cuts and giving a rate hike more than even odds. In Europe, the ECB kept rates at 2% but struck a hawkish tone as Eurozone CPI jumped to 2.5% on surging energy costs, with hikes now expected from mid-year. Credit markets came under broad pressure and private credit faced a wave of redemption caps at Apollo, BlackRock and Ares amid rising defaults. Global equities had their worst month since 2022, with the Nasdaq and Dow both entering correction territory before a late-month relief rally on tentative de-escalation signals. Over the month, USD 21 bln of high yield bonds were issued, while default volume contracted to a low since October 2022.

Performance explanation

Per 31-03-2026

Based on transaction prices, the fund's return was -1.68%. In March, the high yield benchmark returned -1.58%. The month was characterized by a risk-off sentiment, with credit returning negative excess return and the 10-year US yield jumping by 30 bps, reaching 4.32%. The portfolio underperformed by 21 bps, driven by 2 bps from beta and -23 bps from issuer selection. European credits, where we hold a large overweight, underperformed versus the USD, following the escalation of the conflict in Iran. Moreover, our position also suffered from worse risk-adjusted returns of higher rated bonds, where we are mostly overweight. From a sector perspective, underweight in the transportation sectors added 4 bps, whereas underweight in the consumer cyclical and underweight in the technology sectors detracted 10 and 12 bps. Overweight in Ineos Group contributed 5 bps, as the company benefited from the Persian Gulf conflict given its large North American footprint, which safeguards it from disruptions and sharp feedstock prices spikes. Our position in Ardagh detracted 4 bps, as the glass packaging business suffered in the month from rising energy prices.

Expectation of fund manager

Sander Bus
Christiaan Lever
Roeland Moraal
Daniel de Koning

Global high yield enters 2026Q2 with tight valuations against sharply rising macro uncertainty. The dominant risk is geopolitical: a rapid de-escalation of the Iran conflict would likely see energy prices retrace and growth hold up, but a prolonged disruption would materially raise recession risks through higher inflation, tighter financial conditions and weaker real incomes. Energy-driven inflation is already complicating the policy outlook. The Fed retains flexibility to ease if growth weakens, assuming energy prices normalize. In Europe, the picture is more concerning: greater dependence on imported energy leaves the region more exposed, and the ECB has signaled that persistent inflation could delay or even reverse easing expectations. Spreads do not yet reflect a prolonged adverse scenario, but dispersion is rising beneath stable headline indices, with pressure concentrated in sectors exposed to higher input costs and refinancing needs. We remain cautious, emphasizing quality and downside protection while avoiding areas where valuations offer insufficient compensation for elevated risks.