Robeco European High Yield Bonds FH EUR

Investing in euro-denominated credits issued by companies with a sub-investment grade rating

Clase de acción Clase de acción 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.

Clase y códigos

Clase de activos
Bonds
ISIN
LU0940007346
Bloomberg
ROEHYFH LX

Clase de activos

Bonds

ISIN

LU0940007346

Bloomberg

ROEHYFH LX

Índice

Bloomberg Pan-European HY Corporate ex Financials 2.5% Issuer Constraint index (hedged into EUR)

Información sobre sostenibilidad
Información sobre sostenibilidad
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.

Artículo 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

( 30-06 )

Visión general Rentabilidad & costes Cartera de valores Sostenibilidad Comentario Documentos

Puntos clave

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

Acerca de este fondo

Robeco European High Yield Bonds is an actively managed fund that invests predominantly in bonds with a sub-investment grade rating, issued primarily by European issuers. 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 (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection.

Hechos clave

A 30-06-2026

Tamaño del fondo	EUR 295,470,267
Tamaño de la clase de acción	EUR 15,427,649
Fecha de creación de la clase de acciones	03-09-2013
Rendimiento de 1 año	4.41%
Pago de dividendos	No

Gestor del fondo

Daniel de Koning
Sander Bus
Roeland Moraal
Christiaan Lever

Daniel de Koning is a portfolio manager high yield in the Credit team. Prior to joining Robeco in 2020, he was a 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. Sander Bus is CIO and a 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 Head of Leveraged Finance, and a portfolio manager high yield in the Credit team. Before assuming this role, he was a 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 a portfolio manager high yield in the Credit team. Before assuming this role in 2016, he was a 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.

Por periodo	Fondo	Index
1 mes	0.47%	0.46%
3 meses	3.42%	3.18%
YTD	1.62%	1.56%
1 año	4.41%	4.21%
2 años	5.25%	5.63%
3 años	6.50%	7.13%
5 años	2.70%	3.11%
10 años	3.66%	3.93%
Desde inicio 01-10-2005	5.13%	5.37%

Estadísticas	3 años	5 años
Error de seguimiento 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.	0.63	0.90
Ratio de información 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.	0.29	0.42
Ratio de Sharpe 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.	1.32	0.24
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..	0.03	0.33
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.	1.04	1.04
Desviación estándar 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).	3.40	6.42
Máx. ganancia mensual (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.25	5.13
Máx. pérdida mensual (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.71	-6.73

Coste de este fondo	Porcentaje
Gastos corrientes 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.	0.73%
Comisión de gestión incluida A fee paid by the fund to the asset management company for the professional management of the fund.	0.50%
Comisión de servicio incluida This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Gastos transaccionales The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.00%

Tratamiento fiscal del producto

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.

Tratamiento fiscal del inversor

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.

Evolución del mercado

A 30-06-2026

In June, the euro high yield benchmark returned 0.46%. Credit excess returns were strong over the month, with a positive contribution from rates return as well, which ended the period flat, with the 10-year German yield at 2.86%. The portfolio outperformed by 8 bps. Issuer selection was positive, adding 8 bps to performance, while beta positioning's contribution was -1 bps. Single Bs had the best risk-adjusted returns, followed by BBs, while junk posted quite weak returns. From a sector perspective, overweight in the banking and underweight in the communications sectors added 7 and 6 bps, whereas underweight in the technology and underweight in the transportation sectors detracted 2 and 2 bps. Underweight in Virgin Media contributed 6 bps, as bonds slipped over the month on negative sentiment building up from the previous month's news. Overweight in Paragon bonds detracted 2 bps; despite a decent set of numbers, the company still is suffering from the software sell-off.

Explicación del rendimiento

A 30-06-2026

Based on transaction prices, the fund's return was 0.47%. In June, euro high yield widened by 3 bps to 279, and YTW rose 6 bps to 5.63%. The Iran conflict took a decisive turn in June after the US and Iran signed an understanding, sending TTF gas tumbling below USD 39/MWh before settling around USD 42 as traders questioned the pace of any Hormuz reopening. EU storage stood at just 46% of capacity, well below the five-year average. Eurozone flash CPI surprised to the downside at 2.8% in June (from 3.2% in May), with energy inflation easing to 8.7% and core falling to 2.4. The ECB unanimously hiked 25 bps to 2.25% on June 11 and revised 2026 inflation up to 3.0% and growth down to 0.8%; markets expect a second hike in September. In the UK, May CPI held at 2.8%, the BoE kept rates at 3.75% with an encouraging outlook on inflation due to the oil price falling. Euro high yield issuance was elevated in June, with 18.7 bln of high yield bonds issuance and one default affecting the market.

Expectativas del gestor del fondo

Daniel de Koning
Sander Bus
Roeland Moraal
Christiaan Lever

European high yield enters 2026Q3 with spreads still relatively tight, despite a complex backdrop. Gulf tensions have eased and oil prices retraced, which should temper inflation and reduce the case for further tightening from the ECB and Fed – reinforced by signs of a cooling US labor market. Geopolitical risk hasn't gone away, however: the Russia-Ukraine conflict has entered a more unpredictable phase, and while markets have largely shrugged this off, the risk of tail events and volatility spikes remains underappreciated. The AI investment cycle continues to drive demand for semiconductors, power and data infrastructure, creating pockets of strength but also adding to inflationary pressures. Dispersion remains elevated – most issuers trade well inside historical averages while a tail of credits widens on company-specific stress, refinancing risk or structural disruption, with AI-related business model challenges an important area of focus. We continue to emphasize resilient business models, solid balance sheets and careful risk selection, while avoiding areas where spreads offer insufficient compensation for Europe's macro and geopolitical risks.

Robeco European High Yield Bonds FH EUR