Robeco Financial Institutions Bonds DH USD

Investing in subordinated bonds issued by banks and insurance companies

Type de part Type de part 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.

Classe et codes

Type de fonds
Bonds
ISIN
LU1025004406
Bloomberg
RFIBDHU LX

Type de fonds

Bonds

ISIN

LU1025004406

Bloomberg

RFIBDHU LX

Indice

Bloomberg Euro Aggregate Corporates Financials Subordinated 2% Issuer Cap (hedged into USD)

Information de Durabilité
Information de Durabilité
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

Aperçu Performance & frais Portefeuille Durabilité Commentaire Documents

Points clés

A quality approach to investing in subordinated financials
Strong focus on Tier 2 debt while exposure to CoCos is capped at 20%
Experienced and stable investment team

À propos de ce fonds

Robeco Financial Institutions Bonds is an actively managed fund that mainly invests in subordinated debt issued by banks and insurance companies, primarily from Europe. The fund has a strong focus on Tier 2 debt, while having some flexibility to invest off-Benchmark in Contingent Convertible Bonds (also "coco" bonds), senior bonds and non-Euro denominated debt. 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.

Faits marquants

Par 30-06-2026

Actif du fonds	USD 2,485,453,641
Montant de la classe d'actions	USD 82,147,838
Date de création de la classe d'actions	04-02-2014
Performances sur 1 an	5.36%
Paiement de dividendes	Non

Gérant

Jan Willem de Moor
Jan Willem Knoll

Jan Willem de Moor is a portfolio manager investment grade with a focus on European and financial bonds in the Credit Team. 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 a portfolio manager investment grade in the Credit team. He joined the Credit team in 2016 as an 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.

Par période	Fonds	Index
1 mois	0.71%	0.68%
3 mois	3.09%	3.08%
Depuis le début de l'année	2.26%	2.46%
1 an	5.36%	5.89%
2 ans	7.38%	8.10%
3 ans	9.10%	9.46%
5 ans	3.64%	3.72%
10 ans	5.26%	5.18%
Depuis création 03-02-2014	4.94%	5.18%

Statistiques	3 ans	5 ans
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.	0.46	1.08
Ratio d'information 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.	1.64	0.89
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.	1.62	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..	0.63	0.94
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	1.01
Ecart type 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).	3.45	5.87
Gain mensuel max. (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.28	4.05
Perte mensuelle max.(%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.14	-4.94

Frais pour ce fonds	Pourcentage
Frais courants 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.	1.02%
Frais de gestion inclus A fee paid by the fund to the asset management company for the professional management of the fund.	0.80%
Commission de service inclus This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Frais de transaction The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.09%

Fiscalité produit

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.

Fiscalité applicable aux porteurs

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.

Évolution des marchés

Par 30-06-2026

Credit spreads were fairly stable in June, though the second half of the month was a bit weaker than the first half. Throughout the month, oil prices trended lower as the US and Iran agreed on a memorandum of understanding and oil exports began to recover through the Strait of Hormuz. In the US, monthly labor market data showed a strong uptick in hiring, suggesting that the recent trend of labor market softening may be reversing. Credit markets were hardly impacted by the end-of-month weakness in technology shares. Government bond returns were positive in June. 10-year US Treasury yields rose 3 basis points to 4.47%. The US yield curve flattened significantly, as 2-year US Treasury yields increased by 17 basis points, while the 30-year US Treasury yield declined by 2 basis points. German Bund yields declined 8 basis points to 2.86%, and the curve also flattened, albeit to a lesser extent. A number of new deals was announced, including Tier 2's of names such as Nordea, KBC, Mapfre, BCP and PKO. In the Tier-1 market, names such as Crédit Agricole Assurances, Erste Bank and BNP Cardiff issued new CoCos. We participated selectively in some of these deals.

Attribution de performance

Par 30-06-2026

Based on transaction prices, the fund's return was 0.71%. The fund generated a positive total return in June. Government bond yields ended the month largely lower, while credit spreads moved tighter. Spread performance was a positive 20 basis points, reflecting a tightening of average index spreads to 115 basis points, down from 116 basis points the previous month. The portfolio outperformed the index by 11 basis points. The portfolio was overweight in beta during the period, resulting in a positive contribution from market beta. Issuer selection contributed positively to performance. Key positive contributors included overweight positions in Deutsche Bank, mBank, Sampo and KBC Group. Negative contributions came from Banamex, Rabobank and Lloyds.

Prévisions du gérant

Jan Willem de Moor
Jan Willem Knoll

Credit spreads have reached cycle lows. At the same time, the financial sector is fundamentally doing well. Balance sheets look robust after years of deleveraging. Profitability has benefited from higher interest rates, strong cost control and healthy growth in fee income. Going forward, we expect profitability to plateau at a higher level than observed in the period between the great financial crisis and the Covid-19 crisis, as we do not expect central banks to move back to periods of zero interest rates, while at the same time banks have made strong progress in terms of improving their underlying profitability. A such, the resilience of banks to external shocks has greatly improved. Appetite for bonds with higher yields remains strong, as investors like to lock in attractive yield levels. We are becoming more selective in participating in new bond issues, as spreads have tightened. We target a neutral beta positioning in the fund, as despite strong fundamentals, we believe valuations are getting somewhat demanding. At the same time, we believe we can continue to add performance with our credit selection in primary and secondary markets.