Robeco Financial Institutions Bonds DH USD

Investing in subordinated bonds issued by banks and insurance companies

基金類別 基金類別 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.

類別和代碼

資產類別
Bonds
ISIN
LU1025004406
彭博
RFIBDHU LX

資產類別

Bonds

ISIN

LU1025004406

彭博

RFIBDHU LX

指數

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

可持續發展相關信息
可持續發展相關信息
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.

第8條

概要表現及費用基金組合可持續性評論文件

重點

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

基金簡介

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.

基金資料

截至 31-07-2026

基金規模	USD 2,483,652,938
股份類別規模	USD 81,341,967
股份類別成立日期	04-02-2014
1年表現	3.63%
股息分派	不派息

基金經理

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.

期間回報	基金	Index
1個月	-0.67%	-0.72%
3個月	1.07%	1.05%
年初至今	1.57%	1.73%
1年	3.63%	4.06%
2年	5.95%	6.56%
3年	8.27%	8.63%
5年	3.34%	3.38%
10年	4.85%	4.81%
成立日期 03-02-2014	4.85%	5.09%

基金數據	3年	5年
事後追蹤誤差(%) 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
信息比率 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.	1.62	0.93
夏普比率 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.	1.37	0.10
阿爾法系數(%) 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..	0.67	0.99
貝塔值 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
標準差 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).	3.49	5.88
最大月收益 (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.28	4.05
最大月損失 (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.14	-4.94

本基金費用	百分比
持續收費 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%
包含管理費 A fee paid by the fund to the asset management company for the professional management of the fund.	0.80%
包含服務費 This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
交易費用 The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.09%

財政產品處理

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.

投資者的稅務安排

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.

基金

指數

基金政策

截至 31-07-2026

市場發展

截至 31-07-2026

July reversed much of June's calm as the US-Iran truce broke down, with both sides resuming strikes and Brent crude rebounding from USD 71/bbl to above USD 100 mid-month before easing to around USD 90, up more than 20% over the month. The renewed energy shock revived reflationary concerns across markets. Equities were led lower by a sharp unwind in AI-related and chip stocks, with the Philadelphia Semiconductor Index posting its worst month since 2008 and South Korea's KOSPI slumping despite a late rebound. US large-cap indices proved more resilient as investors rotated into non-tech areas, while European equities outperformed, helped by firmer Q2 growth. Government bonds sold off as reflation fears drove yields to multi-year highs, even as the Fed, ECB, BoE and BoJ all held rates steady. The Fed's decision offered little clarity and steepened the US curve, lifting the 30-year US Treasury yield to a post-2007 high, while 10-year Bund yields reached their highest since 2011. Credit posted negative total returns, driven almost entirely by the rise in underlying government yields rather than spreads, which stayed broadly contained across both US and European markets.

基金表現分析

截至 31-07-2026

Based on transaction prices, the fund's return was -0.67%. The fund generated a negative total return in July, driven by the rise in government bond yields. Five-year German Bund yields increased to 2.94% from 2.60% at the end of June. The benchmark's credit excess return amounted to a positive 14 basis points, reflecting a tightening of average index spreads to 113 basis points, down from 114 basis points the previous month, as well as positive carry. The portfolio outperformed the index by 15 basis points. The portfolio was mildly overweight in beta during the period, resulting in a positive contribution from market beta. The largest source of outperformance, however, was issuer selection. Key positive contributors included overweight positions in KBC, AXA, Deutsche Bank, Banamex (a Mexican bank), and NIBC. Negative contributions came from underweight positions in Sampo, Crédit Mutuel, and Hannover Re.

基金經理預期

Jan Willem de Moor
Jan Willem Knoll

Credit spreads have reached cycle lows. At the same time, the financial sector is fundamentally performing well. Balance sheets look robust after years of deleveraging. Profitability has benefited from higher interest rates, strong cost control, and a healthy growth in fee income. Looking ahead, we expect profitability to plateau at a higher level than that observed in the period between the global financial crisis and the Covid-19 crisis. We do not expect central banks to return to a zero-rate environment, while banks have made significant progress in improving their underlying profitability. As such, banks' resilience to external shocks has improved considerably. Demand for higher-yielding bonds remains strong, as investors seek to lock in attractive yield levels. We are selective when participating in new bond issues, as spreads have tightened and structural features have become increasingly important. We maintain a modest overweight beta position in the fund, balancing strong fundamentals against valuations that are becoming more demanding. At the same time, we believe we can continue to generate excess returns through our credit selection in both primary and secondary markets.

Robeco Financial Institutions Bonds DH USD

Investing in subordinated bonds issued by banks and insurance companies

重點

基金簡介

基金資料

基金經理

基金表現

價格走勢

基金數據

費用

財政產品處理

投資者的稅務安排

投資組合分佈

基金政策

市場發展

基金表現分析

基金經理預期

基金文件

年度及半年度報告 (只提供英文版)

公布

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