Robeco QI Dynamic High Yield IH EUR

Looking for long-term capital growth and diversified exposure to global high yield via CDS index derivatives

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
LU1045433247
Bloomberg
RQHIHEU LX

Type de fonds

Bonds

ISIN

LU1045433247

Bloomberg

RQHIHEU LX

Indice

Bloomberg Global High Yield Corporate Index (hedged into EUR)

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 6

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

( 31-07 )

Aperçu Performance & frais Portefeuille Durabilité Commentaire Documents

Points clés

Liquid exposure to global high yield corporates
Performance driven by unique quantitative models
An alternative to passive, traditional active or direct high-yield investments

À propos de ce fonds

Robeco QI Dynamic High Yield is an actively managed fund that aims to provide long-term capital growth and offers diversified exposure to the global high yield corporate bond market, by investing primarily in CDS index derivatives. The positions in these instruments are based on quantitative models. The performance is model-driven by taking active beta and duration positions to decrease or increase the exposures towards the high-yield and rates markets within pre-defined risk limits.

Faits marquants

Par 31-07-2026

Actif du fonds	EUR 453,406,824
Montant de la classe d'actions	EUR 81,383,134
Date de création de la classe d'actions	28-03-2014
Performances sur 1 an	5.33%
Paiement de dividendes	Non

Gérant

Johan Duyvesteyn
Patrick Houweling
Lodewijk van der Linden

Johan Duyvesteyn is a portfolio manager in the Quant Fixed Income team. His areas of expertise include government bond market timing, credit beta market timing, country sustainability and emerging-market debt. He has published in the Financial Analysts Journal, the Journal of Empirical Finance, the Journal of Banking and Finance, and the Journal of Fixed Income. Johan started his career in the industry in 1999 at Robeco. He holds a PhD in Finance, a Master's in Financial Econometrics from Erasmus University Rotterdam and he is a CFA® Charterholder.” Patrick Houweling is Head of Quant Fixed Income and Portfolio Manager of Robeco’s quantitative credit strategies. Patrick has published seminal articles on Duration Times Spread, factor investing in credit markets, corporate bond liquidity and credit default swaps in various academic journals, including the Journal of Banking and Finance, the Journal of Empirical Finance and the Financial Analysts Journal. The article 'Factor Investing in the Corporate Bond Market' he co-authored received a Graham and Dodd Scroll Award of Excellence for 2017. Patrick is a guest lecturer at several universities. Prior to joining Robeco in 2003, he was Researcher in the Risk Management department at Rabobank International where he started his career in 1998. He holds a PhD in Finance and a Master's (cum laude) in Financial Econometrics from Erasmus University Rotterdam. Lodewijk van der Linden is a portfolio manager in the Quant Fixed Income team. Lodewijk has published in the Financial Analyst Journal on the best defensive strategies, has written on leveraging the volatility effect in the Journal of Portfolio Management and on the application of Credit Default Swap Indices in the Journal of Asset Management. He joined Robeco in August 2018. In the period 2015-2018 Lodewijk worked at Aegon Asset Management where he was Risk associate and Team Manager Client Reporting. Lodewijk started his career at PwC as an actuarial consultant in 2013. He holds a Master's in Actuarial Science from the University of Amsterdam and a Master's in Econometrics and Management Science from Erasmus University Rotterdam.

Par période	Fonds	Index
1 mois	-0.74%	-0.36%
3 mois	1.85%	0.35%
Depuis le début de l'année	0.92%	0.99%
1 an	5.33%	3.08%
2 ans	4.94%	5.00%
3 ans	7.83%	6.53%
5 ans	3.55%	1.98%
10 ans	4.35%	3.28%
Depuis création 27-03-2014	4.53%	3.10%

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.	2.99	3.26
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.	0.62	0.66
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.	0.92	0.28
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..	0.15	2.16
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.	1.46	1.05
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).	6.09	7.45
Gain mensuel max. (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	5.62	5.62
Perte mensuelle max.(%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-3.32	-4.00

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.	0.53%
Frais de gestion inclus A fee paid by the fund to the asset management company for the professional management of the fund.	0.40%
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.	0.12%
Frais de transaction The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.12%

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 0.01% 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.

Fiscalité applicable aux porteurs

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.

Fonds

Indice

Politiques

Par 31-07-2026

Évolution des marchés

Par 31-07-2026

Global high yield bond spreads widened by 8 bps. The European iTraxx Crossover widened 16 bps and US CDX High Yield widened by 8 bps, so CDS underperformed versus bonds and Europe underperformed versus the US. The global CDS index return was -0.20% and the underlying government bonds contributed -0.38%. Therefore, the combined return of investing in CDS indices and government bonds was -0.58% last month, lagging the -0.36% return of the high yield cash bond index. In July 2026, global financial markets navigated renewed Middle East geopolitical tensions and lingering inflation concerns. Equities were mixed, with US equities hurt by AI/semiconductor profit-taking, Europe outperforming the US thanks to lower tech exposure, and EM weakest as South Korean and Taiwanese semiconductor names lagged. Government bond yields trended upward, as both 10-year US Treasury yields and 10-year German Bund yields rose ca. 30 bps; the US 30-year yield even reached the highest level since 2007. Major central banks adopted a cautious stance, with both the Federal Reserve and the European Central Bank leaving interest rates unchanged while highlighting upside risks to inflation.

Attribution de performance

Par 31-07-2026

Based on transaction prices, the fund's return was -0.74%. The fund lagged the high yield cash bond market index by -0.36% gross of fees. The region allocation positions detracted, while the underweight duration positions contributed positively. The combined return of investing in CDS indices and government bonds underperformed versus the return of high yield cash bonds.

Prévisions du gérant

Johan Duyvesteyn
Patrick Houweling
Lodewijk van der Linden

The positions of the fund are fully determined by the outcomes of our proprietary models and integrated risk management. At the end of the month, the fund had a neutral credit exposure. The region allocation position was overweight in Europe and underweight in the US. The fund had no active duration positions.

Robeco QI Dynamic High Yield IH EUR

Looking for long-term capital growth and diversified exposure to global high yield via CDS index derivatives

Points clés

À propos de ce fonds

Faits marquants

Gérant

Performance

Évolution du cours

Statistiques

Frais

Fiscalité produit

Fiscalité applicable aux porteurs

Allocation des fonds

Politiques

Évolution des marchés

Attribution de performance

Prévisions du gérant

Documents de fonds

Rapports annuels / semestriels

Annonces

Let's keep the conversation going