Robeco Global Credits CH EUR

Unconstrained and contrarian approach across the different corporate bond segments

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
LU1071420373
Bloomberg
RGBCCHE LX

Asset class

Bonds

ISIN

LU1071420373

Bloomberg

RGBCCHE LX

Index

Bloomberg Global Aggregate Corporates Index

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

( 31-12 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Promising investment opportunities in credits
Flexible approach
Investment policy

About this fund

Robeco Global Credits is an actively managed fund that invests primarily in a diversified portfolio of global investment grade corporate bonds. 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. This fund has the flexibility to invest in other fixed income asset classes such as high yield, emerging credits and asset-backed securities. The fund can take limited active duration (interest-rate sensitivity) positions. The fund's objective is to provide long-term capital growth.

Key facts

Per 31-12-2025

Total size of fund	EUR 2,386,918,573
Size of share class	EUR 29,062,164
Inception date share class	04-06-2014
1-year performance	4.65%
Dividend paying	Yes

Fund manager

Matthew Jackson
Daniel Ender
Evert Giesen
Joost Breeuwsma

Matthew Jackson is Portfolio Manager Global Investment Grade in the Credit team. He joined Robeco in 2024 from Western Asset Management in London where he started his career in the industry in 2003 and consequently held roles of Risk Analyst, Portfolio Analyst, Research Analyst and Portfolio Manager of numerous dedicated credit funds and mandates. He holds a Bachelor’s in Economics (Hons) from the University of Sheffield. Daniel Ender is Portfolio Manager Investment Grade in the Credit team. Previously, he was a Credit Analyst at Actiam. Daniel started his career in the industry in 2018 at ABN AMRO. He has a Master’s in Financial Economics from Erasmus University Rotterdam and a Bachelor’s in Political Science and Economics from the University of Connecticut. Daniel also is CFA® charterholder. Evert Giesen is Portfolio Manager Investment Grade in the Credit team. Previously, he was an Analyst, responsible for covering the Automotive sector within the Credit team. Prior to joining Robeco in 2001, Evert worked at AEGON Asset Management for four years as a Fixed Income Portfolio Manager. He has been active in the industry since 1997 and holds a Master's in Econometrics from Tilburg University. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. He has a focus on European investment grade portfolios and global green bond portfolios. Prior to starting his career and joining Robeco in 2017 as a credit analyst, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London.

Per period	Fund	Index
1 month	-0.44%	-0.28%
3 months	0.19%	0.39%
YTD	4.65%	4.86%
1 year	4.65%	4.86%
2 years	3.24%	3.39%
3 years	4.26%	4.42%
5 years	-1.50%	-1.30%
10 years	1.55%	1.31%
Since inception 03-06-2014	1.74%	1.35%

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.	0.50	0.70
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.	1.08	0.59
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.	0.36	-0.38
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..	0.52	0.56
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.	1.00	1.04
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).	5.44	6.80
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.30	4.62
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.71	-5.35

Date	Amount
23-09-2025	EUR 0.89
25-06-2025	EUR 0.88
25-03-2025	EUR 0.89
20-12-2024	EUR 0.89

Download dividend history

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.	0.62%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.40%
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.	0.15%

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 31-12-2025

Credit markets ended December on firmer footing despite renewed volatility. Global IG closed at 80 bps and EUR IG at 78 bps, with spreads holding tight as typical year-end seasonal strength emerged. The Fed delivered a third rate cut, but three dissents and conflicting catch-up labor data following the shutdown highlighted a divided policy backdrop. Risk appetite improved into month-end as political noise faded and macro data stabilized. European credit remained well anchored. Hawkish ECB messaging and higher inflation forecasts pushed Bund yields higher, but strong demand, limited supply, and conservative balance sheets continued to support EUR markets. Despite December usually being a quiet month, the corporate news flow was unusually active. Paramount and Skydance's hostile takeover attempt for Warner Bros Discovery injected event risk into credit markets. SoftBank's additional USD 22.5 bln investment in OpenAI, lifting its stake to around 11%, reinforced strong financing momentum across the AI ecosystem. Technicals were seasonally supportive, and credit finished the year resilient but finely balanced heading into 2026.

Performance explanation

Per 31-12-2025

Based on transaction prices, the fund's return was -0.44%. The Bloomberg Global Aggregate Corporate Bond Index gained -0.28% in December (hedged to EUR). Credit spreads tightened modestly during the month, with US IG narrowing by 2 bps and EUR IG spreads tightening by 5 bps, both ending the month at 78 bps. Government yields moved higher: the 10-year US Treasury rose by 16 bps to 4.17%, while the 10-year Bund rose by 17 bps to 2.86%. The negative total returns were hence driven mainly by rising sovereign yields, while credit excess returns were positive for the month. The portfolio slightly outperformed its benchmark before fees during the month. Beta exposure was neutral, while issuer selection contributed modestly to performance. From an allocation perspective, the portfolio benefited from an overweight position in euro investment grade credit relative to US investment grade credit. Selection effects were neutral overall, as positive contributions from holdings such as Carnival Corp, Intesa Sanpaolo and Renault were offset by detractors including Paramount, Meta and Cellnex.

Expectation of fund manager

Matthew Jackson
Daniel Ender
Evert Giesen
Joost Breeuwsma

Credit markets enter 2026 supported by solid macro fundamentals, but tight valuations make the setup fragile. Global growth remains constructive on AI capex and gradual policy easing. The US still has momentum, yet softer labor data and political noise around the Fed add uncertainty. Europe looks steadier, with benign inflation, healthy balance sheets and supportive policy. EM are resilient, although China's uncertain stimulus and rich pricing call for selectivity. Spreads are near historic tights, so there is limited cushion if data disappoints or event risk rises. A larger supply pipeline, from hyperscalers to M&A financing, will test technicals and risk budgets even if demand stays firm. We stay disciplined: we favor higher-quality IG, shorter spread duration, and maintain conservative beta. We limit long-dated USD credit and are selective in tech linked to heavy AI spend. In high yield, we focus on BB/B quality, avoid distressed pockets and target idiosyncratic carry. We prefer European credit and bank capital, and keep EM selective and valuation-aware. The bottom line: a solid fundamental and technical backdrop remains in place, but tight spreads leave little margin for error – patience remains essential.

Robeco Global Credits CH EUR

Unconstrained and contrarian approach across the different corporate bond segments

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Dividend paying history

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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