Robeco Transition Emerging Credits Z USD

Finding alpha in opportunities that support the sustainable transition in Emerging Markets

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
LU1071420613
Bloomberg
RCGECZU LX

Asset class

Bonds

ISIN

LU1071420613

Bloomberg

RCGECZU LX

Index

JPM CEMBI Broad Diversified

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

( 30-11 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Contrarian and unconstrained investing in entities that are leading or enabling the sustainability transition in Emerging Markets
Leveraging on Robeco proprietary sustainability research and IP with a strong track record in Emerging Markets fixed income
Enables investors to tap into the potential growth of the transition from both financial and sustainability perspectives

About this fund

Robeco Transition Emerging Credits is an actively managed sub-fund that invests in bonds (which may include contingent convertible bonds (also "coco" bonds)), asset backed securities and similar fixed income securities issued by entities incorporated or exercising a preponderant part of their economic activities in Emerging Countries. The selection of these bonds is based on fundamental analysis. The fund has the flexibility to invest in value opportunities beyond the index universe, which means that the fund comprises both local currency and hard currency debt. The fund aims to make investments in assets with a sustainable objective as well as investments in assets that contribute to a transition. Transition pertains to activities that measurably and credibly contribute to the goals of the Paris Agreement and/or an environmental and/or social objective. This is achieved by investing in entities that have credible emission reduction targets, entities that provide solutions to enable climate change mitigation and bonds to finance sustainability transformation or refinance, in part or in full, new and/or existing projects with an environmental and/or social objective. The fund's objective is to provide long-term capital growth.

Key facts

Per 30-11-2025

Total size of fund	USD 271,740,250
Size of share class	USD 58,757,456
Inception date share class	04-06-2014
1-year performance	8.32%
Dividend paying	No

Fund manager

Thu Ha Chow
Frank Reynaerts
Christiaan Lever

Based in Singapore, Thu Ha Chow is Head of Fixed Income Asia and Portfolio Manager with a focus on Asian credits. Prior to joining Robeco in 2022, she was Portfolio Manager and Asia Strategist at Loomis Sayles & Co and Head of Asian Credit at Aberdeen Asset Management, both in Singapore. Previously Thu Ha worked for 15 years in London where she held senior fixed income positions at Deutsche Asset Management and Threadneedle Asset Management in addition to 3 years in investment banking at Credit Suisse First Boston. She started her career in 1998 after obtaining a Master’s in Economics and Philosophy from London School of Economics. Frank Reynaerts is an Emerging Credit Analyst and Portfolio Manager of the Transition Asian Bonds strategy. Frank joined Robeco in 2011 as a Portfolio Manager Emerging Debt. Prior to that, he was Portfolio Manager Investment Grade Credits at Syntrus Achmea, Portfolio Manager Emerging Debt at Lombard Odier and Portfolio Manager Fixed Income at Fortis. Frank started his career in 1997 at ASLK Bank as a Risk Analyst. He holds a Master’s in Commercial and Financial Sciences from EHSAL Business School of Brussels and he is a CFA® charterholder. Christiaan Lever is Portfolio Manager High Yield and Emerging Credits in the Credit team. Before assuming this role in 2016, he was 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.

Per period	Fund	Reference index
1 month	0.25%	0.24%
3 months	1.80%	1.77%
YTD	8.50%	8.21%
1 year	8.32%	7.62%
2 years	9.64%	9.56%
3 years	8.96%	8.86%
5 years	3.31%	2.68%
10 years	5.26%	4.59%
Since inception 03-06-2014	4.81%	4.17%

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.	0.55	1.29
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.	0.21	0.51
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.	0.99	0.00
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..	0.05	0.63
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	0.99
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).	4.14	5.84
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.72	5.93
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-1.63	-4.31

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.	0.02%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.06%

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 0.01% 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.

Fiscal treatment of investor

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.

Fund

Index

Policies

Per 30-11-2025

Market development

Per 30-11-2025

EM corporate debt markets navigated a volatile November. EM corporate spreads widened throughout most of the month as markets priced out a December Fed cut, and equity volatility rose and stabilized in the last week of the month once softer labor data, dovish Fed commentary, and the resolution of the US government shutdown restored expectations for near-term easing and reduced fiscal uncertainty. 10-year US Treasury rates initially rose to 4.16% before ending the month at 4.01%. November saw a few credit events with Braskem Idesa, a Mexican petrochemicals producer, failing to make a coupon payment and Vanke, a Chinese property developer being downgraded to CCC by S&P. Technical conditions were mixed. November delivered one of the heaviest new issue calendars of the year in US investment grade, which resulted in EM investment grade spreads outperforming their US counterparts. Also, EM saw robust gross supply in November, but net supply remained mildly negative driven by scheduled maturities and issuers' calls of bonds. EM corporate issuance in EUR also picked up and accounted for 13% of total issuance, the highest in a decade.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.25%. This month's beta contribution had a positive impact. Issuer selection made a neutral contribution to performance. Positions in issuers such as Raízen, WE Soda and CAF contributed to performance, while positions in CSN, Republic of Colombia and Chile Electricity detracted from performance.

Expectation of fund manager

Thu Ha Chow
Frank Reynaerts
Christiaan Lever

EM corporates enter the final stretch of 2025 with solid fundamentals but rising dispersion. While leverage and liquidity remain healthy, the increase in distressed debt, although from low levels, signals some growing idiosyncratic risks. Selectivity remains key. Looking ahead, technicals remain supportive. Net financing was negative for the first ten months of 2025, and net issuance is expected to stay light, especially in USD. Non-USD and ESG-linked issuance continue to gain traction, offering diversification and attracting dedicated flows. Asia IG remains well-bid, while HY spreads may face pressure from refinancing needs and policy uncertainty in China. Valuations are tight, limiting spread compression, but strong demand and low supply should prevent widening. We favor EUR over USD credit, maintain overweight in financials, and prefer BBB-BB rating buckets over the lower-rated segments. Sector-wise, banks and metals & mining offer relative strength, while chemicals, property and energy warrant caution.

Robeco Transition Emerging Credits Z USD

Finding alpha in opportunities that support the sustainable transition in Emerging Markets

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

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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