Robeco European High Yield Bonds EH EUR

Investing in euro-denominated credits issued by companies with a sub-investment grade rating

Anteilklasse Anteilklasse 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.

Gattung und Codes

Anlagegattung
Bonds
ISIN
LU1143725106
Bloomberg
REHYBEE LX

Anlagegattung

Bonds

ISIN

LU1143725106

Bloomberg

REHYBEE LX

Benchmark

Bloomberg Pan-European HY Corporate ex Financials 2.5% Issuer Constraint index (hedged into EUR)

Angaben zur Nachhaltigkeit
Angaben zur Nachhaltigkeit
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.

Artikel 8

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Rating

( 31-07 )

Überblick Wertentwicklung & Gebühren Vermögensaufstellung Nachhaltigkeit Kommentar Unterlagen

Merkmale

Managed with an active, quality tilted investment style
Disciplined and repeatable investment process
Experienced and stable investment team

Über diesen Fonds

Robeco European High Yield Bonds is an actively managed fund that invests predominantly in bonds with a sub-investment grade rating, issued primarily by European issuers. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection.

Wichtige Fakten

Per 31-07-2026

Fondsvolumen	EUR 290,155,038
Größe der Anteilsklasse	EUR 658,757
Auflegungsdatum der Anteilsklasse	26-11-2014
1 Jahr Wertentwicklung	2.43%
Ertragsverwendung	Ausschüttend

Fondsmanagement

Daniel de Koning
Sander Bus
Roeland Moraal
Christiaan Lever

Daniel de Koning is a portfolio manager high yield in the Credit team. Prior to joining Robeco in 2020, he was a portfolio manager high yield at NN Investment Partners. Daniel started his career in 2011 at APG Asset Management, where he held roles of credit analyst and portfolio manager high yield. He holds a Master’s in Business Economics from the University of Amsterdam and he is a CFA® and CAIA® charterholder. Sander Bus is CIO and a portfolio manager high yield bonds in the Credit team. He has been dedicated to high yield at Robeco since 1998. Previously, Sander worked for two years as a fixed income analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and he is a CFA® Charterholder. Roeland Moraal is Head of Leveraged Finance, and a portfolio manager high yield in the Credit team. Before assuming this role, he was a portfolio manager in the Robeco Duration team and worked as an analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam. Christiaan Lever is a portfolio manager high yield in the Credit team. Before assuming this role in 2016, he was a 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 and he is a CFA® Charterholder.

Pro Zeitraum	Fonds	Index
1 Monat	-0.33%	-0.37%
3 Monate	0.95%	1.02%
Lfd. Jahr	1.00%	1.18%
1 Jahr	2.43%	2.55%
2 Jahre	4.08%	4.87%
3 Jahre	5.32%	6.57%
5 Jahre	1.98%	2.95%
10 Jahre	2.84%	3.64%
Seit Auflegung 25-11-2014	3.17%	3.83%

Statistiken	3 Jahre	5 Jahre
Ex-post Tracking-Error (%) 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.	0.61	0.90
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.	0.23	0.42
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.	1.16	0.21
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..	0.04	0.34
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.	1.03	1.04
Standardabweichung 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).	3.39	6.42
Max. monatlicher Gewinn (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.24	5.13
Max. monatlicher Verlust (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.71	-6.73

Datum	Betrag
22-04-2026	EUR 3.82
23-04-2025	EUR 3.42
24-04-2024	EUR 2.71
27-04-2023	EUR 2.51

Dividendenhistorie herunterladen

Kosten dieses Fonds	Prozentsatz
Laufende Gebühren 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.	1.23%
Inklusive Verwaltungsgebühr A fee paid by the fund to the asset management company for the professional management of the fund.	1.00%
Inklusive Servicegebühr This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transaktionskosten The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.00%

Steuerliche Behandlung des Produkts

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.

Steuerliche Behandlung des Anlegers

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.

Marktentwicklungen

Per 31-07-2026

In July, euro high yield OAS widened by 7 bps to 289, and YTW widened 37 bps to 6.00%. The Iran ceasefire collapse in early July reversed much of June's energy relief, with TTF gas rising back above EUR 45/MWh as renewed Hormuz disruption raised fresh supply concerns; EU storage remained below the five-year average at around 50% of capacity. Eurozone flash CPI ticked up to 2.9% in July (from 2.8% in June), with core rising to 2.5%, keeping the pressure on the ECB, which held at 2.25% but with Lagarde signaling that a September hike remains likely. Q1 GDP was revised into contraction at -0.2% QoQ, and the July composite PMI remained in contraction territory at around 48, pointing to flat or negative growth in Q2. In the UK, June CPI eased to 2.5% (from 2.8%), the lowest reading since early 2025, and the BoE cut rates by 25 bps to 3.5% on July 10th citing falling oil prices and easing services inflation, though Bailey cautioned the path ahead would be "gradual and careful". Gross new issuance (EUR) totaled 8.7 bln euros over the month, while the pan-European HY bonds default rate was 0.6% for the last 12 months.

Erläuterungen zur Wertentwicklung

Per 31-07-2026

Based on transaction prices, the fund's return was -0.33%. Both negative excess returns and underlying rates widening contributed to the negative total return over the month, as the 5-year US yield settled 30 bps wider at 2.94%. The benchmark returned -0.37% over the month, while the portfolio outperformed by 15 bps. Issuer selection was positive, adding 18 bps to performance, while beta positioning contribution was -3 bps. Higher-rated bonds outperformed on a risk-adjusted basis, benefiting the portfolio. From a sector perspective, underweight in the communications and the consumer cyclical sectors added 14 and 4bps, respectively, whereas underweight in the electric and the technology sectors detracted 1 and 4 bps, respectively. Underweight in Virgin Media added 7 bps, as concerns were increasing over the highly leveraged capital structure without a clear deleveraging path. Underweight in Atos detracted 4 bps, as the previously distressed tech services company managed to refinance its first lien bonds.

Prognose des Fondsmanagements

Daniel de Koning
Sander Bus
Roeland Moraal
Christiaan Lever

European high yield enters 2026Q3 with spreads still relatively tight, despite a complex backdrop. Gulf tensions have eased and oil prices retraced, which should temper inflation and reduce the case for further tightening from the ECB and Fed – reinforced by signs of a cooling US labor market. Geopolitical risk hasn't gone away, however: the Russia-Ukraine conflict has entered a more unpredictable phase, and while markets have largely shrugged this off, the risk of tail events and volatility spikes remains underappreciated. The AI investment cycle continues to drive demand for semiconductors, power and data infrastructure, creating pockets of strength but also adding to inflationary pressures. Dispersion remains elevated – most issuers trade well inside historical averages while a tail of credits widens on company-specific stress, refinancing risk or structural disruption, with AI-related business model challenges an important area of focus. We continue to emphasize resilient business models, solid balance sheets and careful risk selection, while avoiding areas where spreads offer insufficient compensation for Europe's macro and geopolitical risks.

Robeco European High Yield Bonds EH EUR