Robeco QI Global Multi-Factor Credits IH EUR

Systematic portfolio of predominantly investment grade corporate bonds for long-term capital growth

Classe di azioni Classe di azioni 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 e codici

Asset class
Bonds
ISIN
LU1235145213
Bloomberg
ROMFIHE LX

Asset class

Bonds

ISIN

LU1235145213

Bloomberg

ROMFIHE LX

Benchmark

Bloomberg Global Aggregate Corporates Index (hedged into EUR)

Informativa sulla sostenibilità
Informativa sulla sostenibilità
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.

Articolo 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

( 30-06 )

Panoramica Performance & costi Portafoglio Sostenibilità Commento Documenti

Punti chiave

Factor investing in investment grade corporate bonds
Aiming to generate positive returns with a market-like risk profile
Alternative to passive credit strategies, providing style-diversification with traditional active credit strategies

Caratteristiche del fondo

Robeco QI Global Multi-Factor Credits is an actively managed fund that invests systematically in predominantly investment grade credits. The selection of these bonds is based on a quantitative model. The fund's objective is to provide long-term capital growth. The fund offers balanced exposure to a number of quantitative factors by focusing on bonds with a low level of expected risk (low risk factor), an attractive valuation (value), a strong performance trend (momentum) and a small market value of debt (size). The investment universe includes bonds with at least a BB rating.

Aspetti principali

Al 30-06-2026

Dimensione del fondo	EUR 1,098,620,285
Dimensione della classe di azioni	EUR 481,684,429
Data di inizio della classe di azioni	15-06-2015
Performance 1 anno	2.25%
Pagamento del dividendo	Accumulazione

Gestore

Patrick Houweling
Johan Duyvesteyn
Lodewijk van der Linden

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. 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.” 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.

Per periodo	Fondo	Index
1 mese	0.22%	0.19%
3 mesi	1.34%	1.40%
Ytd	0.39%	0.39%
1 anno	2.25%	2.39%
2 anni	3.41%	3.84%
3 anni	3.61%	3.95%
5 anni	-1.29%	-0.96%
10 anni	0.59%	0.78%
Dal lancio 12-06-2015	1.04%	1.22%

Statistiche	3 anni	5 anni
Tracking error a posteriori (%) 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.	0.24	0.45
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.	0.43	0.21
Indice di 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.	0.25	-0.44
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..	0.10	0.03
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	0.98
Scostamento standard 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).	4.92	6.39
Utile mensile max. (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.46	4.46
Perdita mensile max. (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.14	-4.81

Costi del fondo	Percentuale
Spese correnti 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.	0.44%
Commissione di gestione incluse A fee paid by the fund to the asset management company for the professional management of the fund.	0.30%
Commissione di servizio incluso This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
Costi di transazione The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.20%

Trattamento fiscale del prodotto

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.

Trattamento fiscale dell'investitore

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.

Sviluppo del mercato

Al 30-06-2026

The Bloomberg Global Aggregate Corporates Index posted a credit return of -0.08% as credit spreads widened somewhat from 76 to 78 bps. The euro-hedged total return was 0.19%, as underlying government bond yields decreased. Corporate bond markets remained resilient in June, despite modest spread widening. Despite a cooling down of the rally in US mega-cap technology names, the overall stock market rose, with emerging market stocks outperforming on weaker dollar dynamics. Global sovereign yield curves flattened. In the US, yields increased, especially on the short-end of the curve, while German long-term yields ended the month lower. US labor market data was strong in June. Central bank policies diverged: the Federal Reserve held its benchmark rate steady in its first meeting under Chair Kevin Warsh, whereas the ECB raised its key rate by 25 basis points to 2.25%. Geopolitically, a US-Iran ceasefire agreement eased Middle East tensions, causing oil to drop by 20% and gold by 12%.

Spiegazione della performance

Al 30-06-2026

Based on transaction prices, the fund's return was 0.22%. Based on closing prices, the fund posted a relative return of +0.09% versus the benchmark. Issue(r) selection delivered a positive contribution and beta allocation slightly detracted. Duration hedging contributed positively. The low-risk/quality factor, driven by the underweight in longer-dated bonds, delivered the largest positive contribution, followed by smaller positive contributions from value and size. The momentum factor contributed neutrally. Sector allocation slightly detracted, largely from the overweight in the technology sector; the underweight in the communications sector contributed slightly positively. Currency allocation contributed slightly positively, driven by the overweight in EUR-denominated paper. Country allocation contributed slightly positively, mainly due to the overweight in Finland. The allocation to subordination groups slightly detracted, mostly due to the overweight in senior corporates. Rating allocation delivered a small positive contribution, driven by the off-benchmark position in BA-rated paper. SDG score allocation contributed slightly positively. ESG Risk Rating allocation contributed neutrally.

Aspettative del gestore

Patrick Houweling
Johan Duyvesteyn
Lodewijk van der Linden

Robeco QI Global Multi-Factor Credits invests systematically in predominantly investment grade credits. It offers balanced exposure to a number of quantitative factors. In the long term, we expect the fund to outperform the market by systematically harvesting factor premiums with a risk profile that is similar to the reference index.

Robeco QI Global Multi-Factor Credits IH EUR