Robeco High Yield Bonds ZH CAD

Solid solution for investing in corporate bonds with a subinvestment grade rating

基金類別 基金類別 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.

類別和代碼

資產類別
Bonds
ISIN
LU1346205286
彭博
ROHYZHC LX

資產類別

Bonds

ISIN

LU1346205286

彭博

ROHYZHC LX

指數

Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CAD)

可持續發展相關信息
可持續發展相關信息
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.

第8條

概要表現及費用基金組合可持續性評論文件

重點

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

基金簡介

Robeco High Yield Bonds is an actively managed fund that invests predominantly in bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). 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. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection.

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基金資料

截至 31-07-2026

基金規模	CAD 7,141,016,167
股份類別規模	CAD 419,359,055
股份類別成立日期	21-01-2016
1年表現	3.94%
股息分派	不派息

基金經理

Sander Bus
Christiaan Lever
Roeland Moraal
Daniel de Koning

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. 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. 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. 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.

期間回報	基金	Index
1個月	-0.15%	-0.43%
3個月	0.64%	0.28%
年初至今	1.49%	0.87%
1年	3.94%	3.21%
2年	5.00%	5.15%
3年	6.33%	6.81%
5年	3.49%	3.16%
10年	4.91%	4.58%
成立日期 20-01-2016	6.15%	5.85%

基金數據	3年	5年
事後追蹤誤差(%) 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.	0.77	1.18
信息比率 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.	-0.63	0.29
夏普比率 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.	0.80	0.08
阿爾法系數(%) 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..	-0.20	0.33
貝塔值 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.	0.92	0.92
標準差 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).	3.68	6.09
最大月收益 (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.91	5.25
最大月損失 (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-1.76	-5.60

本基金費用	百分比
持續收費 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%
包含管理費 A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
包含服務費 This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
交易費用 The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.09%

財政產品處理

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.

投資者的稅務安排

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.

市場發展

截至 31-07-2026

In July, high yield OAS widened by 10 bps to 286, and YTW widened 30 bps to 7.11%. The Iran ceasefire collapsed in early July as renewed US-Iran strikes forced tankers to turn around in the Strait of Hormuz, sending Brent crude surging more than 20% over the month to settle near USD 88/bbl – erasing much of June's relief. The US labor market softened further, with June payrolls at just +57k (vs 110k consensus) and prior months revised down a combined 74k, though unemployment ticked down to 4.2% on a falling participation rate. The FOMC held rates at 3.50–3.75% with three dissents in favor of a hike, and rates volatility was meaningful through the month as markets repriced the path of policy in both directions. In Europe, the ECB held at 2.25% after June's hike but Lagarde signaled that a September increase was likely; the July flash CPI ticked up to 2.9% (from 2.8%) with core rising to 2.5%, reinforcing the case for further tightening. Gross new issuance (USD) totaled USD 18 bn over the month, while the HY bonds default rate ticked up to 2.77%.

基金表現分析

截至 31-07-2026

Based on transaction prices, the fund's return was -0.15%. Both negative excess returns and underlying rates widening contributed to the negative total return over the month, as the 5-year US yield settled 20 bps wider at 4.45%. The HY benchmark returned -0.43% over the month, while the portfolio outperformed by 26 bps. Issuer selection was positive, adding 25 bps to performance, while beta positioning contribution was 1 bps. Euro-denominated bonds outperformed on a risk adjusted basis, particularly the higher quality segment, benefiting the portfolio. From a sector perspective, underweight in the communications consumer cyclical sectors added 11 and 4 bps, respectively, whereas underweight in the other industrial and overweight in the energy sectors detracted 1 and 1 bps, respectively. Underweight in Virgin Media added 4 bps, as concerns were increasing over the highly leveraged capital structure without a clear deleveraging path. Underweight in ION Platforms detracted 2 bps, as the bonds rallied after better-than-expected Q2 earnings, rebounding after the software sell-off.

基金經理預期

Sander Bus
Christiaan Lever
Roeland Moraal
Daniel de Koning

Global high yield enters 2026Q3 with valuations still tight, despite an increasingly complex macro backdrop. The Iran ceasefire and falling oil prices, together with signs of a cooling US labor market, should help contain inflation and reduce the need for further hikes from both the Fed and ECB. Geopolitical risk hasn't disappeared, however. While the immediate Gulf threat has diminished, the Russia-Ukraine conflict has entered a more unpredictable phase, and although markets have largely shrugged this off, it raises the risk of tail events and volatility spikes. Meanwhile, the AI investment cycle continues unabated, driving strong issuance across credit markets, including a growing number of data center-related HY transactions, with investor demand comfortably absorbing supply so far. Dispersion remains elevated: most issuers trade well inside long-term averages, while a smaller group widens materially on company-specific concerns, refinancing risk or structural disruption. We remain cautious, emphasizing quality, resilience and downside protection, while avoiding areas where spreads offer insufficient compensation for the macro and geopolitical risks at hand.

Robeco High Yield Bonds ZH CAD

Solid solution for investing in corporate bonds with a subinvestment grade rating

重點

基金簡介

High Yield: Why quality matters today

基金資料

基金經理

基金表現

價格走勢

基金數據

費用

財政產品處理

投資者的稅務安排

投資組合分佈

基金政策

市場發展

基金表現分析

基金經理預期

基金文件

年度及半年度報告 (只提供英文版)

公布

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