Robeco High Yield Bonds M3H USD

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

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
LU1618352261
Bloomberg
RHYBM3H LX

Asset class

Bonds

ISIN

LU1618352261

Bloomberg

RHYBM3H LX

Index

Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap

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

( 31-10 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

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

About this fund

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.

Key facts

Per 31-10-2025

Total size of fund	USD 5,638,968,755
Size of share class	USD 4,119,062
Inception date share class	18-05-2017
1-year performance	4.99%
Dividend paying	Yes

Fund manager

Sander Bus
Roeland Moraal
Christiaan Lever
Daniel de Koning

Sander Bus is CIO and 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 Portfolio Manager High Yield in the Credit team. Before assuming this role, he was 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 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 and he is a CFA® Charterholder. Daniel de Koning is Portfolio Manager High Yield in the Credit team. Prior to joining Robeco in 2020, he was 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.

Per period	Fund	Reference index
1 month	0.09%	0.19%
3 months	1.29%	2.05%
YTD	4.78%	7.01%
1 year	4.99%	7.92%
2 years	8.17%	11.85%
3 years	7.16%	10.35%
5 years	3.09%	5.62%
Since inception 17-05-2017	3.17%	5.15%

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.	1.05	1.19
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.	-0.57	-0.19
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	0.35
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..	-0.14	-0.02
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.	0.92	0.91
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).	4.20	6.14
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.00	5.29
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-1.19	-5.60

Date	Amount
23-09-2025	USD 1.31
25-06-2025	USD 1.51
25-03-2025	USD 1.53
20-12-2024	USD 1.43

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.	2.22%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	2.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.04%

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 31-10-2025

In October, high yield spreads widened by 13 bps to 287, with YTW also expanding 6 bps to 6.44%. In October, the US government entered a shutdown after lawmakers failed to reach a budget deal, forcing hundreds of thousands of federal employees on furlough and halting several key services. The disruption complicated the Federal Reserve's policy assessment, with policymakers deprived of crucial economic data. While no jobs report was released, inflation rose less than expected in September, up 2.9% month-on-month. Against this backdrop, the Fed cut rates by 25 bps to 3.75% and signaled the end of its three-year quantitative tightening phase, citing concerns over tightening money markets. Meanwhile, the AI investment boom continued to inject optimism, standing in contrast to a weakening labor market and the fiscal paralysis in Washington. In Europe, the ECB kept rates unchanged at 2%. High yield new issuance was the third highest on record, with USD 19 bln printed.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 0.09%. In October, the high yield market had total returns of 0.26%. From a macro perspective, negative excess returns and volatile underlying rates, ending the month flat, contributed to this result. The portfolio outperformed by 13 bps this month, as issuer selection contributed 8 bps and underweight beta positioning added 5 bps. Our tilt toward higher quality credits contributed positively, as during the period, BBs outperformed and CCCs underperformed, on a risk-adjusted basis. Our higher allocation to EUR-denominated bonds did not contribute meaningfully, as they performed in line with USD. From a sector perspective, our underweight in communications and consumer cyclical added 4 bps each, while overweight in basic industry detracted 8 bps. Our increased positioning in Altice France added 4 bps, as bonds jumped after the news of a bid from the Bouygues-led group. Our underweight in Organon contributed 3 bps, as bonds and equity of the company dropped after an investigation found that the company engaged in improper sales practices. Overweight in Magnera detracted 3 bps, as packaging volumes have underperformed in the third quarter.

Expectation of fund manager

Sander Bus
Roeland Moraal
Christiaan Lever
Daniel de Koning

The third quarter of 2025 was again notable, with high yield spreads tightening to near record lows despite geopolitical tensions and softer economic signals. Markets remain resilient, largely ignoring repeated risk warnings. US growth is expected to slow to approximately 1.5% annualized, with labor data showing weaker job creation and private employment. Further deterioration could weigh on sentiment and spending, while inflation risks persist from tariffs, wages, and AI-driven power demand. Europe looks steadier, supported by savings, fiscal spending, and inflation back at target, though still exposed to US policy shifts. Despite stretched valuations, strong technicals prevail as investors, burned by past false alarms, avoid hedging and continue to chase new issues. We remain cautious, emphasizing quality and avoiding weaker segments where valuations no longer cover risks.

Robeco High Yield Bonds M3H USD

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

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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