Robeco Corporate Hybrid Bonds ZH EUR

Investing in the corporate hybrids of investment grade non-financials

Clase de acción Clase de acción 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.

Clase y códigos

Clase de activos
Bonds
ISIN
LU1659036179
Bloomberg
RCHBZHE LX

Clase de activos

Bonds

ISIN

LU1659036179

Bloomberg

RCHBZHE LX

Índice

Bloomberg Global Corporate Hybrids 3% Issuer Cap (hedged into EUR)

Información sobre sostenibilidad
Información sobre sostenibilidad
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.

Artículo 8

Visión general Rentabilidad & costes Cartera de valores Sostenibilidad Comentario Documentos

Puntos clave

Investing in subordinated bonds with a high yield, issued by non-financial companies with an investment grade rating.
Corporate hybrids offer attractive valuations within fixed income.
Corporate hybrids have developed into a mature, standardized and diversified asset class.

Acerca de este fondo

Robeco Corporate Hybrid Bonds is an actively managed fund that invests in global corporate hybrids bonds issued by nonfinancials. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. Corporate hybrids are deeply subordinated bonds with equity-like features. The bonds are mainly issued by investment grade issuers. The fund selects the best-in-class hybrid bonds, with the best risk-return characteristics.

Hechos clave

A 30-06-2026

Tamaño del fondo	EUR 284,912,166
Tamaño de la clase de acción	EUR 26,593
Fecha de creación de la clase de acciones	20-05-2025
Rendimiento de 1 año	4.57%
Pago de dividendos	No

Gestor del fondo

Daniel Ender
Jan Willem Knoll

Daniel Ender is a portfolio manager investment grade in the Credit team. Previously, he was a credit analyst at Actiam. Daniel started his career in the industry in 2018 at ABN AMRO. He has a Master’s in Financial Economics from Erasmus University Rotterdam and a Bachelor’s in Political Science and Economics from the University of Connecticut. Daniel also is CFA® Charterholder. Jan Willem Knoll is a portfolio manager investment grade in the Credit team. He joined the Credit team in 2016 as an analyst for the financials sector. Previously, Jan Willem headed the Financials Equity Sell-side Research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including portfolio manager of global insurance portfolio pan-European financials portfolios. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® Charterholder.

Por periodo	Fondo	Index
1 mes	0.39%	0.37%
3 meses	2.31%	2.19%
YTD	1.18%	1.40%
1 año	4.57%	4.17%
Desde inicio 20-05-2025	5.69%	4.99%

Coste de este fondo	Porcentaje
Gastos corrientes 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%
Comisión de gestión incluida A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Comisión de servicio incluida This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Gastos transaccionales The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.02%

Tratamiento fiscal del producto

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.

Tratamiento fiscal del inversor

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.

Evolución del mercado

A 30-06-2026

June brought resolution to the Iran-US conflict that dominated Q2, with oil prices reversing toward pre-conflict levels near USD 73/bbl after a signed ceasefire and nuclear deal, easing stagflation fears and supporting sentiment across most markets. Equity performance diverged in June: the S&P 500 fell around 1% and the Nasdaq lagged after two very strong months, while European markets advanced, led by banks and southern European indices. Precious metals fell sharply, with gold and silver posting double-digit declines as geopolitical risk receded and rate-hike expectations rose. Government bond performance was mixed despite a hawkish pivot from major central banks: the Fed grew more open to hikes as US payrolls surprised to the upside, while the ECB and Bank of Japan both raised rates. Bund yields fell while US Treasury yields edged higher, though both markets posted positive total returns. Credit markets were broadly stable, with spreads marginally wider in the US and little changing in Europe. Excess returns were slightly negative in US credit and slightly positive in euro credit, consistent with a market that increasingly treats credit as a carry product at these spread levels.

Explicación del rendimiento

A 30-06-2026

Based on transaction prices, the fund's return was 0.39%. The Bloomberg Global Corporate Hybrids Index returned 0.37% in June (hedged to EUR). Credit spreads ended the month unchanged, while government bond markets delivered a mixed performance: the 10-year US Treasury yield rose 3 bps to 4.47%, while the 10-year German Bund yield fell 8 bps to 2.86%. With spreads flat, positive index returns were almost entirely driven by carry. The portfolio outperformed its benchmark, gross of fees, during the month, driven by beta positioning. The portfolio's overweight exposure to credit risk contributed positively as credit markets delivered positive excess returns, while security selection detracted from performance. The largest risk-adjusted contributors included Verizon Communications, MTR (underweight), RWE, Dominion Energy and SSE, while the largest detractors included General Mills, Volkswagen, Stellantis and Repsol, as well as an underweight in British American Tobacco.

Expectativas del gestor del fondo

Daniel Ender
Jan Willem Knoll

Entering H2, robust fundamentals collide with a more hawkish policy backdrop. Growth has held up better than feared, but the Iran war's energy shock pushed US inflation back above 4% and prompted the Fed's new leadership to drop its easing bias entirely. The ECB and Bank of Japan both hiked in June – a rare case of central banks tightening into a slowdown. The US-Iran memorandum has calmed markets, but the truce looks fragile. Spreads have ground back to multi-year tights, with global IG spread as a share of all-in yield near its lowest since before the financial crisis. We view this as thin compensation for risk rather than genuine resilience. Dispersion is building beneath the surface: hyperscaler-linked issuance keeps growing, while BDCs and private-credit-adjacent names show falling NAVs and ratings pressure despite tighter spreads. We keep portfolio beta conservative rather than chasing further tightening. We remain constructive on senior bank paper, selective within AI-adjacent credit via the strongest hyperscaler balance sheets, cautious on BDCs and private-equity-backed insurers, and we favor euro over dollar credit and shorter-dated paper over the long end.

Robeco Corporate Hybrid Bonds ZH EUR

Investing in the corporate hybrids of investment grade non-financials

Puntos clave

Acerca de este fondo

Hechos clave

Gestor del fondo

Rentabilidad

Evolución del precio

Coste

Tratamiento fiscal del producto

Tratamiento fiscal del inversor

Asignación del fondo

Políticas

Evolución del mercado

Explicación del rendimiento

Expectativas del gestor del fondo

Documentos del fondo

Informes anuales y semestrales

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