Robeco Corporate Hybrid Bonds IH EUR

Investing in the corporate hybrids of investment grade non-financials

Aandelenklassen Aandelenklassen 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.

Klasse en codes

Fondscategorie
Bonds
ISIN
LU1700711663
Bloomberg
ROCHBIH LX

Fondscategorie

Bonds

ISIN

LU1700711663

Bloomberg

ROCHBIH LX

Index

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

Informatieverschaffing over duurzaamheid
Informatieverschaffing over duurzaamheid
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

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 )

Overzicht Rendement & kosten Portefeuille Duurzaamheid Commentaar Documenten

Kernpunten

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.

Over dit fonds

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.

Belangrijke feiten

Per 30-06-2026

Totale fondsgrootte	EUR 284,912,166
Grootte van de shareclass	EUR 268,711,799
Ingangsdatum shareclass	19-10-2017
1-jaars rendement	4.02%
Dividenduitkerend	Nee

Fondsmanager

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.

Per periode	Fonds	Index
1 maand	0.34%	0.37%
3 maanden	2.18%	2.19%
YTD	0.91%	1.40%
1 jaar	4.02%	4.17%
2 jaar	5.64%	5.62%
3 jaar	7.09%	6.83%
5 jaar	2.11%	2.12%
Sinds oprichting 18-10-2017	2.59%	2.53%

Statistieken	3 jaar	5 jaar
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.	0.52	1.00
Informatieratio 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.	1.63	0.54
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.	1.58	0.13
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..	0.41	0.52
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.	1.10	1.11
Standaarddeviatie 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).	3.06	5.43
Max. maandelijkse winst (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	2.96	3.78
Max. maandelijks verlies (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-2.20	-5.86

Kosten van dit fonds	Percentage
Lopende kosten 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.	0.54%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.40%
Inbegrepen serviceprovisie This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
Transactiekosten The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.02%

Fiscale behandeling product

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.

Fiscale behandeling belegger

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.

Marktontwikkeling

Per 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.

Toelichting rendement

Per 30-06-2026

Based on transaction prices, the fund's return was 0.34%. 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.

Verwachting van de fondsmanager

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 IH EUR

Investing in the corporate hybrids of investment grade non-financials

Kernpunten

Over dit fonds

Belangrijke feiten

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Koersontwikkeling

Statistieken

Kosten

Fiscale behandeling product

Fiscale behandeling belegger

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Toelichting rendement

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