Robeco Global Short Duration Credits IH USD

Unconstrained investing across the corporate bond market segments with a short maturity

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
LU2080583474
Bloomberg
ROCSMIU LX

Fondscategorie

Bonds

ISIN

LU2080583474

Bloomberg

ROCSMIU LX

Index

Bloomberg Global Aggregate Corporate 1-5 years (hedged into USD)

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

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Rating

( 31-07 )

Overzicht Rendement & kosten Portefeuille Duurzaamheid Commentaar Documenten

Kernpunten

Global Credit Fund which primarily invests in short-dated bonds
Managed with an active, value focussed and contrarian investment style
Experienced and stable investment team

Over dit fonds

Robeco Global Short Duration Credits is an actively managed fund that invests primarily in a diversified portfolio of global investment grade corporate bonds with a short maturity. The selection of these bonds is based on fundamental analysis. Performance drivers are the top-down beta positioning as well as bottom up issuer selection. This fund has the flexibility to invest in other fixed income asset classes such as high yield, emerging credits and asset-backed securities. The fund can take limited active duration (interest-rate sensitivity) positions. The fund's objective is to provide long-term capital growth.

Belangrijke feiten

Per 31-07-2026

Totale fondsgrootte	USD 448,991,962
Grootte van de shareclass	USD 46,193,268
Ingangsdatum shareclass	26-11-2019
1-jaars rendement	3.66%
Dividenduitkerend	Nee

Fondsmanager

Daniel Ender
Matthew Jackson
Michael Booth
Joost Breeuwsma

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. Matthew Jackson is a portfolio manager global investment grade in the Credit team. He joined Robeco in 2024 from Western Asset Management in London where he started his career in the industry in 2003 and consequently held roles of risk analyst, portfolio analyst, research analyst and portfolio manager of numerous dedicated credit funds and mandates. He holds a Bachelor’s in Economics (Hons) from the University of Sheffield. Michael Booth is a portfolio manager investment grade in the Credit team and has a focus on global investment grade portfolios. Previously, he was a portfolio manager at Invesco. Prior to Invesco, Michael worked as an analyst at Nomura Asset Management and NatWest. He started his career in 2007 at Baker Tilly LLP (now RSM UK) as a chartered accountant. He holds a Bachelor’s degree in Business Management from the University of Nottingham. Joost Breeuwsma is a portfolio manager investment grade in the Credit team. He has a focus on global investment grade portfolios and global green bond portfolios. Prior to starting his career and joining Robeco in 2017 as a credit analyst, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London. Joost is CFA® Charterholder.

Per periode	Fonds	Index
1 maand	-0.22%	-0.18%
3 maanden	0.63%	0.62%
YTD	1.15%	1.17%
1 jaar	3.66%	3.64%
2 jaar	4.92%	4.94%
3 jaar	5.82%	5.81%
5 jaar	2.70%	2.66%
Sinds oprichting 26-11-2019	2.77%	2.84%

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.	0.20	0.39
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.	2.36	1.23
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.	0.79	-0.21
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..	0.47	0.50
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.	0.98	1.02
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).	2.11	3.17
Max. maandelijkse winst (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	2.04	2.25
Max. maandelijks verlies (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-1.09	-2.31

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.	0.44%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.30%
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.	0.06%

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 0.05% 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.

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 31-07-2026

July reversed much of June's calm as the US-Iran truce broke down, with both sides resuming strikes and Brent crude rebounding from USD 71/bbl to above USD 100 mid-month before easing to around USD 90, up more than 20% over the month. The renewed energy shock revived reflationary concerns across markets. Equities were led lower by a sharp unwind in AI-related and chip stocks, with the Philadelphia Semiconductor Index posting its worst month since 2008 and South Korea's KOSPI slumping despite a late rebound. US large cap indices proved more resilient as investors rotated into non-tech areas, while European equities outperformed, helped by firmer Q2 growth. Government bonds sold off as reflation fears drove yields to multi-year highs, even as the Fed, ECB, BoE and BoJ all held rates steady. The Fed's decision offered little clarity and steepened the US curve, lifting the 30-year US Treasury yield to a post-2007 high, while 10-year Bund yields reached their highest level since 2011. Credit posted negative total returns, driven almost entirely by the rise in underlying government yields rather than spreads, which stayed broadly contained across both US and European markets.

Toelichting rendement

Per 31-07-2026

Based on transaction prices, the fund's return was -0.22%. The portfolio slightly underperformed versus its benchmark over the period, with the negative contribution coming mainly from issuer selection. The main single-name detractors were Meta, NVIDIA and Oracle, consistent with the weak trend in hyperscalers and hyperscaler-related names during the month.

Verwachting van de fondsmanager

Daniel Ender
Matthew Jackson
Michael Booth
Joost Breeuwsma

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.