Robeco Climate Global High Yield Bonds IH EUR

An active, quality tilted investment strategy, selecting high yield issuers with explicit climate targets that contribute to the goals of the Paris Agreement

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
LU2657135724
Bloomberg
ROBYBNI LX

Fondscategorie

Bonds

ISIN

LU2657135724

Bloomberg

ROBYBNI LX

Index

Solactive Global High Yield Corporate PAB Select Index (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 9

Overzicht Rendement & kosten Portefeuille Duurzaamheid Commentaar Documenten

Kernpunten

Transitioning into a low carbon economy via high yield issuers
Active, quality tilted investment style with an aim to beat a Paris Aligned Benchmark
Building upon the successful long-term high yield track record of Robeco

Over dit fonds

Robeco Climate Global High Yield Bonds is an actively managed fund that invests predominantly in bonds with a sub-investment grade rating. The selection of these bonds is based on fundamental analysis. The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. The fund's objective is also to provide long term capital growth. The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield (BB/B). Performance drivers are the top-down beta positioning as well as bottom-up issuer selection.

Belangrijke feiten

Per 30-06-2026

Totale fondsgrootte	EUR 445,020,951
Grootte van de shareclass	EUR 294,371,210
Ingangsdatum shareclass	12-09-2023
1-jaars rendement	3.48%
Dividenduitkerend	Nee

Fondsmanager

Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning

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. 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. 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.

Per periode	Fonds	Index
1 maand	0.62%	0.36%
3 maanden	2.46%	2.70%
YTD	0.96%	1.00%
1 jaar	3.48%	3.27%
2 jaar	5.41%	6.51%
Sinds oprichting 12-09-2023	6.24%	7.48%

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.	0.59%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.45%
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 0.01% 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.

Fonds

Index

Policies

Per 30-06-2026

Marktontwikkeling

Per 30-06-2026

In June, high yield OAS widened by 11 bps to 276, and YTW widened 4 bps to 6.81%. The Iran war took a decisive turn in June after the US and Iran signed a memorandum of understanding on mid June to reopen the Strait of Hormuz, making Brent crude tumble 21%, to settle near USD 73/bbl, though late-month tit-for-tat strikes underscored how fragile the truce remains. The US labor market softened, 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 plunging participation rate. June core PCE rose to 3.4%, the highest since October 2023, as the energy shock continued. The FOMC held rates at 3.50%, but the dot-plot turned hawkish, with at least one hike being priced in this year. In Europe, the ECB hiked 25 bps to 2.25% on June 11, but the June flash CPI surprised to the downside at 2.8% (from 3.2%), with core at 2.4%, raising questions over whether July brings a hold or another hike. Dollar high yield issuance took pace in June, with USD 35 bln of high yield bonds issuance, and USD 13 bln affected by defaults/LME transactions.

Toelichting rendement

Per 30-06-2026

Based on transaction prices, the fund's return was 0.62%. In June, the high yield benchmark returned 0.36%. Credit excess returns were strong over the month, with a tiny contribution from rates return as well, which ended the period flat, with the 10-year US yield at 4.46%. The portfolio outperformed by 7 bps. Issuer selection was positive, adding 12 bps to performance, while beta positioning's contribution was -5 bps. Euro-denominated bonds outperformed on a risk-adjusted basis, rebounding from several periods of weakness. While BBs delivered solid performance, overall B-rated corporates outperformed. From a sector perspective, underweight in the communications and overweight in the banking sectors added 10 and 4 bps, whereas underweight in the consumer cyclical and underweight in the consumer non-cyclical sectors detracted 4 and 5 bps. Underweight in Virgin Media contributed 4 bps, as bonds slipped over the month on negative sentiment building up from the previous month's news. Underweight in Bausch Health detracted 3 bps, as the bonds of the levered pharma company rebounded following surprising Q1 revenue growth.

Verwachting van de fondsmanager

Christiaan Lever
Sander Bus
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.