Robeco Climate Global Credits FHCo EUR

Investing in credits and striving to keep the global temperature rise to well below 2°C

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
LU2660287686
Bloomberg
ROCGFHE LX

Asset class

Bonds

ISIN

LU2660287686

Bloomberg

ROCGFHE LX

Index

Solactive Paris Aligned Global Corporate Index

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 9

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

At the forefront of the transition to a low-carbon economy in line with the Paris Agreement
Contrarian investment style that harvests opportunities from behavioral biases in the market
Part of a successful global credit capability run by highly experienced team

About this fund

Robeco Climate Global Credits is an actively managed fund that invests mainly in nongovernment bonds all around the world. The selection of these bonds is based on fundamental analysis. Performance drivers ar the top-down beta positioning as well as bottom-up issuer selection. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector. The fund aims to reduce the carbon footprint of the portfolio and thereby contribute towards the goals of the Paris agreement to keep the maximum global temperature rise well-below 2◦C. The carbon footprint reduction objective will be aligned with the Solactive Paris Aligned Global Corporate Benchmark. The portfolio is broadly diversified and has the ability to invest off Benchmark in high yield (primarily BB-rated) and Emerging Credits. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The fund's objective is also to provide long term capital growth.

Key facts

Per 30-11-2025

Total size of fund	EUR 553,943,246
Size of share class	EUR 68,545
Inception date share class	11-10-2023
1-year performance	3.94%
Dividend paying	No

Fund manager

Matthew Jackson
Daniel Ender

Matthew Jackson is 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. Daniel Ender is 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.

Per period	Fund	Index
1 month	0.30%	0.20%
3 months	1.62%	1.58%
YTD	5.18%	4.85%
1 year	3.94%	3.36%
2 years	5.09%	5.13%
Since inception 11-10-2023	6.17%	6.35%

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.	0.67%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.40%
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.	0.10%

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.

Fund

Index

Policies

Per 30-11-2025

Market development

Per 30-11-2025

Credit markets navigated a volatile November. Spreads widened early in the month as markets priced out a December Fed cut and equity volatility rose, but most of that move reversed once softer labor data, dovish Fed commentary, and the resolution of the US government shutdown restored expectations for near-term easing and reduced fiscal uncertainty. A benign CPI print and a late month rally in US and European rates supported risk appetite, while the UK budget on 26 November delivered no major surprises, helped steady Gilt markets, and avoided renewed pressure on banks. Japan was a notable outlier, with a sharp rise in long-dated JGB yields as the market tested the Bank of Japan's resolve. Technical conditions were mixed. November delivered one of the heaviest new issue calendars of the year, with jumbo multi tranche supply from Alphabet and Amazon, following Meta's blockbuster deal at the end of October. The sheer volume created brief indigestion and soft secondary performance in early prints. By month-end, however, supply tapered, the market absorbed the backlog, ETF flows steadied, liquidity improved, and sentiment firmed as concerns around the crowded AI trade eased.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.30%. The Paris-Aligned Global Corporate Index returned +0.20% (hedged to EUR). Credit spreads ended the month at 78 basis points above government bonds, from 74 bps. Government yields were mixed: the 10-year US Treasury fell 6 basis points to 4.02%, and the 10-year German Bund rose 6 basis points to 2.69%. Positive total returns were driven primarily by the decline in underlying sovereign yields, while credit excess returns were slightly negative over the month. The portfolio performed broadly above its benchmark before fees. The performance impact from beta was negligible, given that we maintained a beta close to neutral throughout the month. Issuer selection added some performance during the month, with most of the issuer selection impact coming from individual stock selection: Overweight in ZF Friedrichshafen AG and VW hybrids contributed nicely. We took profit on ZF Friedrichshafen.

Expectation of fund manager

Matthew Jackson
Daniel Ender

Credit markets remain comfortably numb: spreads hover near cycle tights and risk appetite holds even as growth slows and inflation risks persist. Strong technicals and fading memories of drawdowns keep investors long, yet valuations leave no margin for error. In the US, credit defies weakening fundamentals: softer labor demand, margin pressure, and political interference at the Fed risk reigniting inflation into a cooling economy. Tariff pass-through and sticky services prices lift stagflation risk, so complacency is the enemy. We stay defensive, favoring shorter spread duration and higher quality issuers. Europe remains our preferred region given sturdier balance sheets, near target inflation, and supportive technicals. In IG, we keep spread duration short, underweight in long dated USD, and tilt up in quality. In HY, we run roughly neutral beta in BB and B, avoid CCC, and hunt idiosyncratic carry. We take profits in European corporate hybrids after sharp tightening, and stay overweight in European bank subs. EM technicals are constructive, but stretched valuations argue for selection over beta. Bottom line: we are cautious on valuations, constructive on technicals, and patient on adding risk.

Robeco Climate Global Credits FHCo EUR