Robeco Climate Global High Yield Bonds I EUR

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

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
LU2697610082
Bloomberg
ROBHGIE LX

Asset class

Bonds

ISIN

LU2697610082

Bloomberg

ROBHGIE LX

Index

Solactive Global High Yield Corporate PAB Select Index (Net return EUR)

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

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

About this fund

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.

Key facts

Per 31-12-2025

Total size of fund	EUR 444,741,470
Size of share class	EUR 148,982,612
Inception date share class	24-10-2023
1-year performance	-2.08%
Dividend paying	No

Fund manager

Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning

Christiaan Lever is Portfolio Manager High Yield and Emerging Credits in the Credit team. Before assuming this role in 2016, he was 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 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 Portfolio Manager High Yield in the Credit team. Before assuming this role, he was 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 Portfolio Manager High Yield in the Credit team. Prior to joining Robeco in 2020, he was 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 period	Fund	Index
1 month	-0.41%	-0.53%
3 months	1.35%	1.01%
YTD	-2.08%	-1.81%
1 year	-2.08%	-1.81%
2 years	4.73%	6.04%
Since inception 24-10-2023	6.43%	7.99%

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.	0.58%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.45%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.07%

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 0.01% 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.

Fiscal treatment of investor

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.

Fund

Index

Policies

Per 31-12-2025

Market development

Per 31-12-2025

In December, high yield spreads tightened by 3 bps to 273, while YTW compressed by 2 bps to 6.25%. In December, US economic data continued to send mixed signals. The economy grew at a strong annualized pace of 4.3% in Q3, well above expectations, driven primarily by resilient consumer spending on healthcare and computing, alongside higher defense outlays and exports. Despite this strength, consumer confidence deteriorated sharply, falling to its lowest level in five years. The year-long theme of a bifurcated economy became more pronounced, with nearly half of total consumer spending now coming from the top 10% of earners, while the bottom 80% accounted for just 37%, highlighting growing reliance on higher-income households amid softer labor market conditions. Inflation remained above target, with core PCE running at 2.8%. The Fed cut rates by 25 bps at its December meeting, and expectations for further easing in the new year weighed on the dollar. Over 2025, the dollar depreciated by 9.5% against a basket of major currencies. US high yield new issuance totaled USD 22 bln, while default/distressed exchanges activity was elevated with USD 5.1 bln in bonds involved.

Performance explanation

Per 31-12-2025

Based on transaction prices, the fund's return was -0.41%. In December, the high yield market had a total return of 0.34%. Quite strong credit excess returns were partly offset by the underlying government rates widening over the month, as the 10-year US Treasury yield climbed 10 bps to 4.17 per cent. The portfolio outperformed by 8 bps this month, as issuer selection contributed 14 bps and underweight beta positioning detracted 6 bps. Overall, the euro high yield market outperformed on a risk-adjusted basis, benefiting our positioning. Also, our allocation to BBs and Bs, in both currency denominations, contributed positively to performance. Underweight in the consumer non-cyclical and communications sectors contributed 10 and 9 bps, respectively, while underweight in consumer cyclical detracted 5 bps. Our underweight in Paramount contributed 4 bps, as the company's bonds came under pressure as a result of the bidding war against Netflix to acquire Warner Bros Discovery. Underweight in Affinity Interactive, a casino operator, detracted 3 bps, as the bonds recovered previous losses after the news of a potential merger with Apex Hospitality, another portfolio company of its sponsor.

Expectation of fund manager

Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning

The fourth quarter of 2025 ended positively for credit investors, with high yield delivering excess returns, though the lowest-rated credits underperformed, highlighting the need for selectivity. Looking to 2026, global growth prospects are strong. In the US, the average consumer remains resilient despite ongoing disparities, with lower-income groups and small businesses facing more challenges. The AI investment surge, reduced tariff uncertainty, and continued monetary easing are expected to support US economic growth, with consensus forecasting 2% real GDP growth. While the labor market poses some risks, recession fears have eased and a reacceleration is possible. US inflation is above target but manageable, aided by cooling services inflation and lower oil prices. The Fed must balance growth, inflation, and a potentially softer labor market. In Europe, rates support the economy, but growth is expected to be modest. Uncertainty from new AI sector supply and M&A activity clouds the 2026 outlook. Valuations are tight, so we remain conservative, focusing on quality and risk management.

Robeco Climate Global High Yield Bonds I EUR

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

Key points

About this fund

Key facts

Fund manager

Performance

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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