Robeco Euro Short Duration Bonds F EUR

Applying Robeco's proprietary SDG framework across the euro bond market with a short maturity

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
LU2790325604
Bloomberg
ROESDFE LX

Asset class

Bonds

ISIN

LU2790325604

Bloomberg

ROESDFE LX

Index

Bloomberg Euro-Aggregate 500MM 1-3 years 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 8

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Active and dynamic approach coupled with a disciplined investment process
Diversified exposure to the European corporate and government bond market with a short duration
Invests in companies and governments that contribute to the United Nations Sustainable Development Goals

About this fund

Robeco Euro Short Duration Bonds is an actively managed sub-fund invests mainly in euro-denominated government and corporate bonds. The selection of these bonds is based on fundamental analysis. The Sub-fund invests in euro-denominated bonds and other euro-denominated marketable debt securities and instruments (which may include short dated fixed or floating rate securities) issued or guaranteed by OECD member states and by companies based in OECD countries.

Key facts

Per 30-11-2025

Total size of fund	EUR 11,534,583
Size of share class	EUR 26,395
Inception date share class	21-05-2024
1-year performance	2.52%
Dividend paying	No

Fund manager

Michiel de Bruin
Stephan van IJzendoorn

Michiel de Bruin is Head of Global Macro and Portfolio Manager. Prior to joining Robeco in 2018, Michiel was Head of Global Rates and Money Markets at BMO Global Asset Management in London. He held various other positions before that, including Head of Euro Government Bonds. Before he joined BMO in 2003, he was, among others, Head of Fixed Income Trading at Deutsche Bank in Amsterdam. Michiel started his career in the industry in 1986. He holds a post graduate diploma investment analyses from the VU University in Amsterdam and is a Certified EFFAS Analyst (CEFA) charterholder. He holds a Bachelor’s in Applied Sciences from University of Applied Sciences in Amsterdam. Stephan van IJzendoorn is Portfolio Manager and member of Robeco’s Global Macro team. Prior to joining Robeco in 2013, Stephan was employed by F&C Investments as a Portfolio Manager Fixed Income and worked in similar functions at Allianz Global Investors and A&O Services prior to that. Stephan started his career in the Investment Industry in 2003. He holds a Bachelor’s in Financial Management, a Master's in Investment Management from VU University Amsterdam and is Certified European Financial Analyst (CEFA) Charterholder.

Per period	Fund	Reference index
1 month	0.04%	0.09%
3 months	0.40%	0.51%
YTD	2.51%	2.57%
1 year	2.52%	2.60%
Since inception 21-05-2024	3.61%	3.89%

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.	0.46%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.25%
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.	0.15%

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

Government bond market returns were mixed over November. The 10-year US Treasury yield declined by 6 basis points to 4.01%, while German Bund yields increased by 6 basis points. The US government shutdown ended, allowing official economic statistics to resume publication. US labor market signals turned more cautious as WARN notices are jumping, indicating large employers are preparing for increased layoffs. A dovish speech by regional Fed President Williams caused markets to raise the probability of a December Fed cut to 80%. Across the Atlantic, UK Chancellor Reeves presented the much-anticipated 2025 budget, which was well received by markets, while in France, tough budget negotiations remain ongoing. The ECB made it quite clear that it aims to keep rates on hold for a while. Italian 10-year spreads tightened to 71 basis points, reflecting improved risk sentiment, while also receiving a one-notch upgrade to Baa2 by Moody's.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.04%. The fund's gross return was slightly lower than that of the benchmark in November. The fund benefited from the overweight in corporate and government-related bonds, but lagged from its duration overweight as yields drifted slightly higher in Europe. The underweight in Italian government bonds also detracted from relative performance.

Expectation of fund manager

Michiel de Bruin
Stephan van IJzendoorn

The ECB continues to signal that rates are "in a good place", expressing confidence in Europe's economic outlook. However, with growth remaining moderate and inflation likely undershooting the 2% target, we remain in the camp that sees risks skewed to further ECB easing next year. We expect the Fed to cut rates by 25 bps in December. In the UK, the 2026 budget was received positively by markets. A more robust budget will make it easier for the BoE to cut rates, also because the UK economy continues to lag. Country spreads in Europe remained in the sweet spot over recent months. Despite this rally, we see further performance in the periphery as the spread tightening is backed by fundamental improvements and a series of credit rating upgrades, which we think will continue. That said, tight valuations have caused us to become more selective in where on the curve we want to be invested. Ultra-long-dated bonds still offer value, whereas short-dated bonds, in our view, no longer do. The big exception remains France, where the fiscal outlook is concerning.

Robeco Euro Short Duration Bonds F EUR

Applying Robeco's proprietary SDG framework across the euro bond market with a short maturity

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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