Robeco QI Global Multi-Factor High Yield ZH EUR

Systematic portfolio of high yield bonds for long-term capital growth

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
LU2851601620
Bloomberg
ROBMFZH LX

Asset class

Bonds

ISIN

LU2851601620

Bloomberg

ROBMFZH LX

Index

Bloomberg Global High Yield Corporates ex. Financials

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

Factor investing in high yield corporate bonds
Aiming to generate positive returns with a market-like risk profile
For investors looking for style-diversification with traditional active credit strategies

About this fund

Robeco QI Global Multi-Factor High Yield is an actively managed fund that invests in high yield bonds. The selection of these bonds is based on a quantitative model. The fund's objective is to provide long-term capital growth. The fund offers balanced exposure to a number of proven factors by focusing on bonds with a low level of expected risk (low risk factor), an attractive valuation (value), a strong performance trend (momentum) and a small market value of debt (size). The investment universe includes bonds with a BB+ rating (or equivalent) or lower by at least one of the recognized rating agencies, or with no rating.

Key facts

Per 31-12-2025

Total size of fund	EUR 26,379,285
Size of share class	EUR 3,730,398
Inception date share class	23-07-2024
1-year performance	6.96%
Dividend paying	No

Fund manager

Patrick Houweling
Johan Duyvesteyn
Lodewijk van der Linden

Patrick Houweling is Head of Quant Fixed Income and Lead Portfolio Manager of Robeco’s quantitative credit strategies. Patrick has published seminal articles on Duration Times Spread, factor investing in credit markets, corporate bond liquidity and credit default swaps in various academic journals, including the Journal of Banking and Finance, the Journal of Empirical Finance and the Financial Analysts Journal. The article 'Factor Investing in the Corporate Bond Market' he co-authored received a Graham and Dodd Scroll Award of Excellence for 2017. Patrick is a guest lecturer at several universities. Prior to joining Robeco in 2003, he was Researcher in the Risk Management department at Rabobank International where he started his career in 1998. He holds a PhD in Finance and a Master's (cum laude) in Financial Econometrics from Erasmus University Rotterdam. Johan Duyvesteyn is Portfolio Manager Quant Fixed Income. His areas of expertise include government bond market timing, credit beta market timing, country sustainability and emerging-market debt. He has published in the Financial Analysts Journal, the Journal of Empirical Finance, the Journal of Banking and Finance, and the Journal of Fixed Income. Johan started his career in the industry in 1999 at Robeco. He holds a PhD in Finance, a Master's in Financial Econometrics from Erasmus University Rotterdam and he is a CFA® charterholder. Lodewijk van der Linden is Portfolio Manager Quant Fixed Income. Lodewijk has published in the Journal of Asset Management on the application of CDS in portfolio management and has written on the volatility effect. He joined Robeco in August 2018. In the period 2015-2018 Lodewijk worked at Aegon Asset Management where he was Risk associate and Team Manager Client Reporting. Lodewijk started his career at PwC as an actuarial consultant in 2013. He holds a Master's in Actuarial Science from the University of Amsterdam and a Master's in Econometrics and Management Science from Erasmus University Rotterdam.

Per period	Fund	Index
1 month	0.55%	0.42%
3 months	1.16%	0.68%
YTD	6.96%	5.81%
1 year	6.96%	5.81%
Since inception 23-07-2024	6.57%	6.26%

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.	0.03%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.38%

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.

Market development

Per 31-12-2025

The Bloomberg Global High Yield Corporates ex-Financials Index posted a positive credit return of 0.48%, as credit spreads tightened somewhat from 288 to 284 bps. The euro-hedged total return was 0.42%, as government bond yields rose with the US and German 10-year yields climbing approximately 15 bps. Corporate bonds outperformed government bonds with modestly positive credit returns, and high yield outperforming investment grade. EUR paper outperformed USD, but only in high yield. US equities were flat for the month, while European equities recorded small gains. Commodities were pressured by oversupply and dampened demand; Brent crude oil dropped below USD 60 per barrel intra-month, its lowest level since 2021. The Fed delivered a widely expected 25 bps cut but accompanied it with a hawkish narrative, suggesting that the easing cycle may near its end. The ECB kept rates unchanged but did mention upward revisions to expected growth and inflation.

Performance explanation

Per 31-12-2025

Based on transaction prices, the fund's return was 0.55%. Based on closing prices, the fund posted a relative return of 0 bps versus the benchmark. Issue(r) selection delivered a positive contribution. The value, size, and momentum factors delivered positive contributions, whereas the low-risk/quality factor detracted. Sector allocation contributed neutrally; the underweight in the communications sector contributed slightly positively, which was offset by the underweight in the basic industry sector. Currency allocation delivered a small positive contribution, mostly due to the overweight in CAD paper. Country allocation contributed slightly positively too, especially from the underweight in Luxembourg; the underweight in EM detracted somewhat. The allocation to subordination groups contributed neutrally, with negligible impact from subcategories. Rating allocation delivered a positive contribution, coming from the underweights in CAA and CA-rated bonds. SDG score allocation contributed neutrally. ESG Risk Rating allocation delivered a small positive contribution. Beta allocation detracted: the beta position of the bond portfolio detracted strongly, while the CDS index beta hedge delivered a smaller positive contribution.

Expectation of fund manager

Patrick Houweling
Johan Duyvesteyn
Lodewijk van der Linden

Robeco QI Global Multi-Factor High Yield invests systematically in high yield corporate bonds. It offers balanced exposure to a number of quantitative factors. In the long term, we expect the portfolio to outperform the market by systematically harvesting factor premiums with a risk profile that is similar to the reference index.

Robeco QI Global Multi-Factor High Yield ZH EUR

Systematic portfolio of high yield bonds for long-term capital growth

Key points

About this fund

Key facts

Fund manager

Performance

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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