Robeco QI Dynamic High Yield D2H USD

Looking for long-term capital growth and diversified exposure to global high yield via CDS index derivatives

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
LU2914529149
Bloomberg
RQHYD2H LX

Asset class

Bonds

ISIN

LU2914529149

Bloomberg

RQHYD2H LX

Index

Bloomberg Global HY Corporate

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 6

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Liquid exposure to global high yield corporates
Performance driven by unique quantitative models
An alternative to passive, traditional active or direct high-yield investments

About this fund

Robeco QI Dynamic High Yield is an actively managed fund that aims to provide long-term capital growth and offers diversified exposure to the global high yield corporate bond market, by investing primarily in CDS index derivatives. The positions in these instruments are based on quantitative models. The performance is model-driven by taking active beta and duration positions to decrease or increase the exposures towards the high-yield and rates markets within pre-defined risk limits.

Key facts

Per 30-11-2025

Total size of fund	USD 489,172,582
Size of share class	USD 29,236
Inception date share class	22-10-2024
1-year performance	7.31%
Dividend paying	No

Fund manager

Johan Duyvesteyn
Patrick Houweling
Lodewijk van der Linden

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. 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. 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	Reference index
1 month	1.07%	0.43%
3 months	2.84%	1.32%
YTD	7.85%	7.53%
1 year	7.31%	7.38%
Since inception 22-10-2024	7.30%	7.54%

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.	1.72%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.50%
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.	0.09%

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.

Market development

Per 30-11-2025

The global high yield bond spread tightened by -7 bps. The European iTraxx Crossover tightened by -9 bps, and the US CDX High Yield by -5 bps: Europe outperformed the US. The global CDS index return was 0.58% and the underlying government bonds contributed 0.33%. Therefore, the combined return of investing in CDS indices and government bonds was 0.91% this month, outperforming the 0.27% return of the high yield cash bond index. November started with a sharp sell-off amid concerns over AI-driven valuations, but ended with a rally on renewed Fed easing expectations and the prospect of a Russia-Ukraine peace deal. US and European equities were flat to slightly positive over the month, while credit returns were slightly negative. Defensive sectors outperformed, while technology lagged. Government bond yield changes were mixed, with the US 10-year yield falling and the German 10-year yield rising slightly, reflecting policy divergence. The Federal Reserve maintained a dovish tone, following two prior cuts, with markets pricing a substantial chance of another 25 bps cut in December. The ECB held rates at 2%, signaling that its easing cycle is likely complete.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 1.07%. The fund outperformed the high yield cash bond market index by 0.93% gross of fees. The credit beta overweight and the region allocation both delivered a positive contribution; the duration underweights detracted somewhat. The combined return of investing in CDS indices and government bonds outperformed the return of high-yield cash bonds. In the long run, we do not expect structural return differences between CDS indices and government bonds versus corporate bonds.

Expectation of fund manager

Johan Duyvesteyn
Patrick Houweling
Lodewijk van der Linden

The positions of the fund are fully determined by the outcomes of our proprietary models. At the end of the month, the fund had an overweight credit beta position. The region allocation position was overweight in Europe and underweight in the US. The fund had an underweight duration position in Germany.

Robeco QI Dynamic High Yield D2H USD

Looking for long-term capital growth and diversified exposure to global high yield via CDS index derivatives

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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