QI Global Multi-Factor Credits Feeder Fund I USD - LU3104396224

Key points

Factor investing in investment grade corporate bonds
Aiming to generate positive returns with a market-like risk profile
Alternative to passive credit strategies, providing style-diversification with traditional active credit strategies

About this fund

Robeco QI Global Multi-Factor Credits Feeder Fund is an actively managed fund that invests systematically in predominantly investment grade credits. 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 quantitative 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 at least a BB rating.

Key facts

Per 31-10-2025

Total size of fund	USD 90,546,806
Size of share class	USD 90,546,806
Inception date share class	22-07-2025
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.

The performance data for this fund is either unavailable or restricted by the MIFID legislation, which prevents us from reporting performance data for funds with less than a 12-month track record.

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.	0.12%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.11%
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.	0.19%

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.

Allocations to bond currency denominations differ from the benchmark by 10% at most, and are otherwise non-tactical, and incidental to the bond selection, which is generated by the quantitative multi-factor ranking model. Currency exposures are subsequently hedged to the currency of the fund class. Over the month, the exposure to EUR-denominated paper decreased, while the exposure to AUD paper increased. The portfolio has turned overweight on AUD-denominated bonds. In addition, the portfolio is underweight in USD and CAD-denominated bonds and overweight in EUR and GBP bonds.

Policies

Per 31-10-2025

Market development

Per 31-10-2025

The Bloomberg Global Aggregate Corporates Index posted a credit return of -0.10% as credit spreads widened somewhat from 78 to 80 bps. The USD-hedged total return was 0.61%, as underlying government bond yields decreased. Global credit markets delivered negative credit returns over the month, but both US and European stocks rallied further on strong earnings and hopes of easier monetary policy. Government bond markets also did well, as US and German yields declined. The Fed cut interest rates by 0.25% (its second consecutive cut), while the ECB left rates unchanged. Markets initially cheered the dovish move of the Fed, though the cautious tone later erased some of the gains. The prolonged US government shutdown dampened sentiment but did not derail markets. Late in the month, the US and China agreed to roll back some trade tariffs, boosting risk appetite, while in Europe France's political turmoil prompted a credit rating downgrade by S&P. Oil prices fell for a third month on oversupply concerns, with Brent crude ending around USD 63/barrel, easing inflation pressures.

Expectation of fund manager

Patrick Houweling
Johan Duyvesteyn
Lodewijk van der Linden

Robeco QI Global Multi-Factor Credits invests systematically in predominantly investment grade credits. 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 Credits Feeder Fund I USD

Systematic portfolio of predominantly investment grade corporate bonds for long-term capital growth

Key points

About this fund

Key facts

Fund manager

The performance data for this fund is either unavailable or restricted by the MIFID legislation, which prevents us from reporting performance data for funds with less than a 12-month track record.

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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