Robeco QI Global Multi-Factor Credits FH EUR

Systematic portfolio of predominantly investment grade corporate 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
LU1235145304
Bloomberg
ROMFFHE LX

Asset class

Bonds

ISIN

LU1235145304

Bloomberg

ROMFFHE LX

Index

Bloomberg Global Aggregate Corporates 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

Morningstar Morningstar Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating

( 31-08 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

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 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 31-08-2025

Total size of fund	EUR 1,055,130,747.61
Size of share class	EUR 1,097,983.99
Inception date share class	2015-06-15
1-year performance	1.95%
Dividend paying	No

Fund manager

Patrick Houweling
Mark Whirdy
Johan Duyvesteyn

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. Mark Whirdy is Portfolio Manager Quant Fixed Income. His areas of expertise include portfolio optimization, credit markets, credit derivatives modelling and quant investment process development. Prior to joining Robeco, Mark was Portfolio Manager in the Quant Credit team at Pioneer Investments and Analyst in the Quantitative Equities team at that firm. He is a graduate from University College Dublin, and holds a Master’s in Business from University of Ulster. 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.

Per period	Fund	Reference index
1 month	0.39%	0.55%
3 months	1.65%	1.81%
YTD	3.04%	3.45%
1 year	1.95%	2.83%
2 years	4.35%	5.10%
3 years	2.45%	3.02%
5 years	-1.39%	-1.10%
10 years	0.92%	1.19%
Since inception 06/2015	0.86%	1.15%

Statistics	3 years	5 Years
Tracking error ex-post (%) The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.	0.50	0.48
Information ratio This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.	-0.12	0.35
Sharpe ratio This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.	0.01	-0.39
Alpha (%) Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..	-0.06	0.10
Beta Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.	0.98	0.97
Standard deviation Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).	6.48	6.40
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	4.46	4.46
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-4.79	-4.79

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.	0.52%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.30%
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.	0.21%

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 31-08-2025

Market development

Per 31-08-2025

The Bloomberg Global Aggregate Corporates Index posted a credit return of -0.09%, as credit spreads widened somewhat from 79 to 83 bps. The euro-hedged total return was 0.55%, as underlying government bond yields decreased substantially. Credit markets diverged in August: spreads in Europe widened somewhat, while US spreads declined in high yield and moved sideways in investment grade. Global credit excess returns were close to zero for both investment grade and high yield. Global equity returns were positive, though, led by strong returns in the US, while European equities were mixed. Government bond markets also diverged posting positive returns for US Treasuries, while yields rose somewhat in Europe. Weak US labor market data explains most of the strong returns of US Treasuries. Two-year US yields declined strongly as a September rate cut is now seen as nearly certain; 30-year US yields rose slightly as the market is getting increasingly worried about the Fed's independence. The ECB is expected to be on hold for the time being. Oil prices declined, with Brent falling from USD 70 to USD 67, driven by OPEC+ announcing a full unwind of voluntary output cuts.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was 0.39%. Based on closing prices, the fund posted a relative return of -0.11% versus the benchmark. Issue(r) selection contributed somewhat positively and beta allocation contributed neutrally. Duration hedging inaccuracies at the longest end of the curve detracted strongly though. The value factor delivered the largest positive contribution, followed by a smaller positive contribution from size. The low-risk/quality factor slightly detracted, driven by the underweight in longer-dated bonds. The momentum factor contributed neutrally. Sector allocation slightly detracted, mostly due to the underweight in the insurance sector. Currency allocation slightly detracted too, mainly driven by the overweight in EUR-denominated paper. Country allocation slightly detracted as well, primarily due to the overweight in France. The allocation to subordination groups contributed slightly positively, mostly due to the underweight in senior financials. Rating allocation contributed slightly positively too, mainly due to the off-benchmark position in BA-rated paper. SDG score and ESG risk rating allocations both slightly detracted.

Expectation of fund manager

Patrick Houweling
Mark Whirdy
Johan Duyvesteyn

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 fund 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 FH EUR

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

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Profile

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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