Robeco QI Global Dynamic Duration FH EUR

Systematic government bond approach to provide long-term capital growth by dynamically adjusting duration

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
LU2819788709
Bloomberg
RGLDYFH LX

Asset class

Bonds

ISIN

LU2819788709

Bloomberg

RGLDYFH LX

Index

JPM GBI Global Investment Grade Index (hedged into EUR)

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

Global government bond exposure with solid credit quality
Anticipating the direction of the bond markets
Proven track record in multiple market environments

About this fund

Robeco QI Global Dynamic Duration is an actively managed fund that invests worldwide in government bonds with investment grade quality. The fund's objective is to provide long term capital growth. The fund uses derivatives to dynamically adjust the duration (interest-rate sensitivity) of the portfolio. The duration positioning is based on our proprietary duration model, which predicts the direction of the bond markets using financial market data. The ESG scores of countries are a integral part of our bottom-up country allocation decisions.

Key facts

Per 31-08-2025

Total size of fund	EUR 582,597,641.23
Size of share class	EUR 146,527,263.72
Inception date share class	1994-07-01
1-year performance	-3.55%
Dividend paying	No

Fund manager

Olaf Penninga
Lodewijk van der Linden
Johan Duyvesteyn

Olaf Penninga is Portfolio Manager Quant Fixed Income. He has been Portfolio Manager for Global Dynamic Duration since 2005 (Lead portfolio manager since 2011). Furthermore, he has been the Lead Portfolio Manager of the Global Multi-Factor Bonds strategy since inception in 2019. His previous positions with Robeco include that of Lead Portfolio Manager for Robeco’s fundamentally-managed Euro Government Bonds strategy and Researcher with responsibility for fixed income allocation research. Olaf was employed by Interpolis as Investment Econometrician for one year before returning to Robeco in 2003. He started his career in 1998 at Robeco. He holds a Master's in Mathematics (cum laude) from Leiden University. 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. 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	-0.02%	0.21%
3 months	0.09%	0.32%
YTD	-0.87%	1.07%
1 year	-3.55%	-0.12%
2 years	2.29%	2.00%
3 years	0.11%	0.10%
5 years	-2.75%	-2.63%
10 years	-0.53%	-0.15%
Since inception 07/2012	0.34%	0.62%

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.	3.01	2.63
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.	0.16	0.14
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.	-0.44	-0.73
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..	0.13	-0.00
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.	0.86	0.90
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).	5.30	5.17
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	3.37	3.37
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-4.53	-4.53

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.	0.51%
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.	0.09%

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.

Profile

Per 31-08-2025

ESG IntegrationEngagement

Sustainability

Per 31-08-2025

The fund incorporates sustainability in the investment process via exclusions, ESG integration, and ESG and environmental footprint targets. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. Via portfolio construction rules the fund targets a better ESG score and a lower carbon footprint than that of the reference index. This ensures that countries with a better ESG score or a lower carbon footprint are more likely to be included in the portfolio. For more information please visit the sustainability-related disclosures.

Market development

Per 31-08-2025

Government bond markets diverged in August: US (+0.8%) and Canadian (+0.4%) bonds rallied, while yields rose somewhat in Europe and Japan (German Bunds and Japanese government bonds both -0.2%; all returns hedged to EUR). Weak US labor market data explains most of the strong returns of US Treasuries. Two-year yields declined 34 bps as a September rate cut is now seen as nearly certain, but 30-year yields rose slightly as the market is getting increasingly worried about the Fed's independence. In Germany, yields on long-dated bonds rose. The ECB is likely on hold for the time being. French yields rose more strongly as the PM announced a confidence vote. UK yields rose as inflation rose more than expected and amid worries about the government's ability to control the budget deficit.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was -0.02%. The fund lagged the index in August. It had underweight duration positions in the first part of the month. Due to these underweight positions, mainly the US underweight, the fund benefited less strongly from the early-month decline in yields. The underweight position in Japanese bonds also detracted from performance in August. These two positions had driven the outperformance in July. The underweight duration position in Germany contributed positively to the performance in August. These active duration positions are based on the outcomes of our quantitative duration model. The tilts in the underlying portfolio contributed somewhat positively to the performance, mainly the preference for shorter-dated bonds within the Eurozone.

Expectation of fund manager

Olaf Penninga
Lodewijk van der Linden
Johan Duyvesteyn

The fund's duration policy is driven by the outcomes of our proprietary quantitative duration model. At the end of August, the fund opened an underweight duration position in German bond futures. The fund had neutral duration positions in the US and Japan. The model predicted rising yields in Germany, mainly based on the economic growth, low-risk and trend variables. Rising equity markets and positive economic surprises signal stronger economic growth, while the weak performance of low-risk equities signals lower demand for safe assets such as bonds. Together with the trend of rising yields, this points to higher yields. The model scores were less negative for US and Japanese bonds. The monetary policy variable was more positive for US bonds than for German bonds, and the valuation variable was more positive for Japanese bonds.

Robeco QI Global Dynamic Duration FH EUR

Systematic government bond approach to provide long-term capital growth by dynamically adjusting duration

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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