Climate Global High Yield Bonds DH EUR - LU2657135567

Key points

Transitioning into a low carbon economy via high yield issuers
Active, quality tilted investment style with an aim to beat a Paris Aligned Benchmark
Building upon the successful long-term high yield track record of Robeco

About this fund

Robeco Climate Global High Yield Bonds is an actively managed fund that invests in high yield corporate bonds. The selection of these bonds is mainly based on fundamental analysis. The fund aims to reduce the carbon footprint of the portfolio and thereby contribute towards the goals of the Paris agreement to keep the maximum global temperature rise well-below 2◦ C. The fund invests in worldwide bonds and other marketable debt securities and instruments (which may include short dated fixed or floating rate securities) issued or guaranteed by OECD member states and by companies based in OECD countries. The fund's objective is also to provide long term capital growth.

Key facts

Per 31-08-2025

Total size of fund	EUR 451,355,900.32
Size of share class	EUR 28,560.64
Inception date share class	2023-09-12
1-year performance	4.74%
Dividend paying	No

Fund manager

Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning

Christiaan Lever is Portfolio Manager High Yield and Emerging Credits in the Credit team. Before assuming this role in 2016, he was Financial Risk Manager at Robeco, focusing on market risk, counterparty risk and liquidity risk within fixed Income markets. Christiaan has been active in the industry since 2010. He holds a Master's in Quantitative Finance and in Econometrics from Erasmus University Rotterdam and he is a CFA® Charterholder. Sander Bus is CIO and Portfolio Manager High Yield Bonds in the Credit team. He has been dedicated to High Yield at Robeco since 1998. Previously, Sander worked for two years as a Fixed Income Analyst at Rabobank where he started his career in the industry in 1996. He holds a Master's in Financial Economics from Erasmus University Rotterdam and he is a CFA® charterholder. Roeland Moraal is Portfolio Manager High Yield in the Credit team. Before assuming this role, he was Portfolio Manager in the Robeco Duration team and worked as an Analyst with the Institute for Research and Investment Services. Roeland started his career in the industry in 1997. He holds a Master's in Applied Mathematics from the University of Twente and a Master’s in Law from Erasmus University Rotterdam. Daniel de Koning is Portfolio Manager High Yield in the Credit team. Prior to joining Robeco in 2020, he was Portfolio Manager High Yield at NN Investment Partners. Daniel started his career in 2011 at APG Asset Management, where he held roles of Credit Analyst and Portfolio Manager High Yield. He holds a Master’s in Business Economics from the University of Amsterdam and he is a CFA® and CAIA® charterholder.

Per period	Fund	Reference index
1 month	0.67%	0.81%
3 months	2.12%	2.39%
YTD	4.24%	5.13%
1 year	4.74%	6.84%
Since inception 09/2023	6.99%	9.57%

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.	1.21%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.00%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
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.

Fund

Index

Policies

Per 31-08-2025

Profile

Per 31-08-2025

ESG IntegrationTarget Universe

Sustainability

Per 31-08-2025

The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. Furthermore, the fund invests at least 2% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Solactive Global High Yield Corporate PAB Select Index (hedged into EUR).

Market development

Per 31-08-2025

In the month of August, US high yield spreads contracted by 3 bps to 282, while YTW contracted by 25 bps down to 6.44%. In August, attention turned to the Federal Reserve as Chair Jay Powell used the Jackson Hole Symposium to hint at a likely September rate cut. July's weaker jobs report – with softening employment and downward revisions – appeared to satisfy the Fed's threshold for easing. At the same time, early speculation around Powell's potential successor added uncertainty to the Fed's longer-term direction. Energy prices continued to climb, rising at twice the pace of broader inflation and complicating the near-term policy outlook. Meanwhile, the administration moved closer to taking a 10% stake in Intel, highlighting a shift toward more direct government involvement in key sectors. In Europe, Germany's Q2 GDP was revised down, pulling the region's largest economy back into recessionary territory. August had USD 25.7 bln of new issuance in the high yield market, with USD 5.2 bln worth of defaults/distressed exchanges.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was 0.67%. In the month of August, the high yield market had total returns of 0.81%. Positive excess credit returns and underlying benchmark moves contributed to this result, despite some bouts of rates volatility. The portfolio underperformed by 4 bps this month. Beta positioning contributed 2 bps to performance, while issuer selection detracted 6 bps. Our performance was dragged by the relative outperformance of USD-denominated high yield over EUR. Moreover, the rally in dollar CCC, which we underweight, was the main source of underperformance. From a sector perspective, underweight in technology added 3 bps to performance, while underweight in communication detracted 2 bps. In terms of issuer selection, the highly levered satellite company Dish Network announced their intention to sell their wireless spectrum to AT&T, which came as a surprise to the market and caused its bonds to rally. Our underweight in the pharma Bausch detracted 5 bps, as the company's bonds rallied on the back of Paulson & Co. increasing its stake in the company and Icahn selling its entire stake.

Expectation of fund manager

Christiaan Lever
Sander Bus
Roeland Moraal
Daniel de Koning

The second quarter of 2025 has been remarkable. Markets were initially rattled by the announcement of 'Liberation Day' and the tariff shock, causing a sharp sell-off in risk assets. Just a week later, a surprise 90-day tariff reprieve reversed sentiment, driving a dramatic rally. Despite ongoing volatility and geopolitical tensions, credit markets have proven resilient, with US high yield spreads now tighter than before Liberation Day. This strength contrasts with a weakening macro backdrop, as consensus projects US GDP growth to slow to 1.4% from 2.8% last year – a forecast we see at risk. Tariffs and uncertainty have yet to fully materialize in the data, potentially masking weakness. While tax cuts, deregulation, and AI enthusiasm partially offset these concerns, corporate behavior will likely become more cautious. In Europe, stable inflation offers the ECB scope to ease, and Germany's fiscal push provides some optimism, but the region remains exposed to US policy shifts. Our conservative positioning remains unchanged.

Robeco Climate Global High Yield Bonds DH EUR

An active, quality tilted investment strategy, selecting high yield issuers with explicit climate targets that contribute to the goals of the Paris Agreement

Key points

About this fund

Key facts

Fund manager

Performance

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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