Robeco Climate Global Credits FHCo EUR

Investing in credits and striving to keep the global temperature rise to well below 2°C

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
LU2660287686
Bloomberg
ROCGFHE LX

Asset class

Bonds

ISIN

LU2660287686

Bloomberg

ROCGFHE LX

Index

Solactive Paris Aligned Global Corporate 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 9

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

At the forefront of the transition to a low-carbon economy in line with the Paris Agreement
Contrarian investment style that harvests opportunities from behavioral biases in the market
Part of a successful global credit capability run by highly experienced team

About this fund

Robeco Climate Global Credits is an actively managed fund that invests mainly in nongovernment bonds all around the world. The selection of these bonds is based on fundamental analysis. This fund includes a carbon offsetting share class which compensates for the residual footprint of the portfolio by purchasing carbon credits. The carbon footprint reduction objective will be aligned with the Solactive Paris Aligned Global Corporate Index. The fund invests mainly in nongovernment bonds (which may include contingent convertible bonds (also “coco” bonds) and similar nongovernment fixed income securities and asset backed securities from all around the world. The fund's objective is also to provide long term capital growth.

Key facts

Per 31-08-2025

Total size of fund	EUR 564,916,581.09
Size of share class	EUR 27,965.59
Inception date share class	2023-10-11
1-year performance	2.17%
Dividend paying	No

Fund manager

Matthew Jackson
Daniel Ender

Matthew Jackson is Portfolio Manager Global Investment Grade in the Credit team. He joined Robeco in 2024 from Western Asset Management in London where he started his career in the industry in 2003 and consequently held roles of Risk Analyst, Portfolio Analyst, Research Analyst and Portfolio Manager of numerous dedicated credit funds and mandates. He holds a Bachelor’s in Economics (Hons) from the University of Sheffield. Daniel Ender is Portfolio Manager Investment Grade in the Credit team. Previously, he was a Credit Analyst at Actiam. Daniel started his career in the industry in 2018 at ABN AMRO. He has a Master’s in Financial Economics from Erasmus University Rotterdam and a Bachelor’s in Political Science and Economics from the University of Connecticut. Daniel also is CFA® charterholder.

Per period	Fund	Reference index
1 month	0.56%	0.53%
3 months	1.89%	1.79%
YTD	3.51%	3.21%
1 year	2.17%	2.50%
Since inception 10/2023	6.11%	6.33%

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.	0.67%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.40%
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.	0.10%

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 5% 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 Paris Aligned Global Corporate Index.

Market development

Per 31-08-2025

Markets were mixed in August, as strong earnings clashed with macro uncertainty and heavy supply. US equities advanced beyond Big Tech leadership, supported by one of the strongest earnings seasons of the past decade (ex-Covid), with widespread upside surprises versus preseason estimates. Bond yields eased on softer labor market signals, with the 10-year Treasury yield falling 14 bps to 4.23%, while Bund yields rose slightly, up 2 bps. At Jackson Hole, Powell struck a dovish tone, signaling a likely 25 bps September cut while firmly ruling out 50 bps, which markets fully priced in by month-end. The debate over Fed independence intensified after political efforts to remove Governor Lisa Cook, adding to market unease ahead of key data releases. In Europe, the ECB reiterated that policy is "in a good place", and rates are now expected to stay on hold at 2% through year-end. French political tensions ahead of a September 8 confidence vote briefly pressured OATs and bank spreads, though robust demand for corporate issuance helped stabilize credit. Credit spreads widened modestly, as heavy post-summer supply weighed on sentiment, with US IG 3 bps wider at 79 bps and EUR IG 6 bps wider at 84 bps.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was 0.56%. The Paris-Aligned Global Corporate Index returned +0.53% in August (hedged to EUR). Credit spreads widened over the month, ending at 76 basis points above government bonds. US IG was 3 bps wider at 79 bps and EUR IG 6 bps wider at 84 bps, leading to negative credit excess returns of -0.09%. As a result, the month's performance was primarily driven by moves in underlying government bond yields, with US Treasuries rallying 14 bps to 4.23% while Bund yields inched 2 bps higher. The portfolio outperformed its benchmark before fees. A modest beta contributed neutrally amid negative credit excess returns, while issuer selection had a positive impact overall. Our overweight in European credit relative to US credit, along with our curve positioning, modestly detracted from performance. The bulk of the outperformance stemmed from true bottom-up selection, with notable contributions from names such as Hiscox, American National Group, and Cellnex.

Expectation of fund manager

Matthew Jackson
Daniel Ender

Credit markets have rebounded strongly post-Liberation Day, with spreads tightening beyond pre-shock levels, driven by solid technicals and resilient demand. Fundamentals remain stable for now, though the true economic drag from tariffs and policy uncertainty has yet to filter through. US credit is supported by strong carry and cautious issuance, but the flatness of credit curves and stretched valuations limit upside. Europe continues to offer relative value, having lagged since Liberation Day, while EM credit benefits from lower leverage and improving macro tailwinds. High yield faces structural challenges as restructuring risk rises, with investor focus shifting up in quality. Tight spreads leave little margin for error, prompting conservative beta positioning. Selectivity, credit quality, and regional allocation remain critical in navigating the months ahead.

Important information

Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.

Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.

Robeco Climate Global Credits FHCo EUR

Investing in credits and striving to keep the global temperature rise to well below 2°C

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

Important information

Let's keep the conversation going