Jan Willem de Moor is Portfolio Manager Investment Grade with a focus on European and financial bonds. Working together with the Insurance and Pensions Solutions team, he is also responsible for the management of buy & maintain portfolios. Prior to joining Robeco in 2005, he worked at the Dutch Medical professionals’ pension fund as an Equity Portfolio Manager and at SNS Asset Management as an Equity Portfolio Manager. Jan Willem has been active in the industry since 1994. He holds a Master's in Economics from Tilburg University. Jan Willem Knoll is Portfolio Manager Investment Grade in the Credit team. He joined the Credit team in 2016 as Analyst for the Financials sector. Previously, Jan Willem headed the Financials Equity sell-side research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including Portfolio Manager of global insurance portfolio pan-European financials portfolios. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® Charterholder. Joost Breeuwsma is Portfolio Manager Investment Grade in the Credit team. He has a focus on European investment grade portfolios and global green bond portfolios. Prior to starting his career and joining Robeco in 2017 as a credit analyst, he obtained a Master’s with Distinction in Financial Mathematics from King’s College London. The Robeco Euro Credit Bonds fundis managed within Robeco’s credit team, which consists of nine portfolio managers and twenty-three credit analysts (of which four financials analysts). The portfolio managers are responsible for the construction and management of the credit portfolios, whereas the analysts cover the team’s fundamental research. Our analysts have long term experience in their respective sectors which they cover globally. Each analyst covers both investment grade and high yield, providing them an information advantage and benefiting from inefficiencies that traditionally exist between the two segmented markets. Furthermore, the credit team is supported by dedicated quantitative researchers and fixed income traders. On average, the members of the credit team have an experience in the asset management industry of seventeen years, of which eight years with Robeco.

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.

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.

The fund incorporates sustainability in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds, and engagement. The fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection the fund limits exposure to issuers with an elevated sustainability risk profile. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Bloomberg Euro Aggregate: Corporates.

March was turbulent for credit markets, as trade tensions escalated and economic data weakened. US assets weakened as uncertainty over US tariffs, elevated inflation expectations, and declining consumer confidence weighed heavily on sentiment. Key indicators, such as the University of Michigan and Conference Board surveys, pointed to growing consumer pessimism, while a raft of cautious corporate guidance and mounting policy uncertainty pushed recession probabilities higher. Risk assets sold off: the S&P 500 dropped 5.6%, and both high yield and investment grade credit widened. US Treasuries were mixed but with a clear curve steepening trend. Europe diverged, with the announcement of a major fiscal shift toward defense spending driving longer German yields sharply higher – March saw the largest Bund yield jump since reunification. Meanwhile, the ECB cut rates again, in contrast to a steady Fed. This widening policy gap supported flows into European credit and underpinned its resilience, reinforcing investor preference for high-quality assets in an increasingly fragile environment.

Based on transaction prices, the fund's return was -1.18%. The total return for the month amounted to minus 110 basis points. The negative return was driven by higher bond yields and a mild widening of credit spreads, while the running yield (carry) of the portfolio contributed positively. Index spreads widened during the month of March, ending the month at 98 bps vs 91 bps at the end of February. The index excess return was therefore negative, at minus 25 bps. Underlying government bond yields moved higher during the month, which had a negative impact on the total return. Performance attribution versus the benchmark is split into beta positioning and issuer selection, in line with our investment process. The relative performance of the underlying portfolio, measured gross of fees, was -6 basis points. The beta overweight position and the issuer selection both contributed negatively to the performance. From an issuer selection perspective, Volkswagen made a positive contribution and Teva a negative contribution.

Markets are gripped by fear as aggressive US tariff policies fuel global economic uncertainty, strain international relations and drive capital outflows toward Europe and Asia. Trade tensions have disrupted traditional market correlations, with US credit underperforming amid slowing growth, persistent inflation, and waning confidence in policy direction. In contrast, Europe is benefiting from fiscal support and more accommodative monetary policy, bolstering both credit markets and investor sentiment. Despite rising volatility, credit valuations remain tight, supported by technical factors. However, high yield spreads had grown overly compressed – particularly in the lower-rated segments – and are now beginning to underperform as risk sentiment deteriorates. In this environment, banks and domestically focused companies are preferred. Meanwhile, concerns around the safety of US assets are putting pressure on the dollar's reserve currency status. Investment positioning remains cautious, with a focus on issuer selection and a preference for banks and domestically focused companies.