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. The Robeco Climate Global Credits is 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’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.

March was turbulent for credit markets, as trade tensions escalated and economic data weakened. 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 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 -0.72%. The Paris-Aligned Global Corporate Index returned -0.45% in March (hedged to GBP), with the negative performance driven by both widening credit spreads and rising government bond yields. Credit spreads widened by 7 basis points over the month, ending at 91 basis points above government bonds. Government bond performance was mixed: the yield on 10-year US Treasuries was broadly unchanged at 4.21%, while the 10-year German Bund yield rose by 33 basis points to 2.74%. The portfolio modestly underperformed versus its benchmark before fees, primarily due to beta exposure. A slight overweight to beta, coupled with wider credit spreads, negatively impacted performance. However, regional allocation was a positive contributor – an overweight to euro credit and an underweight to sterling proved beneficial, as sterling credit notably underperformed in March. From an issuer selection perspective, the key positive contributor was our overweight position in TenneT, which benefited from renewed optimism around German infrastructure investment and speculation regarding the potential nationalization of TenneT Germany.

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 European over US credit, due to stronger fundamentals and supportive technicals.