Robeco Sustainable Global Stars Equities D EUR
High conviction in the most attractive companies around the world
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.
D-EUR
DL-USD
E-EUR
F-EUR
I-USD
IL-EUR
IL-GBP
IL-USD
M2-EUR
Z-EUR
Class and codes
Asset class:
Equities
ISIN:
LU0387754996
Bloomberg:
ROBGESD LX
Index
MSCI World Index (Net Return, 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 (28/02)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
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Key points
- Concentrated portfolio
- Focuses on companies with a high return on invested capital
- Applies a disciplined approach to valuating companies
About this fund
Robeco Sustainable Global Stars Equities is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential growth which are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.
Key facts
Total size of fund
€ 1,079,738,161
Size of share class
€ 239,569,500
Inception date share class
10-11-2008
1-year performance
25.16%
Dividend paying
No
Fund manager
Michiel Plakman CFA
Chris Berkouwer
Oliver Attwater
Michiel Plakman is Lead Portfolio Manager and member of the Global Equity team. He is also Co-Head of Robeco’s Global Equity team. He is responsible for fundamental global equities with a focus on SDG investing and on companies in the information technology, real estate & communication services sectors, as well as portfolio construction. He has been in this role since 2009. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, he worked as a Portfolio Manager Japanese Equities at Achmea Global Investors (PVF Pensioenen). From 1995 to 1996 he was Portfolio Manager European Equities at KPN Pension Fund. He holds a Master's in Econometrics from Vrije Universiteit Amsterdam and he is a CFA® Charterholder. Chris Berkouwer is Portfolio Manager and member of the Global Equity team. He is also Deputy Lead Portfolio Manager. He is responsible for fundamental global equities with a focus on the low-carbon transition and on companies in the energy, materials and industrials sectors, as well as portfolio construction. He joined Robeco in 2010. Prior to that, he worked as an analyst for the The Hague Centre for Strategic Studies. He conducted country, industry and company research for various equity teams prior to joining the Global Equity team. He a holds Master's in Business Administration and International Public Management from the Erasmus University Rotterdam and is a CFA® Charterholder. Oliver Attwater is Portfolio Manager and member of the Global Equity team. He is also Deputy Lead Portfolio Manager. He is responsible for fundamental global equities with a focus on companies in the information technology sector and portfolio construction. He joined Robeco in 2021. Previously, he was Head of US Equities at British Airways’ Pension fund based in London, U.K., where he had portfolio management and analyst responsibilities covering all sectors. He holds a Bachelor’s from University College London and he is a CFA® Charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
4.88%
4.63%
3 months
11.56%
11.58%
YTD
8.60%
7.68%
1 year
25.16%
22.46%
2 years
9.19%
9.63%
3 years
11.24%
12.88%
5 years
13.89%
12.80%
10 years
11.95%
11.76%
Since inception 11/2008
11.88%
11.95%
2023
20.01%
19.60%
2022
-15.44%
-12.78%
2021
28.46%
31.07%
2020
16.08%
6.33%
2019
31.30%
30.02%
2021-2023
9.24%
10.99%
2019-2023
14.72%
13.58%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
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.
3.26
3.59
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.
-0.02
0.75
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.
0.84
1.02
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..
0.64
3.33
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.
0.93
0.92
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).
13.75
14.62
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
10.25
13.21
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-8.57
-9.80
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
18
33
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
50
55
Months Bull market
Number of months of positive benchmark performance in the underlying period.
22
38
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
19
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
45.5
50
Months Bear market
Number of months of negative benchmark performance in the underlying period.
14
22
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
8
14
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
57.1
63.6
Costs
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.
1.46%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.25%
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.
0.19%
Performance fee
A performance fee is a cost that is only deducted when the fund realizes a certain result over a specified period. For more information on the performance fee deducted over the last financial year, please refer to the Key Investor Information, the prospectus or the annual report.
15.00%
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 allocation
Asset
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.
The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
Robeco Sustainable Global Stars Equities is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential growth which are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and aims for an improved environmental footprint. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
Sustainability profile
ESG score target
Above Index
Footprint target
20% better than index
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in 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 fundamental investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI World Index (Net Return, EUR).
Market development
Stocks continued to power ahead with global equity markets ending the month of February significantly up (+4.6% in EUR; +4.3% in USD). Hotter-than-expected inflation figures, geopolitical tensions and interest rates ticking back up, did not exactly rattle the markets. And even with some of the Magnificent 7 such as Apple and Tesla dropping off the chariot, AI and anti-obesity-related names remain investor favorites. NVIDIA, for example, kept the AI dream alive with a mighty results 'beat and raise', reigniting the momentum trade further. On the other end, cyclicals are still struggling, preventing the market from broadening out. At the same time, we also see inventories normalizing across the board, a freight downcycle that is coming to an end and overall demand staying resilient at a low level. This means that we should already prepare the troops for a market reshuffling, as at some point a deconsolidation in market leadership will become inevitable.
Performance explanation
Based on transaction prices, the fund's return was 4.88%. In the month of February, the portfolio had a strong absolute performance and was also slightly positive versus the benchmark. Sector-wise, our positioning in communication services, consumer staples and healthcare helped performance the most, while energy and consumer discretionary lagged during the month. On a stock level, Meta Platforms performed well after very strong results, as its Reels initiatives to drive digital ad demand, its much higher cash returns for shareholders as well as Meta's investments into AI-related infrastructure and how that helps drive the core business were all well-appreciated by the market. It also was another good month for Eli Lilly on rising optimism around its GLP-1 products targeting obese patients, a market where growth prospects keep on being adjusted upward. Industrial and automation play Schneider Electric also continues to power on, posting strong results that validated its higher-growth-for-longer thesis, partly fueled by providing energy-efficient electrical equipment that goes into energy-hungry data centers.
Expectation of fund manager
Michiel Plakman CFA
Chris Berkouwer
Oliver Attwater
Some argue that the market rally is beginning to look 'tired' as technicals are starting to wear out, but we are unsure. Although it does make sense for stocks to take a breather, emerging strength in soft data points such as PMI/ISM figures, might be additional sources of upside for future earnings growth that can go beyond the mega-cap stocks only. Financial markets are generally guided by earnings and fundamentals, but also by sentiment and animal spirits. At the risk of overextending momentum, we find ourselves striking a delicate balance between running the winners and sound risk management. From here, we do want to see improving growth data, especially in the more cyclical areas of the market, which can lead to a healthy de-concentration of returns. Those data points are slowly coming through, but not enough to convince investors that a market rotation is imminent. In any case, whatever direction of travel might unfold in front of us, with our largely macro-agnostic and quality-driven investment style, we confidently look at what comes next.