RobecoSAM Circular Economy Equities I EUR
- Invests in leading companies that address the opportunities created by the paradigm shift in traditional production and consumption patterns toward a circular economy.
- Focus on innovative solutions in the area of redesign inputs, circular use, enabling technologies and loop resources.
- Diversified strategy enhanced by proprietary ESG risk considerations, appealing to investors with a horizon of three to five years.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
|---|---|---|
| 1 month | ||
| 3 months | ||
| YTD | ||
| 1 year | ||
| 2 years | ||
| 3 years | ||
| 5 years | ||
| 10 years | ||
| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
| Fund | Reference index | |
|---|---|---|
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
|---|---|---|---|
| Tracking error ex-post (%) |
|
||
| Information ratio | |||
| Sharpe ratio | |||
| Alpha (%) | |||
| Beta |
|
||
| Standard deviation |
|
||
| Max. monthly gain (%) |
|
||
| Max. monthly loss (%) |
|
| 3 years | 5 years | ||
|---|---|---|---|
| Months outperformance | |||
| Hit ratio (%) | |||
| Months Bull market | |||
| Months outperformance Bull | |||
| Hit ratio Bull (%) | |||
| Months Bear market | |||
| Months outperformance Bear | |||
| Hit ratio Bear (%) |
| Fund | Reference index | ||
|---|---|---|---|
| Rating | |||
| Option Adjusted Modified Duration (years) | |||
| Maturity (years) | |||
| Yield to Worst (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Stock markets continued their uptrend in February, but reversed their course on increasing concerns over a global growth slowdown due to the coronavirus epidemic. Especially the jump of new cases in Europe spooked investors and caused the worst weekly return since the financial crisis. After reaching all-time highs earlier in the month, all major indices dropped more than 10% from previous highs. The MSCI World lost approx. 8% (in EUR terms) vs. its January close with energy and materials being hit the hardest. The Circular Economy strategy outperformed the stock market in February. Investors turned to sectors associated with non-cyclical growth attributes like packaging, where once again company reports highlighted the shift underway from plastic to other packaging solutions, which will reshape the industry. On a similar note, under the umbrella of the EU New Green Deal, a Circular Economy action plan is expected to be announced in March. According to recent information, the package will be both ambitious and comprehensive, as strong emphasis will be put on keeping products and resources in use like the discussed ‘right to repair’ or a EU strategy for textiles and clothing.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Currency policy
The fund is allowed to pursue an active currency policy to generate extra returns.
Dividend policy
The fund does not distribute dividend; any income earned is retained, and so the fund's entire performance is reflected in its share price.
ESG Integration policy
RobecoSAM Circular Economy Equities employs systematic, bottom-up stock selection that combines proprietary Environmental, Social & Governance (ESG) data and research throughout the investment process. ESG criteria for exclusions and theme-specific suitability are applied during universe construction. An in-house Sustainability Investing (SI) research team integrates financially-material sector and company-specific sustainability analysis into investment cases. A dedicated thematic equity team incorporate SI research within fundamental analysis and stock valuations. Impact assessments of controversial incidences affecting portfolio holdings provide additional risk management. An active ownership and engagement team interacts directly with company management of fund holdings, offering additional channels for sustainable impact.
Investment policy
Our investment philosophy is grounded in the core belief that the integration of ESG factors into a disciplined, research-driven investment process leads to better-informed investment decisions and better risk-adjusted returns through an economic cycle. Building on our proprietary data and research, we identify companies that generate a competitive advantage through sound business practices, efficiency improvements, and the creation of new solutions for the myriad challenges facing society over the coming decades. Taking a long-term investment perspective, we analyze companies’ business models, market positioning and growth potential, and evaluate their financial performance and valuation. Based on this fundamental assessment, we seek to uncover attractive investment opportunities and implement them in concentrated, conviction-based equity portfolios.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The global spreading of the coronavirus has brought recessionary fears back on the table, as the shutdown of production sites disrupts parts of global supply chains. Likely stock markets will remain fragile as long as the number of new infections is accelerating outside of China. Even though it is difficult to forecast the implications of the further spread of the virus, we also see new investment opportunities arising from the current situation. Accordingly we aim to use market volatility to build exposure to companies that continue to enjoy structural tailwinds or have demonstrated innovation leadership. We see providers of environmentally friendly packaging for consumer and food products are well-positioned to benefit from shifting consumer preferences and regulatory changes. Companies that address the leakage of natural resources and keep products in the loop are set to capitalize on the shift to the Circular Economy. Furthermore, we expect products and services around collaboration solutions to outgrow the broader market.
Holger Frey, CAIA
Holger Frey is Senior Portfolio Manager in the trends & thematic equities team responsible for managing the RobecoSAM Circular Economy Equities Strategy. He joined RobecoSAM in May 2016 for managing the RobecoSAM Sustainable Food Strategy. Prior to joining RobecoSAM, Holger worked for 10 years as a Portfolio Manager and Analyst for Sustainable Equities at DWS. In this role he served also as the lead Portfolio Manager of the DWS Water Sustainability Fund. Prior to that, he worked as a financial services consultant for KPMG Consulting/Bearing Point in the Asset & Wealth Management Practice Group and as a graduand at KfW Bankengruppe. He holds a Bachelor’s degree in Computer Science and Media from the University of Applied Sciences in Fulda (Germany), a Bachelor’s of Arts degree in Musicology from the Johann Wolfgang Goethe University in Frankfurt, and is a Chartered Alternative Investment Analyst (CAIA).
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU2092759021 |
| Bloomberg | ROCEEIE LX |
| Valoren | 52333291 |
| WKN | A2P0DP |
| Availability | |
| 1st quotation date | 1579737600000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
|
|---|---|
| This fund deducts ongoing charges of |
| These charges comprise | ||
|---|---|---|
| Management fee | ||
| Service fee | ||
Transaction costs |
|
|---|---|
| The expected transaction costs are |
Performance fee |
|
|---|---|
| This fund may also deduct a performance fee of |
Extra fees
| max entry fee | ||
| Max exit fee | ||
| Max sub fee | ||
| Max switch fee |
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 0.01% 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
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.
