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RobecoSAM Global SDG Equities Z EUR

Index: MSCI World Index TRN
ISIN: LU2145461591
  • Positive impact – Identification of businesses that generate a competitive advantage by addressing opportunities arising from a transition towards more sustainability
  • Long-term investment returns – Implementation of a disciplined investment process resulting in a concentrated, risk-controlled portfolio of stocks exhibiting strong fundamentals and reasonable valuations
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Global SDG Equities is an actively managed fund that invests globally in companies that take action to advance the UN Sustainable Development Goals. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The strategy integrates sustainability throughout the investment process. It uses as an internally developed framework (more information on which can be found at www.robeco.com/si) to identify companies whose products and services create a material positive impact on the SDGs.

Price development

No performance data available

Price development

RobecoSAM Global SDG Equities Z EUR

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
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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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
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.

Performance explanation

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Based on transaction prices, the fund's return was 4.97%. Over the last month, the fund underperformed the MSCI World Index, mainly driven by negative stock selection within industrials. Among the largest contributors was Merck & Co again, which posted another solid quarter and increased its 2023 guidance. Another large contributor was RGA, which continued its strong performance (a trend that started after the publication of the company's 22Q2 results). Among the largest detractors was Crown Holdings, which posted a profit warning due to lower-than-expected volumes in September, as customers de-stock their inventories while the company is left with a surprisingly high mismatch of current can pricing relative to inventoried cost. Another large detractor was Regal Rexnord, which announced the acquisition of Altra Industrial Motion. At first glance, the acquisition does look attractive, also given that the company already impressed with its very successful transformational merger with Rexnord PMC only a year ago. However, the announcement failed to please investors, who sent the stock down by more than 1,000 bps.

Statistics

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Market development

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In October, the MSCI World Index rose strongly by 6% (in EUR). Almost all sectors posted strong returns, with energy being the top performer. On the corporate side, US large-cap banks' results came mostly above expectations, helped by better-than-expected net interest income and not-as-bad-as-feared investment banking revenues. On the tech side, the picture was worse, as the outlook for digital advertising and e-commerce has notably deteriorated. US inflation continued to run hot in September. Gradually, however, comments are emerging that the Fed's tightening cycle is nearing its end, something that has potentially contributed to the markets' recent rally. Fears of a recession in Germany were eased after German 22Q3 GDP came in positive, while German and Eurozone inflation remain at very elevated levels. As expected, the ECB hiked its policy rate by 75 bps. On the politics front, the main topics were certainly the appointment of Rishi Sunak as the UK prime minister and the election of left-wing candidate Lula da Silva in Brazil's presidential election.

Fund allocation

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Name Sector Weight
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Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

In principle the fund does not intend to distribute dividend and so both the income earned by the fund and its overall performance are reflected in its share price.

ESG Integration policy

The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in stocks issued by companies with a medium or high positive impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). Furthermore, the fund does not invest in stock 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 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.

Investment policy

RobecoSAM Global SDG Equities is an actively managed fund that invests globally in companies that take action to advance the UN Sustainable Development Goals. The selection of these stocks is based on fundamental analysis. The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund advances the UN Sustainable Development Goals (SDGs) by investing in companies whose business models and operational practices are aligned with targets defined by the 17 UN SDGs. The fund integrates ESG (Environmental, Social and Governance) factors in the investment processand applies Robeco’s Good Governance policy, The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions and proxy voting. The fund also aims to achieve a better return than the index. The strategy integrates sustainability throughout the investment process. It uses as an internally developed framework (more information on which can be found at www.robeco.com/si) to identify companies whose products and services create a material positive impact on the SDGs. Benchmark: MSCI World Index TRN. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the benchmark. There are no restrictions on the deviation from the benchmark. The benchmark is a broad market-weighted index that is not consistent with the sustainable objective of the fund.

Risk policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

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SDG Contribution

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The SDG score shows to what extent the portfolio and the benchmark contribute to the 17 UN Sustainable Developments Goals (SDGs). Scores are assigned to each underlying company using the Robeco SDG Framework, which utilizes a three-step approach to calculate a company’s contribution to the relevant SDGs. The starting point is an assessment of the products offered by a company, followed by the way in which these products are produced, and finally whether the company is exposed to any controversies. The outcome is expressed in a final score which shows the extent to which a company impacts the SDGs on a scale from highly negative (dark red) to highly positive (dark blue). The bar shows the aggregate percentage exposure of the portfolio and the benchmark (shaded) to the different SDG scores. This is then also split out per SDG. As a company can have an impact on several SDGs (or none), the values shown in the report do not sum to 100%. More information on Robeco’s SDG Framework can be found at: https://www.robeco.com/docm/docu-robeco-explanation-sdg-framework.pdf

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Sustainability

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The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in stocks issued by companies with a medium or high positive impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). Furthermore, the fund does not invest in stock 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 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.

Expectation of fund manager

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After the market digested a strong hawkish message from the September FOMC meeting, the earnings season started better than expected, with banks' reporting overall solid. However, inflation levels remain very high and the market's expectation regarding peak rates, as proxied by the recent rally, could well be wrong given the historical stickiness of high inflation figures. And independent of the outcome of the US midterm elections, government spending is poised to come down, putting additional downward pressure on earnings. Although parts of it might already be reflected in the latest results, the balance of risks for global equity markets overall still looks skewed to the downside, so we maintain our defensive positioning. In the meantime, we see the number of companies whose risk-return profile turned attractive due to overreactions in the market increasing, and we remain confident in our bottom-up approach that focuses on picking companies with strong over-the-cycle fundamentals and resilient business models to identify high-quality stocks at attractive valuations.

Michiel Plakman CFA, Christoph Wolfensberger
Michiel Plakman CFA, Christoph Wolfensberger

Michiel Plakman CFA, Christoph Wolfensberger

Michiel Plakman is a Portfolio Manager and member of the Global Equity team. He is responsible for fundamental global equities with a focus on Information Technology, Real Estate and 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 Japan 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. Christoph Wolfensberger is a portfolio manager at Robeco within the Global Equity team with over 10 years of experience in Sustainability Investing. He is also the deputy portfolio manager for the Global SDG Equities strategy.  Prior, Christoph was also a Quantitative Analyst covering Sustainability/Impact Investing within Robeco’s Products & Engineering Team with a strong focus on customized solutions as well as portfolio optimizations. Prior to joining in 2011, he served as an Intern on the ESG Research team for six months. He holds a Master’s of Science Degree in Chemistry and Business Studies from the University of Zurich.

Details

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ISINLU2145461591
BloombergROGSEZA LX
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1st quotation date1635206400000
Close financial year31-12
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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.

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