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Based on transaction prices, the fund's return was 2.94%. Renewable energies stocks were among the best performers in the month, as the market started pricing in a more robust mid-term demand outlook. Albemarle benefited from tight supply and a favorable pricing environment for lithium. The Swedish heat pump company Nibe saw an improved long-term outlook due to Europe's ambition of energy independence driven by the war in Ukraine. However, Vestas remains negatively impacted by tight supply chains, but the outlook is improving. Power semiconductor stocks saw a recovery in March, with US stocks outperforming their European counterparts again. Especially semiconductor players in the data center and charging infrastructure like Marvell and Monolithic Power Systems benefited from end markets that were perceived to be less cyclical. Energy efficiency companies were again the weakest performers in the month. EV manufacturer XPeng was the worst performer together with Japanese stocks Azbil and Nidec, all of which were impacted by fears of the economic impact of the renewed Omicron lockdown in China.
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Global stock markets remained volatile, but recovered part of the losses from the beginning of the year and ended the month on a positive note. The war in Ukraine continues to dominate the market and the risk sentiment. With the escalation, energy prices continued to rise. Natural gas prices in Europe in particular jumped, as supply fears increased substantially. Oil prices retreated from their decade high price towards the end of the quarter, as the US government announced the biggest ever release of US oil reserves. Non-energy commodities are on the rise as well, as the war in Ukraine negatively impacted an already tight supply situation. While news related to Omicron is fading away in the Western economies, it is still negatively disrupting the supply chain in China as e.g. Shanghai is in a renewed lockdown. Corporate earnings continued to be solid and overall, the outlook for 2022 looks supportive for the equity markets. Rising energy prices and increased uncertainty on energy supply led to a renewed focus on renewable energy companies. The already ambitious targets to decarbonize are now getting an additional boost from an energy security angle.
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The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.
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.
The fund's sustainable investment objective is to further the transformation and decarbonization of the global energy sector. The transformation and decabonization of the energy sector and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. 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.
RobecoSAM Smart Energy Equities is an actively managed fund that invests globally in companies providing technologies for clean energy production, distribution, power management infrastructure and energy efficiency. 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 sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund furthers the transformation and decarbonization of the global energy sector through investments in clean energy production sources, energy efficient products and infrastructure as well as technologies supporting through the electrification of the industrial, transportation and heating sectors. This is done by investing in companies that advance the following UN Sustainable Development Goals (UN SDGs): Affordable and clean energy, Decent work and economic growth, Industry, innovation and infrastructure, Sustainable cities and communities, Responsible consumption and production, and Climate action. Alongside proxy voting and engagement, the fund applies Robeco’s Exclusion Policy of excluding investments in companies exposed to controversial behavior and controversial products (including weapons, tobacco, palm oil, fossil fuel, military contracting, firearms, nuclear power, cannabis, alcohol, gambling, adult entertainment and cannabis). The strategy integrates sustainability criteria as part of the stock selection process and through a theme-specific sustainability assessment. The portfolio is built on the basis of an eligible investment universe that includes companies whose business models contribute to the thematic investment objectives. The assessment regarding relevant SDGs uses an internally developed framework, more information on which can be obtained at www.robeco.com/si. 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 management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
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
The fund's sustainable investment objective is to further the transformation and decarbonization of the global energy sector. The transformation and decabonization of the energy sector and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. 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.
The first shock of the war in Ukraine has been absorbed by the market and a more opportunistic approach came through last month. Accordingly, the buildout of renewable energy is back in the spotlight amid Europe's ambition to become more energy independent from Russia as a reaction to the war in Ukraine. On a macroeconomic level, rising inflation rates and geopolitical tensions add uncertainty to the global economic recovery that is continuing at a robust pace so far. Certain supply chains are expected to remain tight well into 2023. The inflationary pressure is likely to peak in the coming months, as the Fed has become increasingly hawkish. The speed of the interest rate hike and the potential balance sheet reduction will depend on economic and geopolitical developments. Overall, the financial conditions remain accommodative in 2022, but on a lower level than in 2021. The recent rise in power prices and Europe's ambition of energy independence should further support the buildout of renewable energy, and incentivize investment in energy efficiency and the electrification of the energy system.
Roman Boner is the Lead Portfolio Manager responsible for the RobecoSAM Smart Energy Equities strategy. Before joining Robeco in 2021, Roman was a Senior Portfolio Manager at Woodman Asset Management. Prior to that, he spent six years at Swisscanto (later part of Zurich Kantonalbank) as a Senior Portfolio Manager responsible for a sustainable global equity fund and co-manager of the thematic Global Water and Climate Fund. Roman started his career in 1996 at UBS working in different divisions including Private Banking, Asset Management and Trading. In 2003, he became Portfolio Manager at UBS Global Asset Management and, from 2005 onwards, focused on sustainable thematic equities strategies including Energy Efficiency and Climate change accounts. Roman graduated from the University of Applied Sciences Zurich in Economic and Business Administration and is a CFA charterholder.
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ISIN | LU2145462722 |
Bloomberg | RSSEEIE LX |
Valoren | 55777952 |
WKN | A2QBUK |
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1st quotation date | 1603929600000 |
Close financial year | 31-12 |
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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 information contained on these pages is for marketing purposes and solely intended for Qualified Investors in accordance with the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”) domiciled in Switzerland, Professional Clients in accordance with Annex II of the Markets in Financial Instruments Directive II (“MiFID II”) domiciled in the European Union und European Economic Area with a license to distribute / promote financial instruments in such capacity or herewith requesting respective information on products and services in their capacity as Professional Clients.
The Funds are domiciled in Luxembourg and The Netherlands. ACOLIN Fund Services AG, postal address: Affolternstrasse 56, 8050 Zürich, acts as the Swiss representative of the Fund(s). UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich, postal address: Europastrasse 2, P.O. Box, CH-8152 Opfikon, acts as the Swiss paying agent. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s) may be obtained, on simple request and free of charge, at the office of the Swiss representative ACOLIN Fund Services AG. The prospectuses are also available via the website www.robeco.ch. Some funds about which information is shown on these pages may fall outside the scope of the Swiss Collective Investment Schemes Act of 26 June 2006 (“CISA”) and therefore do not (need to) have a license from or registration with the Swiss Financial Market Supervisory Authority (FINMA).
Some funds about which information is shown on this website may not be available in your domicile country. Please check the registration status in your respective domicile country. To view the RobecoSwitzerland Ltd. products that are registered/available in your country, please go to the respective Fund Selector, which can be found on this website and select your country of domicile.
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