Robeco European Stars Equities I EUR

High conviction in the most attractive European companies

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.

Class and codes

Asset class
Equities
ISIN
LU0209860427
Bloomberg
RGCGEUI LX

Asset class

Equities

ISIN

LU0209860427

Bloomberg

RGCGEUI LX

Index

MSCI Europe Index TRN

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

( 31-10 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

A sustainable core allocation strategy — Characteristics of a core strategy with risk benefits in down markets.
High conviction — Follows a research-driven, performance-oriented investment process reflected in a high active share, low turnover and asset selection as the single main contributor to active risk.
Improved environmental footprint — Avoids the most polluting companies while not excluding entire industries. Generates a positive impact across GHG emissions, energy usage, water consumption and waste generation.

About this fund

Robeco European Stars Equities is an actively managed fund that invests in equities of companies that are domiciled in Europe. 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 combines proprietary ESG research and analysis within a disciplined and proprietary investment framework to determine a company’s intrinsic value. Our rigorous valuation approach takes advantage of market mispricing, leading to a concentrated portfolio of attractively-valued, high quality stocks with a higher potential to outperform the Benchmark. An in-house Sustainability Investing (SI) research team integrates financially-material sector and company-specific sustainability analysis into investment cases. The fund promotes 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, negative screening and aims for an improved environmental footprint.

Key facts

Per 31-10-2025

Total size of fund	EUR 561,219,526
Size of share class	EUR 38,010,425
Inception date share class	11-12-2009
1-year performance	7.71%
Dividend paying	No

Fund manager

Mathias Büeler CFA
Oliver Girakhou MBA

Mathias Büeler is Head of Sustainable European Equities and Portfolio Manager for the Robeco Sustainable European Stars Equities strategy, as well as serving as a equity analyst covering the Financials, Real Estate, and Consumer Discretionary Sector. Prior to joining in 2011, Mathias worked as a sell-side equity analyst at Kepler Capital Markets for more than four years, covering Swiss banks and diversified financials. Previously, he was Head of Product Management Structured Products at Man Investments for two and a half years, where he started his career in 2004. Mathias holds a Master of Arts majoring in Business Administration from the University of Zurich and is a CFA® Charterholder. Oliver Girakhou is Portfolio Manager of Robeco Sustainable European Stars Equities strategy. He covers and leads the research in the Materials, Industrials Energy and Utilities industries within the Team. Prior to joining Robeco in 2014, he spent 6 years at Credit Agricole – Cheuvreux (later KeplerCheuvreux) as a sell-side equity analyst covering European industrial companies. He also gained first-hand business experience as an business analyst at the BMW Group where he worked in the China Strategy Department and he started his career in 2008. Oliver earned his Master in Social and Economic Science from Vienna University’s School of Economics and Business Administration, and his MBA from ESCP Europe.

Per period	Fund	Reference index
1 month	1.48%	2.56%
3 months	1.66%	5.39%
YTD	7.28%	15.23%
1 year	7.71%	15.88%
2 years	13.36%	17.52%
3 years	11.04%	14.34%
5 years	10.50%	13.87%
10 years	6.09%	7.00%
Since inception 11-12-2009	7.76%	8.20%

Statistics	3 years	5 Years
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.	3.40	3.54
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.	-0.70	-0.70
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.	0.92	0.78
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..	-0.96	-1.16
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.	0.89	0.91
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).	9.80	12.47
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	6.85	11.82
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-4.41	-6.31

Cost of this fund	Percentage
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.	0.83%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.70%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.18%

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.

Policies

Per 31-10-2025

Market development

Per 31-10-2025

October saw global equity markets advance strongly, with most major indices posting gains despite a backdrop of geopolitical tensions, credit market jitters, and a lack of US economic data due to the government shutdown. The standout performer was Japan's Nikkei, surging more than 16%. The Nasdaq gained almost 5%, leading the US indices, while the S&P 500 rose more than 2%. The Hang Seng lagged, falling 3.5%. An ounce of gold soared to more than USD 4,300 during the month, before reversing some of the gains. European equity markets delivered a solid performance, up 2.6%, lifted by easing trade tensions, supportive policy signals, and a surprisingly strong start to the Q3 earnings season. The year-to-date outperformance (measured in USD) versus the US has further diminished. Utilities outperformed amid falling bond yields, while luxury goods rebounded. Energy stocks posted solid gains as oil prices bounced from low levels. The DAX, home to Germany's large cap stocks, was weak once again as investor optimism over the country's fiscal easing path has made way for increasing skepticism.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 1.48%. In October, the fund was up 1.5% versus the MSCI Europe's +2.6%. The fund benefited from an overweight in information technology, the second-best-performing sector in October, and was penalized by its underweight positions in the utilities and energy sectors, both of which outperformed the market. Stock selection was poor in communication services and consumer discretionary, only partly offset by favorable selection in healthcare and real estate. In information technology, the fund benefited from increasing optimism regarding the outlook for orders of semiconductor equipment manufacturers ASML and ASM International. Both stocks continued their sharp rally that had already begun in September as their business is expected to benefit strongly from increasing demand through the AI infrastructure build-up. The relative result in communication services was negatively impacted by a 7% contraction in Deutsche Telekom's share price. Despite strong Q3 numbers, fears over increasing competition in the US led to a de-rating. Also, Scout24, the leading German property classified company, declined 6% on a mix of AI disruption fears and an overall market preference for lower-quality cyclicals.

Expectation of fund manager

Mathias Büeler CFA
Oliver Girakhou MBA

The fund's strategy aims to make investments in high-quality companies with sustainable, differentiated business models taking a full-cycle view. Given that approach, we'd expect the fund to show its full strength when returns of individual stocks start to materially differ due to less overall market support. The fund's positions tend to be less driven by assumptions on general market trends, but much more by company-specific qualities that are likely to endure in both positive and negative environments. Driven by expected business resilience and comparably moderate valuations, our key convictions can give some comfort in volatile times.

Robeco European Stars Equities I EUR

High conviction in the most attractive European companies

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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