Robeco Sustainable Property Equities M USD

Applying a trend and sustainability approach to the global listed property sector

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
LU0699433222
Bloomberg
RGCGPMU LX

Asset class

Equities

ISIN

LU0699433222

Bloomberg

RGCGPMU LX

Index

S&P Developed Property Index (Net Return, USD)

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

Combines top-down trend allocation with bottom-up research
Selects companies with the best earnings potential
Risk limitation through global diversification

About this fund

Robeco Sustainable Property 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 selection of these stocks is based on fundamental analysis. The strategy integrates sustainability indicators on a continuous basis as part of the stock selection process. Amongst others, the Sub-fund applies norms-based and activity-based exclusions, Robeco's good governance policy, Robeco's SDG framework and considers Principal Adverse Impacts in the investment process. More product-specific information can be found on our website and the links provided in the final question of this disclosure.

Key facts

Per 31-10-2025

Total size of fund	USD 429’898’746
Size of share class	USD 28’984
Inception date share class	02-11-2011
1-year performance	0.69%
Dividend paying	No

Fund manager

Folmer Pietersma
Frank Onstwedder

Folmer Pietersma is Portfolio Manager of the Robeco Sustainable Property Equities fund. Prior to joining Robeco in 2007, Folmer worked at ABN AMRO Asset Management as a Portfolio Manager and Analyst Financials. He started his career at ING in 1997. He holds a Master's in Economics from the University of Tilburg and has a CEFA registration. Frank Onstwedder is Portfolio Manager of the Robeco Sustainable Property Equities fund. He rejoined Robeco in 2018. Prior to that, Frank worked at NN IP in the period 2009-2018 as Head of Financials and Analyst Real Estate in the global equity research team, and as a portfolio manager at Lehman Brothers/Neuberger Berman in the period 2007-2009. In the periods 1994-1998 and 2000-2007 he worked at Robeco in various roles, including Portfolio Manager Robeco Property Fund, between those periods he worked at Aegon Investment Management. He holds a Master's in Econometrics from Erasmus University Rotterdam.

Per period	Fund	Reference index
1 month	-2.10%	-1.54%
3 months	3.09%	3.84%
YTD	6.04%	9.25%
1 year	0.69%	4.26%
2 years	11.53%	16.00%
3 years	4.60%	8.45%
5 years	2.61%	6.11%
10 years	2.16%	3.49%
Since inception 02-11-2011	3.72%	5.65%

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.	1.43	1.96
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.	-1.04	-0.61
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.	0.13	0.10
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..	-1.38	-1.08
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.	1.01	0.98
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).	16.12	17.41
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	11.17	11.17
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-7.02	-11.80

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.	2.21%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	2.00%
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.	0.06%

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.

Market development

Per 31-10-2025

Equity markets continued their upward trajectory, as the Federal Reserve's second rate cut this year further supported the markets. Despite the US government shutdown, the S&P500 reached a new all-time high at 6,891 as the AI-driven hyperscale spending boom continues. Although the market still anticipates three more rate cuts, Fed Chair Jerome Powell emphasized that a further rate cut in December is not guaranteed. US REITs trailed US equities in October. Closing in on the end-of-third-quarter earnings reporting, circa two thirds of US REITs have beaten consensus Q3 numbers, 20% have met and 13% have missed. A little less than half of REITs that reported outperformed by 2.0%, while the other half underperformed by 3.1%, as some REITs – including multi-family – guided for a weaker outlook. Overall, 2026E FFO growth estimates are mid-single digits. US REIT dividend yields are close to 4% with current subsector multiples at historically low levels.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was -2.10%. The underperformance was driven by stock selection within the Lifestyle and PropTech trend segments, while Sustainable Cities made a small positive contribution. The positive contribution within PropTech of the fund's holdings, such as Equinix and Prologis was more than offset by negative performances of in particular CoStar Group and Alexandria Real Estate, a result of disappointing Q3 earnings reports. Within Lifestyle, the fund's US multi-family residential REITs and self-storage REITs holdings contributed negatively. Equinix posted record Q3 results and record annualized gross bookings which its CEO called "a clear signal of accelerating momentum, for Q4 and into 2026". Management highlighted strengthening enterprise demand and inference deployments from hyperscalers and neoclouds which are beginning to show up in larger numbers. Despite reporting strong Q3 results with revenue up 20% year-over-year and net new bookings surging 92%, CoStar at its earnings call failed to allay concerns about heavy spending on Homes.com, while some investors are also worried about the potential of AI to impact both their Apartments.com and Homes.com businesses.

Expectation of fund manager

Folmer Pietersma
Frank Onstwedder

Commercial real estate fundamentals are decelerating, but from very healthy levels. Labor markets are tight, though employment growth is decelerating. Historically, employment growth has been a key demand driver of real estate space. The supply of new real estate space is being curtailed as construction costs increased and financing remains difficult. Developed economies are expected to remain in an inflationary environment. In general, it is easier for a landlord to negotiate rent increases when other goods and services are also going up in price. Financing costs become less of a headwind from an earnings perspective and absolute financing costs have improved materially. As in previous cycles, the listed real estate market was early in pricing in a correction in the direct market and could also be early in factoring in an end to the downturn. Looking at longer-term periods in history, we find that the sector has generated attractive returns versus general equities. Ownership of property assets offers an attractive income stream and the opportunity to benefit from land value appreciation. Its attractive yield is even more valuable due to the sector's inflation-hedging attributes.

Robeco Sustainable Property Equities M USD

Applying a trend and sustainability approach to the global listed property sector

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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