Robeco Sustainable Global Stars Equities Fund
High conviction in the most attractive companies around the world
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
MSCI World Index (Net Return, EUR)
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.
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.
- Performance & costs
- Concentrated portfolio
- Focuses on companies with a high return on invested capital and strong free cash flow
- Applies a disciplined approach to valuating companies, sustainability is an integral part of the valuation
About this fund
Robeco Sustainable Global Stars Equities Fund 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 fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The Fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.
Total size of fund
Size of share class
Inception date fund
Michiel Plakman CFA
Michiel Plakman is Lead Portfolio Manager and member of the Global Equity team. He is responsible for fundamental global equities with a focus on SDG investing and on companies in 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. Chris Berkouwer is Lead Portfolio Manager and member of the Global Equity team. He is responsible for fundamental global equities with a focus on the low-carbon transition and on companies in energy, materials and industrials, and portfolio construction. He joined Robeco in 2010. Prior to that, he worked as an analyst for the The Hague Centre for Strategic Studies. He conducted country, industry and company research for various equity teams prior to joining the Global Equity team. He a holds Master's in Business Administration and International Public Management from the Erasmus University Rotterdam.
- Per period
- Per annum
Since inception 04/1933
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.
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.
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.
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..
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.
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).
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
Months Bull market
Number of months of positive benchmark performance in the underlying period.
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
Months Bear market
Number of months of negative benchmark performance in the underlying period.
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
Dividend paying history
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.
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
Fiscal product treatment
The fund is established in the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969, and, as such, is taxed at a corporate-income tax rate of 0%.The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. From 1 January 2007 the fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch treaty network to partially recover any withholding tax on its income.
Fiscal treatment of investor
For private investors residing in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Participating units held by private investors who are taxpayers in the Netherlands belong in Box 3. If and insofar as an investor's net assets exceed the net wealth exemption limit, said investor is liable from 1 January to pay 1.2% annually on the balance of his or her net assets. Investors residing in the Netherlands may offset the Dutch dividend tax withheld (15% as at 1 January 2007) against their income-tax payment. Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Dutch tax-exempt bodies may seek a full refund on the 15% dividend tax withheld on dividends (25% prior to 1 January 2007). Interest income is exempt from tax withheld at source. 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 in their tax return. In principle, Dutch bodies that are subject to corporate-income tax may offset the 15% dividend tax withheld on dividends (25% prior to 1 January 2007) against the corporate-income tax and seek a refund of the excess amount. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. Shareholders who do not pay tax in the Netherlands and who are resident in countries that have a tax treaty with the Netherlands to prevent double taxation, may seek a refund for part of the Dutch dividend tax from the Dutch tax authorities, depending on the treaty. As of 1 January 2007, a pension fund having its registered office in another EU member state is also entitled to a dividend-tax refund in the Netherlands. The above is based on the current fiscal legislation and regulation.
- Top 10
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 distributes dividend on an annual basis. The fund's policy aims at realizing as the maximum possible capital growth within the pre-set risk limits. A high dividend return is therefore not a separate objective.
Robeco Sustainable Global Stars Equities Fund 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 fund's objective is to achieve a better return than the index. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting,and aims for an improved environmental footprint. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The Fund is not constrained by a Benchmark but the Fund may use a benchmark for comparison purposes. The Benchmark is used as a reference for comparison of the performance. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The Fund can deviate substantially from the weightings of the Benchmark. 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 ESG characteristics promoted by the Fund.
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Full sustainability-related disclosuresDownload full report
Summary sustainability-related disclosuresDownload summary
The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in 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 the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. 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.
After a euphoric mood at the start of the year, enthusiasm in global equity markets eased somewhat in February (flat in EUR, -2% in USD). Interestingly, better-than-expected macro data during the month underscored the battle on inflation might not be settled yet. Moreover, the much feared recession not yet truly materializing either also means that the end of peak rates is also likely delayed, meaning central banks will keep conditions tight for the time being. With macro still the dominating force of market direction and after the recent equities re-rating, it seems most investors err on the side of caution at this stage. Without any imminent recession, equity drawdown risk might decline too perhaps, hopefully directing investors' focus back towards bottom-up stock picking and credible self-help stories to find alpha. Since we still walk a fine line, navigating a multitude of market anxieties, it is best to sit still or at least remain very selective on where to join in.
Based on transaction prices, the fund's return was 0.37%. Despite flat absolute returns, in February our strategy outperformed the benchmark from a relative point of view. At the sector level, energy, technology and materials contributed the most to performance, while consumer discretionary and financials lagged during the month. On a stock level, STMicroelectronics again contributed the most, continuing its run after good results and increased guidance. Also, Meta Platforms continued its ascent, with investors rewarding the company changing its tack regarding its overspend on developing the Metaverse and instead focusing on returns. In a slight reversal back into European defensives, both publisher RELX and pharma company AstraZeneca benefited too over the course of February, contributing nicely to performance. On the flip side, disappointing results from Chinese e-commerce behemoth Alibaba, in particular on top-line growth, hurt performance during the month. However, with the Lunar New Year now behind us and post-Covid spending returning in China, we still think Alibaba will benefit greatly. Another detractor in February proved to be Alphabet, which continues to trade in a limbo as long as digital advertising spend remains lackluster.
Expectation of fund manager
Michiel Plakman CFA
As it stands, some of the recent equity rally may hold as long as growth stays resilient. But that's exactly where the crux lies: we have too many conflicting macro data points to confidently points us in either direction. What we do know is that equities in general, and the US market in particular, are trading at probably too rich multiples. With inflation proving stickier than many hoped and expected, most equities are starting to price in a rather quick reversal to more normalized levels, something we see as unlikely to happen in the near term. For a further market re-rating we still have a few tall hills to climb. As mentioned in our previous commentaries, we think China remains the wild card of hope with recent upticks in its PMIs, meaning the 'factory engine of the world' is slowly coming back to life. Whether this comes with a roar remains to be seen, but it can certainly have a positive trickle-over effect for other economies as well. Our cautious positioning in the higher quality areas of the market seems to be back in favor again. Hence it is an approach we clearly want to hang onto.
(Semi) annual reports
- Publication Semi-annual reports 2022 (31-08-2022)
- Prospectus amendment (23-08-2022)
- Advertisement Dividend 2021 (02-06-2022)
- Advertisement Dividend 2021 (02-06-2022)
- Annual General Meeting Documents (24-05-2022)
- Publication Annual Report (29-04-2022)
- Publication Annual Report (29-04-2022)
- Annual General Meetings of Shareholders (11-04-2022)
- Advertisement publication annual report (08-11-2019)