Robeco European Stars Equities F EUR

High conviction in the most attractive European companies

Aandelenklassen Aandelenklassen 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.

Klasse en codes

Fondscategorie
Equities
ISIN
LU0940006702
Bloomberg
RGSSEFE LX

Fondscategorie

Equities

ISIN

LU0940006702

Bloomberg

RGSSEFE LX

Index

MSCI Europe Index (Net Return, EUR)

Informatieverschaffing over duurzaamheid
Informatieverschaffing over duurzaamheid
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.

Artikel 8

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Rating

( 31-07 )

Overzicht Rendement & kosten Portefeuille Duurzaamheid Commentaar Documenten

Kernpunten

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.

Over dit fonds

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 mis-pricing, leading to a concentrated portfolio of attractively-valued, high quality stocks with a higher potential to outperform the Benchmark across environmental and financial metrics. An in-house Sustainability Investing (SI) research team integrates financially-material sector and company-specific sustainability analysis into investment cases.

Belangrijke feiten

Per 31-07-2026

Totale fondsgrootte	EUR 556,844,274
Grootte van de shareclass	EUR 325,852,950
Ingangsdatum shareclass	03-09-2013
1-jaars rendement	12.04%
Dividenduitkerend	Nee

Fondsmanager

Mathias Büeler CFA
Oliver Girakhou MBA

Mathias Büeler is Head of Sustainable European Equities and Portfolio Manager for the Robeco 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 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 periode	Fonds	Index
1 maand	-1.21%	0.97%
3 maanden	5.04%	7.31%
YTD	6.58%	11.82%
1 jaar	12.04%	22.09%
2 jaar	7.69%	14.63%
3 jaar	9.51%	14.00%
5 jaar	7.15%	10.11%
10 jaar	7.64%	9.33%
Sinds oprichting 28-05-1991	6.60%	-

Statistieken	3 jaar	5 jaar
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.	3.34	3.47
Informatieratio 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.	-1.07	-0.60
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.	0.70	0.49
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..	-2.87	-1.46
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.	0.98	0.94
Standaarddeviatie 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).	10.86	12.30
Max. maandelijkse winst (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	6.85	7.06
Max. maandelijks verlies (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-8.53	-8.53

Kosten van dit fonds	Percentage
Lopende kosten 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.	0.84%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.63%
Inbegrepen serviceprovisie This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transactiekosten The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.15%

Fiscale behandeling product

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.

Fiscale behandeling belegger

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.

Policies

Per 31-07-2026

Marktontwikkeling

Per 31-07-2026

European equities advanced in July, with the MSCI Europe rising 0.97% to fresh record highs, extending its rally for a fourth consecutive month. Beneath the headline performance, however, market leadership shifted meaningfully. The AI-driven momentum trade that had dominated returns for much of the year lost steam as investors increasingly questioned the sustainability of AI capital expenditure, the pace of monetization and the eventual returns on the trillions of dollars being invested across the AI value chain. The market rotation was also reinforced by a more challenging geopolitical and macroeconomic backdrop. The collapse of the US-Iran ceasefire briefly pushed oil prices higher, reviving concerns over inflation and energy security. Sector performance reflected this changing environment. Energy was the strongest-performing sector as higher oil prices lifted earnings expectations, while banks benefited from rising bond yields and resilient economic data. Technology lagged despite continued evidence of robust AI infrastructure demand from companies such as ASML and TSMC, as valuation concerns outweighed strong fundamentals. Utilities, travel and telcos also underperformed.

Toelichting rendement

Per 31-07-2026

Based on transaction prices, the fund's return was -1.21%. Last month, the fund underperformed versus the MSCI Europe by -2.11%, with both stock selection and asset allocation detracting from relative performance. Our utilities and consumer staples holdings contributed positively, while industrials and financials weighed on returns. BNP Paribas posted solid results, underpinned by strong top-line momentum and rising capital returns, while Intesa Sanpaolo beat expectations at its 2026Q2 results and upgraded its full-year net profit guidance. RELX also delivered a robust first-half 2026 performance, reinforcing its transformation from a traditional information provider into a diversified, AI-enabled analytics and decision-tools franchise. The main detraction came from our information technology holdings. Both ASML and ASM were hit by a momentum unwind and a broader sell-off across semiconductor-related names, driven by concerns over hyperscaler data center financing. Elsewhere, Linde also sold off on a broadly in-line 2026Q2 update; we view the margin headwinds as transitory and strategic in nature, and consider the sell-off unjustified.

Verwachting van de fondsmanager

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.