Robeco Circular Economy I USD

Keeping products in the loop creates value

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
LU2092759450
Bloomberg
ROCEEIU LX

Fondscategorie

Equities

ISIN

LU2092759450

Bloomberg

ROCEEIU LX

Index

MSCI All Country World Index (Net Return, USD)

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 9

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

( 31-07 )

Overzicht Rendement & kosten Portefeuille Duurzaamheid Commentaar Documenten

Kernpunten

Circular Economy is a need-to-have in order to transition toward sustainable production and consumption practices, and to reach global net zero targets
More than “just” recycling, Circular Economy designs waste and pollution out, and keeps products and materials in use for longer
Regulation, company commitments and changing consumer preferences provide strong tailwinds for winners across various industries, business models and geographies

Over dit fonds

Robeco Circular Economy is an actively managed fund that invests globally in companies aligned with circular economy principles. The selection of these stocks is based on fundamental analysis. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector. 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.

Belangrijke feiten

Per 31-07-2026

Totale fondsgrootte	USD 894,491,943
Grootte van de shareclass	USD 74,869,157
Ingangsdatum shareclass	23-01-2020
1-jaars rendement	24.73%
Dividenduitkerend	Nee

Fondsmanager

Natalie Falkman

Natalie Falkman is Portfolio Manager of the Robeco Circular Economy strategy and member of the Thematic Investing team. Before joining Robeco in 2022, she was a portfolio manager for Kapitalinvest, a global equity, 5-star rated by Morningstar and AAA-rated by Citywire (Global blend-category) fund at Swedbank Robur in Stockholm. Prior to that, she worked at Carnegie (largest independent investment bank in the Nordics), first as the Head of Emerging Markets Research and thereafter with Nordic Capital Goods Equity Research. She started her career in 2002 as an equity research analyst at Deutsche Bank in Moscow covering utility and shipping sectors. Natalie holds a Master’s in Finance from Stockholm School of Economics.

Per periode	Fonds	Index
1 maand	-9.56%	0.55%
3 maanden	1.18%	4.37%
YTD	18.98%	10.29%
1 jaar	24.73%	20.45%
2 jaar	21.35%	18.06%
3 jaar	19.27%	18.15%
5 jaar	9.26%	11.20%
Sinds oprichting 23-01-2020	13.93%	13.01%

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.	11.05	9.45
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.	0.21	-0.09
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.	0.82	0.33
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..	-1.29	-1.17
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.	1.33	1.14
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).	19.46	19.64
Max. maandelijkse winst (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	18.39	18.39
Max. maandelijks verlies (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-9.80	-9.80

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.	0.93%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.80%
Inbegrepen serviceprovisie This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
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 0.01% 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.

Fiscale behandeling belegger

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 31-07-2026

Marktontwikkeling

Per 31-07-2026

Despite July's breakneck volatility, the market's behavior is not entirely irrational. The current level of volatility can be understood in the context of AI introducing a generational paradigm shift, and with it, a generational level of uncertainty. The breakneck July market swings demonstrated that. July proved two additional things. First, earnings growth is broadening beyond the direct beneficiaries of AI. Second, we believe a more balanced barbell strategy could serve investors well going forward. A barbell strategy pairs two opposing sets of exposure at either end of the spectrum; here, higher-growth AI-levered technology at one end and cheaper, more defensive names outside of tech at the other. Crucially, a barbell is not a blunt sector call but a stock-selection exercise, picking individual names at each tail. For the circular economy strategy, implementation of the barbell began a couple of months ago. The speed with which tech positioning unwound in July nonetheless resulted in negative performance in July.

Toelichting rendement

Per 31-07-2026

Based on transaction prices, the fund's return was -9.56%. After a strong first half of the year, July was a difficult month in both absolute and relative terms. The fund declined meaningfully while the MSCI World Index was broadly flat, giving back a portion of the relative lead built up over the preceding months. However, even after this setback, the fund remains ahead of the index YTD. Barbell positioning has been the defining theme of the fund's recent activity. Though the speed of July's drop was exceptional, when the sell-off came, the fund chose not to become a forced seller into indiscriminate weakness, electing instead to ride out the storm. The fundamentals of the holdings remained strong, valuations had become materially more attractive, and positioning in the H1 winners has become considerably cleaner. Encouragingly, the fund repositioning worked in its favor. Several of the month's strongest contributors, Tetra Tech and TMO, were the holdings added on the defensive side of the barbell. That said, the drawdown was deep. The sources of pain this month were, almost without exception, the sources of gain over the year as a whole. The picture against the internal benchmark was similar.

Verwachting van de fondsmanager

Natalie Falkman

July's drop in the global momentum factor, largely made up of the beneficiaries of the AI infrastructure buildout, was among the sharpest on record. Looking ahead, while it is impossible to call an end to the deleveraging and de-risking in advance, there are some encouraging signs that the market is in the latter part of it. Strong Q2 earnings across the hyperscalers could also help provide a near-term floor for the technology supply chain, an area hit relatively harder by the investor repositioning and profit-taking. Outside of technology, Q2 was marked by EPS breadth at cycle highs, with upward EPS momentum persisting across most sectors. Large parts of the overall economy, not just the AI beneficiaries, are experiencing positive or accelerating demand. One of the central questions for the second half of 2026 is if and when the Fed could hike rates. An end to the geopolitical conflict in the Middle East would be a very welcome event and would, among other things, hopefully ease pressure on headline inflation through softer energy price.

Robeco Circular Economy I USD

Keeping products in the loop creates value

Kernpunten

Over dit fonds

Belangrijke feiten

Fondsmanager

Rendement

Koersontwikkeling

Statistieken

Kosten

Fiscale behandeling product

Fiscale behandeling belegger

Fondsallocatie

Policies

Marktontwikkeling

Toelichting rendement

Verwachting van de fondsmanager

Fondsdocumenten

(Half)jaarverslagen

Aankondigingen

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