Robeco Global SDG Equities D EUR

Actively contributing towards meeting the SDGs

Contact
Type de part
Classe et codes
  • Type de fonds
    Equities
  • ISIN
    LU2145460353
  • Bloomberg
    RSGSEDE LX
Type de fonds
Equities
ISIN
LU2145460353
Bloomberg
RSGSEDE LX
Indice
MSCI World Index (Net Return, EUR)
Information de Durabilité
Article 9
Morningstar
Rating
( )
Commentaire
Aperçu Performance & frais Portefeuille Durabilité Commentaire Documents Changer de fonds
Changer de fonds

Évolution des marchés

Par
June saw global equities edge higher (+1.3% in EUR; -0.7% in USD), though markets became increasingly cautious. The fragile US-Iran ceasefire pushed oil prices lower, easing stagflation concerns and supporting growth expectations. Meanwhile, new Fed Chair Kevin Warsh adopted a more hawkish tone than expected, shifting market expectations from rate cuts to rate hikes, lifting the US dollar and real yields. AI remained the dominant market theme, although signs of concentration risk emerged as momentum stocks became more volatile. While speculative technology exposures were reduced, semiconductor and broader technology stocks continued to attract strong investor interest. The main risks remain a disorderly tightening in financial conditions, which could weigh on growth through negative wealth effects, and renewed geopolitical tensions if the Iran ceasefire breaks down. Against this backdrop, we continue to favor a diversified approach and caution against mistaking market resilience for stability.

Attribution de performance

Par
Based on transaction prices, the fund's return was 3.70%. In June, the fund delivered strong absolute and relative returns, outperforming the MSCI World Index. Performance was driven primarily by positive stock selection, particularly in consumer discretionary and materials. Allocation also contributed, with the zero exposure to energy, underweight in communication services, and overweight in healthcare adding value. These gains were partly offset by weaker stock selection in information technology and financials, while the overweight in information technology modestly detracted. Applied Materials was the strongest contributor, rallying after customers including Intel, SK hynix, and Samsung Electronics announced increased AI-related semiconductor capacity investment. Regal Rexnord also performed well, supported by demand linked to AI data centers, automation, and electrification. AbbVie gained as confidence grew in its post-Humira growth outlook. Microsoft detracted despite strong operational performance, as concerns over elevated AI infrastructure spending weighed on sentiment. Deutsche Telekom declined on competitive concerns in the US market, while VeriSign weakened amid worries about slowing long-term domain registration growth.

Prévisions du gérant

  • Christoph Wolfensberger
    Christoph Wolfensberger
The economic backdrop remains complex, with monetary policy still restrictive and the outlook for interest rates uncertain. Corporate earnings, however, remain strong, supported by broad-based profit growth, resilient economic activity, supportive fiscal policy, and continued investment in AI infrastructure. While these factors should support markets in the near term, elevated valuations leave little room for disappointment, meaning setbacks in geopolitics, growth, or central bank policy could increase volatility. Looking ahead, we expect earnings growth to broaden beyond mega-cap technology and become more diversified across sectors. Companies with strong competitive positions, resilient cash flows, and sustainable growth drivers should be well-placed to navigate a more uncertain environment. We continue to balance exposure to structural growth opportunities with high-quality, resilient businesses, while remaining mindful of cyclicality. We are also selectively adding mispriced, high-quality companies with strong through-the-cycle fundamentals and secular growth drivers, while maintaining discipline in the market's most expensive areas.