Robeco Smart Energy I GBP

Pole position in the clean energy race

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
LU2145462995
Bloomberg
RSSEEIG LX

Asset class

Equities

ISIN

LU2145462995

Bloomberg

RSSEEIG LX

Index

MSCI World Index TRN

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 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

( 31-12 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Long-term growth potential — Participate in the megatrend of electrification of energy supply & benefit from the transition to new ways of producing, distributing and managing energy.
Focus on solution providers — Invest in the technology leaders and innovative winners of this global revolution

About this fund

Key facts

Per 31-12-2025

Total size of fund	GBP 2,777,071,047
Size of share class	GBP 19,771,564
Inception date share class	29-10-2020
1-year performance	31.42%
Dividend paying	No

Fund manager

Roman Boner
Michael Studer PhD
Sanaa Hakim

Roman Boner is Portfolio Manager of the Robeco Smart Energy strategy and member of the Thematic Investing team. Before joining Robeco in 2021, Roman was a Senior Portfolio Manager at Woodman Asset Management. Prior to that, he spent six years at Swisscanto (later part of Zurich Kantonalbank) as a Senior Portfolio Manager responsible for a sustainable global equity fund and co-manager of the thematic Global Water and Climate Fund. Roman started his career in 1996 at UBS working in different divisions including Private Banking, Asset Management and Trading. In 2003, he became Portfolio Manager at UBS Global Asset Management and, from 2005 onwards, focused on sustainable thematic equities strategies including Energy Efficiency and Climate change accounts. Roman graduated from the University of Applied Sciences Zurich in Economic and Business Administration and is a CFA® Charterholder. Michael Studer is Co-Portfolio Manager of the Robeco Smart Energy strategy and member of the Thematic Investing team. Before joining Robeco in 2021, he spent three years at Acoro Asset Management, where he was an investment manager focused on the IT sector (semiconductors, software and internet). Prior to that, he worked as a Senior Equity Analyst covering IT at Julius Bär, Bank J. Safra Sarasin and as a sellside analyst at Bank am Bellevue with a total 10-year tenure. Michael started his career in 2007 as a consultant for Strategy & Operations in the Financial Services Industry at Deloitte. Michael holds a PhD in Accounting and Controlling and a Master in Information and Technology Management from the University of St Gallen (HSG), as well as a Master in International Management from the Community of European Management Schools (CEMS). He also studied at the Rensselaer Polytechnic Institute (RPI) in Troy, New York (USA). Sanaa Hakim is Co-Portfolio Manager of the Robeco Smart Energy strategy and member of the Thematic Investing team. She joined Robeco in 2021 and has 12 years of experience. Prior to joining the firm, Sanaa was a global equity investment professional at Independent Franchise Partners and a generalist analyst at Capital Group for 5 years in London. Sanaa started her career in 2011 with Ernst and Young in Assurance and Advisory in Paris. Sanaa holds an MBA from the University of Chicago Booth and a Msc in Risk and Asset Management from EDHEC Business School.

Per period	Fund	Index
1 month	-1.18%	-0.69%
3 months	8.40%	3.21%
YTD	31.42%	12.75%
1 year	31.42%	12.75%
2 years	17.87%	16.70%
3 years	14.24%	16.74%
5 years	9.76%	12.51%
10 years	16.47%	13.20%
Since inception 05-02-2010	10.15%	12.09%

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.	14.03	13.62
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.	-0.10	-0.13
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.	0.51	0.36
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..	-7.16	-4.73
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.	1.68	1.52
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).	20.69	21.04
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	11.58	15.70
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-11.48	-11.48

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.	0.94%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.80%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.14%

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 0.01% 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.

Fiscal treatment of investor

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 31-12-2025

Robeco Smart Energy is an actively managed fund that invests globally in companies active in clean energy production, energy infrastructure and management, as well as solutions that improve energy efficiency for sectors such as industrials, buildings, transportation or data centers. 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 fund's objective is also to achieve a better return than the Benchmark. 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.
The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund furthers the decarbonization of the global energy sector through investments in clean energy sources, energy efficient products and infrastructure and by the electrification of the industrial, transportation and heating sectors. This is done by investing in companies that advance the following UN Sustainable Development Goals (UN SDGs): Affordable and Clean Energy goal, Decent work and economic growth, Industry, innovation and infrastructure, Sustainable cities and communities, and Climate action. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to normative, activity-based and region-based exclusions,carbon reduction target and proxy voting.

Market development

Per 31-12-2025

Global equity markets were flattish in euro terms in December, with European and Asian indices outperforming while the US was slightly negative. Investor attention was largely anchored on the December FOMC meeting, where policymakers reinforced a data‑dependent stance, prompting markets to reassess the trajectory of rate cuts heading into 2026. Sentiment around the AI trade also became more cautious, with heightened scrutiny of valuations. However, earnings growth is driven primarily by AI and hyperscale data centers, alongside rising manufacturing activity from onshoring and industrial electrification. Broader electrification trends, including EV adoption and heating electrification, are adding further support. With these structural drivers firmly in place, the outlook for long-term electricity demand remains highly constructive.

Performance explanation

Per 31-12-2025

Based on transaction prices, the fund's return was -1.18%. Contrary to the rest of the year, the Energy Management cluster was a positive contributor in December, led by Renesas and Infineon, after a peer lifted its sales forecast, indicating a cyclical recovery in industrial and automotive semiconductors. However, the Energy Storage subcluster softened, as CATL consolidated after lock-up expiry. Energy Efficiency declined overall, despite Big Data gains from Zhongji Innolight and Lumentum, as Buildings suffered from continued weak construction activity and Transportation is still suffering from sluggish EV sales, pressuring Maruwa and BYD. Renewable Energies was slightly negative, as Wind had another strong performance driven by Vestas and Nordex, while Solar saw profit-taking in First Solar and Nextpower. In the Renewable Power Producers subcluster, Sunrun also saw weakness. Energy Distribution was the weakest cluster, as equipment suppliers such as Quanta Services lagged, while Electric Networks was steady and positive.

Expectation of fund manager

Roman Boner
Michael Studer PhD
Sanaa Hakim

For 2026, we expect inflation to continue its gradual downward trajectory. In the United States, interest rates are projected to move lower, which should lend support to both economic activity and investor sentiment – particularly within the construction sector, which has been constrained by higher financing costs. At the same time, the Global Manufacturing PMI is trending upward, signaling accelerating growth. In the long term, we believe a new Industrial Revolution is transforming electricity grids/infrastructure across the US and Europe. After nearly two decades of stagnation, electricity demand is on the rise, fueled by energy-intensive data centers driven by the AI industry, electric vehicles and heating & cooling of buildings. This, coupled with government incentives for clean energy infrastructure development, has spurred a surge of new construction projects to upgrade energy systems and modernize the grid.

Robeco Smart Energy I GBP

Pole position in the clean energy race

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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