RobecoSAM Net Zero 2050 Climate Equities S EUR
High conviction fund seeking companies that enable the low carbon transition
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 Climate Change 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.
- Performance & costs
- Investing in companies enabling the transition to Net Zero
- High Conviction strategy using a fundamental, bottom-up research-based investment process
- Aiming for both real world impact while at the same time enabling and a fair transition and minimizing negative social impacts
About this fund
RobecoSAM Net Zero 2050 Climate Equities is an actively managed fund that invests in stocks in developed countries across the world with a goal of decarbonization towards Net Zero. 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 aims to reduce the carbon footprint of the portfolio and thereby contribute towards the goals of the Paris agreement to keep the maximum global temperature rise well-below 2◦C. The fund also aims to achieve a better return than the index.
Total size of fund
Size of share class
Inception date fund
Chris Berkouwer is Co-Lead Portfolio Manager and member of the Global Equity team. He is responsible for fundamental global equities with a focus on companies in the energy, materials and industrials sectors, climate 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. Yanxin Liu is Portfolio Manager and member of the Global Equity team. She is responsible for fundamental global equities with a focus on all sectors and on portfolio construction. Yanxin spent 11 years with our Emerging Markets Equity team, prior to joining the Global Equity team in 2022. Within the Emerging Markets team her focus was on all sectors in Greater China. Prior to that, Yanxin worked for DSM Pension Services in the Netherlands as an analyst focusing on US large-cap equities. Yanxin has a Master’s in Finance from the Erasmus University Rotterdam and a Bachelor’s in Financial Accounting from Nankai University in Tianjin, China. She became a CFA® charterholder in 2015 and is a native Mandarin speaker.
Since inception 07/2022
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 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.
Fiscal treatment of investor
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.
- Top 10
The fund is allowed to pursue an active currency policy to generate extra returns.
The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
RobecoSAM Net Zero 2050 Climate Equities is an actively managed fund that invests in stocks in developed countries across the world, with the sustainable investment objective of decarbonization towards Net Zero. The selection of these stocks is based on fundamental analysis. The fund also aims to achieve a better return than the index.
Risk management is fully embedded in the investment process to ensure that positions always meet predefined guidelines
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. This includes activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as applicable. Secondly, the fund focuses on investing in companies that have set Net Zero goals by 2050 and examines other financially material ESG factors in the portfolio construction. Thirdly, by restricting the GHG emissions, the carbon footprint of the fund is made lower than that of the Climate transition benchmark to ensure alignment with the desired decarbonization trajectory of 7% year on year. Further, 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.The following sections display the ESG-metrics that are relevant for this fund along with short descriptions. For more information please visit the sustainability-related disclosures. The index used for all sustainability visuals is based on [Index name].
Based on transaction prices, the fund's return was -1.81%. During the month of August, our strategy lagged the climate transition index' return. On the sector level, our positioning in technology and industrials detracted the most from performance. On a stock level, TopBuild continued to ride the wave of positive sentiment in building products and home builders that seem to defy any worries on high mortgage rates given the structural undersupply situation of the housing market in the US. We also saw Aspen Tech making a nice comeback, after good earnings results that took out concerns hurting the stock earlier in the year. However, the main performance detraction came from our positioning within technology. SolarEdge crated, unfortunately, on weak numbers due to worries of too high inventory levels against a weakening demand backdrop. Unfavorable US residential fundamentals and a seasonally weaker Europe caused headaches with most solar names, reflected in weak quarterly numbers, creating a domino effect across the solar space. Semi device maker Infineon also struggled as concerns around the sustainability of peak margins resurfaced again.
Expectation of fund manager
The search for new narratives continues now the AI frenzy seems to be slowly fizzling out. Also, the earlier belief that a recession would not arrive, helping market breadth beyond the power of the ‘Magnificent Seven’, is increasingly being challenged. If anything, there seems to be downside risk to the consensus view of reaccelerating growth, instead gravitating to pulling back towards more of a late-cycle mindset. Ironically, this usually means a preference for a barbell positioning of the usual suspect type of growth stocks with quality defensives, much less so heavy cyclicals and small/mid-caps exposure. And although our strategy is pretty diversified across the board, we do remain vulnerable in case such barbell trades continue. We are indeed skeptical about a quick turnaround occurring at this stage, and we think that macro-related data signals are not supportive enough to stage a genuine broadening out of the market.