Robeco Circular Economy FH EUR

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
LU2529316601
Bloomberg
ROCEEFH LX

Fondscategorie

Equities

ISIN

LU2529316601

Bloomberg

ROCEEFH LX

Index

MSCI All Country World Index (Net Return, hedged into 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 9

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 30-06-2026

Totale fondsgrootte	EUR 849,417,657
Grootte van de shareclass	EUR 1,153,101
Ingangsdatum shareclass	20-09-2022
1-jaars rendement	41.39%
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	2.48%	-0.17%
3 maanden	33.30%	13.51%
YTD	32.06%	9.47%
1 jaar	41.39%	20.70%
2 jaar	26.75%	16.46%
3 jaar	21.79%	17.56%
Sinds oprichting 20-09-2022	21.18%	17.71%

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.	9.16	-
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.	0.57	-
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.	1.16	-
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..	0.95	-
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.	1.30	-
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).	17.15	-
Max. maandelijkse winst (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	17.22	-
Max. maandelijks verlies (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-8.69	-

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.	0.96%
Inbegrepen beheervergoeding A fee paid by the fund to the asset management company for the professional management of the fund.	0.75%
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.	0.18%

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 30-06-2026

Marktontwikkeling

Per 30-06-2026

In June, the strongest pockets of the market continued to unmistakably lay upstream in the AI supply chain. The logic is straightforward. Investors are still working out who the real winners will be; doubts persist over the long-term ROI on the big infrastructure spend. So, for now, they have moved a layer deeper into the ecosystem. AI remains the high-conviction secular story. Even so, no theme trades in a vacuum. Exiting June, this one carries more leverage and heavier positioning – and, with it, more volatility and potentially a lower reward than where we stood at the onset of 2026. Turning to the industrial economy, the mood is steadier than it was. With Q2 reporting season about to begin, the early growth fears are being dispelled. With a new Fed chairman at the reins and the midterms this autumn, rate expectations can swing back quickly – all the more so if the inflation scare proves shorter-lived than first feared.

Toelichting rendement

Per 30-06-2026

Based on transaction prices, the fund's return was 2.48%. In June, the fund outperformed the MSCI World Index. The stock selection component was the main contributor. Sector-wise, technology and industrials were the main positive contributors, while financials – where the fund has no holdings – and healthcare, an underweight sector, were the relative detractors. June was dominated by a few themes, in one way or another linked to the build-out of AI infrastructure. Many of the upstream companies in the AI supply chain are located in Asia, where the semiconductor cluster is exceptionally strong thanks to its proximity to TSMC. Three of the top four individual contributors in June were Asian companies: Acter, Elite Material and ASE Technology. The main individual detractors were Fit Hon Teng, Nextpower and Wesco. The fund underperformed versus its internal benchmark. The fund has an underweight in the technology sector, which was a headwind in June. The main contributors were MKS, Acter and Cavco. The main detractors were Fit Hon Teng, CMC and Nextpower.

Verwachting van de fondsmanager

Natalie Falkman

As we head into Q2 earnings, the global earnings revision ratio sits near four-year highs. Company commentary at conferences over recent months stayed confident on the industrial demand recovery. The Iran-US conflict initially added a note of caution, but with a resolution now looking like an active work-in-progress, the tail risk – a growth downturn – seems increasingly less likely. That positive earnings trajectory offers investors a genuine alternative for generating alpha, one not tied, or at least not as tightly tied, to the AI trade. A second source, we believe, sits in the companies whose earnings are troughing yet still trade at or near trough multiples. These span different sectors and different demand patterns, so the exposure is not a single macro bet. We are increasingly favoring a barbell strategy. That means that when we add, we add to weak momentum over strong momentum, troughing earnings over strong earnings, and AI users over AI enablers.