Fashion Engagement F USD - LU2685978327

Key points

Investing in a large and important industry that is here to stay and must become more sustainable due to regulatory and consumer pressures
First-of-its kind thematic fund that aims to outperform the MSCI World Index over the full market cycle and drive positive change through engagement.
Integrating Robeco Thematic Investing and Active Ownership expertise to generate a concentrated portfolio of high-quality fashion companies at an attractive valuation.

About this fund

Robeco Fashion Engagement is an actively managed fund that invests in companies along the fashion value chain that have the intent or potential to drive structural change by addressing the industry's sustainability challenges. The Fund actively engages with invested companies over a period of three to five years. The portfolio is built on the basis of an eligible investment universe and internally developed framework for engagement.The fund also aims to achieve a better return than the index.

Key facts

Per 31-10-2025

Total size of fund	USD 4,247,978
Size of share class	USD 31,393
Inception date share class	25-10-2023
1-year performance	1.20%
Dividend paying	No

Fund manager

Dora Buckulčíková

Dora Buckulcikova is Lead Portfolio Manager of Robeco Fashion Engagement (2023), Portfolio Manager of Robeco Global Multi-Thematic (2024), Rolinco (2022) and member of the Thematic Investing Team. She joined Robeco in 2021. Dora holds experience as a buy-side research analyst and investment manager with Baillie Gifford for 6 years. Previously, she was a research consultant for a UK-based global impact fund, providing long-term fundamental and sustainability-focused investment research. Dora is a CFA® Charterholder and obtained her Master of Arts in Economics and Chinese from the University of Edinburgh.

Per period	Fund	Reference index
1 month	-1.41%	2.24%
3 months	1.11%	8.56%
YTD	-1.40%	21.09%
1 year	1.20%	22.64%
2 years	8.91%	27.62%
Since inception 25-10-2023	8.75%	27.22%

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.	0.96%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.75%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.12%

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.

Policies

Per 31-10-2025

Market development

Per 31-10-2025

In October, influential brands continued to make high-profile leadership and ambassador changes, betting on creative reshuffle leading to reinvigoration of growth, be it at Dior, Gucci, Fendi or Chanel. The jury is still very much out on how successful these changes will be in the long term, while in the near term, consumer sentiment remains challenging in the all-important US and China markets.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was -1.41%. The Fashion Engagement Fund slightly declined in October, underperforming versus benchmarks. Premiumization and Automation supported returns, while Casualization and Sustainability dragged. Luxury and tech exposure helped offset weakness in consumer and business service names. Portfolio adjustments focused on resilient brands and innovation-driven firms amid mixed macro and sentiment trends.

Expectation of fund manager

Dora Buckulčíková

The fashion industry has faced three unprecedented years due to the pandemic, supply chain disruptions, and economic crises. We expect key top-down catalysts for most companies in our investment universe to restore confidence in Chinese spending, both domestically and internationally. From a sustainability perspective, we believe it becomes more important for brands not to resort to cost-cutting measures that place undue pressure on suppliers in less-developed economies. The EU is leading the way by making progress toward greater transparency and traceability through the establishment of an EPR scheme for fashion. We retain our enthusiasm and renewed conviction in the fund's dual objectives of delivering attractive long-term investment returns while driving systemic change in the industry through engagement.

Robeco Fashion Engagement F USD

Capitalize on long-term growth opportunities while driving positive change in the fashion industry.

Key points

About this fund

Key facts

Fund manager

Performance

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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