Robeco Circular Economy K1E EUR

Keeping products in the loop creates value

基金類別 基金類別 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.

類別和代碼

資產類別
Equities
ISIN
LU3106452496
彭博
RCGRCKE LX

資產類別

Equities

ISIN

LU3106452496

彭博

RCGRCKE LX

參考指數

MSCI All Country World Index (Net Return, EUR)

可持續發展相關信息
可持續發展相關信息
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.

第9條

概要表現及費用基金組合可持續性評論文件

重點

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

基金簡介

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.

基金資料

截至 31-07-2026

基金規模	EUR 777,447,258
股份類別規模	EUR 2,157,547
股份類別成立日期	22-07-2025
1年表現	24.28%
股息分派	派息

基金經理

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.

期間回報	基金	Index
1個月	-10.11%	-0.09%
3個月	3.21%	6.41%
年初至今	21.57%	12.59%
1年	24.28%	19.82%
成立日期 22-07-2025	28.23%	22.13%

日期	總額
22-04-2026	EUR 0.02

下載股息紀錄

本基金費用	百分比
持續收費 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.	0.77%
包含管理費 A fee paid by the fund to the asset management company for the professional management of the fund.	0.64%
包含服務費 This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.12%
交易費用 The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.15%

財政產品處理

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.

投資者的稅務安排

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.

基金政策

截至 31-07-2026

市場發展

截至 31-07-2026

Despite July's breakneck volatility, the market's behavior is not entirely irrational. The current level of volatility can be understood in the context of AI introducing a generational paradigm shift, and with it, a generational level of uncertainty. The breakneck July market swings demonstrated that. July proved two additional things. First, earnings growth is broadening beyond the direct beneficiaries of AI. Second, we believe a more balanced barbell strategy could serve investors well going forward. A barbell strategy pairs two opposing sets of exposure at either end of the spectrum; here, higher-growth AI-levered technology at one end and cheaper, more defensive names outside of tech at the other. Crucially, a barbell is not a blunt sector call but a stock-selection exercise, picking individual names at each tail. For the circular economy strategy, implementation of the barbell began a couple of months ago. The speed with which tech positioning unwound in July nonetheless resulted in negative performance in July.

基金表現分析

截至 31-07-2026

Based on transaction prices, the fund's return was -10.11%. After a strong first half of the year, July was a difficult month in both absolute and relative terms. The fund declined meaningfully while the MSCI World Index was broadly flat, giving back a portion of the relative lead built up over the preceding months. However, even after this setback, the fund remains ahead of the index YTD. Barbell positioning has been the defining theme of the fund's recent activity. Though the speed of July's drop was exceptional, when the sell-off came, the fund chose not to become a forced seller into indiscriminate weakness, electing instead to ride out the storm. The fundamentals of the holdings remained strong, valuations had become materially more attractive, and positioning in the H1 winners has become considerably cleaner. Encouragingly, the fund repositioning worked in its favor. Several of the month's strongest contributors, Tetra Tech and TMO, were the holdings added on the defensive side of the barbell. That said, the drawdown was deep. The sources of pain this month were, almost without exception, the sources of gain over the year as a whole. The picture against the internal benchmark was similar.

基金經理預期

Natalie Falkman

July's drop in the global momentum factor, largely made up of the beneficiaries of the AI infrastructure buildout, was among the sharpest on record. Looking ahead, while it is impossible to call an end to the deleveraging and de-risking in advance, there are some encouraging signs that the market is in the latter part of it. Strong Q2 earnings across the hyperscalers could also help provide a near-term floor for the technology supply chain, an area hit relatively harder by the investor repositioning and profit-taking. Outside of technology, Q2 was marked by EPS breadth at cycle highs, with upward EPS momentum persisting across most sectors. Large parts of the overall economy, not just the AI beneficiaries, are experiencing positive or accelerating demand. One of the central questions for the second half of 2026 is if and when the Fed could hike rates. An end to the geopolitical conflict in the Middle East would be a very welcome event and would, among other things, hopefully ease pressure on headline inflation through softer energy price.