Robeco Sustainable Global Stars Equities Fund – EUR E
High conviction in the most attractive companies around the world
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.
A-EUR
Class and codes
Asset class:
Equities
ISIN:
NL0000289783
Bloomberg:
ROBA NA
Index
MSCI World Index (Net Return, EUR)
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 8
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 (30/03)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Concentrated portfolio
- Focuses on companies with a high return on invested capital and strong free cash flow
- Applies a disciplined approach to valuating companies, sustainability is an integral part of the valuation
About this fund
Robeco Sustainable Global Stars Equities Fund – EUR E is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The Fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.
Key facts
Total size of fund
€ 3,886,893,895
Size of share class
€ 1,685,461,009
Inception date share class
03-03-1938
1-year performance
26.52%
Dividend paying
Yes
Fund manager
Michiel Plakman CFA
Chris Berkouwer
Oliver Attwater
Michiel Plakman is Lead Portfolio Manager and member of the Global Equity team. He is also Co-Head of Robeco’s Global Equity team. He is responsible for fundamental global equities with a focus on SDG investing and on companies in the information technology, real estate & communication services sectors, as well as portfolio construction. He has been in this role since 2009. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, he worked as a Portfolio Manager Japanese Equities at Achmea Global Investors (PVF Pensioenen). From 1995 to 1996 he was Portfolio Manager European Equities at KPN Pension Fund. He holds a Master's in Econometrics from Vrije Universiteit Amsterdam and he is a CFA® Charterholder. Chris Berkouwer is Portfolio Manager and member of the Global Equity team. He is also Deputy Lead Portfolio Manager. He is responsible for fundamental global equities with a focus on the low-carbon transition and on companies in the energy, materials and industrials sectors, as well as 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 and is a CFA® Charterholder. Oliver Attwater is Portfolio Manager and member of the Global Equity team. He is also Deputy Lead Portfolio Manager. He is responsible for fundamental global equities with a focus on companies in the information technology sector and portfolio construction. He joined Robeco in 2021. Previously, he was Head of US Equities at British Airways’ Pension fund based in London, U.K., where he had portfolio management and analyst responsibilities covering all sectors. He holds a Bachelor’s from University College London and he is a CFA® Charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.49%
3.42%
3 months
11.41%
11.37%
YTD
11.41%
11.37%
1 year
26.52%
25.86%
2 years
8.77%
9.47%
3 years
10.69%
11.71%
5 years
14.59%
12.95%
10 years
12.82%
12.14%
Since inception 04/1933
8.82%
-
2023
20.82%
19.60%
2022
-15.73%
-12.78%
2021
30.59%
31.07%
2020
15.74%
6.33%
2019
32.58%
30.02%
2021-2023
9.96%
10.99%
2019-2023
15.33%
13.58%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
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.
3.07
3.53
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.
0.12
0.79
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.
0.78
1.02
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..
0.69
3.34
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.
0.96
0.93
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).
13.82
14.78
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
10.36
13.08
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-8.75
-9.76
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
18
32
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
50
53.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
22
38
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
18
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
45.5
47.4
Months Bear market
Number of months of negative benchmark performance in the underlying period.
14
22
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
8
14
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
57.1
63.6
Dividend paying history
28-06-2023
€ 1.00
29-06-2022
€ 1.00
30-06-2021
€ 1.00
18-06-2020
€ 1.00
Costs
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.
1.16%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.00%
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.
0.05%
Fiscal product treatment
The fund is established in the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969, and, as such, is taxed at a corporate-income tax rate of 0%.The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. From 1 January 2007 the fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch treaty network to partially recover any withholding tax on its income.
Fiscal treatment of investor
For a private investor residing in the Netherlands, the actual received interest, dividends or capital gains are not relevant for tax purposes. For Dutch tax-resident private investors, their holdings fall under Box 3. Investors pay annual tax on a fixed yield calculated based on the value of their assets as of 1 January. The return depends on the pro-rata allocation of assets to different categories, namely savings, debts or other assets. The holdings qualify as other assets for which the return rate is set at 6.04% (as of 1/1/2024; 6.17% as of 1/1/2023). The return rate is adjusted annually based on historical returns from previous years. The balance of the different asset categories is referred to as the return base. The effective return rate is then calculated by dividing the return by the return base. This effective return rate is applied to the savings and investments base to calculate the benefit from savings and investments. The savings and investments base is equal to the return base minus the tax-free amount. Investors pay income tax (36% in 2024; 32% in 2023) on this calculated benefit from savings and investments. The withheld Dutch dividend tax (15% as of 1/1/2024) is creditable against the income tax payable for investors residing in the Netherlands. Investors who are not subject to (exempt from) Dutch corporate tax (including Dutch pension funds) are not taxed on the result obtained. Dutch exempt entities can fully reclaim the 15% dividend tax withheld on dividends.Investors subject to Dutch corporate tax may be taxed on the result obtained from their investment in the fund, including dividend income and capital gains. Dutch corporate taxpayers can, in principle, credit the withheld dividend tax (15% as of 1/1/2024) against corporate tax and, under certain conditions, credit the excess in later years. For investors outside the Netherlands, their own national tax legislation applies to foreign investment funds. Shareholders who are not subject to tax in the Netherlands and reside in countries that have a double taxation treaty with the Netherlands may, depending on the treaty, reclaim (a portion of) the Dutch dividend tax from the Dutch tax authorities. A pension fund located in another EU member state or a country that has entered into an information exchange agreement with the Netherlands and is similar to a Dutch pension fund is also entitled to a refund of Dutch dividend tax. The above is based on current Dutch tax legislation.
Fund allocation
Currency
Sector
Top 10
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.
In principle the fund distributes dividend on an annual basis. The fund's policy aims at realizing as the maximum possible capital growth within the pre-set risk limits. A high dividend return is therefore not a separate objective.
Robeco Sustainable Global Stars Equities Fund – EUR E is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The Fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting,and aims for an improved environmental footprint. The Fund is not constrained by a Benchmark but the Fund may use a benchmark for comparison purposes. The Benchmark is used as a reference for comparison of the performance. The majority of stocks selected will be components of the Benchmark, but stocks outside the BEnchmark may be selected too. The Fund can deviate substantially from the weightings of the Benchmark. The Fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the Fund.
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG score target
Above Index
Footprint target
20% better than index
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. In addition, 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 for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.
Market development
Another month, another high. In March, global equities added a next leg to this year's rally (+3.4% in EUR; +3.2% in USD), ironing out any wobble that passed in the market. Momentum rules, which is now also starting to appear in areas of the market not dominated by popular themes or the super champions league of mega caps. Interestingly, the odd combination of central banks pivoting a rate cut while inflation and labor markets still running a bit too hot, seems to be fully embraced by investors nonetheless. In any case, rate cuts amid a resilient economic backdrop is positive for risky assets and should help the market broadening out. Some caveats to the goldilocks thesis are that investor positioning already seems extended, negative consumer data points are starting to add up and commodity prices are rising again, which, in sum, is a recipe for caution. That's why we need to stay vigilant and apply disciplined valuation in case of unwinding momentum and rotation into other corners of the market.
Performance explanation
Based on transaction prices, the fund's return was 2.49%. In the month of March, the portfolio had a strong absolute performance, but ended with a slight underperformance versus the benchmark. Sector-wise, our positioning in healthcare and communication services helped performance most, while financials and energy lagged during the month. On a stock level, Alphabet experienced a nice rebound on the back of news that Apple potentially wants to license Alphabet's Gemini AI platform. This way, Apple might integrate GenAI features into its upcoming iOS software update due later this year. For Alphabet this is not only positive for stock sentiment, but also an endorsement of its AI technology. Hitachi also enjoyed another good month, fueled by favorable trends in its grid power business, serving the needs of many operators that have to upgrade their infrastructure networks necessary for the energy transition. Furthermore, on the back of rising oil prices, the energy complex moved higher as well, including our holding in energy services operator Schlumberger.
Expectation of fund manager
Michiel Plakman CFA
Chris Berkouwer
Oliver Attwater
Markets do not tend to top out on bad news per se, but instead exhaust themselves due to lack of additional buying in spite of supportive news flow. On the fringes we do see that happening, resulting in a splintering of the 'Magnificent 7' and a slight shift to second-order derivative plays on themes such as Artificial Intelligence (AI). Also, the rally in sectors such as industrials looks to be stalling, which seems ironic given US PMIs have finally started to move above the 50 level, indicating valuation levels are already there. In contrast, supply/demand imbalances in energy markets and commodities such as aluminum and copper are being reflected in prices moving up, suggesting a potential re-rating in such related sectors. All in all, timing the end to any large momentum run is usually a graveyard call and hard to shoot against, but the mosaic of data points suggests to us that a slight re-allocation to more ignored parts of the market is sensible.
Announcements
- Annual General Meeting Documents (30-05-2024)
- Advertisements AGM several Robeco funds (16-04-2024)
- Prospectus change: Several Robeco Funds (17-10-2023)
- Publication semi-annual reports 2023 (31-08-2023)
- Several Robeco funds: Advertisement Dividend 2022 (31-05-2023)
- Annual General Meeting Documents (24-05-2023) (24-05-2023)
- Several Robeco funds: Publication Annual Report (28-04-2023)
- Advertisements AGM several Robeco funds (11-04-2023) (11-04-2023)
- Press release dividend proposal for Robeco funds (03-04-2023)
- Publication Semi-annual reports 2022 (31-08-2022)