RobecoSAM Global SDG Engagement Equities XH USD
Actively targeting impact and financial returns
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 All Country World Index (hedged into USD)
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
- Helping business achieve positive impact through engagement.
- Drive clear and measurable improvements in a company’s contribution to the SDG’s while achieving attractive investment returns.
- Concentrated portfolio includes assessment on SDGs engagement potential.
About this fund
RobecoSAM Global SDG Engagement Equities is an actively managed fund that invests in a concentrated selection of global stocks. Stock selection is based on fundamental analysis to invest in companies based on their contribution to the United Nations Sustainable Development Goals (UN SDGs). The fund will actively engage with the invested companies and initiate a dialogue to motivate these companies to improve their fulfilment of the UN SDGs over three to five years via active engagement. The portfolio is built on the basis of an eligible investment universe and an internally developed SDG framework for mapping and measuring SDG contributions (information can be obtained via the website www.robeco.com/si).The fund also aims to achieve a better return than the index.
Total size of fund
Size of share class
Inception date fund
Michiel Plakman CFA
Daniela da Costa
Peter van der Werf
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. Daniela da Costa is responsible for the team’s investments in Brazil and the African consumer sector. Prior to joining Robeco in 2010, she was Portfolio Manager Latin American Equities at Nomura in London. Before that, Daniela worked at HSBC and with the Petrobras pension fund in Brazil. She started her career in the industry in 1997. Daniela holds a Master's in Economics from the Brazilian Capital Markets Institute in Rio de Janeiro (IBMEC-RJ) and a MBA certificate in pension fund asset management from the Federal University of Rio de Janeiro (COPPE-UFRJ). She is board member of AMEC, the Brazilian stewardship agency and a member of Robeco’s SDG committee and Biodiversity Task Force. Peter van der Werf is Head of Engagement at Robeco. He leads the corporate and sovereign engagement program in the Active Ownership team and is involved in further integration of active ownership in Robeco’s investment products. With his engagement work he has challenged sustainability leadership at more than 200 global companies to align their environmental and social strategy with Robeco’s sustainable investing philosophy. As Portfolio Manager SDG Engagement Equities, Peter contributes to impact investing in listed equity. He is also an Advisory Board member of the Finance for Biodiversity foundation. Peter started his career in 2007 and holds a Master’s in Environmental Sciences from Wageningen University.
- Per period
- Per annum
Since inception 07/2021
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 and can engage in currency hedging transactions.
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 Global SDG Engagement Equities is an actively managed fund that invests in stocks all over the world. 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 European Sustainable Finance Disclosure Regulation. The fund invests in companies that are able to have a clear and measurable improvement in their contribution to the United Nations Sustainable Development Goals (UN SDGs) over three to five years via active engagement. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and applies proxy voting and engagement. The fund also aims to provide long term capital growth. The portfolio is built on the basis of the eligible investment universe and an internally developed SDGs framework for mapping and measuring SDG contributions, about which more information can be obtained via the website www.robeco.com/si. The fund has a concentrated portfolio of stocks with the highest potential value growth.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
SDG Impact Alignment
This distribution across SDG scores shows the portfolio weight allocated to companies with a positive, negative and neutral impact alignment with the Sustainable Development Goals (SDG) based on Robeco’s SDG Framework. The frameworks, which utilizes a three-step approach to assess a company’s impact alignment with the relevant SDGs, provides a methodology for assigning companies with an SDG score. The score ranges from positive to negative impact alignment with levels from high, medium or low impact alignment. This results in a 7-step scale from -3 to +3. If the data set does not cover the full portfolio, the figures shown above each impact level sum to the coverage level to reflect the data coverage of the portfolio, with minimal deviations that reflect rounding. Weights < 0.5% will show as 0. If an index has been selected, the same figures are also provided for the index. Holdings mapped as corporates and/or sovereign are included in the figures. For more information, please visit https://www.robeco.com/docm/docu-brochure-robecosam-sdg-framework.pdf
The fund incorporates sustainability in the investment process by the means of a target universe, exclusions, ESG integration and engagement. The fund solely invests in stocks issued by companies with a low negative to low positive impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). The fund actively engages with 100% of the corporate holdings typically for a period of three to five years. 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. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. 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 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].
A rapid shift from high-five mood to wall of worry and cautious comeback essentially sums up global equity markets in August, ending the month in slightly negative territory (-1% in EUR, -2% in USD). As higher US rates and a worsening data flow from both Europe and China challenged the prevailing Goldilocks scenario, defensive sectors and quality performed well. The crowded tech space, in particular, was hurt in the first half of the month as US real yields kept pushing higher. Erratic trading was exacerbated by thin summer liquidity, though markets calmed down at the end of the month as softer US data eased the rates market. Also, China stepping up its stimulus measures helped sentiment and the broader equity market managing losses, ultimately. Big picture, a key driver behind market strength thus far this year is that earnings have held up much better than expected. We are still cautious that this can be sustained, and we think that data signals around unemployment, inflation and PMIs, for example, are not supportive to stage a genuine broadening out of the market.
Based on transaction prices, the fund's return was -2.14%. The portfolio had a neutral performance in August, underperforming the benchmark by 15 basis points relative to the MSCI World ACWI that serves as its benchmark. Year-to-date, the portfolio still shows a healthy outperformance relative to the benchmark of 135 basis points. The portfolio benefited from strong stock picking results in materials and real estate, and good contributions from individual stocks like Amgen and Adobe Software. Stock picking in information technology and consumer discretionary lagged during the month, as both STMicroelectronics and Sony Corp gave up some of their year-to-date gains. We only made some small changes to the portfolio during August, rebalancing some of the weight from the information technology names back into laggards in healthcare, after quite dramatic moves so far this year.
Expectation of fund manager
Michiel Plakman CFA
Daniela da Costa
Peter van der Werf
August trading has been indicative for how the year has progressed so far: a search for new narratives to offset a looming recession. Initially, a China rebound was supposed to be the engine of hope, then Artificial Intelligence, followed by the ‘soft landing’ narrative. Interestingly, where hopes for the latter initially acted as a driver for higher returns, the flip side of it are revived fears that rates would have to go higher than the market actually hopes, stymieing further upside. In that scenario, expensive and long duration parts of the market will suffer, just like in 2022, and early August seemed to be a good reminder of that. A case in point was that NVIDIA was not able to fuel sentiment higher, despite another giant earnings beat. In fact, ironically, it was not until we saw some slightly softer data around US consumer sentiment and the labor market being seen as a relief to the market as it reinstated the ‘peak rate’ narrative. All in all, we can debate the macro backdrop extensively, in the end it is about stock picking, where we obviously feel most comfortable with our quality-focused portfolio to navigate different scenarios.
Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.
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