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RobecoSAM Circular Economy Equities D USD

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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.

D-USD

D-EUR

DH-EUR

F-EUR

F-USD

FH-EUR

G-EUR

I-EUR

I-USD

IE-USD

IH-GBP

Class and codes

Asset class:

Equities

ISIN:

LU2092759294

Bloomberg:

ROCEEDU LX

Index

MSCI World Index TRN

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 9

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 (30/10)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
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Fund topics

Overview
Performance & costs
Portfolio
Sustainability
Commentary
Documents
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MISSING: fund.detail.tabs.

Key points

  • More than “just” recycling, Circular Economy designs waste and pollution out, and keeps products and materials in use for longer
  • Circular Economy is a Need-To-Have to transition to sustainable production and consumption practices, and to reach global net zero targets
  • Regulation, company commitments and changing consumer preferences provide strong tailwinds for winners across various industries, business models and geographies

About this fund

RobecoSAM Circular Economy Equities 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 to finance solutions supporting the paradigm shift to a circular economy. 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 and relevant SDGs using an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund also has the aim to achieve a better return than the index.

Key facts

Per 31-10-2023

Total size of fund

$ 224,876,422

Size of share class

$ 2,900,229

Inception date share class

23-01-2020

1-year performance

4.50%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.

Fund manager

Natalie Falkman

Natalie Falkman

Natalie Falkman is Portfolio Manager of the RobecoSAM Circular Economy Equities strategy. Before joining Robeco in 2022, she was a portfolio manager for Kapitalinvest, a global equity, 5-star rated by Morningstar, fund at Swedbank Robur in Stockholm. Prior to that, she worked as the Head of Emerging Markets research at Carnegie (formerly HQ Bank), covering Eastern Europe and Africa, before shifting her focus to Nordic stocks. 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 in Finance from Stockholm School of Economics.

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Key points
About the fund
Key facts
Fund manager
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Performance

Per 31-10-2023
Per period Fund Index

1 month

-4.59%

-2.90%

3 months 

-13.13%

-9.31%

YTD

2.14%

7.88%

1 year

4.50%

10.48%

2 years

-11.71%

-5.10%

3 years

2.58%

8.14%

Since inception 01/2020

4.17%

5.44%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

  • Statistics
  • Hit-ratio
Per 31-10-2023
Statistics 3 years

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.

5.66

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.

-0.67

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.

0.11

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..

-3.42

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.

1.01

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).

18.78

Max. monthly gain (%)

The maximum (i.e. highest) absolute positive monthly performance in the underlying period.

11.56

Max. monthly loss (%)

The maximum (i.e. highest) absolute negative monthly performance in the underlying period.

-9.77

Hit-ratio 3 years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

18

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

50

Months Bull market

Number of months of positive benchmark performance in the underlying period.

21

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

12

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

57.1

Months Bear market

Number of months of negative benchmark performance in the underlying period.

15

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

6

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

40

Above mentioned ratios are based on gross of fees returns.

Costs

Per 31-10-2023
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.

1.72%

Included management fee

A fee paid by the fund to the asset management company for the professional management of the fund.

1.50%

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.

0.25%

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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Asset

Currency

Sector

Top 10

  • Asset
  • Currency
  • Sector
  • Top 10
Per 31-10-2023

Policies

  • The fund is allowed to pursue an active currency policy to generate extra returns.

  • The fund does not distribute dividend; any income earned is retained, and so the fund's entire performance is reflected in its share price.

  • RobecoSAM Circular Economy Equities 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 European Sustainable Finance Disclosure Regulation. The fund fosters resource-efficient business models for production and consumption of consumer goods, aligned with Circular Economy principles, by investing in companies that advance the following UN Sustainable Development Goals (UN SDGs): Zero Hunger, Good health and well-being, Decent work and economic growth, Industry, innovation and infrastructure, Sustainable cities and communities and Responsible consumption and production. The fund applies sustainability indicators, including but not limited to, integrates E&S (i.e. Environmental and Social) in the investment process, applies normative, activity-based and region-based exclusions, and applies proxy voting. In addition, the fund also aims to achieve a better return than the index. 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. Benchmark: MSCI World Index TRN. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one for comparison purposes. 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 sustainable objective of the fund.

  • Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Fund allocation
Policies

Sustainability-related disclosures

  • Summary sustainability-related disclosures
  • Full sustainability-related disclosures
febelfin.png

Febelfin

Febelfin

The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.

Sustainability profile

Per 31-10-2023
Exclusions +
ESG Integration
Voting
Target Universe

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

Per 31-10-2023

The fund's sustainable investment objective is to finance solutions that support the transition from traditional production and consumption patterns toward a circular economy. Circular economy and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. 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 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 MSCI World Index TRN.

Sustainability-related disclosures
Profile
ESG Important Information
Sustainability
Sustainability metrics

Market development

Per 31-10-2023

Weaker markets in October might be partly due to investors' rising belief that current interest rates could be too high to handle. High interest rates are already altering companies' incentives when it comes to investments, which in the long term dampens overall economic growth. They also muddle the transparency when it comes to the true underlying demand. For companies, keeping cash in high yielding deposits has become an attractive alternative, supporting their short-term earnings. However, the third-quarter results have also showed a number of strong demand tailwinds. Some examples are the reshoring trend, willingness to make strategic AI-investments, subsiding destocking headwinds for some markets, and continued governmental and regulatory support for environmentally positive investments. An additional factor that could support markets (this is if we exclude rising geopolitical risks), is close to universal investor cautiousness. The current mood is definitely risk-off, which manifests itself through reduced equity exposure and investors' preference for owning large-cap and mega-cap stocks rather than mid-cap and small-cap companies.

Performance explanation

Per 31-10-2023

Based on transaction prices, the fund's return was -4.59%. In October, the strategy underperformed the broader MSCI World. A big part of the underperformance is attributed to two factors. Firstly, large companies performed better overall compared to smaller ones. This is illustrated by the S&P 500 outperforming the S&P Equal Weight, which in turn outperformed the Russel 2000, which then outperformed the Russel Microcap. Historically, company size is a factor that often outperforms during risk-off periods. The Circular Economy Fund has a skew to smaller companies compared to the broader MSCI World. This is partly because the fund strives for high thematic alignment and partly because, fundamentally, we believe that the less researched part of the market, in the longer term, has the ability to generate attractive returns for investors. The second key factor behind October's underperformance is the negative performance of stocks where higher-for-longer interest rates are perceived by investors as leading to demand softness. In October, the strategy outperformed the internal thematic benchmark. A larger exposure to companies with relatively higher recurring sales in the industrials, technology and healthcare sectors was a positively contributing factor.

Expectation of fund manager

Natalie Falkman

Natalie Falkman

As we now head toward the final two months of 2023, the sentiment among investors is cautious, to say the least. One of the main causes behind the risk-off mood is whether the interest rates are becoming too high to handle. The ongoing destocking and the sharply risen geopolitical risks add to the cautiousness and reduce transparency for future demand. There were a number of new learnings from the still-ongoing Q3 reporting. For many companies, the sell-out demand was above the sell-in. We interpret that as the hefty destocking masking a stronger underlying demand. Many companies also spoke of top-down decisions with customers to minimize inventories and focus on cash flows. We believe that the ongoing destocking in many sectors will allow many companies to set a good base when entering 2024. Reshoring was also mentioned by many companies, especially in the US, as providing real demand tailwinds. That support should continue in 2024. However, as we enter an election year in the US, we are aware that the discussions on the extent of support to move to a greener, cleaner economy could swing market sentiment next year.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • Product sheet
  • Portfolio Manager's Update
  • Prospectus
  • Articles of association
  • Key Investor Information (KIID)
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2022
  • Annual report 2021
  • Annual report 2020
  • Semi-annual report 2023
  • Semi-annual report 2022
  • Semi-annual report 2021

Announcements

  • Prospectus change December 2023 (17-11-2023)
  • Publication semi-annual reports 2023 (31-08-2023)
  • Prospectus change September 2023 (04-08-2023)
  • Publication Semi-annual reports 2022 (31-08-2022)
Fund documents
Reports
Announcements

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Important information This disclaimer applies to any documents and the verbal or written comments of any person in presentations or webinars on this website and taken together is referred to herein as the “Information”. The services to which the Information relate are NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws and must not be relied or acted upon by any other persons. This Information does not constitute an offer to sell, or a solicitation of an offer to buy, any financial product, and may not be relied upon in connection with the purchase or sale of any financial product. You are cautioned against using this Information as the basis for making a decision to purchase any financial product. To the extent that you rely on the Information in connection with any investment decision, you do so at your own risk. The Information does not purport to be complete on any topic addressed. The Information may contain data or analysis prepared by third parties and no representation or warranty about the accuracy of such data or analysis is provided.

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