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RobecoSAM Global Gender Equality Equities I EUR

Strength in equality

Contact us

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.

I-EUR

D-EUR

D-USD

F-EUR

F-USD

IE-EUR

IE-GBP

Z-EUR

Class and codes

Asset class:

Equities

ISIN:

LU2145459777

Bloomberg:

RSGGIEA 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 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 (31/01)

  • 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

  • Investing in gender equality creates positive impact—Delivers positive long-term shareholder returns by selecting companies with a strong competitive advantage from recognizing and acting on the strategic importance of improving gender equality.
  • Contribution to the UN Sustainable Development Goals —Supports the achievement of the Sustainable Development Goals by investing in companies that exhibit strength in the retention of female talent, equal remuneration and employee well-being.

About this fund

RobecoSAM Global Gender Equality Equities is an actively managed fund that invests globally in companies that advance gender diversity and gender equality. The selection of these stocks is based on fundamental analysis. 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 with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. The fund's objective is to achieve a better return than the index.

Key facts

Per 31-01-2023

Total size of fund

€ 179,854,509

Size of share class

€ 65,283,540

Inception date fund

29-10-2020

1-year performance

-8.07%

Dividend paying

No

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

Fund manager

Audrey Kaplan

Michiel Plakman CFA

Audrey Kaplan is Lead Portfolio Manager and member of the Global Equity team. She is responsible for fundamental global equities with a focus on gender-based investing and on companies in financials, consumer staples, and portfolio construction. She joined Robeco in 2021. Previously, she was Head of Global Equity Strategy at Wells Fargo Investment Institute (NY). Prior to joining Wells Fargo, she worked as Head of International Equity Team and Senior Portfolio Manager at Federated Investors, Inc. (NY, now known as Federated Hermes). She also held roles in European research at Merrill Lynch International (London) and in Asian research at Salomon Brothers, Inc. (Tokyo) earlier in her career. She holds a Master's in Finance from London Business School and a Bachelor’s in Computer & Systems Engineering from Rensselaer Polytechnic Institute. Michiel Plakman is Lead Portfolio Manager and member of the Global Equity team. He is responsible for fundamental global equities with a focus on SDG investing and on companies in information technology, real estate and 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 Japan 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.

Key points
About the fund
Key facts
Fund manager

Performance

Per 31-01-2023
Per period Fund Index

1 month

4.14%

5.22%

3 months 

0.11%

-0.21%

YTD

4.14%

5.22%

1 year

-8.07%

-4.47%

2 years

7.37%

9.84%

3 years

5.46%

8.31%

5 years

8.63%

9.46%

Since inception 09/2015

9.88%

10.13%

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 31-01-2023
Statistics 3 years 5 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.

4.55

3.99

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.

-0.43

0.04

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.

0.37

0.63

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..

-1.26

0.79

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.

0.93

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).

17.92

15.71

Max. monthly gain (%)

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

10.57

10.57

Max. monthly loss (%)

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

-11.45

-11.45

Hit-ratio 3 years 5 Years

Months out performance

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

16

31

Hit ratio (%)

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

44.4

51.7

Months Bull market

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

20

37

Months outperformance Bull

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

8

18

Hit ratio Bull (%)

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

40

48.6

Months Bear market

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

16

23

Months outperformance Bear

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

8

13

Hit ratio Bear (%)

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

50

56.5

Above mentioned ratios are based on gross of fees returns.

Costs

Per 31-01-2023
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.

0.83%

Included management fee

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

0.70%

Included service fee

This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.

0.12%

Transaction costs

The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.

0.03%

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 0.01% 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.

Fiscal treatment of investor

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.

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 31-01-2023

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 does not intend to distribute dividend and so both the income earned by the fund and its overall performance are reflected in its share price.

  • RobecoSAM Global Gender Equality Equities is an actively managed fund that invests globally in companies that advance gender equality. 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 aims to advance societal impact by investing in companies that exhibit a high degree of gender equality and that actively promote gender equality. 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, negative screening and proxy voting. 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 with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. Companies that exhibit an inferior overall ESG performance are excluded from the investment universe. 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

Full sustainability-related disclosures
Download full report
Summary sustainability-related disclosures
Download summary

Labels

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 31-01-2023
Exclusions +
ESG Integration
Voting
ESG target
Target Universe
Topic Value

Exclusion based on negative screening

≥20%

Gender equality

Per 31-01-2023

The Gender Equality Score chart displays the portfolio's scores for a subset of questions covering the topic of gender equality from multiple angles (from board diversity through executive compensation to workforce diversity). In the middle, the Total scores for the portfolio and index are available. The Total Gender Equality Score is comprised of these question scores and is provided at the center of the chart. If an index has been selected, additional alerts appear below the question name to highlight relative performance with respect to gender equality. Only holdings mapped as corporates are included in the figures.

CGF GIGE_20230131-CGF GIGE_20230131-genderEquality.png

Sustainalytics ESG Risk Rating

Per 31-01-2023

The Portfolio Sustainalytics ESG Risk Rating chart displays the portfolio's ESG Risk Rating. This is calculated by multiplying each portfolio component's Sustainalytics ESG Risk Rating by its respective portfolio weight. If an index has been selected, those scores are provided alongside the portfolio scores, highlighting the portfolio's ESG risk level compared to the index. The Distribution across Sustainalytics ESG Risk levels chart shows the portfolio allocations broken into Sustainalytics' five ESG risk levels: negligible (0-10), low (10-20), medium (20-30), high (30-40) and severe (40+), providing an overview of portfolio exposure to the different ESG risk levels. If an index has been selected, the same information is shown for the index. Only holdings mapped as corporates are included in the figures.

CGF GIGE_20230131-CGF GIGE_20230131-sustainalyticsESGRiskTotal.pngCGF GIGE_20230131-CGF GIGE_20230131-sustainalyticsESGRiskScoreDistribution.pngCGF GIGE_20230131-CGF GIGE_20230131-sustainalyticsESGRiskScoreDistributionTable.png
Source: Copyright 2022 © Sustainalytics. All rights reserved.
The information, methodologies, data and opinions contained or reflected herein are proprietary of Sustainalytics and/or third parties, intended for internal, non-commercial use, and may not be copied, distributed or used in any way, including via citation, unless otherwise explicitly agreed in writing. They are provided for informational purposes only and (1) do not constitute investment advice; (2) cannot be interpreted as an offer or indication to buy or sell securities, to select a project or make any kind of business transactions; (3) do not represent an assessment of the issuer’s economic performance, financial obligations nor of its creditworthiness; (4) are not a substitute for a professional advice; (5) past performance is no guarantee of future results. These are based on information made available by third parties, subject to continuous change and therefore are not warranted as to their merchantability, completeness, accuracy or fitness for a particular purpose. The information and data are provided “as is” and reflect Sustainalytics’ opinion at the date of their elaboration and publication. Sustainalytics nor any of its third-party suppliers accept any liability for damage arising from the use of the information, data or opinions contained herein, in any manner whatsoever, except where explicitly required by law. Any reference to third party names is for appropriate acknowledgement of their ownership and does not constitute a sponsorship or endorsement by such owner. Insofar as applicable, researched companies referred herein may have a relationship with different Sustainalytics’ business units. Sustainalytics has put in place adequate measures to safeguard the objectivity and independence of its opinions. For more information, contact compliance@sustainalytics.com.

Sustainability

Per 31-01-2023

The fund incorporates sustainability in the investment process by the means of a target universe definition, exclusions, negative screening, ESG integration, and voting. The fund invests at least two-thirds in companies that have a Gender Equality score of 50 or higher and only invests in companies with positive or neutral SDG scores based on the internally developed SDG Framework. The fund also applies a negative screening to exclude the 20% worst ESG scoring stock issuers from the investable universe and does not invest in stock issuers that are in breach of international norms or where products have been deemed controversial as per 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.

Information
Profile
Gender equality
ESG Risk Score
Sustainability

Market development

Per 31-01-2023

The January risk-on rally provided the global equity markets with a strong +5.2% (in euros), the first positive January since 2019. Globally, high beta stocks led the rally. Cyclical sectors appear to be pricing in a more dovish stance in 2023 and a rebound in PMIs back to solid expansion territory in H1, but several leading economic indicators (e.g. the US yield curve) point to more economic softness. The interplay between sticky inflation versus rates and growth versus recession is still ongoing, with no decisive winner emerging. However, there were several positives in January, including the decline in energy prices, particularly in Europe, where natural gas futures continued their decline from late 2022, reaching their lowest point since September 2021. Another positive for the global economy has been the continued reopening of China's economy. On the margin we reshuffled our portfolio for modest profit-taking in defensives that did well in 2022 to pick up more attractive high-quality European hardware and telecommunications companies.

Performance explanation

Per 31-01-2023

Based on transaction prices, the fund's return was 4.14%. In January, the portfolio underperformed the MSCI World Index by 100 bps, mainly driven by poor stock selection within healthcare and consumer discretionary. CVS' share price continues to be overshadowed by the Medicare Advantage (MA) Stars downgrade. We remain constructive on the stock, as the company continues to expand its services and to increase its share of wallet by bringing new customers to CVS Health, something that should further support its strong cash flow generation capability. UnitedHealth performed poorly despite posting strong Q4 numbers and reiterating its 2023 guidance, a potential indication of the ongoing market rotation (from more defensive names towards more cyclical ones). Among the strongest contributors were all three semiconductor companies – STMicroelectronics and ON Semiconductor, which posted positive outlooks, driven by healthy auto and industrial semiconductor ASPs and order backlog demand. Another strong contributor was KB Financial, whose shares rallied strongly over the month after a South Korea-based activist fund became involved in Korean banks, trying to push them to increase their historically very low payout ratios.

Expectation of fund manager

Audrey Kaplan

Michiel Plakman CFA

We are awaiting more confirmation of lower inflation indeed materializing. Most central banks might be in for a slowdown of rate hikes in 2023. Nonetheless, the new neutral rate level – wherever that may end up – remains firmly higher than what we have seen in many years. We believe that the market is too optimistic and will continue to underestimate the stickiness of inflation, which is still at very elevated levels. With market valuations not anywhere close to trough levels to reflect these uncertainties, risk is still to the downside. Too many pockets in the market simply have not seen real multiple compression, with negative earnings revisions looming as we enter 2023. As we have communicated before, caution is still warranted, given the current macro conditions. To navigate this environment, portfolio robustness is needed. Focusing on a diverse mix of high-quality companies with strong operational track records and resilient business models is, therefore, something we continue to do with our investment strategy.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • 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 2021
  • Annual report 2020
  • Annual report 2019
  • Semi-annual report 2022
  • Semi-annual report 2021
  • Semi-annual report 2020

Announcements

  • Publication Semi-annual reports 2022 (31-08-2022)
  • Semi-annual 2021 available (31-08-2021)
Fund documents
Reports
Announcements

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