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Robeco Sustainable European Stars Equities I USD

Index: MSCI Europe Index (Net Return)
ISIN: LU1700711747
  • A sustainable core allocation strategy — Characteristics of a core strategy with risk benefits in down markets.
  • High conviction — Follows a research-driven, performance-oriented investment process reflected in a high active share, low turnover and asset selection as the single main contributor to active risk.
  • Improved environmental footprint — Avoids the most polluting companies while not excluding entire industries. Generates a positive impact across GHG emissions, energy usage, water consumption and waste generation.
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Sustainable European Stars Equities is an actively managed fund that invests in equities of companies that are domiciled in Europe. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The strategy combines proprietary ESG research and analysis within a disciplined and proprietary investment framework to determine a company’s intrinsic value. Our rigorous valuation approach takes advantage of market mis-pricing, leading to a concentrated portfolio of attractively-valued, high quality stocks with a higher potential to outperform the Benchmark across environmental and financial metrics. An in-house Sustainability Investing (SI) research team integrates financially-material sector and company-specific sustainability analysis into investment cases.

Price development

No performance data available

Price development

Robeco Sustainable European Stars Equities I USD

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was -4.21%. In the first negative month for European equity markets since January, the strategy outperformed the MSCI Europe. The fund benefited from a pause in the rally of growth stocks, which are trading at lofty valuations after the strong run last year and again since April this year. The effect on the strategy's performance was most pronounced in the consumer discretionary and information technology sectors. Against the negative trend in the consumer discretionary sector, global fashion retailer Inditex (owner of Zara and Massimo Dutti) gained after the company reported record-high Q2 sales numbers, which were above pre-pandemic levels and came in ahead of direct competitors such as H&M. Another strong contributor was Swedish Orphan Biovitrum, which was the target of a bid by US private equity firm Advent International and Singapore's sovereign wealth fund GIC, with the goal of taking the Swedish biotech company private. In addition, the weakness in utility stocks – where the strategy holds no position – supported the relative performance.

Statistics

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Market development

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After seven consecutive months of positive returns, European stock markets closed September in the red. The MSCI Europe declined by 3% over the course of the month, but remains comfortably in positive territory for the year (+17% YTD, incl. dividends). The decline in European equity prices was part of a global cool-down in risk sentiment after the historic Q2 earnings season had buoyed investor optimism during the summer. Part of the shift in sentiment was triggered by the Federal Reserve signaling that tapering is likely to start before the end of this year and could already be concluded by mid-2022. Risk sentiment was also affected by the financial distress at China's largest real estate development company Evergrande, which raised concerns of a growth slowdown in the broader Chinese economy, given that the real estate sector accounts for almost a third of the country's GDP. The dominating issue in Europe, however, has been the looming energy crisis, as natural gas prices have soared to record highs in reaction to tight supplies and record-low storage levels ahead of the cold winter months.

Fund allocation

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Name Sector Weight
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Currency policy

The fund may use currency forwards to achieve currency exposures that are close to the benchmark.

Dividend policy

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

ESG Integration policy

Robeco Sustainable European Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.

Investment policy

Robeco Sustainable European Stars Equities is an actively managed fund that invests in equities of companies that are domiciled in Europe. 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 aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to voting and engaging. The fund also aims for an improved environmental footprint compared to the Benchmark.The strategy combines proprietary ESG research and analysis within a disciplined and proprietary investment framework to determine a company’s intrinsic value. Our rigorous valuation approach takes advantage of market mis-pricing, leading to a concentrated portfolio of attractively-valued, high quality stocks with a higher potential to outperform the Benchmark across environmental and financial metrics. An in-house Sustainability Investing (SI) research team integrates financially-material sector and company-specific sustainability analysis into investment cases.The majority of the stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The Management Company may use its discretion to invest in companies or sectors not included in the Benchmark based upon opportunities found through fundamental or proprietary ESG research. The fund can deviate substantially from the weightings of the Benchmark. The investment strategy aims to outperform the Benchmark over the long run whilst applying market risk limits (on countries, currencies and sectors) that limit the extent of 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 policy

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

Sustainability profile

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Exclusions+

Full ESG Integration

Voting & Engagement

ESG Target

ESG score target Footprint target Exclusion based on negative screening
↑Above Index ↓20% ≥20%

ESG Score

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The portfolio ESG score (and E,S and G score) is calculated by multiplying the RobecoSAM Smart ESG Score of each holding by its respective portfolio or index weight. The same methodology is applied in calculating the key ESG Criterion scores. The scores of the portfolio are provided alongside the scores of the index, highlighting the portfolio’s relative sustainability. The colors indicate the score of the portfolio, whilst the shading shows the index.

CGF EUE EUR_20210930-CGFEUEEU_20210930-smartESGScoreTotal.png CGF EUE EUR_20210930-CGFEUEEU_20210930-smartESGScoreDimensions.png CGF EUE EUR_20210930-CGFEUEEU_20210930-keySmartESGCriteria.png

Environmental Footprint

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The RobecoSAM footprint ownership of the portfolio expresses the total resource consumption the portfolio finances. Each company's footprint is calculated by normalizing resources consumed by the company's enterprise value. Multiplying these values by the dollar amount invested in each company yields the aggregate footprint ownership figures. The selected index's footprint (for an equivalent $ amount invested in corporates) is provided alongside. The portfolios score is shown in blue and the index in grey.

CGF EUE EUR_20210930-CGFEUEEU_20210930-footprintOwnershipCo2.png
Robeco data based on Trucost data. *
CGF EUE EUR_20210930-CGFEUEEU_20210930-footprintOwnershipWaste.png
Source: Data based on RobecoSAM impact data.
CGF EUE EUR_20210930-CGFEUEEU_20210930-footprintOwnershipWater.png
Source: Data based on RobecoSAM impact data.
* Source: S&P Trucost Limited © Trucost 2021. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, not its affliates, nor its licensors accept any liability for any errors, omissions, or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent.

ESG integration policy

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

Robeco Sustainable European Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.

Expectation of fund manager

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The fund's strategy aims to make investments in high-quality companies with sustainable, differentiated business models taking a full-cycle view. Given that approach, we'd expect the fund to show its full strength when returns of individual stocks start to materially differ due to less overall market support. The fund's positions tend to be less driven by assumptions on general market trends, but much more by company-specific qualities that are likely to endure in both positive and negative environments. Driven by expected business resilience and comparably moderate valuations, our key convictions can give some comfort in volatile times.

Mathias Büeler, CFA, Oliver Girakhou, MBA
Mathias Büeler, CFA, Oliver Girakhou, MBA

Mathias Büeler, CFA, Oliver Girakhou, MBA

Mathias Büeler is the Senior Portfolio Manager responsible for the RobecoSAM Sustainable European Equities Strategy as well as serving as a Senior Equity Analyst covering the Financials and Consumer Discretionary Sector. Prior to joining, Mathias Büeler worked as a sell-side equity analyst at Kepler Capital Markets for more than four years, covering Swiss banks and diversified financials. Previously, he was Head of Product Management Structured Products at Man Investments for two and a half years. Mathias Büeler holds a Master of Arts majoring in Business Administration from the University of Zurich and is a CFA chartholder. He joined RobecoSAM in 2011. Oliver Girakhou is a Portfolio Manager responsible for managing the Robeco Sustainable European Stars Equities Strategy. He covers and leads the research in the Materials, Industrials and Energy industries within the Team. Prior to joining RobecoSAM, he spent 6 years at Credit Agricole – Cheuvreux (later KeplerCheuvreux) as a sell-side equity analyst covering European industrial companies. He also gained first-hand business experience as an business analyst at the BMW Group where he worked in the China Strategy Department. Oliver earned his Master’s degree in Social and Economic Science from Vienna University’s School of Economics and Business Administration, and his MBA from ESCP Europe. He joined RobecoSAM in 2014.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1700711747
BloombergRSSEEIU LX
Valoren38694407
WKNA2PLPP
Availability
1st quotation date1508371200000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

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