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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.
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Currency USD
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Dividend payingNo

About this fund

The Strategy is based on the core conviction that sustainable companies will outperform over the long run and that the sustainability impact is under-researched, under-appreciated, and ultimately mispriced by capital markets. 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.

Statistics

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Market development

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After the European equity market sharply contracted in May, shares regained most of the losses in June and closed the first half of 2019 more than 16% higher. While economic indicators were almost unchanged compared to the muted outlook from a month ago, the commitment of the European Central Bank to support the stalling economy by sticking to the expansive monetary police supported equities’ market sentiment. Eurozone short-term interest rates reached new all-time lows since the inception of the currency after Mario Draghi pointed to more stimulus. With the exception of real estate, all the sectors in the MSCI Europe Index ended the month of June in positive territory. Unsurprisingly, more cyclical sectors such as materials, consumer discretionary and industrials gained the most.Despite the fact that there were hardly any changes in earnings expectations, global mining company Anglo American, for example, gained around 17% in the month and surpassed its over-the-cycle peak share price from April. Within consumer discretionary, shares of French automotive supplier Valeo, which lost more than 50% from its peak in early 2018, showed a glimpse of optimism and increased by more than 20%, albeit from a low level.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
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Sustainability Themed Fund

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 different stages of the investment process. We use sustainability performance rankings to focus our fundamental analysis on companies that have demonstrated superior sustainability performance compared to their peers. 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 could 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, energy consumption, water use and waste generation, with the aim of realizing 20% better levels than the index. In addition to ESG integration, Robeco 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 and thermal coal, according to strict revenue thresholds.

Investment policy

Our investment philosophy is grounded in the core belief that the integration of ESG factors into a disciplined, research-driven investment process leads to better-informed investment decisions and better risk-adjusted returns through an economic cycle.

Risk policy

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

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.

Kai Fachinger, CFA, Mathias Büeler, CFA
Kai Fachinger, CFA, Mathias Büeler, CFA

Kai Fachinger, CFA, Mathias Büeler, CFA

Kai Fachinger is a Senior Portfolio Manager responsible for managing the RobecoSAM Sustainable European Equities Strategy as well as serving as a Senior Equity Analyst covering the Utilities and Telecommunication Sector. Previously, he was a Financial Engineer at Allianz Global Investors, where he was responsible for asset liability studies as well as for concept studies for life-cycle and decumulation strategies for retirement planning. Kai earned his degree in Mathematical Finance from the University of Constance (Germany) and is a CFA Charterholder. He joined RobecoSAM in 2007. 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.

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 (%)
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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