Robeco Sustainable Property Equities D EUR
- Invests in the property sector
- Selects companies with the best earnings potential
- Risk limitation through global diversification
About this fund
Price development
Performance
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 1.14%. In July, the Robeco Sustainable Property Equities Fund surpassed its previous high set in February 2020 and the fund set a new record high in late August. Like in the previous month, the subindustries benefiting most from a reopening of society did worst on the back of the Delta variant news flow. From a subindustry perspective, healthcare REITs (-1.9%), office REITs (-0.8%) and real estate development (-0.3%) performed worst in August. The fund is underweight in healthcare REITs, which underperformed last month because of the negative Delta variant news flow. Another factor impacting the performance is the risk of higher wage inflation in the healthcare sector. From a trend portfolio perspective, the PropTech portfolio (+3.5%) performed well in August. Across regions, the fund's holdings in the (e-commerce) logistics space contributed significantly. CTP returned 15.5%, and Nippon Prologis (+8.7%) and Prologis (+5.7%) were the other main contributors. The positive contribution was not enough to compensate for the negative contributions from the Prime Office and Prime Retail portfolios. The negative allocation effect within Prime Office was only partly offset by the positive selection effect.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Given the environment of low interest rates and an abundance of capital, the sector's outlook remains supportive. The attractiveness of rental yields with inflation-linked growth has historically be an attractive investment rationale. Global investment flows have recovered from the Covid-19-related drought. CBRE research expects global investment volumes to reach over USD 1 trillion this year, on track to reach 2019 record highs. Cap rates across the globe are trending lower on the back of these supportive factors, driving commercial real estate prices higher. Structural industry trends do have an impact on cap rates, evidenced by the historically high spread between retail cap rates and industrial (logistics) cap rates. This divergence in cap rate movements is also reflected in the financing costs for the different asset classes within the real estate sector. The divergence can also be observed in M&A and investment volumes.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Currency policy
The fund can engage in currency hedging transactions.
Dividend policy
The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.
ESG Integration policy
Robeco Sustainable Property 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, including 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 Property Equities is an actively managed fund investing in equities from developed countries around the world. The selection of these stocks is based on a 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 proxy voting and engagement. The fund also aims for an improved environmental footprint compared to the Benchmark.This fund is the first to identify strong global trends in the real estate sector. Within these trends, this fund focuses on companies with the best prospects in the sector. The fund managers use carefully developed models to choose stocks with good earnings expectations and reasonable valuation. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. The investment policy is not constrained by a benchmark but the fund may use a benchmark for comparison purposes. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. 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 ESG characteristics promoted by the fund.
Risk policy
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
| ESG score target | Footprint target | Exclusion based on negative screening |
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| ↑Above Index | ↓20% | ≥20% |
ESG Score
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}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.
Environmental Footprint
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}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.
ESG integration policy
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Robeco Sustainable Property 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, including 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}With financing costs close to all-time lows and a reopening of our society underway, fundamentals are supportive of property stocks. Cap rates across the globe are trending lower on the back of these supportive factors. The combination of current rental yields and low financing costs results in the sector offering an attractive dividend yield, supported by a low payout ratio of cash flow. With relatively attractive valuations and private capital looking for a home, the possibility of M&A within the property sector is very real. Looking at longer-term periods in history, we find that the sector has generated attractive returns versus general equities. Ownership of property assets offers an attractive income stream and the opportunity to benefit from land value appreciation.
Folmer Pietersma, Frank Onstwedder
Mr. Folmer Pietersma, CeFA, is Portfolio Manager with Robeco and member of the Property Team. Prior to joining Robeco in 2007, Folmer worked at ABN AMRO Asset Management as a financial analyst and started his career in 1998 as a sell side trader at ABN AMRO's wholesale division. Folmer holds a master's degree in Economics from the University of Tilburg. In 2001 he obtained his Master of Financial Analysis' degree (Vrije Universiteit Amsterdam) and his CEFA registration. Mr. Frank Onstwedder is a member of the Property team. Together with portfolio manager Folmer Pietersma he is the portfolio manager of Robeco Property Equities. Frank worked at NN Investment Partners in The Hague, where he has been head of financials in the global equity research department since 2009. Before that, he was a real estate equities senior portfolio manager at Lehman Brothers Asset Management in Amsterdam. Between 2000 and 2007 he worked at Robeco, where his positions included head of the Pacific team and portfolio manager of the property fund. Between 1998 and 1999 he was an equities portfolio manager at Aegon Investment Management in The Hague. Frank started his career in 1994 as an equities portfolio manager at Robeco. He holds a Master's degree in Econometrics from the Erasmus University Rotterdam.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0187079180 |
| Bloomberg | RGCGPED LX |
| Valoren | 1794743 |
| WKN | A0CA0U |
| Availability | |
| 1st quotation date | 896832000000 |
| Close financial year | 31-12 |
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Cost of this fund
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Extra fees
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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 0.05% 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.
