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Robeco Sustainable Property Equities I USD

Index: S&P Developed Property Index (Net Return, USD)
ISIN: LU1124238269
  • Invests in the property sector
  • Selects companies with the best earnings potential
  • Risk limitation through global diversification
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Sustainable Property Equities is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis. This fund identifies strong global property trends first. Within these trends the fund aims to select the property companies with the best prospects. Carefully developed models are used to select stocks with good earnings prospects and a reasonable valuation. Discussions with management and business-data analyses are then carried out in order to stringently screen the individual companies. Voting, Engagement, ESG Integration and Robeco's exclusion policy are part of the investment policy.

Price development

No performance data available

Price development

Robeco Sustainable Property 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 -4.95%. The fund's overall underperformance in May was driven by negative stock selection within the sub-industries and a negative allocation effect. On a trend level, the overall stock selection effect was positive, with selection in both PropTech and Lifestyle positive but partly offset by negative contributions from Prime Office and Retail. Looking at the combined allocation and selection effects, the four trend portfolios made a basically flat contribution to performance, while the non-trend assigned portfolio's contribution was negative. Top performers last month included our overweight positions in CA Immobilien (+15.2%), Switch (11.4%) and American Tower (+4.7%). CA Immobilien, which has office assets in Germany, Austria and Eastern Europe, traded higher on a strong set of Q1 numbers and the announcement of a buyback of 1 million shares. Switch traded higher after the announcement made by DigitalBridge to take the company private in a USD 11 bln transaction including debt, representing an 11% premium.

Statistics

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Market development

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Markets remain focused on both the inflation trajectory and macro data, as these will impact how the Fed will execute on its quantitative tightening policy. In May, the Fed hiked rates for the second time by another 50 basis points. The Fed is now expected to raise rates at least another eight times to 3% by the end of the year. Although BBB yields have moved up, the yield spread between US REITs and corporates has remained close to zero, indicating still relatively benign credit risks for REITs. On an absolute level, US REITs financing costs have risen by over 200 bps and are at the high end of the historical 10-year range. Financing costs have turned from a tailwind into a neutral or modest headwind for the real estate sector.

Fund allocation

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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. Any income earned by the fund is reflected in its share price.

ESG Integration policy

The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following 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 the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. 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.

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 E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks 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, proxy voting, engagement and an improved environmental footprint. This fund identifies global trends in the real estate sector. The fund managers use carefully developed models to choose stocks with good earnings expectations and reasonable valuation. 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

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Exclusions+

ESG Integration

Voting

ESG Target

ESG score target Footprint target
Better than index 20% better than index

Footprint Ownership

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Footprint ownership expresses the total resource utilization the portfolio finances. Each assessed company's footprint is calculated by normalizing resources utilized by the company's enterprise value including cash (EVIC). Multiplying these values by the dollar amount invested in each assessed company yields the aggregate footprint ownership figures. The selected index's footprint is provided alongside. Sovereign and cash positions have no impact. The portfolios score is shown in blue and the index in grey.

CGF PROP EUR_20220531-CGFPROEU_20220531-footprintOwnershipCo2.png
Robeco data based on Trucost data. *
CGF PROP EUR_20220531-CGFPROEU_20220531-footprintOwnershipWaste.png
Robeco data based on Trucost data*
CGF PROP EUR_20220531-CGFPROEU_20220531-footprintOwnershipWater.png
Robeco data based on Trucost 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 Risk Score

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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 Sustainalytics ESG Risk Rating distribution 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.

CGF PROP EUR_20220531-CGFPROEU_20220531-sustainalyticsESGRiskTotal.png CGF PROP EUR_20220531-CGFPROEU_20220531-sustainalyticsESGRiskScoreDistribution.png CGF PROP EUR_20220531-CGFPROEU_20220531-sustainalyticsESGRiskScoreDistributionTable.png
Source: Copyrights © 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

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The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following 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 the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. 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.

Expectation of fund manager

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Commercial real estate fundamentals are strong going into 2022. Developed markets' economies recovered strongly in 2021 and are expected to grow above trend in 2022 as well. Employment growth is strong and labor markets are tight. Historically, employment growth has been a key demand driver of real estate space. Although financing costs are rising, fundamentals remain supportive for property stocks. Its attractive yield is even more valuable due to the sector's natural inflation-hedging attributes. 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
Folmer Pietersma, Frank Onstwedder

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

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1124238269
BloombergROBPEIU LX
Valoren25753397
WKN
Availability
1st quotation date1414022400000
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

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This fund may also deduct a performance fee 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.

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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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