RobecoSAM Circular Economy Equities D USD
- Invests in leading companies that address the opportunities created by the paradigm shift in traditional production and consumption patterns toward a circular economy.
- Focus on innovative solutions in the area of redesign inputs, circular use, enabling technologies and loop resources.
- Diversified strategy enhanced by proprietary ESG risk considerations, appealing to investors with a horizon of three to five years.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
|---|---|---|
| 1 month | ||
| 3 months | ||
| YTD | ||
| 1 year | ||
| 2 years | ||
| 3 years | ||
| 5 years | ||
| 10 years | ||
| {{'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.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
|---|---|---|---|
| Tracking error ex-post (%) |
|
||
| Information ratio | |||
| Sharpe ratio | |||
| Alpha (%) | |||
| Beta |
|
||
| Standard deviation |
|
||
| Max. monthly gain (%) |
|
||
| Max. monthly loss (%) |
|
| 3 years | 5 years | ||
|---|---|---|---|
| Months outperformance | |||
| Hit ratio (%) | |||
| Months Bull market | |||
| Months outperformance Bull | |||
| Hit ratio Bull (%) | |||
| Months Bear market | |||
| Months outperformance Bear | |||
| Hit ratio Bear (%) |
| Fund | Reference index | ||
|---|---|---|---|
| Rating | |||
| Option Adjusted Modified Duration (years) | |||
| Maturity (years) | |||
| Yield to Worst (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Equity markets rebounded in April after bottoming, for the time being, on 23 March. The MSCI World gained 11% (EUR) and the Circular Economy strategy outperformed the market. As mobility restrictions succeeded to flatten the Covid-19 infection curve in major economies, investors adopted the view that a fast recovery is possible. Although economic data, such as the reported 30 million jobs lost in the US, was weak, fiscal stimuli now surpassing 8% of the world's GDP were believed to provide a strong enough offset. When asked how doing business will be different in the future, companies repeatedly mentioned global supply chains. Given the recent experience, inventory management is expected to see further technological upgrades, supporting the circular economy push for enhanced product tracing and control of waste production in logistics. The pandemic serves as an unintentional showcase for dematerialization, from digital collaboration between homeworkers to the slump in fossil fuels. In face of substantial stimulus packages, the European Commission is demanding a cleaner bounceback of the economy; for example by reusing resources instead of subsidizing fossil fuels or wasteful consumption.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Currency policy
The fund is allowed to pursue an active currency policy to generate extra returns.
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
RobecoSAM Circular Economy Equities employs systematic, bottom-up stock selection that combines proprietary Environmental, Social & Governance (ESG) data and research throughout the investment process. ESG criteria for exclusions and theme-specific suitability are applied during universe construction. An in-house Sustainability Investing (SI) research team integrates financially-material sector and company-specific sustainability analysis into investment cases. A dedicated thematic equity team incorporate SI research within fundamental analysis and stock valuations. Impact assessments of controversial incidences affecting portfolio holdings provide additional risk management. An active ownership and engagement team interacts directly with company management of fund holdings, offering additional channels for sustainable impact.
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. Building on our proprietary data and research, we identify companies that generate a competitive advantage through sound business practices, efficiency improvements, and the creation of new solutions for the myriad challenges facing society over the coming decades. Taking a long-term investment perspective, we analyze companies’ business models, market positioning and growth potential, and evaluate their financial performance and valuation. Based on this fundamental assessment, we seek to uncover attractive investment opportunities and implement them in concentrated, conviction-based equity portfolios.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The repercussions of the pandemic shutdown are expected to become more visible in upcoming reports of unemployment rates or manufacturing and service activity. With major economies now moving to ease social distancing measures, how steady the reopening unfolds and how well potential ripple effects of bankruptcies are contained, will be of particular importance. Assuming there will be no devastating second pandemic wave, the substantial combined stimulus has set the ground for an economic recovery that is gentle at the outset, but solid in the end. We expect companies with high innovation capabilities and strong cash flow generation to emerge from the current situation in a superior position. We see that providers of environmentally friendly consumer packaging solutions are well-positioned to benefit from shifting consumer preferences and regulatory changes. Companies that address the leakage of natural resources and keep products in the loop are set to capitalize on the shift to the circular economy. Furthermore, we expect products and services around collaboration solutions to structurally outgrow the market and think the current pandemic will act as an accelerator.
Holger Frey, CAIA
Holger Frey is Senior Portfolio Manager in the trends & thematic equities team responsible for managing the RobecoSAM Circular Economy Equities Strategy. He joined RobecoSAM in May 2016 for managing the RobecoSAM Sustainable Food Strategy. Prior to joining RobecoSAM, Holger worked for 10 years as a Portfolio Manager and Analyst for Sustainable Equities at DWS. In this role he served also as the lead Portfolio Manager of the DWS Water Sustainability Fund. Prior to that, he worked as a financial services consultant for KPMG Consulting/Bearing Point in the Asset & Wealth Management Practice Group and as a graduand at KfW Bankengruppe. He holds a Bachelor’s degree in Computer Science and Media from the University of Applied Sciences in Fulda (Germany), a Bachelor’s of Arts degree in Musicology from the Johann Wolfgang Goethe University in Frankfurt, and is a Chartered Alternative Investment Analyst (CAIA).
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU2092759294 |
| Bloomberg | ROCEEDU LX |
| Valoren | 52352417 |
| WKN | A2P0DU |
| Availability | |
| 1st quotation date | 1579737600000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
|
|---|---|
| This fund deducts ongoing charges of |
| These charges comprise | ||
|---|---|---|
| Management fee | ||
| Service fee | ||
Transaction costs |
|
|---|---|
| The expected transaction costs are |
Performance fee |
|
|---|---|
| This fund may also deduct a performance fee of |
Extra fees
| max entry fee | ||
| Max exit fee | ||
| Max sub fee | ||
| Max switch fee |
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.
