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The global equity markets were supported in February by the good progress vaccination campaigns are making in most developed countries. Especially in the US and in the UK, substantial portions of the population have already received a first vaccination or even both doses of the vaccine. In addition, 10-20% of the population in many places have overcome the coronavirus infection and are meanwhile also at least partially immune. Market participants have therefore started to position their portfolios for a more normal, post-pandemic economic environment. This generally optimistic sentiment was disrupted in the second half of February by concerns that fiscal stimuli may go too far, resulting in economies overheating and creating the risk of higher inflation. This impacted the outlook for financials positively and that for growth stocks negatively, particularly for technology shares, which corrected most pronouncedly in the very volatile market environment in the last week of February. Discretionary consumer and materials stocks also performed well, while there was little interest among investors for the healthcare sector.
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Sustainability Themed Fund |
The fund is allowed to pursue an active currency policy to generate extra returns.
The fund does not distribute dividend; any income earned is retained, and so the fund's entire performance is reflected in its share price.
The RobecoSAM Circular Economy Equities strategy invests in global companies providing circular solutions that create value in loops via reuse, redesign, repair, responsible consumption. It 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.
RobecoSAM Sustainable Circular Economy Equities is an actively managed fund that invests globally in companies that foster resource-efficient business models with regard to the production and consumption of consumer goods. 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 has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund fosters resource-efficient business models for production and consumption of consumer goods, aligned with Circular Economy principles, by investing in companies that advance the following UN Sustainable Development Goals (UN SDGs): Zero Hunger, Good health and well-being, Decent work and economic growth, Industry, innovation and infrastructure and Responsible consumption and production. The fund integrates ESG (i.e. Environmental, Social and corporate Governance) in the investment process, applies an exclusion list basis controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to voting and engaging.The strategy integrates sustainability criteria as part of the stocks selection process and through a theme specific sustainability assessment. The portfolio is built on the basis of an eligible investment universe that includes companies whose business models contibute to the thematic investment objectives. The assessment regarding relevant SDGs uses an internally developed framework about which more information can be obtained via the website www.robeco.com/si. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The investment policy is not constrained by a benchmark but the fund may use a benchmark for comparison purposes. 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 sustainable objective of the fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
The RobecoSAM Circular Economy Equities strategy invests in global companies providing circular solutions that create value in loops via reuse, redesign, repair, responsible consumption. It 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.
Strong monetary and fiscal stimulus in combination with the reopening of the economies increase inflationary pressure. The consequences of rising interest rates are putting the exceptionally loose financial conditions at risk, notably in the US. Meanwhile, the fund management expects the current inflationary build-up to remain rather temporary in nature, and remains constructive on the mid-term to long-term perspectives of the markets. We are excited about the inherent opportunities created by the transition towards the circular economy, which is creating an additional layer of growth opportunities. Companies exposed to this are set to benefit from changing consumer preferences for sustainable consumer packaging, better logistics and waste management systems and/or from the full digitization of legacy business models through digital collaboration platforms. The secular growth opportunities stemming from the transition to the circular economy in our view have not only withstood the current pandemic crisis, but are well positioned to have a head start in the imminent economic recovery.
David Kägi is a Portfolio Manager responsible for managing the RobecoSAM Sustainable Healthy Living Equities strategy. He is also the Portfolio Manager a.i. for the RobecoSAM Circular Economy Equities strategy. Previously, he worked as a Buy-Side analyst covering the global healthcare sector for Bank J. Safra Sarasin in Zurich, first for Private Banking, then for Asset Management. In the last five years, he also managed the Demography Health basket certificate for Bank J. Safra Sarasin. After some years in biomedical research, he started his career in finance as a Healthcare Analyst at the investment company BT&T, followed by a position as an Investment Analyst for private biotechnology companies with Schweizerhall Management AG in Zurich. David holds a Master’s degree in Biochemistry and a PhD in T-cell Immunology both from the ETH Zurich. He joined Robeco in 2019.
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ISIN | LU2092759294 |
Bloomberg | ROCEEDU LX |
Valoren | 52352417 |
WKN | A2P0DU |
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1st quotation date | 1579737600000 |
Close financial year | 31-12 |
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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.
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.
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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