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 | Reference index | |
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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.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Equity markets posted strong gains in August, backed by better-than-expected second quarter earnings results. Although US consumer sentiment dropped amid concerns over near-term job creation, other data points for US residential construction, regional manufacturing and the German IFO Business Climate Index provided more positive signals. Fed comments about keeping rates close to zero for an extended period and targeting inflation now above 2% for the next years, contributed to further US dollar weakness. The Circular Economy strategy gained less than the MSCI Index, but remains significantly ahead since inception. The pronounced recovery in new construction paired with strong renovation demand has driven up prices for key building materials such as lumber to record highs, outperforming other commodities such as gold or silver. Lumber prices soared 150% since the beginning of the year, as a consequence of mill shutdowns, lean inventories and hefty demand. In this context, new plans of the UK government to substantially fine wood imports lacking proper supply chain certification, point to a rising awareness of deforestation risks and the increasing importance of sustainable forest management.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
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| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| 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') ]}}Prevailing skepticism about the stability of the ongoing economic recovery and the rising number of Covid-19 infections worldwide have not yet been able to derail the strong market run since the low reached on 23 March. While a second wave of the pandemic is emerging in Western Europe and India is about to overtake the US as global hotspot, a repetition of systematic lockdowns appears less likely at this point in time. Given that the unprecedented global stimulus and economic damage has so far been mainly concentrated in highly effected market segments such as airlines and hospitality, a continuation of the economic recovery, albeit at a more moderate pace, is the most likely scenario for us. We continue to perceive the currently wide valuation dispersion across sectors as a source of compelling investment opportunities. Applying our ‘circularity lens’ in the stock screening process, we find that the acceleration in the adoption of digital collaboration platforms and the onshoring of global supply chains stand out. Furthermore, we think that the current market backdrop continues to provide a strong tailwind for circular building products and equipment for the outdoor recreation sector.
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 | |
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| ISIN | LU2092759294 |
| Bloomberg | ROCEEDU LX |
| Valoren | 52352417 |
| WKN | A2P0DU |
| Availability | |
| 1st quotation date | 1579737600000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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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.
