RobecoSAM Circular Economy Equities IE EUR
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Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
IE-EUR
D-EUR
D-USD
DH-EUR
F-EUR
F-USD
FH-EUR
G-EUR
I-EUR
I-USD
IE-USD
IH-GBP
M2-EUR
Z-EUR
Z-USD
Class and codes
Asset class:
Equities
ISIN:
LU2408969587
Bloomberg:
ROCEEIB LX
Index
MSCI World Index TRN
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 9
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- More than “just” recycling, Circular Economy designs waste and pollution out, and keeps products and materials in use for longer
- Circular Economy is a Need-To-Have to transition to sustainable production and consumption practices, and to reach global net zero targets
- Regulation, company commitments and changing consumer preferences provide strong tailwinds for winners across various industries, business models and geographies
About this fund
RobecoSAM Circular Economy Equities is an actively managed fund that invests globally in companies aligned with circular economy principles. The selection of these stocks is based on fundamental analysis. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector to finance solutions supporting the paradigm shift to a circular economy. The strategy integrates sustainability criteria as part of the stock 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 contribute to the thematic investment objectives and relevant SDGs using an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund also has the aim to achieve a better return than the index.
Key facts
Total size of fund
€ 237,849,187
Size of share class
€ 105,352
Inception date share class
23-11-2021
1-year performance
16.16%
Dividend paying
Yes
Fund manager
Natalie Falkman
Natalie Falkman is Portfolio Manager of the RobecoSAM Circular Economy Equities strategy and member of the Thematic Investing team. Before joining Robeco in 2022, she was a portfolio manager for Kapitalinvest, a global equity, 5-star rated by Morningstar and AAA-rated by Citywire (Global blend-category) fund at Swedbank Robur in Stockholm. Prior to that, she worked at Carnegie (largest independent investment bank in the Nordics), first as the Head of Emerging Markets Research and thereafter with Nordic Capital Goods Equity Research. She started her career in 2002 as an equity research analyst at Deutsche Bank in Moscow covering utility and shipping sectors. Natalie holds a Master in Finance from Stockholm School of Economics.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
5.32%
4.63%
3 months
13.13%
11.58%
YTD
6.23%
7.68%
1 year
16.16%
22.46%
2 years
6.65%
9.63%
Since inception 11/2021
0.28%
5.36%
2023
16.97%
19.60%
2022
-19.40%
-12.78%
Dividend paying history
27-04-2023
€ 17.48
28-04-2022
€ 8.83
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.93%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.80%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.12%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.25%
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.
Fund allocation
Asset
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns.
This share class of the fund will distribute dividend.
RobecoSAM Circular Economy Equities is an actively managed fund that invests globally in companies aligned with circular economy principles. The selection of these stocks is based on fundamental analysis. The fund has sustainable investment as its objective, within the meaning of Article 9 of the Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector to finance solutions supporting the paradigm shift to a circular economy. The strategy integrates sustainability criteria as part of the stock 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 contribute to the thematic investment objectives and relevant SDGs using an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund also has the aim 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, Sustainable cities and communities and Responsible consumption and production. The fund applies sustainability indicators, including but not limited to, integrates E&S (i.e. Environmental and Social) in the investment process, applies normative, activity-based and region-based exclusions, and applies proxy voting. 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.
Sustainability-related disclosures
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund's sustainable investment objective is to finance solutions that support the transition from traditional production and consumption patterns toward a circular economy. Circular economy and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. 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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI World Index TRN.
Market development
The Q4 earnings season added further evidence of economic resilience and abating headwinds of destocking, component shortages and aggressive cost inflation. Some challenges remain, for example the sticky wage inflation and the still elevated inventory levels in some areas, but overall, as the year progresses, companies expect to view most of those challenges from the past 12 to 18 months in the rear-view mirror. In February, as the S&P 500 and Nasdaq were closing out four straight months of gains, an often-heard criticism from the bear camp was that the new market highs are driven by too few stocks. However, as the month progressed, it was notable to see the broadening out that many investors believe is required for a sustainable upside momentum to remain. February's most anticipated report was, without competition, from AI locomotive NVIDIA. Despite an already elevated bar, NVIDIA did not disappoint and posted standout numbers of 265% year-on-year sales growth in its latest reported quarter. Moreover, NVIDIA's management noted that accelerated computing and generative AI have hit a "tipping point" and that demand is surging worldwide across companies, industries and nations.
Performance explanation
Based on transaction prices, the fund's return was 5.32%. In February, the fund outperformed the broad MSCI World Index. The main sector contribution came from industrials. Three out of the five main individual performance contributors were industrial companies – Xylem, Tetra Tech and nVent. However, the top individual contributor to the outperformance relative to the index was a consumer staples name – Sprouts Farmers Market. The company was added to the fund in the beginning of the year, as it has an attractive exposure to the growing demand for cleaner and healthier food for US consumers. The two sectors that were the main relative performance detractors in February were financials and consumer discretionary. Financials' performance was strong last month. However, the fund does not hold any financial companies. Consumer discretionary' performance in February was strongly supported by a stock price rise of Amazon, which the fund does not own. The top three individual contributors to the fund's performance relative to the internal thematic benchmark were NVIDIA, Sprouts Farmers Market and Cavco.
Expectation of fund manager
Natalie Falkman
February data points continued to paint a picture of economic resilience. The latest number of the US PMI came in higher than in the previous month and also higher than expected (it continues to be above 50), while initial jobless claims came in lower. The Fed has clearly signaled that it will pause interest rate decreases until more consistent evidence of the slowing inflation arises. In the coming months, the upcoming US elections could elicit more attention from investors. As there are likely to be policy differences between a Democratic and a Republican president, there could be sentiment swings for different parts of the global economy. Q4 results revealed that many companies expect 2024 to be backend loaded, meaning that growth is expected to accelerate in H2. This is partly due to an easier base effect and partly to the inventory correction projected to end by mid-year in most sectors. An impressive point from Q4 was how well most companies managed their margins despite facing tough volume trends and much lower support from price expansion. If 2024 was to improve toward the second half, companies' margins and earnings should then see good support in most cases.