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RobecoSAM Global Gender Equality Equities D USD

Index: MSCI World Index TRN
ISIN: LU2145459009
  • Investing in gender equality creates positive impact—Delivers positive long-term shareholder returns by selecting companies with a strong competitive advantage from recognizing and acting on the strategic importance of improving gender equality.
  • Contribution to the UN Sustainable Development Goals —Supports the achievement of the Sustainable Development Goals by investing in companies that exhibit strength in the retention of female talent, equal remuneration and employee well-being.
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

RobecoSAM Global Gender Equality Equities is an actively managed fund that invests globally in companies that advance gender equality. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. 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 with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. Companies that exhibit an inferior overall ESG performance are excluded from the investment universe.

Price development

No performance data available

Price development

RobecoSAM Global Gender Equality Equities D 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).
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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 -5.59%. Over the last month, the fund underperformed the MSCI World, driven mainly by negative stock selection within the cyclical sectors, especially industrials but also information technology. RGA was one of our strongest contributors, as the company's 22Q2 results were very good. The company experienced very strong underwriting trends and much lower Covid losses. Another large contributor was CVS, which performed very well after its strong 22Q2 figures that were well above consensus expectations and led to guidance upgrades for the full year. Schneider Electric was among the largest detractors, as investors remain cautious, despite strong Q2 numbers, given that macroeconomic headwinds are particularly affecting cyclicals. The company's confirmation that it was considering bidding for the remainder of industrial software company Aveva, of which it holds around 60% so far, also did not change the sentiment. Another large detractor was DSM, despite posting solid Q2 numbers after the announced merger with Firmenich and the disposal of its materials business. The market seems to have had higher expectations.

Statistics

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Market development

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In August, the MSCI World Index declined by 3.0% (in euros). All sectors except energy posted negative returns, with healthcare, real estate and information technology being the worst. On the monetary front, during his speech at the Jackson Hole conference, Fed Chair Powell provided a more hawkish message than his previous communications. He emphasized that the Fed's efforts to curb inflation will bring some pain to households and businesses. His speech triggered a very negative reaction in global stocks. In the Eurozone, August's inflation came in pretty high at 9.1% and slightly above expectations, intensifying the discussions regarding an outsized policy rate increase during the ECB's next meeting. In Europe, the energy crisis was further intensified by Gazprom's decision to impose a halt of the Nord Stream pipeline. The European Commission struggles to find a good solution for satisfying Europe's energy needs without triggering massive disruptions. On a positive note, European countries were able to increase natural gas supplies, which led to a decline in the commodity's price.

Fund allocation

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Name Sector Weight
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Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

In principle the fund does not intend to distribute dividend and so both the income earned by the fund and its overall performance are reflected in its share price.

ESG Integration policy

The fund’s sustainable investment objective is to advance social impact by investing in gender equality leaders combined with sustainable business practices. Gender equality and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, negative screening, ESG integration, and voting. The fund invests at least two-thirds in companies that have Gender Equality score of 50 or higher as per Robeco's thematic universe methodology. The fund also applies a negative screening to exclude the 20% worst ESG scoring stock issuers from the investable universe and does not invest in stock issuers that are in breach of international norms or where products have been deemed controversial as per 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 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

RobecoSAM Global Gender Equality Equities is an actively managed fund that invests globally in companies that advance gender equality. 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 European Sustainable Finance Disclosure Regulation. The fund aims to advance societal impact by investing in companies that exhibit a high degree of gender equality and that actively promote gender equality. The fund integrates ESG (Environmental, Social and Governance) factors 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, negative screening and proxy voting. The fund also aims to achieve a better return than the index. 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 with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. Companies that exhibit an inferior overall ESG performance are excluded from the investment universe. Benchmark: MSCI World Index TRN. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one 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 policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

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Exclusions++

ESG Integration

Voting

ESG Target

Exclusion based on negative screening
≥20%

Target Universe

Gender Equality

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The Gender Equality score displays the portfolio's scores for a subset of questions covering the topic of gender equality from multiple angles (from board diversity through executive compensation to workforce diversity). The Total Gender Score is comprised of these question scores and is provided at the center of the chart. If an index has been selected, additional alerts appear below the question name to highlight relative performance with respect to gender equality.

CGF GIGE_20220831-CGF GIGE_20220831-genderEquality.png

ESG Score

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The portfolio ESG score (and E,S and G score) is calculated by multiplying the RobecoSAM Smart ESG Score of each holding by its respective portfolio or index weight. The same methodology is applied in calculating the key ESG Criterion scores. The scores of the portfolio are provided alongside the scores of the index, highlighting the portfolio’s relative sustainability. The colors indicate the score of the portfolio, whilst the shading shows the index.

CGF GIGE_20220831-CGF GIGE_20220831-smartESGScoreTotal.png CGF GIGE_20220831-CGF GIGE_20220831-smartESGScoreDimensions.png CGF GIGE_20220831-CGF GIGE_20220831-keySmartESGCriteria.png

Sustainability

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The fund’s sustainable investment objective is to advance social impact by investing in gender equality leaders combined with sustainable business practices. Gender equality and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, negative screening, ESG integration, and voting. The fund invests at least two-thirds in companies that have Gender Equality score of 50 or higher as per Robeco's thematic universe methodology. The fund also applies a negative screening to exclude the 20% worst ESG scoring stock issuers from the investable universe and does not invest in stock issuers that are in breach of international norms or where products have been deemed controversial as per 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 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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While Powell's comment in July that the Fed funds rate is close to its neutral level triggered a very positive market reaction, the opposite occurred after his hawkish speech at the Jackson Hole conference, marking the end of a bear market rally. Inflation levels especially with regard to wages remain very high so far, meaning that demand needs to come down at some point, and the Fed will make sure it does. Overall, a recession in both the US and Europe seems to be only a matter of time. After an overall surprisingly good Q2 earnings season, the sentiment in management commentaries has clearly become more negative, especially on the consumer side. As we digest the mid to long-term implications, we are on the lookout for companies whose risk-return profile has become attractive thanks to overreactions in the market. Within this highly volatile market we remain confident in our bottom-up approach that focuses on picking companies with strong over-the-cycle fundamentals and resilient business models that identify high-quality stocks at attractive valuations.

Audrey Kaplan, Michiel Plakman CFA
Audrey Kaplan, Michiel Plakman CFA

Audrey Kaplan, Michiel Plakman CFA

Audrey Kaplan is Lead Portfolio Manager and member of the Global Equity team. She is responsible for fundamental global equities with a focus on gender-based investing and on companies in financials, consumer staples, and portfolio construction. She joined Robeco in 2021. Previously, she was Head of Global Equity Strategy at Wells Fargo Investment Institute (NY). Prior to joining Wells Fargo, she worked as Head of International Equity Team and Senior Portfolio Manager at Federated Investors, Inc. (NY, now known as Federated Hermes). She also held roles in European research at Merrill Lynch International (London) and in Asian research at Salomon Brothers, Inc. (Tokyo) earlier in her career. She holds a Master's in Finance from London Business School and a Bachelor’s in Computer & Systems Engineering from Rensselaer Polytechnic Institute. Michiel Plakman is a Portfolio Manager and member of the Global Equity team. He is responsible for fundamental global equities with a focus on Information Technology, Real Estate and portfolio construction. He has been in this role since 2009. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, he worked as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1996 he was Portfolio Manager European Equities at KPN Pension Fund. He holds a Master's in Econometrics from Vrije Universiteit Amsterdam and he is a CFA® charterholder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2145459009
BloombergRSGGIDU LX
Valoren55666714
WKNA2QD3T
Availability
1st quotation date1603929600000
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

Performance fee

This fund may also deduct a performance fee of

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max entry fee
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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.

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