RobecoSAM Global SDG Equities D EUR
- Positive impact – Identification of businesses that generate a competitive advantage by addressing opportunities arising from a transition towards more sustainability
- Long-term investment returns – Implementation of a disciplined investment process resulting in a concentrated, risk-controlled portfolio of stocks exhibiting strong fundamentals and reasonable valuations
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | 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.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -1.79%. Over the last month, the fund underperformed the MSCI World, as our zero exposure to energy continues to hurt the fund's performance substantially. Fortunately, stock selection especially within communication services and consumer discretionary, was strong and could offset good parts of it. Following a very weak performance in April, ON Semiconductor was one of the top contributors last month, as the company's 22Q1 results were very strong, with gross margin and 22Q2 revenue guidance coming in above expectations. RGA was among our top contributors, as the stock experienced a very strong performance following its better-than-feared 22Q1 results, leading to substantial EPS upgrades. Among the biggest detractors was Leroy Seafood after it reported mixed results over the months, raising concerns across the sector regarding elevated valuations and salmon prices peaking. Another large detractor was Zebra Technology after it reiterated its full-year top-line guidance, but lowered its margin outlook, given higher costs.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}In May, the MSCI World Index declined by 1.9% (in euros). Energy was by far the strongest contributor, while real estate and consumer staples were the weakest-performing sectors. On the monetary front, the central banks' fight against surging prices continued apace. However, long-term inflation expectations – as indicated by 5/10-year breakeven rates – have recently receded slightly, moving closer to the levels before Russia invaded Ukraine. According to the Fed's minutes, Fed officials agreed at the last meeting that they need to raise rates by 50 basis points in the next two meetings, a move that will provide them with the flexibility to change direction in case economic circumstances so demand. The less-hawkish-than-feared tone of the report was taken positively by the market, as the stocks performed very strongly following the release of the minutes. Eurozone inflation rose well above expectations, a situation that increases the probability of more aggressive rate hikes by the ECB than the ones that are currently priced in by market participants.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| 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 the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in stocks issued by companies with a medium or high positive impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). Furthermore, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following 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 SDG Equities is an actively managed fund that invests globally in companies that take action to advance the UN Sustainable Development Goals. 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 advances the UN Sustainable Development Goals (SDGs) by investing in companies whose business models and operational practices are aligned with targets defined by the 17 UN SDGs. The fund integrates ESG (Environmental, Social and Governance) factors in the investment processand applies Robeco’s Good Governance policy, The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions and proxy voting. The fund also aims to achieve a better return than the index. The strategy integrates sustainability throughout the investment process. It uses as an internally developed framework (more information on which can be found at www.robeco.com/si) to identify companies whose products and services create a material positive impact on the SDGs. 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
SDG Contribution
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The SDG score shows to what extent the portfolio and the benchmark contribute to the 17 UN Sustainable Developments Goals (SDGs). Scores are assigned to each underlying company using the Robeco SDG Framework, which utilizes a three-step approach to calculate a company’s contribution to the relevant SDGs. The starting point is an assessment of the products offered by a company, followed by the way in which these products are produced, and finally whether the company is exposed to any controversies. The outcome is expressed in a final score which shows the extent to which a company impacts the SDGs on a scale from highly negative (dark red) to highly positive (dark blue). The bar shows the aggregate percentage exposure of the portfolio and the benchmark (shaded) to the different SDG scores. This is then also split out per SDG. As a company can have an impact on several SDGs (or none), the values shown in the report do not sum to 100%. More information on Robeco’s SDG Framework can be found at: https://www.robeco.com/docm/docu-robeco-explanation-sdg-framework.pdf
ESG Risk Score
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The Portfolio Sustainalytics ESG Risk Rating chart displays the portfolio's ESG Risk Rating. This is calculated by multiplying each portfolio component's Sustainalytics ESG Risk Rating by its respective portfolio weight. If an index has been selected, those scores are provided alongside the portfolio scores, highlighting the portfolio's ESG risk level compared to the index. The Sustainalytics ESG Risk Rating distribution chart shows the portfolio allocations broken into Sustainalytics' five ESG risk levels: negligible (0-10), low (10-20), medium (20-30), high (30-40) and severe (40+), providing an overview of portfolio exposure to the different ESG risk levels. If an index has been selected, the same information is shown for the index.
Sustainability
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The fund’s sustainable investment objective is to advance the United Nations Sustainable Development Goals (SDGs). SDG and sustainability considerations are incorporated in the investment process by the means of a target universe, exclusions and ESG integration. The fund solely invests in stocks issued by companies with a medium or high positive impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. The outcome is a quantified contribution expressed as an SDG score, considering both the contribution to the SDGs (positive, neutral or negative) and the extent of this contribution (high, medium or low). Furthermore, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Despite little hope for a timely termination of the war, it is crucial that Russia lifts its blockade of Ukraine grain exports to limit the risk of famine, particularly as alternative suppliers such as France fear lower yields due to unusual drought periods. On the macro front, inflation figures in the Eurozone and the US remain extremely high and hence the probability of stagflation has increased. On a more positive note, long-term inflation expectations improved slightly and corporate earnings, especially in the US, remain thus far robust, with some notable exceptions including Walmart, Target, Netflix, Amazon, and Snapchat. A weak YTD performance in specific markets and sectors has led a number of stocks to trade closer to their fundamental value, a development that we appreciate, as it increases our opportunity set. In the current volatile environment, we remain confident of our bottom-up approach that focuses on selecting companies with strong over-the-cycle fundamentals and resilient business models to identify high-quality stocks at attractive valuations.
Michiel Plakman CFA
Michiel Plakman is Portfolio Manager of the Global SDG Impact strategy and Lead Portfolio Manager of Robeco’s Sustainable Global Stars Equities strategy. He focuses on information technology and real estate. 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 for two years as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). He started his career in 1995 as 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU2145460353 |
| Bloomberg | RSGSEDE LX |
| Valoren | 55777796 |
| WKN | A2QD2L |
| Availability | |
| 1st quotation date | 1603929600000 |
| 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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Performance fee |
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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.
