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Based on transaction prices, the fund's return was 8.95%. Our strategy lagged the benchmark in November, but still shows a very strong outperformance year-to-date. The strong stock selection in information technology and healthcare was offset by the weaker selection in the communication and consumer discretionary sectors. Information technology benefited from strong performance in Zebra Technologies and Samsung Electronics. In healthcare, we saw improving performance from Anthem and United Technologies, somewhat offset by weaker performance from Roche. Industrials benefited from strong performance of Trane Technologies and Sandvik. Sandvik started to rebound, as the outlook for spending in the basic materials segment is improving.
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Global equity markets rallied strongly on the outcome of the US elections and on hopes of reopening of the global economy on the back of positive vaccine news from the likes of Pfizer, BioNTech and Moderna. We continue to see rotation away from high-growth names that trade at very high multiples towards more value type names that have the potential to rebound. Names that had lagged year-to-date showed a very strong reversal. At the same time, investors were forced to take profits in more expensive growth names that will face more difficult compares in the early part of next year.
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Sustainability Themed Fund |
The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.
The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
Robeco Sustainable Global Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.
Robeco Sustainable Global Stars Equities uses a disciplined and rigorous selection process to find interesting stocks. Stocks are purchased mainly for their potential to increase in value. Fundamental analysis is carried out using a disciplined approach. The fund will not be constrained by its benchmark and stocks will be bought for their capital-appreciation potential. The fund can anticipate currency developments through active currency management. Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Our outlook for developed market equities for the remainder of 2020 and into 2021 has become more upbeat. We think that the macro outlook for developed economies is improving, as we will have wider availability of Covid-19 vaccines by the middle of next year. We also see earnings revisions bottoming and technical analysis remains very supportive. We think that valuations are already quite high around the globe. The mitigating factor here is that we are witnessing so much central bank stimulus and government involvement to ease the pain from the Covid-19 pandemic, that monetary liquidity and the interest rate environment continue to be supportive.
Michiel Plakman is Portfolio Manager of Robeco Global Stars Equities Fund NV. Michiel Plakman is co-PM for the Global Stars fund. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, Michiel Plakman worked for two years as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1997, he held a position as Portfolio Manager European Equities at KPN Pension Fund. Michiel holds a Master's degree in Econometrics from the Free University of Amsterdam and he is a CFA charter holder.
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ISIN | LU0387754996 |
Bloomberg | ROBGESD LX |
Valoren | 4577283 |
WKN | A0YFGU |
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1st quotation date | 1226275200000 |
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.
Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.
The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
In the UK, Robeco Institutional Asset Management B.V. (“ROBECO”) only markets its funds to institutional clients and professional investors. Private investors seeking information about ROBECO should visit our corporate website www.robeco.com or contact their financial adviser. ROBECO will not be liable for any damages or losses suffered by private investors accessing these areas.
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Many of the protections provided by the United Kingdom regulatory framework may not apply to investments in ROBECO Funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. No representation, warranty or undertaking is given as to the accuracy or completeness of the information on this website.
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