Effective October 29th 2020, selected RobecoSAM equity funds were merged onto the RCGF SICAV platform and received new inception dates, share classes, and ISIN codes.
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Based on transaction prices, the fund's return was 23.40%. Fund management is pleased to report the fund showed an outstanding performance for the month of November.Already having contributed meaningfully in the previous months, a particularly strong performance contribution came from Chinese EV manufacturers Xpeng and Nio, as both companies reported a strong increase in their gross margins, raising guidance. Compound semiconductor company II-VI reported a strong quarter as well, with operating margins much higher than the consensus, and the guidance highlighting several strengthening secular trends. Plug Power kept humming through as the company could very successfully raise around USD 1 billion in new capital, whilst reporting very strong gross billings for its hydrogen fuel cells. Once again, electric motor manufacturer Nidec reached new all-time highs, as the market continued to price in its long-term earnings potential for EV traction motors. Other positive contributors during the month included Samsung SDI, Ballard Power, BYD and Geely Automobile. Negative performance contributors were nearly absent during November, with Monolithic Power and Skyworks Solutions having been slightly negative.
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Vaccine hopes pushed the global stock markets higher, with indices hitting all-time highs. At the same time, the victory of the Democrats in the US elections was seen as a very positive sign for global cooperation and trade, raising expectations of a normalization of trade relations between the US and the rest of the world. The ‘Smart Mobility’ theme continued to attract investors, as the transformation of the automotive industry towards electrification gained further momentum. Notably Europe and China are being seen as the strong growth drivers, with also the new Biden administration now expected to take similar steps to promote ‘clean transportation’.
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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.
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.
The RobecoSAM Smart Mobility Equities strategy invests in companies that benefit from secular trends in urbanization, electrification, and automation that are driving sustainable solutions in mobility and transportation. It 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.
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 management is fully integrated into the investment process to ensure that positions always meet the investment guidelines.
The prospect of a Covid-19 vaccine being approved any day is propelling the markets. We expect the positive momentum to continue for the time being, also as monetary support remains high. Meanwhile, we would still caution that the economic consequences of the virus spread are severe, with a more sustained economic recovery likely 1-2 quarters out. We remain constructive on the mid-term to long-term perspectives of the equity markets, and make use of the current market conditions to further solidify our positions in companies that have very strong long-term business perspectives. Notably in the current still soft traditional car market environment, car manufacturers and suppliers will continue to take decisive action concerning their future spending plans on capex and R&D. In this context, we expect them to focus even more on electrification (EV) and autonomous driving (AV), which will, in our opinion, just accelerate the transition of the car industry towards EV/AV, both areas we are strongly invested in.
Thiemo Lang is Head of Thematic Investing Energy/Mobility/Materials and Senior Portfolio Manager responsible for the RobecoSAM Smart Energy Equities and the RobecoSAM Smart Mobility Equities strategies. In addition, Thiemo is the lead manager for an Investment Management mandate, the Global EV Revolution fund. Prior to joining Robeco, he was Senior Portfolio Manager of the Lombard Odier Darier Hentsch et Cie. "Infology" technology strategy, where he focused on companies in the fields of energy technologies and new materials. Previously, he co-managed various mutual and institutional funds and was responsible for the conception and launch of the "Activest Lux NanoTech" at Activest (HypoVereinsbank) in Munich. He began his investment career in 1999 as a Technology Analyst at Activest before being promoted to Portfolio Manager. Prior to that, he was a development engineer with Siemens in Munich. He earned his Diploma of Electronics from the University of Stuttgart and holds a PhD in Optics/Photonics from the National Polytechnic Institute of Grenoble. He joined Robeco in 2007.
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ISIN | LU2145466129 |
Bloomberg | RSSMEIE LX |
Valoren | 55743723 |
WKN | A2QD27 |
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1st quotation date | 1603929600000 |
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 0.01% 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.
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.
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.
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