Robeco Sustainable Global Stars Equities IL EUR
High conviction in the most attractive companies around the world
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.
IL-EUR
D-EUR
D2-USD
DL-USD
E-EUR
F-EUR
I-USD
IL-GBP
IL-USD
M2-EUR
Z-EUR
Class and codes
Asset class:
Equities
ISIN:
LU1408525894
Bloomberg:
ROBGSIL LX
Index
MSCI World Index (Net Return, EUR)
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 8
Morningstar
Morningstar
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Rating (30/08)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
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Key points
- Concentrated portfolio
- Focuses on companies with a high return on invested capital
- Applies a disciplined approach to valuating companies
About this fund
Robeco Sustainable Global Stars Equities is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential growth which are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.
Key facts
Total size of fund
€ 1,625,154,544
Size of share class
€ 461,613,787
Inception date share class
19-05-2016
1-year performance
25.61%
Dividend paying
No
Fund manager
Michiel Plakman CFA
Chris Berkouwer
Michiel Plakman is Lead Portfolio Manager and member of the Global Equity team. He is also Co-Head of Robeco’s Global Equity team. He is responsible for fundamental global equities with a focus on SDG investing and on companies in the information technology, real estate & communication services sectors, as well as 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 Japanese Equities 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. Chris Berkouwer is Portfolio Manager and member of the Global Equity team. He is also Deputy Lead Portfolio Manager. He is responsible for fundamental global equities with a focus on the low-carbon transition and on companies in the energy, materials and industrials sectors, as well as portfolio construction. He joined Robeco in 2010. Prior to that, he worked as an analyst for the The Hague Centre for Strategic Studies. He conducted country, industry and company research for various equity teams prior to joining the Global Equity team. He a holds Master's in Business Administration and International Public Management from the Erasmus University Rotterdam and is a CFA® Charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
1.52%
0.34%
3 months
6.30%
4.53%
YTD
18.93%
16.48%
1 year
25.61%
22.01%
2 years
14.72%
14.32%
3 years
9.38%
9.22%
5 years
15.32%
12.99%
Since inception 05/2016
13.57%
12.32%
2023
20.55%
19.60%
2022
-15.07%
-12.78%
2021
29.04%
31.07%
2020
16.67%
6.33%
2019
31.90%
30.02%
2021-2023
9.73%
10.99%
2019-2023
15.25%
13.58%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
3.51
3.76
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.37
0.92
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
0.62
1.07
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
1.54
3.98
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
0.95
0.92
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
13.84
14.51
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
10.24
13.21
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-8.57
-9.80
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
19
34
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
52.8
56.7
Months Bull market
Number of months of positive benchmark performance in the underlying period.
22
39
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
11
21
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
50
53.8
Months Bear market
Number of months of negative benchmark performance in the underlying period.
14
21
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
8
13
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
57.1
61.9
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.
1.01%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.88%
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.
0.30%
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.
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 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 is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio of stocks with the highest potential growth which are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks 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, proxy voting and aims for an improved environmental footprint. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. The securities selected for the Sub-fund's investment universe may be components of the Benchmark, but securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on currencies) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Market development
A slight positive return for global equity markets (+0.3% in EUR; +2.6% in USD) masked an otherwise turbulent month of August. Japan was at the epicenter of the initial market rout after the Bank of Japan announced a slight rate hike, triggering large outflows with the so-called yen-carry-trade unwind. In conjunction with a tepid US payrolls report and the first cracks in the AI theme, markets all over the world quickly moved into panic mode. Calm returned, though, as incoming data dismissed any meltdown fears in fundamentals and equities quickly returned higher to finish the month in green. As markets recovered from the lows, this was largely driven by defensive sectors, helped by a decrease in real yields. Sectors such as healthcare, staples and real estate outperformed notably, while areas within consumer discretionary, commodities and higher beta industrials lagged. Overall, we do think the market now finds itself as being slightly too optimistic on the Fed's rate cutting pace again, providing a potential volatile backdrop.
Performance explanation
Based on transaction prices, the fund's return was 1.52%. In August, the portfolio had a positive absolute return, comfortably ahead of the world index. Sector-wise, our positioning in technology, healthcare and industrials helped performance most, while we did not see any material detraction from other sectors. In terms of stock selection, cyber security firm Fortinet contributed most to our excess performance as earnings results finally turned the corner. Strong topline and margin performance, driven by solid FortiGuard security subscription uptake, in combination with somewhat better billings growth, helped restore confidence in the story. Eli Lilly's had a large beat-and-raise earnings result, showing that its weight loss and diabetes products Zepbound and Mounjaro are also gaining traction outside the US, with the competition still years behind. Moreover, very promising results of its Tirzapetide medication might lead to a so-called prevention label on type 2 diabetes, which would be a major positive catalyst. AstraZeneca had good results too, adding conviction that it can reach its longer-term sales target, driven by a rich and diversified range of late-stage pipeline drugs.
Expectation of fund manager
Michiel Plakman CFA
Chris Berkouwer
The summer period is notoriously tricky, with less liquid markets often causing very erratic price action. August was no exception, seeing sharp corrections and new highs. When it comes to the US, with growth softening, but not collapsing, and inflation receding further, markets have been moving back into frothy mode again by expecting the Fed to deliver more rate cuts in the short term than what's realistically likely. Although borrowing costs have come down, we still see scant evidence of a pickup in activity levels in the interest-sensitive parts of the market. Therefore, improving data points for cyclical areas, such as manufacturing PMIs and China real estate, are needed though for more broadening out in equity markets. Furthermore, as several popular themes around AI and anti-obesity drugs are looking tired and momentum is waning, we stay cognizant of a potential change in market leadership. While we have added slightly more into the less expensive corners of the market on the margin, we remain up the Quality curve in terms of positioning.