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Robeco Circular Economy FH EUR
Keeping products in the loop creates value
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.
FH-EUR
D-EUR
D-USD
DH-EUR
F-EUR
F-USD
G-EUR
I-EUR
I-USD
IE-EUR
IE-USD
IH-GBP
M2-EUR
Z-EUR
Z-USD
Class and codes
Asset class:
Equities
ISIN:
LU2529316601
Bloomberg:
ROCEEFH LX
Index
MSCI World Index
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 9
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- More than “just” recycling, Circular Economy designs waste and pollution out, and keeps products and materials in use for longer
- Circular Economy is a Need-To-Have to transition to sustainable production and consumption practices, and to reach global net zero targets
- Regulation, company commitments and changing consumer preferences provide strong tailwinds for winners across various industries, business models and geographies
About this fund
Robeco Circular Economy is an actively managed fund that invests globally in companies aligned with circular economy principles. 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 Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector to finance solutions supporting the paradigm shift to a circular economy. 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 whose business models contribute to the thematic investment objectives and relevant SDGs using an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund also has the aim to achieve a better return than the index.
Key facts
Total size of fund
€ 279,094,230
Size of share class
€ 773,077
Inception date share class
20-09-2022
1-year performance
14.57%
Dividend paying
No
Fund manager
![Natalie Falkman](https://images.ctfassets.net/tl4x668xzide/05Zbwk621IUI0S7bdYGQV/fae58a135813f660836edddd356b35de/nathalie-falkman-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Natalie Falkman
Natalie Falkman is Portfolio Manager of the Robeco Circular Economy strategy and member of the Thematic Investing team. Before joining Robeco in 2022, she was a portfolio manager for Kapitalinvest, a global equity, 5-star rated by Morningstar and AAA-rated by Citywire (Global blend-category) fund at Swedbank Robur in Stockholm. Prior to that, she worked at Carnegie (largest independent investment bank in the Nordics), first as the Head of Emerging Markets Research and thereafter with Nordic Capital Goods Equity Research. She started her career in 2002 as an equity research analyst at Deutsche Bank in Moscow covering utility and shipping sectors. Natalie holds a Master’s in Finance from Stockholm School of Economics.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.91%
1.15%
3 months
7.47%
7.57%
YTD
12.90%
14.27%
1 year
14.57%
17.89%
Since inception 09/2022
16.26%
18.93%
2023
16.74%
20.96%
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.
0.96%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.75%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.15%
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.
The fund does not distribute dividend; any income earned is retained, and so the fund's entire performance is reflected in its share price.
Robeco Circular Economy is an actively managed fund that invests globally in companies aligned with circular economy principles. 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 Regulation (EU) 2019/2088 of 27 November 2019 on Sustainability-related disclosures in the financial sector to finance solutions supporting the paradigm shift to a circular economy. 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 whose business models contribute to the thematic investment objectives and relevant SDGs using an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund also has the aim to achieve a better return than the index. The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund fosters resource-efficient business models for production and consumption of consumer goods, aligned with Circular Economy principles, by investing in companies that advance the following UN Sustainable Development Goals (UN SDGs): Zero Hunger, Good health and well-being, Decent work and economic growth, Industry, innovation and infrastructure, Sustainable cities and communities and Responsible consumption and production. The fund applies sustainability indicators, including but not limited to, integrates E&S (i.e. Environmental and Social) in the investment process, applies normative, activity-based and region-based exclusions, and applies proxy voting. The Sub-fund is actively managed. 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 investment policy is not constrained by a benchmark but the Sub-fund uses a benchmark for comparison purposes. The Portfolio Manager has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 Sub-fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund's sustainable investment objective is to finance solutions that support the transition from traditional production and consumption patterns toward a circular economy. Circular economy and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. 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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI World Index.
Market development
The market rally in the first half of July and the month's weak second half were to some extent both the result of increasingly weak economic data. Initially, weaker macro numbers led to growing certainty that the Fed would cut rates by its early fall meeting. However, the interpretational bias in the second half of July shifted to "bad news is bad news" and the assumed probability of a hard landing-scenario started to rise. In addition, the mixed earnings of the so-called Magnificent 7 did cast additional doubt on whether the tech rally has taken the market too far. In the Q2 reporting season, there have been 3 main learnings from earnings. First, despite muted volume, there is no pronounced pricing pressure. Second, growth areas are the same as in previous quarters. Third, H2 is increasingly unlikely to see the strong volume rebound that was anticipated in the beginning of this year. This creates a complex scenario for investors as they ask themselves whether they should stay invested in the crowded and relatively few growth areas, or whether they should start moving towards the under-owned areas whose growth prospects are unclear.
Performance explanation
Based on transaction prices, the fund's return was 2.91%. In July, the fund delivered positive absolute returns and outperformed the MSCI World. Sector-wise, the main relative outperformance was delivered by the industrials and consumer discretionary sectors. The main relative underperformance was due to the strong financial sector – where the fund has no holdings – and the weak showing of technology holdings. Among individual contributors to both absolute and relative performance, Addtech and Sprouts Farmers Market stand out. Both companies delivered strong Q2 results. Among individual performance detractors, tech stocks and data center-exposed businesses dominated. In July, the fund underperformed versus its internal benchmark. Sector-wise, the main relative underperformance was due to technology and healthcare. In healthcare, life science tools companies had a good month, as their results showed positive signs of demand stabilization. The fund is currently underweight in this area relative to the internal benchmark, as we have a hard time reconciling the overall growth expectations with the generous valuations. In the technology sector, AI-driven businesses have been negative performance contributors.
Expectation of fund manager
![Natalie Falkman](https://images.ctfassets.net/tl4x668xzide/05Zbwk621IUI0S7bdYGQV/fae58a135813f660836edddd356b35de/nathalie-falkman-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Natalie Falkman
The coming few months have historically signified a weaker market return period. The incoming abundant data on a weakening economic backdrop likely dampen investors' expectations on an imminent market rebound. The key question that is likely to take some time to answer is whether the soft-landing scenario can still be achieved. After the presidential election in the US in November, and if the labor market manages to stay relatively resilient, investors could start looking toward 2025 with greater enthusiasm as we also enter the seasonally stronger returns period toward the year end. Harsher sell-offs are not uncommon in a bull market. There are many factors that have contributed to the current retracement. However, as the soft versus hard-landing debate stays unresolved, and as labor markets continue to be relatively resilient despite showing signs of weakening, a balanced approach to market risks and opportunities is a likely a way forward for now.