Robeco Sustainable Global Stars Equities IL EUR

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.

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.

The market dislikes uncertainty, so when the tight US election race turned out to be a sweeping victory for former president Trump, equity indices rallied, making November the best month of the year so far (+7.5% in EUR; +4.6% in USD). Defying deteriorating lead indicators, still-weak consumer sentiment and higher tariff news flows, we nonetheless saw animal spirits unleashed with a retail buying frenzy as inflows rushed into US equities. But after the initial fireworks, we couldn't help but notice the reply from many corporates feeling stuck in the political cross-currents, pointing at a host of potential unintended consequences from a Trump administration on steroids. With immigration policy, tariffs, deregulation and high-octane geopolitics front and center, investors as well as corporates seem torn on how to read the tea leaves. For now, the market playbook seems to be to increase exposure to US domestic 'Trump winners' and a further broadening out to the small to mid-cap space.

Based on transaction prices, the fund's return was 7.55%. In November, the portfolio had a strong positive absolute return, slightly ahead of the world index. Sector-wise, our positioning in financials and real estate helped performance most, while the sectors communication services and healthcare lagged. In terms of stock selection, Cheniere Energy performed best as the Trump victory will likely mean an end to the pause on further LNG export capacity that was initiated under the Bide administration. At the same time, it also seems some of Cheniere's new capacity can be brought online sooner than expected, benefiting from rising gas prices as it can sell those volumes at spot. Another strong performer in November has been Fortinet, a leading cyber security company, after its Analyst Day was well-received. The upcoming firewall refresh cycle, in combination with its broader platform across secure networking, SASE and SecOps will drive future share gains.

Simply stated, more deregulation, less anti-trust and more deal-making activity in the markets will continue to give oxygen to the 'America first' trade. Also, in contrast to some of his initial picks, more recent Trump cabinet appointees such as Scott Bessent heading Treasury have been viewed positively by the market, as it brings a bout of normality and experience in the eyes of many. Europe, meanwhile, continues to operate in cloudy weather conditions, searching for the right path forward. And even though the valuation discrepancy versus the US is approaching all-time highs, catalysts to unlock that seems scarce. As we close in on year-end, seasonality is generally supportive for equities to move another leg higher, though we do not anticipate wild swings until year-end. Corporates are buying back stock in masses, and so are retail investors, defying headline risks as we prepare for Trump 2.0. Thus, it seems that as long as the water feels warm, investors are happy swimming.