Robeco Global Gender Equality I EUR
Strength in equality
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.
I-EUR
D-EUR
D-USD
F-EUR
F-USD
IE-EUR
IE-GBP
M2-EUR
Z-EUR
Class and codes
Asset class:
Equities
ISIN:
LU2145459777
Bloomberg:
RSGGIEA LX
Index
MSCI World Index TRN
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
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (31/08)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Gender equality, and diversity more broadly, can create both social and financial value
- A company’s true commitment to equality has to go beyond the board: we assess companies’ gender performance across no fewer than 38 criteria, including diversity in key management positions, pay parity, talent retention and work-life balance
- The strategy selects fundamentally attractive companies from a universe of gender equality leaders
About this fund
Robeco Global Gender Equality is an actively managed fund that invests globally in companies that advance gender diversity and gender equality. The selection of these stocks is based on fundamental analysis. 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 with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. The fund's objective is to achieve a better return than the index.
Key facts
Total size of fund
€ 84,553,459
Size of share class
€ 42,200,353
Inception date share class
29-10-2020
1-year performance
22.62%
Dividend paying
No
Fund manager
Audrey Kaplan
Nathan Gabai
Audrey Kaplan is Portfolio Manager and member of the Global Equity team. She is responsible for fundamental global equities with a focus on gender-based investing and on consumer staples, as well as portfolio construction. She joined Robeco in 2021. Previously, she was Head of Global Equity Strategy at Wells Fargo Investment Institute (NY). Prior to joining Wells Fargo, she worked as Head of International Equity Team and Senior Portfolio Manager at Federated Investors, Inc. (NY, now known as Federated Hermes). She also held roles in European research at Merrill Lynch International (London) and in Asian research at Salomon Brothers, Inc. (Tokyo) earlier in her career. She holds a Master's in Finance from London Business School and a Bachelor’s in Computer & Systems Engineering from Rensselaer Polytechnic Institute. Nathan Gabai is Co-Portfolio Manager of the Robeco Global Gender Equality strategy and member of the Global Equity team. Within the team, he is responsible for fundamental global equities with a focus on consumer discretionary. He joined Robeco in 2022 and the team in 2023. He holds a Master’s from IÉSEG School of Management, Paris, specialized in risk and asset management.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.51%
0.34%
3 months
6.02%
4.53%
YTD
18.49%
16.48%
1 year
22.62%
22.01%
2 years
12.80%
14.32%
3 years
5.88%
9.22%
5 years
10.04%
12.99%
Since inception 09/2015
11.09%
11.72%
2023
12.54%
19.60%
2022
-17.58%
-12.78%
2021
32.72%
31.07%
2020
4.11%
6.33%
2019
29.60%
30.02%
2021-2023
7.18%
10.99%
2019-2023
10.68%
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.
3.93
3.99
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.
-0.63
-0.50
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.
0.35
0.69
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..
-1.81
-0.91
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.
0.94
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).
13.70
14.56
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
8.26
10.57
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-7.24
-11.45
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
19
29
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
52.8
48.3
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.
10
16
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
45.5
41
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.
9
13
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
64.3
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.
0.83%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.70%
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.
0.09%
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 0.01% 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.
Fiscal treatment of investor
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.
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.
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.
Robeco Global Gender Equality is an actively managed fund that invests globally in companies that advance gender diversity and gender equality. The selection of these stocks is based on fundamental analysis. 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 with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. The fund's objective is to achieve a better return than the index. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates 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 engagement. The fund aims to advance societal impact by investing in companies that consciously recognize and promote gender equality by recruiting, nurturing and retaining female talent. 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 Management Company 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 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.
Sustainability profile
Exclusion based on negative screening
≥20%
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 incorporates sustainability in the investment process by the means of a target universe definition, exclusions, negative screening, ESG integration, and voting. The fund invests at least two-thirds in companies that have a Gender Equality score of 50 or higher and only invests in companies with positive or neutral SDG scores based on the internally developed SDG Framework. The fund also applies a negative screening to exclude the 20% worst ESG scoring stock issuers from the investable universe and does not invest in stock issuers that are in breach of international norms or where products have been deemed controversial as per Robeco's exclusion policy. 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 TRN.
Market development
August will likely mark the end of the tightening cycle that began in March 2022, based on Fed Chairman Powell's comments at the Fed's Jackson Hole Symposium in Kansas City. Confirmation came in the most recent minutes of the FOMC. The market is expecting to see the first US Fed rate cut in September, following the most aggressive tightening cycle in more than four decades. Despite early volatility, global markets extended gains with MSCI World (+0.34% EUR, +2.58% USD) and S&P 500 (+3.9%) hitting highs. Real estate (+5.8%), healthcare (+5.4%), consumer staples (+5.2%), and utilities (+4.3%) led, while energy (-1.4%) lagged. The portfolio focuses on high-quality companies with strong balance sheets and diverse talent, avoiding over-reliance on the Magnificent 7. Although NVIDIA drove significant returns, broader market strength was shown, with 355 of the S&P 500 stocks rising in August.
Performance explanation
Based on transaction prices, the fund's return was 0.51%. In August, the portfolio outperformed the MSCI World. Strong stock selection in sectors like healthcare, technology, and consumer staples drove performance. The top-contributing sector this month, healthcare, saw several strongly performing companies, led by Eli Lilly (+0.73%), thanks to its successful diabetes drug Mounjaro, and AstraZeneca, which showed positive drug pipeline results. In technology, Motorola outperformed with strong Q2 results, and Check Point Software continued its upward trend. Consumer staples gains were led by Haleon and Unilever. However, Alphabet detracted due to potential DOJ action, and Puma struggled with weak market performance despite positive growth expectations. The year has been characterized by an overall soft sporting goods market, but we still expect that Puma can meet its growth target, while its valuation is undemanding; in addition, the company has a Top 5% Gender Score, so we continue to own the stock.
Expectation of fund manager
Audrey Kaplan
Nathan Gabai
In July and August, market shifts led to systemic de-risking and moves toward neglected areas, with 65% of stocks outperforming the MSCI World Index. Consumer staples rose +5.2%, while consumer discretionary stayed flat and tech saw minimal gains. Earnings estimates for 2024Q3 and 2024Q4 remained steady, with 2024 growth projected at 10% and 2025 at 15%. Increased volatility prompted portfolio adjustments, adding quality holdings like CBRE, Haleon, and Nasdaq, maintaining a defensive stance. Our investment strategy remains focused on a diverse mix of quality companies with strong operational track records and resilient business models designed to be agnostic to most macroenvironments, so we can confidently look ahead at what comes next. Under our strategy, the portfolio selects leading gender-equality companies which are working to diversify not only their boards and C-suites but also their senior and junior management and overall workforce.