Robeco Sustainable Water I USD
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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-USD
D-CHF
D-EUR
D-USD
E-EUR
F-CHF
F-EUR
F-USD
G-EUR
G-GBP
I-CHF
I-EUR
I-GBP
M2-EUR
Z-EUR
Z-USD
Class and codes
Asset class:
Equities
ISIN:
LU2146192534
Bloomberg:
ROSWEIU 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 9
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 (30/11)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Investing in structural winners along the water value chain, including water efficiency solutions, wastewater treatment, and water infrastructure
- Increasing pressure on water resources creates an urgent need for solutions that help to mitigate water scarcity and contribute to clean, safe and sustainable water supply
- Strong tailwinds from government and corporate commitments to combat water scarcity, stricter environmental standards and increased focus and awareness on sustainable development
About this fund
Robeco Sustainable Water is an actively managed fund that invests globally in companies offering products and services across the water value chain. 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. 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. The assessment regarding relevant SDGs uses an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund's objective is also to achieve a better return than the index.
Clean water
Key facts
Total size of fund
$ 3,312,229,348
Size of share class
$ 33,938,162
Inception date share class
29-10-2020
1-year performance
20.98%
Dividend paying
No
Fund manager
Dieter Küffer CFA
Jindapa (Amy) Wanner-Thavornsuk CFA
Dieter Küffer is Portfolio Manager of the Robeco Sustainable Water strategy and member of the Thematic Investing team. He has managed the strategy since inception in 2001, the year he joined Robeco. In the past, he has also managed several other thematic strategies at Robeco. Prior to joining, he led a team responsible for the management of actively managed equity mandates on behalf of Swiss institutional clients at UBS Asset Management in Zurich. He began his career as an investment counsel in the Private Banking Division of UBS in 1986. Dieter Küffer holds a federal diploma as a Swiss-Certified Banking Expert and is a CFA® charterholder. Amy Wanner-Thavornsuk is Co-Portfolio Manager of the Robeco Sustainable Water strategy and member of the Thematic Investing team. Prior to joining in 2019, she worked for 9 years at JPMorgan Assets Management in London, whereof 6.5 years in the same role covering emerging market equities. She has been in the Financial Industry for almost 20 years with previous work experience in investment banking and consulting. She started her career as an auditor at PWC in Bangkok back in 2003. Amy holds a Bachelor of Science in Finance & Accounting from the Chulalongkorn University in Thailand and an MBA from the Bayes Business School, UK. She is a CFA® Charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.90%
4.59%
3 months
-0.87%
4.39%
YTD
11.48%
21.85%
1 year
20.98%
27.83%
2 years
14.25%
20.18%
3 years
1.54%
8.79%
5 years
10.47%
12.42%
10 years
9.53%
10.06%
Since inception 04/2007
6.77%
7.19%
2023
19.65%
23.79%
2022
-25.79%
-18.14%
2021
29.71%
21.82%
2020
22.76%
15.90%
2019
30.63%
27.67%
2021-2023
4.82%
7.27%
2019-2023
13.06%
12.80%
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.
9.30
8.41
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.
-0.68
-0.10
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.
-0.07
0.43
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..
-5.92
-1.10
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.
1.16
1.09
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).
21.53
21.06
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
13.77
13.77
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-9.64
-14.27
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
16
29
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
44.4
48.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
22
38
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
11
20
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
50
52.6
Months Bear market
Number of months of negative benchmark performance in the underlying period.
14
22
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
5
9
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
35.7
40.9
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.
0.93%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.80%
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 Sustainable Water is an actively managed fund that invests globally in companies offering products and services across the water value chain. 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. 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. The assessment regarding relevant SDGs uses an internally developed framework, more information on which can be obtained at www.robeco.com/si. The fund's objective is also 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 contributes to water infrastructure and to distribution of tap water, and collection and treatment of wastewater and focuses on companies which supply to the value chain of water or which offer products or technologies which are more water efficient than others in their category. This is done by investing in companies that advance the following UN Sustainable Development Goals (UN SDGs): Good health and well-being, Clean water and sanitation, Industry, innovation and infrastructure, Sustainable cities and communities, Responsible consumption and production, Life below water and Life on land. The fund integrates ESG (Environmental, Social and Governance) factors in the investment processand applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and 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-related disclosures
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
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 help mitigate the global challenges related to scarcity, quality, and allocation of water. Water 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. The integration of ESG factors in the investment analysis does not have a sustainability indicator. 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
In November, global equity markets measured by the MSCI World Index increased by 7.5% in EUR terms. Sentiment in equity markets was significantly influenced by the US election. Investors seem to like the Republican sweep and especially US domestic companies benefited from it. Some international companies might be negatively impacted due to tariffs in the US, although right now, it is not yet clear whether the additional tariffs will really be implemented. Also, the outlook for interest rates in the US is quite challenging. On the one hand, lots of announced measures by Trump will potentially lead to higher inflation such as less immigration, deportation of foreigners, and tariffs, and higher inflation might lead to higher interest rates or slower reduction in interest rates.
Performance explanation
Based on transaction prices, the fund's return was 2.90%. In November, the fund's performance was +6% in EUR terms. The Water Analytics subcluster rebounded from the weaker performance. As the US want to keep its health technology lead over China, the country has to invest in analytics tools to reach that goal. Strong performance of Clean Harbors (+16%). The British water utilities gained positive sentiment before final determination, United Utilities (+12.9%). Veolia Environnement (-6%) underperformed due to the budget discussion in France and the potential no-confidence vote. The Construction and Materials cluster was up 4.7%. Resideo Technologies (+42%) rebounded significantly. The Engineering subcluster was up +3% only. The market feared that companies like Tetra Tech (-13%) and ICF International (-15%) will be negatively impacted by the Trump administration, despite the construction programs being bipartisan. The performance of Building Materials was mixed; distributors like Fergusson (+13%) and Core & Main (+13%) outperformed while Advanced Drainage Systems (-10%) underperformed after a mixed set of numbers. The Capital Goods and Chemicals clusters showed the best performance with +9.7%, benefiting from the onshoring trend which has been high on Trump's agenda.
Expectation of fund manager
Dieter Küffer CFA
Jindapa (Amy) Wanner-Thavornsuk CFA
The fund remains focused on fundamental analyses of companies' quality and valuation. We are disciplined with our fundamental research and valuation methodology. Overall, the fund is still overweight in water analytical equipment, building materials and water treatment systems. Many of our top holdings are companies that have significant exposure to address aging water infrastructure, water quality, water scarcity and efficiency. In Building Materials, we prefer to focus on companies related to infrastructure and residential housing, where there are signs of a demand trough. The fund is overweight in Veolia Environnement and some US utilities, and does not currently hold any Brazilian water utilities.