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Robeco Sustainable Global Stars Equities IL GBP
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-GBP
D-EUR
DL-USD
E-EUR
F-EUR
I-USD
IL-EUR
IL-USD
M2-EUR
Z-EUR
Class and codes
Asset class:
Equities
ISIN:
LU2207421723
Bloomberg:
ROGSEIG LX
Index
MSCI World Index (Net Return, GBP)
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 (31/07)
- 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
£ 1,313,341,981
Size of share class
£ 1,261,344
Inception date share class
28-07-2020
1-year performance
21.48%
Dividend paying
No
Fund manager
![Michiel Plakman CFA](https://images.ctfassets.net/tl4x668xzide/5x5jsT3VrlWQQHYn59MPhU/4a44712ff58e62bef6c09a469d1c8211/michiel-plakman-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Michiel Plakman CFA
![Chris Berkouwer](https://images.ctfassets.net/tl4x668xzide/7DBsQM992SolwvNOu11dtm/46385b7b23aa496f10f07058e3e60c97/chris-berkouwer-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
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
-1.48%
0.15%
3 months
6.40%
5.74%
YTD
13.88%
12.86%
1 year
21.48%
18.54%
2 years
11.98%
12.79%
3 years
9.35%
9.71%
Since inception 07/2020
12.44%
13.54%
2023
17.74%
16.81%
2022
-10.25%
-7.83%
2021
21.03%
22.94%
2021-2023
8.55%
9.80%
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.
3.46
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.
0.24
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.
0.64
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..
1.19
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.
0.93
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).
11.38
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
7.31
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-6.18
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
18
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
50
Months Bull market
Number of months of positive benchmark performance in the underlying period.
23
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
43.5
Months Bear market
Number of months of negative benchmark performance in the underlying period.
13
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
8
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
61.5
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 0.01% 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.
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
In a month characterized by many twists and turns, equity markets experienced anything but a summer lull in July, though still ending in slightly positive territory (+0.8% in EUR; +1.8% in USD). In the US, an assassination attempt on Donald Trump, followed by President Joe Biden pulling out of the presidential race soon after, caused shockwaves initially, but this eventually settled down with a muted market impact. As we shifted from macro to micro, earnings season provided food for market bears, in particular with lots of consumer-oriented stocks coming under pressure, whether it was Chinese exposure for luxury goods or weaker discretionary spend in the US. We also witnessed the first bumps in the road regarding the AI euphoria, with the theme increasingly being judged through a "prove it with profit" lens. As a result, toward month end, we saw violent rotations from crowded mega-cap positioning to beta chasing in small and mid caps and from growth to value names, sending a strong reminder that consensus positioning can quickly turn into an investors' enemy.
Performance explanation
Based on transaction prices, the fund's return was -1.48%. In July, the portfolio had a slightly negative absolute return, lagging behind the world index. Sector-wise, our positioning in real estate helped performance best, while sectors such as consumer discretionary, financials, industrials and materials detracted most during the month. In terms of stock selection, the by far most positive contribution came from real estate service operator CBRE Group, helped by a strong earnings report with core metrics beating expectations across the board. With its advisory and global workplace solutions businesses growing faster, in addition to indicating a stabilizing property backdrop, management felt confident enough to raise full-year guidance. On the flip side, Dell Technologies was our largest detractor in July as the lack of incremental capex raises from the hyperscalers has taken some fuel out of the AI fire. Growing debates around the ROIC on GenAI spend have caused investors to think more about the path from AI build-out to AI monetization and whether we've entered a phase of overinvesting or not. In similar vein, Alphabet also traded down on the lack of incremental AI spending headlines.
Expectation of fund manager
![Michiel Plakman CFA](https://images.ctfassets.net/tl4x668xzide/5x5jsT3VrlWQQHYn59MPhU/4a44712ff58e62bef6c09a469d1c8211/michiel-plakman-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Michiel Plakman CFA
![Chris Berkouwer](https://images.ctfassets.net/tl4x668xzide/7DBsQM992SolwvNOu11dtm/46385b7b23aa496f10f07058e3e60c97/chris-berkouwer-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Chris Berkouwer
Status quo positioning is a tricky proposition when tables suddenly turn as they did in July, causing large systemic de-risking and moves toward neglected areas of the market. Even though this rotation adversely impacted Big Tech, overall equity performance broadened out with roughly 65% of stocks outperforming the MSCI World Index, driven by small caps and defensives. It's not so much that earnings reports have been so stellar to justify this shift; the assumption that earnings downgrades ex the "Mag 7" might have bottomed, in combination with rate cut hopes supported the case for a market broadening. As we await more earnings results in the coming weeks, however, any outlook cuts or suggestions of deteriorating operating environments will provide clues of whether this fierce rotation can continue to hold. To keep the portfolio robust and weather tricky late summer seasonality, we have added toward higher FCF yielding names. Rather than making aggressive bets on where the next momentum wave will flow to, we stay the course in putting conviction into those stocks that continue to show operational excellence and earnings strength.
Important information
Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.
Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.