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2 Terms and Conditions
You acknowledge that you have read these Terms and Conditions (“Terms”) prior to accessing the website located at www.robeco.com/sg (“Website”) and you agree to be bound by the Terms. If you do not agree to all of the Terms, you are not an authorised user and you should not use the Website. The Website is owned by Robeco Singapore Private Limited (company registration number: UEN. 201541306Z), which is licensed by the Monetary Authority of Singapore (“MAS”) pursuant to the Securities and Futures Act 2001 (“SFA”) of Singapore, and is managed by Robeco Singapore Private Limited and/or its affiliates (collectively, as “Robeco”). The Website is intended for and should be accessed by institutional investors or accredited investors (as defined under Section 4A of the SFA) of Singapore. The Website is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject the Robeco to any registration or licensing requirement within such jurisdiction. It is your responsibility to observe all applicable laws, rules and regulations of any relevant jurisdiction. The content contained in the Website is owned by Robeco and/or its information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. You may not copy, distribute, modify, post, frame or link the Website, including any text, graphics, video, audio, software code, user interface, design or logos. You may not distribute, modify, transmit, reuse, repost, or use the content of the Website for public or commercial use, including all text, images, audio and/or video. Robeco may terminate your access to the Website for any reason, without prior notice. Neither Robeco, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from the access of the Website. You agree to indemnity and hold Robeco, its associates, directors, officers or employees harmless against any and all claims, losses, liability, costs and expenses arising from your use of the Website due to violation of the Terms. Robeco reserves the right to change, modify, add or remove any parts of the Terms at any time and for any reason. The Terms shall deemed to be effective immediately upon posting. The Terms shall be governed by, and shall be construed in accordance with, the law of Singapore.
Disclaimers
The Website has not been reviewed by the MAS. Accordingly, the Website may not be accessed directly or indirectly to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Nothing in the Website constitutes tax, accounting, regulatory, legal or investment advice. The Website is for informational purposes only and should not be construed as an offer to sell or an invitation to buy any securities or products, nor as investment advice or recommendation or for the purpose of soliciting any action in relation to Robeco’s businesses, or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer and solicitation. Any reproduction or distribution of information from the Website, in whole or in part, or the disclosure of its contents, without the prior written consent of Robeco, is prohibited. By accessing to the Website, you agree to the foregoing.
The funds referred to in the Website are for information only. It is not a recommendation or investment advice, nor does it mean the funds is suitable for all investors. The contents of the website is not reviewed by the MAS. Any decision to participate in the funds should be made only after reviewing the sections regarding investment considerations, conflicts of interest, risk factors and the relevant Singapore selling restrictions. The Funds referred in this Website are notified with the MAS and are only available to the professional investors in Hong Kong and to qualified investors in Singapore. You should consult your professional adviser if you are in doubt about the stringent restrictions applicable to the use of the Website, regulatory status of the funds, applicable regulatory protection, associated risks and suitability of the funds to your objectives.
Any decisions made based on the information contained in the Website are the sole responsibility of yours. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives. The investments and strategies contained in the Website may not be suitable for all investors and are not guaranteed by Robeco.
Investment involves risks and may lose value. Historical returns are provided for illustrative purposes only and do not necessarily reflect Robeco’s expectations for the future. The value of your investments may fluctuate. Past performance is no indication of current or future performance. The Website may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies and such projection or forecast is not indicative of the future. The information contained in the Website, including any data, projections and underlying assumptions are based upon certain assumptions, management forecasts and analysis of information available on an “as is” basis and without warranties of any kind, whether express or implied, and reflects prevailing conditions and Robeco’s views as of the date published or indicated, and maybe superseded by subsequent events or for other reasons. The information contained in the Website are accordingly subject to change at any time without notice and Robeco are under no obligation to notify you of any of these changes. Robeco expressly disclaims all liability for errors and omissions in the information presented in the Website and for the use or interpretation by others of information contained in the Website.
Robeco Singapore Private Limited holds a capital markets services licence for fund management issued by the MAS and is subject to certain clientele restrictions under such licence. An investment will involve a high degree of risk, and you should consider carefully whether an investment is suitable for you.
Sustainable investing - The journey
ESG integration
We routinely integrate environmental, social and governance factors across almost our entire range of fundamental equity, fixed income, quantitative and bespoke sustainability strategies. This makes Robeco one of the few asset managers in the world to take such an all-encompassing approach. It’s been our standard since 2010, regardless of how much you prioritize sustainability. We do this because it adds a different lens to our analysis and makes us better informed investors.

Definition of ESG integration
ESG integration is the consideration of environmental, social and governance factors when deciding which stocks or bonds to buy for a portfolio. It is defined by the UN Principles for Responsible Investment as: “The explicit and systematic inclusion of environmental, social and governance issues in investment analysis and investment decisions.”
The practice has been widely adopted by asset managers, as it is perfectly suited for investors seeking to implement ESG, but without defining or applying a specific sustainability risk budget. Such investors believe that using ESG information that is financially relevant leads to better informed investment decisions, or enhanced risk/return rewards. The goal is clearly financial rather than just ‘ethical’.
ESG integration is not, however, the same thing as sustainable investing – though it forms part of it. An asset manager integrating ESG criteria in a portfolio is not obliged to have stocks with a positive ESG profile in a portfolio if these stocks are not attractive based on financial metrics such as valuation or profitability. It simply offers a mechanism for being able to make a more informed decision.
Importance of materiality
Financial materiality is the crucial ingredient in ESG integration. The factors considered are not just ‘nice to have’ – they must also have a direct impact on the company’s bottom line. For example, an investor will not just look at pollution from an environmental perspective. Such considerations should also have a financial impact, from attracting fines and raising costs to regulatory risks. These factors feed through into a company’s results, and therefore into its market value.
The financial materiality component is based on the premise that ESG considerations can have a major impact on a company’s ability to create shareholder or bondholder value in the same way as analyzing traditional financial and fundamental criteria. It is done alongside standard metrics such as a company’s profitability, market share, new product pipelines and activity such as M&A.
Use of ESG integration by Robeco
Robeco has integrated ESG factors into the investment decision-making process since 2010, and it now covers almost all Robeco’s portfolios. Our investment teams usually integrate these factors in three steps:
Step 1
Identify and focus on most material issues
Step 2
Analyze the impact of material factors on the business model
Step 3
Incorporate into valuation analysis and/or fundamental view
ESG integration and investment performance
ESG integration is partly an art as well as a science; proving that ESG integration contributes to performance is notoriously difficult. Half a century of academic research finds that in most cases, companies that apply ESG principles tend to be higher quality and financially superior. Curiously, those same results are less robust for investment portfolios.
A 2015 meta-study undertook an exhaustive, quantitative study of the entire universe of 2,250 published academic studies on ESG performance spanning four decades of data from 1970 to 2014.1 The analysis concluded that ESG correlated positively to corporate financial performance in 62.6% of studies and produced negative results in less than 10% of cases (the remainder were neutral).
A 2023 study analyzed company performance from 2015 to 2020. The results were similar, supporting the notion that integrating ESG information into corporate operations and decision-making may add value that translates to better managed companies and better corporate financial performance.2
Intuitively, what works for individual companies should also work for investment portfolios. However, while still positive, the link between ESG and overall portfolio returns was less robust. Sustainability data positively influenced portfolio returns in 38% of cases, while a negative influence was found only 13% of the time. This is shown in the graphic below:
Figure 1 - ESG impact on corporate financials vs investment portfolio performance (2015-2020)

Given this evidence, it is therefore very important to take a structured and well-researched approach to ESG integration instead of simply using ESG scores. We must also distinguish which information is already priced in by the market, and which information is not. Proprietary research is key and this is exactly what Robeco does in its ESG integration process.
Read more: Investigating the link between ESG and investment performance
A stepping stone to sustainability
In conclusion, Robeco structurally integrates financially material ESG issues into almost all of its investment processes. The aim is to achieve even better investment returns for our clients. This is a standard feature of our strategies.
Next to this standard feature, Robeco also has a lot of experience implementing client-specific sustainability characteristics into investment strategies. This includes:
Targeted SDG investing using the SDG scoring framework for a range of equity and credits strategies
Transition investing targeting companies at the forefront of the move to a low-carbon economy
Climate and net-zero investing that set specific decarbonization pathways for inclusion
Thematic investing under Article 9 of the SFDR with a specific sustainability objective such as Smart Energy
Footnotes
1Friede, G. Busch, T. and Bassen, A. “ESG and financial performance: aggregated evidence from more than 2000 empirical studies.” (2015). Journal of Sustainable Finance & Investment, 5:4, 210-233.
2Atz, U. van Holt, T. et al. “Does sustainability generate better financial performance? review, meta-analysis, and propositions.” (2022). Journal of Sustainable Finance & Investment.