Robeco Global Stars Equities D EUR

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.

Class and codes

Asset class
Equities
ISIN
LU0387754996
Bloomberg
ROBGESD LX

Asset class

Equities

ISIN

LU0387754996

Bloomberg

ROBGESD LX

Index

MSCI World Index (Net Return, EUR)

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

Key points

Concentrated portfolio
Focuses on cash generative companies with a high return on invested capital and strong sustainabiltiy credentials
Applies a disciplined approach to valuing companies

About this fund

Robeco Global Stars Equities is an actively managed sub-fund that invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis.The Sub-fund's objective is to achieve a better return than the index. The Sub-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 Sub-fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.

Key facts

Per 31-08-2025

Total size of fund	EUR 2,135,437,295.69
Size of share class	EUR 449,175,877.30
Inception date share class	2008-11-10
1-year performance	2.97%
Dividend paying	No

Fund manager

Michiel Plakman CFA
Chris Berkouwer
Yanxin Liu

Michiel Plakman is Portfolio Manager and Co-Head of Robeco’s Global Equity team. He is Lead Portfolio Manager Global Stars Equities and Portfolio Manager Global Engagement Equities. He is responsible for fundamental global equities with a focus on companies in information technology, real estate, communication services and portfolio construction. Before starting this role since 2009, Michiel 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 Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1996 he was Portfolio Manager European Equities at KPN Pension Fund. Michiel holds a Master's in Econometrics from Vrije Universiteit Amsterdam and is a CFA® Charterholder. Chris Berkouwer is Portfolio Manager and member of the Global Equity team. He has a focus on the low-carbon transition and on companies in the energy, materials and industrials sectors. He is also Deputy Lead Portfolio Manager Global Stars Equities. He is responsible for fundamental global equities, as well as portfolio construction. Prior to joining Robeco in 2010, he worked as an analyst for The Hague Centre for Strategic Studies. He conducted country, industry and company research for various equity teams before joining the Global Equity team. Chris holds a Master's in Business Administration and International Public Management from the Erasmus University Rotterdam and is a CFA® Charterholder. Yanxin Liu is Portfolio Manager and member of the Global Equity team. She is also Deputy Lead Portfolio Manager Global Stars Equities. She has a focus on information technology. She is responsible for fundamental global equities as well as portfolio construction. Yanxin spent 11 years with our Emerging Markets Equity team, prior to joining the Global Equity team in 2022. Within the Emerging Markets team her focus was on all sectors in Greater China. Prior to that, Yanxin worked for DSM Pension Services in the Netherlands as an analyst focusing on US large-cap equities. Yanxin has a Master’s in Finance from the Erasmus University Rotterdam and a Bachelor’s in Financial Accounting from Nankai University in Tianjin, China. She became a CFA® Charterholder in 2015 and is a native Mandarin speaker.

Per period	Fund	Reference index
1 month	-0.40%	0.33%
3 months	3.56%	5.15%
YTD	-4.82%	0.65%
1 year	2.97%	9.39%
2 years	13.47%	15.53%
3 years	10.33%	12.65%
5 years	11.14%	13.38%
10 years	10.60%	11.16%
Since inception 11/2008	11.54%	11.94%

Statistics	3 years	5 Years
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.	3.25	3.13
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.	-0.22	-0.23
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.	0.70	0.82
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..	-0.22	-0.26
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.	0.95	0.97
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).	12.88	13.63
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	7.51	10.25
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-8.58	-8.58

Cost of this fund	Percentage
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.	1.46%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.25%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.25%

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 0.05% 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.

Fiscal treatment of investor

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.

Market development

Per 31-08-2025

As many prepared for a tough summer, global equity markets still marched on, though more in slow motion mode in August (+0.3% in EUR; +2.6% in USD). The "sell America" trade seems long gone by now as strong earnings momentum continued to drive the AI gravy train, with dovish Fed expectations further running the show in the US. Markets in Europe were mixed, though, with the periphery outperforming core Europe and particularly France, where political instability is back on the radar. There was also some fatigue on German stimulus though. In general, sector leadership was balanced between cyclicals and defensives with laggards and short-cycle stocks making a comeback on rate cut hopes, but also improving fundamentals in pummeled sectors such as healthcare. Given the summer rally so far, policy noise still being present and September traditionally a tougher month, there is no need to go all-in. Unfortunately, our cautious stance has not been able to match the summer melt-up, hurt by the rotation into rate-sensitive laggards and lower quality echelons of the market.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was -0.40%. In August, the portfolio had a flattish absolute return, slightly lagging the benchmark. Sector-wise, our positioning in consumer discretionary and consumer staples helped performance best. The sectors industrials and financials, however, struggled most. In terms of stock selection, Alphabet contributed most to performance. It is increasingly confident that AI can act as a tailwind rather than a threat for its Search business, visible in overall query growth and user growth in its AI Overviews and Gemini app. Meanwhile, other areas such as YouTube and Google Cloud (GCP) continue to grow strongly as well. Consequently, capex spend will move even higher in the coming years, but all reinvested at high returns as well. Sony Group hit an all-time high as it successfully pushes through portfolio transformation and margin improvements, resulting in an narrowing of the conglomerate discount. Its strong market position in gaming, anime and music leads to an overall better growth and return profile.

Expectation of fund manager

Michiel Plakman CFA
Chris Berkouwer
Yanxin Liu

A bubble reality check gives us reasons for some discomfort. Ballooning US debt as a result of the OBBB, cuts in government R&D hurting productivity, tariffs being inflationary by default, constant attacks on the independence of the Federal Reserve, questioning the reliability of economic data such as labor statistics, the US government taking direct stakes in companies (e.g., Intel), are all examples that keeps us on edge. By any measure, however, equity markets remain in party mode with credit spreads also being very tight. These are hardly the circumstances requiring easing monetary policy, yet the Fed might be prepared to start cutting rates, a scenario investors seem all-in on. Increased short-termism remains the market operating fabric, with any concerns brushed away quickly. Thus, the pain trade from here could be if the Fed decided not to cut at all, or at least less so than many hope for, effectively taking away the punch bowl as the party starts heating up. There's only a bit of Shakespeare needed to create drama, which is something we cannot rule out. A lively autumn lies ahead, but perhaps playing a different tune this time.

Robeco Global Stars Equities D EUR

High conviction in the most attractive companies around the world

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Profile

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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