OVHaiLLM/Flipper huggingface dataset:
| Company | Country* | Company focus | Weight |
| --- | --- | --- | --- |
| IPG Photonics Corp | United States | Market leader in fiber lasers | 4.47% |
| PTC Inc | United States | Software provider for 3D and PLM applications | 3.34% |
| Sika AG | Switzerland | Leading producer on innovative materials | 3.10% |
| Corning Inc | United States | Innovator in materials sciences | 3.04% |
| ROCKWOOL International A/S | Denmark | Leading insulation materials company | 3.04% |
| Linde PLC | United States | Leading industrial gases provider | 2.98% |
| Universal Display Corp | United States | Leading OLED materials innovator | 2.94% |
| Onto Innovation Inc | United States | Leading equipment supplier for semiconductor yield and performance | 2.93% |
| ABB Ltd | Switzerland | Market leader in industrial robot production | 2.74% |
| Samsung SDI Co Ltd | South Korea | Leading OLED and battery producer | 2.69% |
| Total |  |  | 31.27% |

Translation (ENFR, 2021-07-31):
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|  | YTD | Last month | Last 3 months | Last 6 months | Last 12 months | Last 2 years p.a. | Last 3 years p.a. | Last 5 years p.a. | Since first performance date p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RobecoSAM Smart Energy Equities (gross of fee, EUR) 1 | -5.61% | 10.23% | 2.44% | 7.11% | -5.49% | 12.60% | 23.84% | 18.34% | 11.76% |
| MSCI World Index TRN | -5.58% | 2.66% | 1.54% | 2.19% | -2.55% | 12.30% | 10.01% | 10.55% | 8.63% |
| Excess return | -0.03% | 7.56% | 0.90% | 4.92% | -2.94% | 0.30% | 13.84% | 7.79% | 3.14% |
| RobecoSAM Smart Energy Equities (gross of fee, USD) 2 | -14.54% | 14.83% | 4.90% | 2.95% | -13.55% | 4.47% | 21.04% | 14.91% | 9.25% |
| MSCI World Index TRN | -14.51% | 6.95% | 3.98% | -1.77% | -10.86% | 4.19% | 7.53% | 7.35% | 6.38% |
| Excess return | -0.03% | 7.88% | 0.92% | 4.73% | -2.69% | 0.28% | 13.52% | 7.56% | 2.88% |
| RobecoSAM Smart Energy Equities (gross of fee, GBP) 3 | -2.79% | 11.02% | 2.49% | 8.95% | -3.95% | 10.62% | 24.43% | 17.90% | 15.53% |
| MSCI World Index TRN | -2.77% | 3.40% | 1.59% | 3.95% | -0.97% | 10.32% | 10.53% | 10.14% | 11.59% |
| Excess return | -0.02% | 7.62% | 0.90% | 5.00% | -2.98% | 0.30% | 13.91% | 7.76% | 3.94% |

Translation (ENFR, 2022-11-30):
|  | Cumul annuel | Mois dernier | 3 der. mois | 6 der. mois | 12 der. mois | 2 der. années, par an | 3 der. années, par an | 5 der. années, par an | Depuis le lancement, par an |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RobecoSAM Smart Energy Equities (avant frais, EUR) 1 | -5,61 % | 10,23 % | 2,44 % | 7,11 % | -5,49 % | 12,60 % | 23,84 % | 18,34 % | 11,76 % |
| MSCI World Index TRN | -5,58 % | 2,66 % | 1,54 % | 2,19 % | -2,55 % | 12,30 % | 10,01 % | 10,55 % | 8,63 % |
| Écart de performance | -0,03 % | 7,56 % | 0,90 % | 4,92 % | -2,94 % | 0,30 % | 13,84 % | 7,79 % | 3,14 % |
| RobecoSAM Smart Energy Equities (avant frais, USD) 2 | -14,54 % | 14,83 % | 4,90 % | 2,95 % | -13,55 % | 4,47 % | 21,04 % | 14,91 % | 9,25 % |
| MSCI World Index TRN | -14,51 % | 6,95 % | 3,98 % | -1,77 % | -10,86 % | 4,19 % | 7,53 % | 7,35 % | 6,38 % |
| Écart de performance | -0,03 % | 7,88 % | 0,92 % | 4,73 % | -2,69 % | 0,28 % | 13,52 % | 7,56 % | 2,88 % |
| RobecoSAM Smart Energy Equities (avant frais, GBP) 3 | -2,79 % | 11,02 % | 2,49 % | 8,95 % | -3,95 % | 10,62 % | 24,43 % | 17,90 % | 15,53 % |
| MSCI World Index TRN | -2,77 % | 3,40 % | 1,59 % | 3,95 % | -0,97 % | 10,32 % | 10,53 % | 10,14 % | 11,59 % |
| Écart de performance | -0,02 % | 7,62 % | 0,90 % | 5,00 % | -2,98 % | 0,30 % | 13,91 % | 7,76 % | 3,94 % |
# Portfolio changes
In January, the fund entered into a new position in Dutch semiconductor equipment company ASML. ASML is among the highest quality companies in Europe with a quasi monopoly position in the lithography sub-segment of the semiconductor equipment market and very strong structural growth prospects. We have always liked the company but have struggled to justify its extreme valuation in previous years. After the de-rating in 2022, valuation has normalized and offers an attractive entry point to start building a position. We sold our positions in Accenture and TE Connectivity, as we believe ASML offers a more attractive longer-term growth outlook. Also, Accenture’s valuation is still at decade-high and we believe growth is at risk of normalizing in the near future.

Translation (ENFR, 2023-01-31):
# Modifications au sein du portefeuille
En janvier, le fonds a pris une nouvelle position sur la société néerlandaise d'équipement pour semi-conducteurs ASML. Il s'agit de l'une des entreprises les plus qualitatives d'Europe, qui jouit d'une position quasi monopolistique dans le sous- segment de la lithographie du marché des équipements pour semi-conducteurs et de perspectives de croissance structurelle très fortes. Nous avons toujours apprécié cette valeur, mais il nous était difficile de justifier sa valorisation extrême au cours des années précédentes. Après le déclassement en 2022, la valorisation s'est normalisée et offre un point d'entrée attractif pour commencer à mettre en place une position. Nous avons vendu nos positions sur Accenture et TE Connectivity, car ASML offre selon nous des perspectives de croissance à long terme plus intéressantes. En outre, la valorisation d'Accenture est toujours au plus haut d'une décennie et nous pensons que la croissance risque de se normaliser dans un avenir proche.
|  | YTD | Last month | Last 3 months | Last 6 months | Last 12 months | Last 2 years p.a. | Last 3 years p.a. | Last 5 years p.a. | Since first performance date p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RobecoSAM Global Gender Equality Impact Equities (gross of fee, EUR) 1 | 19.11% | -3.60% | 4.51% | 10.96% | 23.64% | 14.25% | 13.71% | 14.57% | 14.19% |
| MSCI World Index TRN | 19.34% | -2.37% | 2.32% | 9.26% | 30.34% | 15.67% | 13.22% | 13.04% | 12.63% |
| Excess return | -0.23% | -1.22% | 2.19% | 1.70% | -6.70% | -1.42% | 0.48% | 1.53% | 1.55% |
| RobecoSAM Global Gender Equality Impact Equities (gross of fee, USD) 2 | 12.83% | -5.35% | 2.14% | 9.42% | 22.19% | 17.80% | 13.62% | - | 13.62% |
| MSCI World Index TRN | 13.04% | -4.15% | -0.01% | 7.74% | 28.82% | 19.26% | 13.14% | - | 13.14% |
| Excess return | -0.21% | -1.20% | 2.15% | 1.68% | -6.63% | -1.46% | 0.48% | - | 0.48% |

Translation (ENFR, 2021-09-30):
|  | Cumul annuel | Mois dernier | 3 der. mois | 6 der. mois | 12 der. mois | 2 der. années, par an | 3 der. années, par an | 5 der. années, par an | Depuis le lancement, par an |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RobecoSAM Global Gender Equality Impact Equities (avant frais, EUR) 1 | 19,11 % | -3,60 % | 4,51 % | 10,96 % | 23,64 % | 14,25 % | 13,71 % | 14,57 % | 14,19 % |
| MSCI World Index TRN | 19,34 % | -2,37 % | 2,32 % | 9,26 % | 30,34 % | 15,67 % | 13,22 % | 13,04 % | 12,63 % |
| Écart de performance | -0,23 % | -1,22 % | 2,19 % | 1,70 % | -6,70 % | -1,42 % | 0,48 % | 1,53 % | 1,55 % |
| RobecoSAM Global Gender Equality Impact Equities (avant frais, USD) 2 | 12,83 % | -5,35 % | 2,14 % | 9,42 % | 22,19 % | 17,80 % | 13,62 % | - | 13,62 % |
| MSCI World Index TRN | 13,04 % | -4,15 % | -0,01 % | 7,74 % | 28,82 % | 19,26 % | 13,14 % | - | 13,14 % |
| Écart de performance | -0,21 % | -1,20 % | 2,15 % | 1,68 % | -6,63 % | -1,46 % | 0,48 % | - | 0,48 % |
| Company | Country* | Company focus | Weight |
| --- | --- | --- | --- |
| Microsoft Corp | United States | Leading software producer | 4.75% |
| Home Depot Inc/The | United States | Home improvement retailer | 3.00% |
| Thermo Fisher Scientific Inc | United States | Leading life science and analytics company | 2.85% |
| Alphabet Inc (Class A) | United States | Web-based search and advertisements | 2.65% |
| Accenture PLC | United States | Leading IT consulting services company | 2.39% |
| Adtalem Global Education Inc | United States | Leading workforce solutions provider | 2.36% |
| Estee Lauder Cos Inc/The | United States | Producer of skin care, makeup and fragrances | 2.22% |
| Mastercard Inc | United States | Global payment solutions | 2.17% |
| Travelers Cos Inc/The | United States | Leader in personal, business and specialty insurance | 2.11% |
| Zebra Technologies Corp | United States | Manufacturer of data capture devices and asset intelligence products | 2.06% |
| Total |  |  | 26.56% |

Translation (ENFR, 2021-09-30):
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| Name | % Average weight | Total return (%) | Contribution to return (%) | Start % weight | End % weight |
| --- | --- | --- | --- | --- | --- |
| THERMO FISHER SCIENTIFIC INC | 2.69 | 15.92 | 0.40 | 2.66 | 2.85 |
| AON PLC-CLASS A | 1.83 | 22.69 | 0.38 | 1.75 | 1.98 |
| HCA HEALTHCARE INC | 1.76 | 20.34 | 0.34 | 1.67 | 1.74 |
| MICROSOFT CORP | 4.83 | 6.68 | 0.33 | 4.83 | 4.75 |
| DAIKIN INDUSTRIES LTD | 1.83 | 20.75 | 0.33 | 1.61 | 1.79 |
| SMITH & NEPHEW PLC | 1.05 | -17.08 | -0.20 | 1.23 | 0.93 |
| KONE OYJ-B | 1.28 | -11.66 | -0.14 | 1.38 | 1.13 |
| AKAMAI TECHNOLOGIES INC | 1.44 | -8.23 | -0.13 | 1.40 | 1.59 |
| STMICROELECTRONICS NV | 0.15 | -4.79 | -0.10 |  | 1.98 |
| HP INC | 1.19 | -6.65 | -0.09 | 1.20 | 1.38 |

Translation (ENFR, 2021-09-30):
| Dénomination | Pondération moyenne 9â | Performance totale (9â) | Contribution à la performance(%) | Pondération initiale % | Pondératio n finale % |
| --- | --- | --- | --- | --- | --- |
| THERMO FISHER SCIENTIFIC INC | 2,69 | 15,92 | 0,40 |  |  |
| AON PLC-CLASS A | 1,83 | 22,69 | 0,38 | 1,75 | 1,98 |
| HCA HEALTHCARE INC | 1,76 | 20,34 | 0,34 | 1,67 | 1,74 |
| MICROSOFT CORP | 4,83 | 6,68 | 0,33 | 4,83 | 4,75 |
| DAIKIN INDUSTRIES LTD | 1,83 | 20,75 | 0,33 | 1,61 | 1,79 |
| SMITH	NEPHEW PLC | 1,05 | -17,08 | -0,20 | 1,23 | 0,93 |
| KONE 0YJ-B | 1,28 | -11,66 | -0,14 | 1,38 |  |
| AKAMAI TECHNOLOGIES INC | 1,44 | -8,23 | -0,13 | 1,40 | 1,59 |
| STMICROELECTRONICS NV | 0,15 | -4,79 | -0,10 |  | 1,98 |
| HP INC |  | -6,65 | -0,09 | 1,20 | 1,38 |
|  | YTD | Last month | Last 3 months | Last 6 months | Last 12 months | Last 2 years p.a. | Last 3 years p.a. | Last 5 years p.a. | Since first performance date p.a.* |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RobecoSAM Circular Economy Equities (gross of fee, EUR) | 21.06% | 1.82% | 5.86% | 20.40% | 41.12% | - | - | - | 29.28% |
| MSCI World Index TRN | 18.74% | 1.80% | 6.39% | 19.08% | 34.70% | - | - | - | 16.29% |
| Excess return | 2.32% | 0.02% | -0.53% | 1.32% | 6.42% | - | - | - | 12.99% |
| RobecoSAM Circular Economy Equities (gross of fee, USD) | 17.32% | 1.81% | 4.28% | 17.51% | 41.51% | - | - | - | 35.25% |
| MSCI World Index TRN | 15.07% | 1.79% | 4.80% | 16.23% | 35.07% | - | - | - | 21.66% |
| Excess return | 2.25% | 0.02% | -0.52% | 1.29% | 6.44% | - | - | - | 13.59% |

Translation (ENFR, 2021-07-31):
|  | Cumul annuel | Mois dernier | 3 der. mois | 6 der. mois | 12 der. mois | 2 der. années, par an | 3 der. années, par an | 5 der. années, par an | Depuis le lancement, par an* |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RobecoSAM Circular Economy Equities (avant frais, EUR) | 21,06 % | 1,82 % | 5,86 % | 20,40 % | 41,12 % | - | - | - | 29,28 % |
| MSCI World Index TRN | 18,74 % | 1,80 % | 6,39 % | 19,08 % | 34,70 % | - | - | - | 16,29 % |
| Écart de performance | 2,32 % | 0,02 % | -0,53 % | 1,32 % | 6,42 % | - | - | - | 12,99 % |
| RobecoSAM Circular Economy Equities (avant frais, USD) | 17,32 % | 1,81 % | 4,28 % | 17,51 % | 41,51 % | - | - | - | 35,25 % |
| MSCI World Index TRN | 15,07 % | 1,79 % | 4,80 % | 16,23 % | 35,07 % | - | - | - | 21,66 % |
| Écart de performance | 2,25 % | 0,02 % | -0,52 % | 1,29 % | 6,44 % | - | - | - | 13,59 % |
| Company | Country* | Company focus | Weight |
| --- | --- | --- | --- |
| Signify NV | Netherlands | Product-as-service lighting solutions | 2.56% |
| Keyence Corp | Japan | Photoelectronic sensors and measuring instruments for factory automation | 2.54% |
| Biotage AB | Sweden | Offers sample preparation solutions for medicinal chemistry and biotechnology | 2.45% |
| Croda International PLC | Great Britain | Chemical company specialized in lipids and fat-derived products | 2.35% |
| International Flavors & Fragrances Inc | United States | Provider of flavor and fragrance ingredients | 2.20% |
| ROCKWOOL International A/S | Denmark | Leading European producer of insulation material based on stone wool | 2.20% |
| Siemens Healthineers AG | Germany | Leading medical equipment and hospital diagnostics company | 2.19% |
| Leroy Seafood Group ASA | Norway | Supplier and exporter of seafood such as farmed salmon, farmed trout and wild catch fish | 2.16% |
| Avery Dennison Corp | United States | Product label and packaging solutions | 2.14% |
| Cie Generale des Etablissements Michelin | France | Second largest tire manufacturer with leading rubber recycling technologies | 2.08% |
| Total |  |  | 22.87% |

Translation (ENFR, 2021-07-31):
| Société | Pays* | Spécialité de la société | Pondération |
| --- | --- | --- | --- |
| Signify NV |  |  |  |
| Keyence Corp |  |  |  |
| Biotage AB |  |  |  |
| Croda International PLC |  |  |  |
| International Flavors & Fragrances Inc |  |  |  |
| ROCKWOOL International A/S |  |  |  |
| Siemens Healthineers AG |  |  |  |
| Leroy Seafood Group ASA |  |  |  |
| Avery Dennison Corp |  |  |  |
| Cie Générale des Établissements Michelin |  |  |  |
| Total |  |  |  |
# Sector allocation
| Sector | Portfolio Weight | Index Weight |
| --- | --- | --- |
| Financials | 18.0% | 17.4% |
| Industrials | 15.4% | 14.4% |
| Health Care | 14.9% | 15.1% |
| Consumer Discretionary | 14.3% | 11.0% |
| Consumer Staples | 11.5% | 12.5% |
| Communication Services | 9.8% | 3.3% |
| Materials | 6.7% | 7.5% |
| Information Technology | 6.2% | 7.3% |
| Real Estate | 1.8% | 0.9% |
| Energy | 1.4% | 6.2% |
| Utilities |  |  |

Source: Robeco, FactSet.
Some of our largest sector overweights are in consumer discretionary and communication services. We have our largest underweights in energy and utilities. Our approach is based on the investment merits of individual companies with solid business models, effective innovation, good governance, and risk mitigation policies. Our sector tilts are formed bottom up and the sum of our single-stock conviction ideas across all sectors. We focus on the quality we see in a company’s ability to anticipate risks and generate performance.

Translation (ENFR, 2023-01-31):
# Allocation sectorielle
| Secteur | Pondération du portefeuille | Pondération de l'indice |
| --- | --- | --- |
| Finance | 18,0 % | 17,4 % |
| Industrie | 15,4 % | 14,4 % |
| Santé | 14,9 % | 15,1 % |
| Consommation cyclique | 14,3 % | 11,0 % |
| Consommation de base | 11,5 % | 12,5 % |
| Services de communication | 9,8 % | 3,3 % |
| Matériaux | 6,7 % | 7,5 % |
| Technologies de l'information | 6,2 % | 7,3 % |
| Immobilier | 1,8 % | 0,9 % |
| Énergie | 1,4 % | 6,2 % |
| Services aux collectivités |  |  |

Source : Robeco, FactSet.
Certaines de nos principales surpondérations sectorielles concernent la consommation cyclique et les services de communication. Nous avons nos principales sous-pondérations dans l'énergie et les services aux collectivités. Notre approche est basée sur l'intérêt en matière d'investissement que présentent des entreprises individuelles disposant d'un solide modèle commercial, d'une innovation efficace, d'une bonne gouvernance et d'une politique d'atténuation des risques. Nos biais sectoriels sont le fruit d'un processus « bottom up » et la somme de nos idées d'investissement de conviction portant sur des titres individuels dans l'ensemble des secteurs. Nous privilégions la qualité des entreprises capables d'anticiper les risques et de générer de la performance.
|  | Fund | Index* | Excess return |
| --- | --- | --- | --- |
| Last month | 5.79% | 6.79% | -1.00% |
| Year to date | 5.79% | 6.79% | -1.00% |
| 1-year | -2.07% | -0.15% | -1.92% |
| 3-year (ann.) | 3.74% | 5.80% | -2.06% |
| 5-year (ann.) | 5.46% | 5.34% | 0.11% |
| 10-year (ann.) | 8.15% | 7.22% | 0.92% |
| Since inception (ann. )** | 7.35% | 7.31% | 0.04% |

Translation (ENFR, 2023-01-31):
|  | Fund | Index* | Excess return |
| --- | --- | --- | --- |
| Last month | 5.79% | 6.79% | -1.00% |
| Year to date | 5.79% | 6.79% | -1.00% |
| 1-year | -2.07% | -0.15% | -1.92% |
| 3-year (ann.) | 3.74% | 5.80% | -2.06% |
| 5-year (ann.) | 5.46% | 5.34% | 0.11% |
| 10-year (ann.) | 8.15% | 7.22% | 0.92% |
| Since inception (ann. )** | 7.35% | 7.31% | 0.04% |
| Sector | Portfolio Weight | Index Weight |
| --- | --- | --- |
| Financials | 18.0% | 17.4% |
| Industrials | 15.4% | 14.4% |
| Health Care | 14.9% | 15.1% |
| Consumer Discretionary | 14.3% | 11.0% |
| Consumer Staples | 11.5% | 12.5% |
| Communication Services | 9.8% | 3.3% |
| Materials | 6.7% | 7.5% |
| Information Technology | 6.2% | 7.3% |
| Real Estate | 1.8% | 0.9% |
| Energy | 1.4% | 6.2% |
| Utilities |  |  |

Translation (ENFR, 2023-01-31):
| Secteur | Pondération du portefeuille | Pondération de l'indice |
| --- | --- | --- |
| Finance | 18,0 % | 17,4 % |
| Industrie | 15,4 % | 14,4 % |
| Santé | 14,9 % | 15,1 % |
| Consommation cyclique | 14,3 % | 11,0 % |
| Consommation de base | 11,5 % | 12,5 % |
| Services de communication | 9,8 % | 3,3 % |
| Matériaux | 6,7 % | 7,5 % |
| Technologies de l'information | 6,2 % | 7,3 % |
| Immobilier | 1,8 % | 0,9 % |
| Énergie | 1,4 % | 6,2 % |
| Services aux collectivités |  |  |
# Outlook
The fund’s strategy aims to invest in high-quality companies that have sustainable, differentiated business models, taking a full-cycle view. Given that approach, we expect the fund to show its full strength when returns on individual stocks start to differ materially due to reduced overall market support. The fund’s positions tend to be based on company-specific qualities that are likely to endure in both positive and negative environments rather than on assumptions concerning general market trends. Driven by expected business resilience and comparatively moderate valuations, our key convictions can give comfort in volatile times.

Translation (ENFR, 2022-12-31):
# Perspectives
La stratégie du fonds vise à investir dans des entreprises de grande qualité ayant des modèles économiques durables et différenciés dans la perspective d'un cycle complet. Compte tenu de cette approche, le fonds devrait exploiter son plein potentiel lorsque les performances des valeurs individuelles commencent à présenter des écarts substantiels dus à un soutien inférieur procuré par le marché dans son ensemble. Les positions du fonds tendent à être dépendantes des qualités intrinsèques des entreprises qui sont susceptibles de persister, tant dans des environnements favorables que défavorables, plutôt que des hypothèses sur les tendances générales de marché. Parce qu'elles reposent sur la résilience dont devraient faire preuve les entreprises et sur des valorisations comparativement moins élevées, nos principales convictions peuvent offrir une protection en cas d'accès de volatilité.
# Last month’s performance
The strategy managed to show significant risk reduction in last month’s volatile, negative market environment. Main positive contributions were the very limited exposure to Asian tech and platform stocks such as Alibaba, Tencent and Taiwan Semi, and holdings in defensive stocks such as Wal-Mart de Mexico, Arca Continental (Mexico), Jarir Marketing (Saudi Arabia) and Maybank (Malaysia).
From a factor perspective, all factors contributed positively, especially the low-risk factor.

Translation (ENFR, 2022-09-30):
# Performance du mois dernier
La stratégie a réussi à réduire considérablement le risque dans l'environnement de marché volatil et défavorable du mois dernier. Les principales contributions positives résultent de l'exposition très limitée aux actions des plateformes et sociétés technologiques asiatiques Alibaba, Tencent et Taiwan Semi, et des positions sur les valeurs défensives Walmart de México, Arca Continental (Mexique), Jarir Marketing (Arabie saoudite) et Maybank (Malaisie).
D'un point de vue factoriel, tous les facteurs ont été favorables, en particulier le facteur faible risque.
# Current Positioning
Robeco QI Emerging Conservative Equities selects from an investable universe of around 2,000 EM stocks, buying securities with low-risk characteristics, such as low volatility, low market sensitivity, and low distress risk. Simultaneously, these low- risk stocks are characterized by attractive valuations, a high and stable dividend, positive price momentum, and favorable analyst revisions.
Total
India
China
South Africa
Indonesia
South Korea
Brazil
Saudi Arabia
Thailand
Mexico
Malaysia
Taiwan

Translation (ENFR, 2022-09-30):
# Positionnement actuel
Robeco QI Emerging Conservative Equities sélectionne à partir d'un univers d'investissement d'environ 2 000 actions émergentes, en achetant des titres présentant des caractéristiques à faible risque, telles qu'une faible volatilité, une faible sensibilité au marché et un faible risque de défaut. Dans le même temps, ces titres à faible risque sont caractérisés par des valorisations attractives, un dividende élevé et stable, un momentum de prix positif, et des révisions d'analyste favorables.
Total
India
China
South Africa
Indonesia
South Korea
Brazil
Saudi Arabia
Thailand
Mexico
Malaysia
Taiwan
### Positioning
Consumer Staples	1.3  4.2 	 7.2 
Financials	 3.2 1.8 	 1.9 -1.1 -1.1  4.9  -3.6 5.2 
Utilities	 2.8 	1.1	 4.3 
Communication Services	 3.2 	 1.0 	 1.3 1.0 	-4.8	2.8
Industrials	 3.1 	2.5
Real estate	1.7
Health Care	 1.9 	 -1.7 	1.1 
-6.1
Energy	 -1.0 	 -1.8 -2.2 
Materials	 -1.1 	1.3 
Information Technology	 -2.3 		 -2.7 	 -1.1  Consumer Discretionary		 1.4 
 -6.9 
 -7.4 
Total	 5.5  4.1  3.7  3.5  2.4 	 -1.7 -2.1 -2.2 -8.7 -9.2 
Source: Robeco. Data as of 30 September 2022. Only major EM countries are shown. Sector totals include all EM countries. Only relative positions versus MSCI EM Index >0.25% / <-0.25% are highlighted. Excludes cash.

Translation (ENFR, 2022-09-30):
### Positioning
Consumer Staples	1.3  4.2 	 7.2 
Financials	 3.2 1.8 	 1.9 -1.1 -1.1  4.9  -3.6 5.2 
Utilities	 2.8 	1.1	 4.3 
Communication Services	 3.2 	 1.0 	 1.3 1.0 	-4.8	2.8
Industrials	 3.1 	2.5
Real estate	1.7
Health Care	 1.9 	 -1.7 	1.1 
-6.1
Energy	 -1.0 	 -1.8 -2.2 
Materials	 -1.1 	1.3 
Information Technology	 -2.3 		 -2.7 	 -1.1  Consumer Discretionary		 1.4 
 -6.9 
 -7.4 
Total	 5.5  4.1  3.7  3.5  2.4 	 -1.7 -2.1 -2.2 -8.7 -9.2 
Source : Robeco. Données au 30 septembre 2022. Seuls les principaux pays des marchés émergents sont indiqués. Le total relatif aux secteurs comprend l'ensemble des marchés émergents. Seules les positions relatives par rapport à l'indice MSCI EM >0,25 % / <-0,25 % sont mises en évidence. Hors cash.