• Les chaînes d’approvisionnement sont de plus en plus concentrées à l’étranger
• Les crises récentes ont révélé la vulnérabilité des chaînes d’approvisionnement
• Les solutions circulaires permettent de réduire les risques liés à la chaîne d’approvisionnement et de renforcer la sécurité des ressources
Quand la certitude du changement climatique se conjugue à l’incertitude géopolitique, les risques pesant sur les chaînes d’approvisionnement sont plus élevés que jamais. Les solutions circulaires peuvent aider les entreprises à renforcer la sécurité de leurs ressources, à réduire la complexité de la chaîne d’approvisionnement et à créer une valeur durable à long terme. Explications de Natalie Falkman, gérante de portefeuille chez Robeco.
Complexité géographique et dépendance dangereuse
Entreprises, consommateurs et économies ne peuvent pas échapper aux effets des perturbations de la chaîne d’approvisionnement. Les vagues de contamination au Covid-19 continuent de secouer des régions du monde entier et de provoquer des mesures de confinement : des usines sont à l’arrêt, des ports sont bloqués, des flottes de camions sont paralysées et les flux de marchandises se réduisent à l’échelle internationale.
Les pénuries de l’offre soulignent à quel point les chaînes d’approvisionnement de l’industrie manufacturière se sont fragilisées et vulnérabilisées. Elles sont devenues tellement longues, complexes et fragmentées que de nombreux clients en aval n’ont aucune idée des causes profondes à l’origine des goulets d’étranglement et des perturbations. Il arrive souvent que les intrants soient extraits, traités et assemblés en amont par plusieurs fabricants dispersés dans plusieurs pays avant d’être expédiés aux clients en aval. Par exemple, la production d’une cellule photovoltaïque commence par l’extraction de sable de quartz en Chine. Ensuite, des ouvriers dans des usines réparties en Malaisie, au Cambodge, au Vietnam et en Thaïlande se chargent de fondre ce matériau et de le couler en blocs de lingots, puis de découper ces blocs en plaquettes et finalement d’assembler les plaquettes sur des panneaux solaires.
Au cours des vingt dernières années, la puissance manufacturière de la Chine a considérablement augmenté. Elle est désormais le premier exportateur mondial, avec 12 % d’un marché mondial du commerce de marchandises évalué à 28 500 milliards de dollars en 20211,2. S’il est vrai que les consommateurs du monde entier peuvent se procurer davantage de biens et à des prix moins élevés, cela signifie également que l’activité manufacturière mondiale est de plus en plus concentrée entre les mains des fournisseurs chinois et donc dangereusement dépendante d’eux.
En outre, l’accès à des intrants moins chers a permis à l’industrie manufacturière de suivre plus facilement une trajectoire de production linéaire qui commence par l’extraction de ressources vierges et se termine par leur élimination par l’utilisateur final. Non seulement la valeur intégrée dans le produit est perdue, mais de nouvelles filières de production sont créées, qui requièrent davantage encore de matières premières, d’activités de production et de transport. Et c’est ainsi que recommence un nouveau cycle de risques pour l’environnement et la chaîne d’approvisionnement.
Briser la chaîne
Contrairement à la production linéaire, les modèles économiques circulaires reposent sur des cycles de production en boucle fermée. Les produits ne sont pas mis au rebut mais plutôt réintégrés dans les chaînes d’approvisionnement. Par conséquent, la production et le chiffre d’affaires dépendent moins des volumes d’approvisionnement à l’étranger et sont davantage axés sur l’innovation au service de la qualité locale. Autrement dit, il faut concevoir des produits qui sont non seulement construits pour durer, mais qui présentent aussi un avantage concurrentiel.
Les solutions circulaires se présentent sous de nombreuses formes et envergures qui peuvent être adaptées en fonction des caractéristiques et des flux de chaque secteur. La remise à neuf d’équipements permet aux fabricants de remettre en état et de revendre des équipements haut de gamme à des clients appartenant à des segments de marché inférieurs. Les modèles de produits en tant que service (PaaS) consistent à proposer un abonnement à des produits physiques afin que les clients puissent louer un service plutôt que de posséder un produit. Les organisations de fabrication et de réparation (MRO) mettent à la disposition de leurs clients de vastes stocks de petites pièces détachées afin que ceux-ci puissent réparer des machines coûteuses plutôt que de les remplacer.
Un principe est au cœur de chacune de ces solutions : garder les produits en service plus longtemps afin que leur valeur puisse être utilisée pour susciter la satisfaction des clients et générer des revenus pour les entreprises. Qui plus est, le fait de maintenir les produits en service plus longtemps présente l’avantage supplémentaire de dématérialiser les chaînes d’approvisionnement manufacturières et d’en réduire les risques.
Fini le neuf, vive le vieux
Bien qu’il s’agit d’un procédé très basique, certaines des industries les plus sophistiquées du monde utilisent la remise à neuf dans leur cycle de fabrication. Les fabricants d’équipements à semi-conducteurs (SEM) ont l’habitude de démonter, réparer et remettre à neuf les machines de clients haut de gamme pour les utiliser dans des segments de marché moins sophistiqués. Cela leur permet de fournir des technologies de pointe (pensez aux solutions metaverse et aux solutions cloud) tout en continuant à fournir les clients pour des produits d’un niveau de gamme inférieur (voitures particulières et appareils électriques). Un des principaux SEM se vante que, même après 30 ans, 90 % de ses machines sont toujours utilisées dans les usines de fabrication de semi-conducteurs du monde entier3. Grâce à la production circulaire, les SEM se procurent des flux de revenus supplémentaires avec un minimum de matières premières, d’usinage, d’assemblage et de transport, éléments traditionnels des phases de fabrication.
Une méthode similaire est de plus en plus employée par les fabricants de produits moins sophistiqués, mais néanmoins technologiquement avancés, dans le domaine de la santé et de la recherche en sciences de la vie. Qu’il s’agisse de scanners IRM pour les diagnostics ou de spectromètres de masse pour la découverte de médicaments, les machines remises à neuf constituent un moyen facile pour les hôpitaux et les laboratoires scientifiques d’atténuer la hausse des coûts sans compromettre les résultats. Le marché mondial des appareils médicaux d’occasion devrait atteindre 10,5 milliards de dollars d’ici 2027 (TCAC de 10,3 %)4. De plus, dans certains secteurs, les marges des lignes de produits circulaires sont supérieures à celles des nouveaux produits et nous constatons que des entreprises leaders du B2B s’engagent désormais à augmenter les revenus qu’elles tirent des produits circulaires5.
Capitaliser sur l’immatériel
Grâce aux capteurs intégrés et aux technologies du cloud, les fabricants utilisant des modèles PaaS peuvent rester numériquement connectés à leurs produits physiques, collecter des données et fournir des services personnalisés comme jamais auparavant. De cette façon, la génération de bénéfices repose, non pas sur la production de volumes plus importants de produits tangibles, mais plutôt sur l’amélioration de la qualité et de la valeur de ceux qui sont déjà en circulation. Qu’il s’agisse de produits banals (ampoules, tapis et pneus) ou complexes (moteurs à réaction, réseaux électriques et éoliennes), les entreprises adoptent le modèle PaaS, créant ainsi des opportunités variées pour les fournisseurs de la vente au détail, du commerce et de l’industrie.
Supermarchés industriels
Parce qu’ils possèdent des stocks massifs couvrant des millions de pièces et un savoir-faire technique qu’ils transmettent via des réseaux denses d’ingénieurs et de techniciens, les MRO sont pour les fabricants industriels de véritables supermarchés où rien ne manque. En cas de panne d’une machine ou d’une pièce, les fabricants peuvent demander à leur MRO de la réparer au lieu de passer une nouvelle commande à un fournisseur implanté dans une région éloignée. En outre, comme les MRO sont présents sur le territoire national et à proximité, les risques en matière d’approvisionnement, de fabrication et de transport liés aux des fournisseurs à l’étranger peuvent être réduits, voire entièrement éliminés. Les MRO spécialisés offrent des opportunités d’investissement variées dans tous les secteurs, qu’il s’agisse des services aux collectivités, de la distribution d’énergie, de la robotique, de l’automatisation industrielle, des matériaux de construction, des produits chimiques ou de l’emballage.
Comme le montrent les exemples ci-dessus, les solutions circulaires sont les mieux adaptées aux secteurs dont les produits ont une marge élevée et des coûts importants de propriété intellectuelle et de R&D. Les opportunités d’investissement sont les plus intéressantes pour nous au niveau du marché B2B. En raison de la rapidité des cycles et de la faiblesse des marges, l’alimentation et la mode n’entrent actuellement pas dans nos critères. Cette situation pourrait changer avec l’évolution des préférences des consommateurs. Les jeunes générations exigent des options d’achat plus souples, davantage de services associés et des processus de production durables (pas d’émission de carbone ni de violation des droits de l’homme). Les chaînes d’approvisionnement circulaires dotées d’une intelligence numérique pourraient aider les entreprises à répondre à cette demande en plein essor. En conséquence, nous pourrions commencer à voir apparaître des produits innovants, même dans le marché de la vente au détail.
Les modèles d’économie circulaire deviennent peu à peu non plus une triple menace, mais tout un arsenal pour combattre les risques multiples et découvrir diverses opportunités.
1 Conférence des Nations Unies sur le commerce et le développement (CNUCED), 2022
2 Bloomberg, « China’s Covid crisis threatens global supply chain, chaos for summer 2022 » (2022).
3 Rapport annuel 2021 d’ASML.
4 i-healthcare Analyst, « Global pre-owned medical devices market », 2022.
5 McKinsey, « Remaking the Industrial Economy », 2014. « Toward the Circular Economy », fondation Ellen MacArthur, rapport annuel2021 de Philips.
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À propos de Robeco
Fondé en 1929, Robeco est une société de gestion d'actifs international "pure play" dont le siège social se trouve à Rotterdam, aux Pays-Bas, et qui compte 15 bureaux dans le monde. Leader mondial de l'investissement durable depuis 1995, son intégration unique de la recherche durable ainsi que de la recherche fondamentale et quantitative lui permet d'offrir aux investisseurs institutionnels et privés une sélection étendue de stratégies d'investissement actives, pour un large éventail de classes d'actifs. Au 31 décembre 2021, Robeco avait 200 milliards d'euros d'actifs sous gestion, dont 195 milliards sous intégration ESG. Robeco est une filiale d'ORIX Corporation Europe N.V. De plus amples informations sont disponibles à l'adresse suivante : www.robeco.com/fr
Important Information
Robeco Institutional Asset Management B.V. has a license as manager of Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs) (“Fund(s)”) from The Netherlands Authority for the Financial Markets in Amsterdam. This marketing document is solely intended for professional investors, defined as investors qualifying as professional clients, have requested to be treated as professional clients or are authorized to receive such information under any applicable laws. Robeco Institutional Asset Management B.V and/or its related, affiliated and subsidiary companies, (“Robeco”), will not be liable for any damages arising out of the use of this document. Users of this information who provide investment services in the European Union have their own responsibility to assess whether they are allowed to receive the information in accordance with MiFID II regulations. To the extent this information qualifies as a reasonable and appropriate minor non-monetary benefit under MiFID II, users that provide investment services in the European Union are responsible to comply with applicable recordkeeping and disclosure requirements. The content of this document is based upon sources of information believed to be reliable and comes without warranties of any kind. Without further explanation this document cannot be considered complete. Any opinions, estimates or forecasts may be changed at any time without prior warning. If in doubt, please seek independent advice. It is intended to provide the professional investor with general information on Robeco’s specific capabilities, but has not been prepared by Robeco as investment research and does not constitute an investment recommendation or advice to buy or sell certain securities or investment products and/or to adopt any investment strategy and/or legal, accounting or tax advice. All rights relating to the information in this document are and will remain the property of Robeco. This material may not be copied or used with the public. No part of this document may be reproduced, or published in any form or by any means without Robeco's prior written permission. Investment involves risks. Before investing, please note the initial capital is not guaranteed. Investors should ensure that they fully understand the risk associated with any Robeco product or service offered in their country of domicile. Investors should also consider their own investment objective and risk tolerance level. Historical returns are provided for illustrative purposes only. The price of units may go down as well as up and the past performance is not indicative of future performance. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. The performance data do not take account of the commissions and costs incurred on trading securities in client portfolios or on the issue and redemption of units. Unless otherwise stated, the prices used for the performance figures of the Luxembourg-based Funds are the end-of-month transaction prices net of fees up to 4 August 2010. From 4 August 2010, the transaction prices net of fees will be those of the first business day of the month. Return figures versus the benchmark show the investment management result before management and/or performance fees; the Fund returns are with dividends reinvested and based on net asset values with prices and exchange rates of the valuation moment of the benchmark. Please refer to the prospectus of the Funds for further details. Performance is quoted net of investment management fees. The ongoing charges mentioned in this document are the ones stated in the Fund's latest annual report at closing date of the last calendar year. This document 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, document, availability or use would be contrary to law or regulation or which would subject any Fund or Robeco Institutional Asset Management B.V. to any registration or licensing requirement within such jurisdiction. Any decision to subscribe for interests in a Fund offered in a particular jurisdiction must be made solely on the basis of information contained in the prospectus, which information may be different from the information contained in this document. Prospective applicants for shares should inform themselves as to legal requirements also applying and any applicable exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. The Fund information, if any, contained in this document is qualified in its entirety by reference to the prospectus, and this document should, at all times, be read in conjunction with the prospectus. Detailed information on the Fund and associated risks is contained in the prospectus. The prospectus and the Key Investor Information Document for the Robeco Funds can all be obtained free of charge at www.robeco.com.
Additional Information for US investors
Robeco is considered “participating affiliated” and some of their employees are “associated persons” of Robeco Institutional Asset Management US Inc. (“RIAM US”) as per relevant SEC no-action guidance. Employees identified as associated persons of RIAM US perform activities directly or indirectly related to the investment advisory services provided by RIAM US. In those situation these individuals are deemed to be acting on behalf of RIAM US, a US SEC registered investment adviser. SEC regulations are applicable only to clients, prospects and investors of RIAM US. RIAM US is wholly owned subsidiary of ORIX Corporation Europe N.V. and offers investment advisory services to institutional clients in the US.
Additional Information for investors with residence or seat in Australia and New Zealand
This document is distributed in Australia by Robeco Hong Kong Limited (ARBN 156 512 659) (“Robeco”), which is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) pursuant to ASIC Class Order 03/1103. Robeco is regulated by the Securities and Futures Commission under the laws of Hong Kong and those laws may differ from Australian laws. This document is distributed only to “wholesale clients” as that term is defined under the Corporations Act 2001 (Cth). This document is not for distribution or dissemination, directly or indirectly, to any other class of persons. In New Zealand, this document is only available to wholesale investors within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (‘FMCA’). This document is not for public distribution in Australia and New Zealand.
Additional Information for investors with residence or seat in Austria
This information is solely intended for professional investors or eligible counterparties in the meaning of the Austrian Securities Oversight Act.
Additional Information for investors with residence or seat in Brazil
The Fund may not be offered or sold to the public in Brazil. Accordingly, the Fund has not been nor will be registered with the Brazilian Securities Commission – CVM, nor has it been submitted to the foregoing agency for approval. Documents relating to the Fund, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering of the Fund is not a public offering of securities in Brazil, nor may they be used in connection with any offer for subscription or sale of securities to the public in Brazil.
Additional Information for investors with residence or seat in Canada
No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described herein, and any representation to the contrary is an offence. Robeco Institutional Asset Management B.V. is relying on the international dealer and international adviser exemption in Quebec and has appointed McCarthy Tétrault LLP as its agent for service in Quebec.
Additional information for investors with residence or seat in the Republic of Chile
Neither Robeco nor the Robecofunds have been registered with the Comisión para el Mercado Financiero pursuant to law no. 18.045, the Ley de Mercado de Valores and regulations thereunder. This document does not constitute an offer of, or an invitation to subscribe for or purchase, shares of the Funds in the Republic of Chile, other than to the specific person who individually requested this information on his own initiative. This may therefore be treated as a “private offering” within the meaning of article 4 of the Ley de Mercado de Valores (an offer that is not addressed to the public at large or to a certain sector or specific group of the public).
Additional Information for investors with residence or seat in Colombia
This document does not constitute a public offer in the Republic of Colombia. The offer of the Fund is addressed to less than one hundred specifically identified investors. The Fund may not be promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign Funds in Colombia.
Additional Information for investors with residence or seat in the Dubai International Financial Centre (DIFC), United Arab Emirates
This material is being distributed by Robeco Institutional Asset Management B.V. (DIFC Branch) located at Office 209, Level 2, Gate Village Building 7, Dubai International Financial Centre, Dubai, PO Box 482060, UAE. Robeco Institutional Asset Management B.V. (DIFC Branch) is regulated by the Dubai Financial Services Authority (“DFSA”) and only deals with Professional Clients or Market Counterparties and does not deal with Retail Clients as defined by the DFSA.
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Robeco Institutional Asset Management B.V. is at liberty to provide services in France. Robeco France is a subsidiary of Robeco whose business is based on the promotion and distribution of the group's funds to professional investors in France.
Additional Information for investors with residence or seat in Germany
This information is solely intended for professional investors or eligible counterparties in the meaning of the German Securities Trading Act.
Additional Information for investors with residence or seat in Hong Kong
The contents of this document have not been reviewed by the Securities and Futures Commission (“SFC”) in Hong Kong. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This document has been distributed by Robeco Hong Kong Limited (“Robeco”). Robeco is regulated by the SFC in Hong Kong.
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This document is considered for use solely by qualified investors and private professional clients (as defined in Article 26 (1) (b) and (d) of Consob Regulation No. 16190 dated 29 October 2007). If made available to Distributors and individuals authorized by Distributors to conduct promotion and marketing activity, it may only be used for the purpose for which it was conceived. The data and information contained in this document may not be used for communications with Supervisory Authorities. This document does not include any information to determine, in concrete terms, the investment inclination and, therefore, this document cannot and should not be the basis for making any investment decisions.
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This documents are considered for use solely by qualified investors and are being distributed by Robeco Japan Company Limited, registered in Japan as a Financial Instruments Business Operator, [registered No. the Director of Kanto Local Financial Bureau (Financial Instruments Business Operator), No, 2780, Member of Japan Investment Advisors Association].
Additional Information for investors with residence or seat in Mexico
The funds have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking and Securities Commission and, as a result, may not be offered or sold publicly in Mexico. Robeco and any underwriter or purchaser may offer and sell the funds in Mexico on a private placement basis to Institutional and Accredited Investors, pursuant to Article 8 of the Mexican Securities Market Law.
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The Fund has not been registered with the Superintendencia del Mercado de Valores (SMV) and is being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This document is only for the exclusive use of institutional investors in Peru and is not for public distribution.
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This material is prepared by Robeco Overseas Investment Fund Management (Shanghai) Limited Company (“Robeco Shanghai”) and is only provided to the specific objects under the premise of confidentiality. Robeco Shanghai was registered as a private fund manager with the Asset Management Association of China in September 2018. Robeco Shanghai is a wholly foreign-owned enterprise established in accordance with the PRC laws, which enjoys independent civil rights and civil obligations. The statements of the shareholders or affiliates in the material shall not be deemed to a promise or guarantee of the shareholders or affiliates of Robeco Shanghai, or be deemed to any obligations or liabilities imposed to the shareholders or affiliates of Robeco Shanghai.
Additional Information for investors with residence or seat in Singapore
This document has not been registered with the Monetary Authority of Singapore (“MAS”). Accordingly, this document may not be circulated or distributed 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. The contents of this document have not been reviewed by the MAS. Any decision to participate in the Fund should be made only after reviewing the sections regarding investment considerations, conflicts of interest, risk factors and the relevant Singapore selling restrictions (as described in the section entitled “Important Information for Singapore Investors”) contained in the prospectus. You should consult your professional adviser if you are in doubt about the stringent restrictions applicable to the use of this document, regulatory status of the Fund, applicable regulatory protection, associated risks and suitability of the Fund to your objectives. Investors should note that only the sub-Funds listed in the appendix to the section entitled “Important Information for Singapore Investors” of the prospectus (“Sub-Funds”) are available to Singapore investors. The Sub-Funds are notified as restricted foreign schemes under the Securities and Futures Act, Chapter 289 of Singapore (“SFA”) and are invoking the exemptions from compliance with prospectus registration requirements pursuant to the exemptions under Section 304 and Section 305 of the SFA. The Sub-Funds are not authorized or recognized by the MAS and shares in the Sub-Funds are not allowed to be offered to the retail public in Singapore. The prospectus of the Fund is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. The Sub-Funds may only be promoted exclusively to persons who are sufficiently experienced and sophisticated to understand the risks involved in investing in such schemes, and who satisfy certain other criteria provided under Section 304, Section 305 or any other applicable provision of the SFA and the subsidiary legislation enacted thereunder. You should consider carefully whether the investment is suitable for you. Robeco Singapore Private Limited holds a capital markets services license for fund management issued by the MAS and is subject to certain clientele restrictions under such license.
Additional Information for investors with residence or seat in Spain
Robeco Institutional Asset Management BV, Sucursal en España with identification number W0032687F and having its registered office in Madrid at Calle Serrano 47-14º, is registered with the Spanish Commercial Registry in Madrid, in volume 19.957, page 190, section 8, sheet M-351927 and with the National Securities Market Commission (CNMV) in the Official Register of branches of European investment services companies, under number 24. The investment funds or SICAV mentioned in this document are regulated by the corresponding authorities of their country of origin and are registered in the Special Registry of the CNMV of Foreign Collective Investment Institutions marketed in Spain.
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Robeco Institutional Asset Management B.V is registered and regulated by the Financial Sector Conduct Authority in South Africa.
Additional Information for investors with residence or seat in Switzerland The Fund(s) are domiciled in Luxembourg.
This document is exclusively distributed in Switzerland to qualified investors as defined in the Swiss Collective Investment Schemes Act (CISA). This material is distributed by Robeco Switzerland Ltd, postal address: Josefstrasse 218, 8005 Zurich. ACOLIN Fund Services AG, postal address: Affolternstrasse 56, 8050 Zürich, acts as the Swiss representative of the Fund(s). UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich, postal address: Europastrasse 2, P.O. Box, CH-8152 Opfikon, acts as the Swiss paying agent. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s), as well as the list of the purchases and sales which the Fund(s) has undertaken during the financial year, may be obtained, on simple request and free of charge, at the office of the Swiss representative ACOLIN Fund Services AG. The prospectuses are also available via the website www.robeco.ch.
Additional Information relating to RobecoSAM-branded funds / services
Robeco Switzerland Ltd, postal address Josefstrasse 218, 8005 Zurich, Switzerland has a license as asset manager of collective assets from the Swiss Financial Market Supervisory Authority FINMA. RobecoSAM-branded financial instruments and investment strategies referring to such financial instruments are generally managed by Robeco Switzerland Ltd. The RobecoSAM brand is a registered trademark of Robeco Holding B.V. The brand RobecoSAM is used to market services and products which do entail Robeco’s expertise on Sustainable Investing (SI). The brand RobecoSAM is not to be considered as a separate legal entity.
Additional Information for investors with residence or seat in Liechtenstein
This document is exclusively distributed to Liechtenstein-based duly licensed financial intermediaries (such as e.g. banks, discretionary portfolio managers, insurance companies, fund of funds, etc.) which do not intend to invest on their own account into Fund(s) displayed in the document. This material is distributed by Robeco Switzerland Ltd, postal address: Josefstrasse 218, 8005 Zurich, Switzerland. LGT Bank Ltd., Herrengasse 12, FL-9490 Vaduz, Liechtenstein acts as the representative and paying agent in Liechtenstein. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s) may be obtained from the representative or via the website wwww.robeco.ch.
Additional Information for investors with residence or seat in the United Arab Emirates Some Funds referred to in this marketing material have been registered with the UAE Securities and Commodities Authority (the Authority). Details of all Registered Funds can be found on the Authority’s website. The Authority assumes no liability for the accuracy of the information set out in this material/document, nor for the failure of any persons engaged in the investment Fund in performing their duties and responsibilities.
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Additional Information for investors with residence or seat in Uruguay The sale of the Fund qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The Fund must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The Fund is not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The Fund corresponds to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended. © Q1/2021 Robeco