Robeco Global Consumer Trends F EUR
- Invests in consumer exposed companies worldwide (e.g. leading digital platforms, media companies, online travel agencies, luxury manufacturers and strong consumer brands)
- Top-down trend selection and bottom-up stock selection using proprietary valuation models
- Risk limitation through diversification over multiple trends with different drivers and risk characteristics
The advent of the digital consumer, the rise of the emerging consumer and strong brands.
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About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
| Fund | Reference index | |
|---|---|---|
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 7.86%. Our Digital Consumer trend made a positive contribution in November. Star performer was Uber Technologies. The vaccine news has caused some rotation out of some of the obvious work from home beneficiaries such as Netflix or food delivery companies such as Just Eat Takeaway. Emerging markets slightly lagged the overall rally in the global equity markets. The main positive contributors were all of our luxury holdings such as Burberry, LVMH, Moncler and Kering. Also, within the Strong Brands trend, the impact from the reopening trade was visible, with companies such as Visa and Mastercard benefiting from potentially more travel or leisure spending. Walt Disney is making a nice comeback as well. On the other hand, more defensive companies such as Procter & Gamble, Nestlé and Reckitt Benckiser lagged the overall rally in the market.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}November 2020 can hopefully be marked as the turning point in this Covid-19 crisis. The announcement of three vaccines that are effective against the virus led to a risk-on mood in markets and came on top of the post-US election rally. The end to the Covid-19 crisis is now in sight, but the path to recovery may still be bumpy over the coming quarters as governments grapple to control the virus, given that we are going into the winter season. The US elections were supposed to be one of the main events in 2020, but actually passed without really impacting markets. The US will very likely re-join the Paris Climate agreement and join its global peers to combat climate change. European stocks in the FTSE Eurotop 100 Index rose over 14%. Emerging markets and the US (S&P 500) still made impressive monthly gains of 9.0% and 11.0%. Global value stocks returned approx. 15%. The MSCI World All Country Index rose 9.4% (12.3% in USD) last month and is now up 4% (in USD) for the year.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
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| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
The fund can engage in currency hedging transactions. Typically currency hedging is not applied.
Dividend policy
The fund does not distribute dividend. Any income earned is retained, and so the fund's entire performance is reflected in its share price.
ESG Integration policy
Robeco Global Consumer Trends integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.
Investment policy
Allocation to long-term growth trends offer possibilities of outperforming the broader market over a 3-5 year investment horizon. This trend fund invests in companies in consumer-related industries worldwide that benefit most from the selected long-term trends. Global population growth, urbanization, higher household incomes, technological changes and growth in emerging markets are the main drivers for our trend strategies. The fund managers select the companies that have as pure as possible exposure to the selected trends and themes. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. Companies are individually assessed on the basis of in-depth discussions with corporate management and consultations with internal and external analysts. This Sub-fund may invest in China A-shares via the QFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Before the corona crisis hit, the economic environment was a favorable one for quality compounders. The global economy had enjoyed an ongoing expansion since the start of the recovery in 2009, although growth had been slower than before. However, also in the current slowdown and likely recession scenario we believe investors will favor tried and tested quality companies with a proven ability to deliver revenue and profit growth in difficult economic environments. Central bank actions and the low interest rates have also boosted investor demand for quality growth companies. We believe the above-market valuations for these businesses are justified, given the quality of their business models, the high levels of earnings growth and the sustainability of their franchises. We therefore remain positive on the longer-term outlook for our investments.
Jack Neele, Richard Speetjens
Mr.Jack Neele, Portfolio Manager within the Robeco Trends Investing Equities team since April 2006. Before managing the Robeco Global Consumer Trends fund, Jack was responsible for Robeco IT Equities fund. Prior to joining Robeco in 2006, Jack was employed by Mees Pierson as a portfolio manager active global equity for seven years, also responsible for alternative investments. Jack started his career in the investment industry in 1999. He holds a Master's degree in Econometrics from the Erasmus University Rotterdam and is an EFFAS certified Financial Analyst. Jack is registered with the Dutch Securities Institute. Mr. Richard Speetjens, Portfolio Manager within the Robeco Trends Investing Equities team. He joined Robeco in June 2007 to co-manage two European equity funds. Prior to joining Robeco in June 2007, he was employed by Van Lanschot Asset Management as a portfolio manager European Equities. He started his career in 2000, as a portfolio manager European Equities at Philips Investment Management. Richard is a CFA charter holder and holds a Master's degree in Business Economics and Finance from Maastricht University. Richard is registered with the Dutch Securities Institute.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0871827464 |
| Bloomberg | RGCTEFE LX |
| Valoren | 20354205 |
| WKN | A1161F |
| Availability | |
| 1st quotation date | 1358726400000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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.
