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
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | 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 -1.66%. Our Digital Consumption trend made a negative contribution last month. During December, many of the growth stocks lagged the overall market by a wide margin. This was one of the key reasons for the disappointing return of the fund and specifically this trend during the last month of 2021. Delivery company DoorDash (-17%) was one of the weaker names. Adyen (-6%) dropped last month, but has been one of the best-performing digital payments companies in 2021. Our semiconductor holdings NVIDIA and Advanced Micro Devices gave back some of the enormous returns of the previous month, but still finished the year strongly up. Our Emerging Middle Class trend delivered a small negative contribution. The weakest performer was German food delivery company Delivery Hero. Latin American e-commerce and fintech giant MercadoLibre rebounded after the recent weakness. Companies exposed to Health & Wellbeing made a flattish contribution in December. Most of the defensive holdings within this trend had solid returns, like staple companies such as Nestlé, Procter & Gamble and L'Oréal.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Equity markets finished the year in style, with gains across all regional markets. The market continued its ascent in the latter part of the year as they climbed the 'wall of worry' given the concerns about inflation, the new Omicron variant and the supply-chain disruption. With the Fed accelerating its tapering program and starting to raise interest rates in 2022, it looks like the wall of worry will remain in place. The Standard & Poor's 500 Index hit 70 record highs during 2021 and finished the year in a strong fashion. The Nasdaq had a more difficult month and was saved by Big Tech. European stocks in the FTSE Eurotop 100 Index surged in December. The MSCI World All Country Index (in EUR) rose 2.9% (4.0% in USD) in December and ended the year up a very strong 27.5% (18.5% in USD).
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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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
The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.
Investment policy
Robeco Global Consumer Trends is an actively managed fund that invests in stocks in developed and emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to voting and engaging. The fund invests in a number of structural growth trends in consumer spending. The first is the "digital transformation of consumption". The second trend is that of the growth in the “emerging middle class”. The third trend focuses on the increasing importance of "health & wellbeing". The fund managers aims to select stocks of the structural winners within these trends. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The investment policy is not constrained by a Benchmark but the fund may use a benchmark for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. the Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Sustainability
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Central bank actions and low interest rates have boosted investor demand for quality growth companies. Even though we do not spend much time examining central banking policies, we cannot deny that low interest rates have presented a favorable environment for companies with high long-term growth potential. Many of our investments fall into this category due to their market leadership and sustainable competitive edge. It is our belief that investors should focus on high-quality businesses with valuable intangible assets, low capital intensity, high margins and superior returns on capital. We believe the currently 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 continue to have a positive long-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 |
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Cost of this fund
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Transaction costs |
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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.
