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Robeco New World Financial Equities D USD

Index: MSCI All Country Financials Index (Net Return, USD)
ISIN: LU1079558364
  • Invests in companies active in the financial industry worldwide (e.g. retail banks, insurance companies and asset managers)
  • Top-down theme selection and bottom-up stock selection using proprietary valuation models
  • Risk limitation through global diversification
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco New World Financial Equities invests in stocks in developed and emerging countries across the world. The selection of these stocks is based on fundamental analysis. The funds invests in companies in the financial sector and can partly invest in financial oriented companies outside of the formal MSCI Financials. The fund focuses on attractive long term trends such as Digital Finance, Ageing Finance and Emerging Finance. 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 analysts.

Price development

No performance data available

Price development

Robeco New World Financial Equities D USD

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
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.

Statistics

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Market development

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In a world with low interest rates, low inflation and generally low GDP growth, growth is a scarce commodity. Also sustainably high dividends are difficult to find and once found, you always have to be careful. Are they supported by solid cash flows and are those cash flows growing? Our investment process has been about finding trends-driven growth for more than 15 years. Sometimes the growth companies in which we invest also offer high single-digit dividend yields while their cash flow yields are in the teens. We are mindful of investing in growth at the right price and not just at any price. So is there still upside after a solid April which lifted the YTD performance of the Financials Index above the 17% mark? One has to remember that the strong YTD returns follow a significant sell-off in 18Q4 which pushed overall 2018 returns into the red while earnings and cash flow growth had been quite solid in 2018. In 2019, the market has recognized that the fundamentals are still solid, hence the YTD rally. Furthermore we agree with many economists and (JP Morgan CEO) Jamie Dimon that a recession is still far away.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
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Sustainability Themed Fund

Currency policy

The fund can engage in currency hedging transactions.

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

For Robeco New World Financials Equities, we combine fundamental analysis with proprietary Robeco quantitative models and use the sustainability data from RobecoSAM when available for our universe. In our fundamental analysis and company engagement we focus on governance issues. These factors are material as not splitting CEO / Chairman roles, for instance, or not aligning management incentives with shareholder value creation has proven in several cases to entail large risks to shareholder value.

Investment policy

Allocation to trend strategies that are based on 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 financial-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 manager selects 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.

Risk policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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We continue to be positive as valuations remain attractive. There are still life insurers with double-digit cash flow yields and high single-digit dividend yields with the ability to grow. But in many other areas of financial services and financial technology (fintech) opportunities remain available as well. This is partly a function of worrying about politics, partly about high levels of debt and inverted yield curves leading to a recession / crisis and partly because in certain sectors and stocks valuations have moved to very high levels. The valuations we see on average for our fund holdings in combination with solid 3-5 year growth expectations are still very reasonable which is also reflected in a portfolio that has quite a few high conviction positions. But we also continue to diversify as unexpected, company-specific risks materialize on almost a daily basis in financial services & fintech businesses. Our beta is close to 1 and we try to be 100% invested as we do not believe it is our skill or task to time markets. We invest in those financials and fintechs that provide the best possible total shareholder return longer term.

Patrick Lemmens, Christian Vondenbusch
Patrick Lemmens, Christian Vondenbusch

Patrick Lemmens, Christian Vondenbusch

Mr. Patrick Lemmens is a Senior Portfolio Manager. He is the Lead Portfolio Manager of Robeco New World Financials Equities fund. He has been responsible for this fund since October 2008. Prior to joining Robeco in 2008, Patrick was employed at ABN AMRO Asset Management as a Senior Portfolio Manager for 5 years and 9 years as a Senior Investment Analyst, both in Global Financials. He managed the ABN AMRO Financials Fund between October 2003 and December 2007. Patrick started his career in the investment industry in 1993. He holds a Master's degree in Business Economics from the Erasmus University Rotterdam and is a CEFA holder since 1995. He is registered with the Dutch Securities Institute. Mr. Christian Vondenbusch, CFA, is together with portfolio manager Patrick Lemmens the Portfolio Manager for Robeco New World Financials Equities fund and together with portfolio manager Steef Bergakker he is also responsible for Robeco Hollands Bezit. Previous affiliations include a position as Portfolio Manager within the Financial Equities team, the European Equities team and the Property Equities team. Christian started his career in the investment industry in 1999 at Robeco. He holds a Master's degree in Economics from Maastricht University and he is CFA charter holder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1079558364
BloombergROBNWDU LX
Valoren24731962
WKNA2DTCD
Availability
1st quotation date1403740800000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.

Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.

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