Robeco New World Financials I EUR
- 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
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 17.46%. In November, Robeco New World Financials had a clearly higher return than the benchmark in a very good month anyhow. The best contributors to performance in November were our investments in KBC, Aegon, BNP Paribas, Citigroup, Lincoln National, Allianz and Standard Chartered. The poorest contributors were NASDAQ, SBI Cards and Dai-ichi Life. The best-performing trend last month was Emerging Finance with a positive contribution, followed by Aging Finance with a slightly lower positive contribution, while Digital Finance made the poorest contribution to performance.
Statistics
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| Fund | Reference index | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Financial equities staged a roaring comeback in November. Fueled by good news on the vaccine front, a satisfactory outcome of the US elections and a promising outlook for a recovery in financials’ earnings, the MSCI AC Financials Index gained 18.7% in USD. Although economic indicators still reflect the damage done by Covid-19, the market is focused on the recovery outlook driven by reopening of economies coupled with unprecedented stimulus. The bond market underpins this view, with the US 10-year rising to 90 bps. Longer-term inflation expectations are now pricing in a 1.9% inflation rate over the medium term, the highest since August 2019, which suggests nominal rates have room to rise further. If indeed we are looking at a synchronous recovery in the global economy, coupled with a benign expansionary policy environment and a higher tolerance for inflation by central banks, that scenario becomes more likely. Needless to say, this would be good news for financial stocks. It was therefore no surprise that financial stocks, and especially banks, rallied hard from depressed levels.
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 | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Screening | ||||
| Integration | ||||
| 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
Robeco New World Financials 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 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}After the sell-off in March and ups and downs in the following eight months, we still see relatively attractive valuations for the fund on average. Markets and politics are moving closer to a new normal. We firmly believe that the recession will pass, growth will come back, and longer-term fundamentals will recover. Looking at global financials and fintech we believe most long-term trends are still firmly in place. Some trends will develop faster, some trends might temporarily pause, and certain trends might change. We believe that the three main trends, Digital Finance, Emerging Finance and Aging Finance, are still in place. The companies that can capitalize on these trends remain mostly the same, but relative valuations have become a lot cheaper. At the same time, however, it is also very difficult to call the exact bottom right now, as that depends on so many things that are beyond our control, grasp and ability to predict.
Patrick Lemmens, Michiel van Voorst, Koos Burema
Mr. Patrick Lemmens is a Senior Portfolio Manager. He is the Lead Portfolio Manager of Robeco New World Financials 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. Michiel van Voorst is co-portfolio manager of Robeco New World Financials and Robeco FinTech. Michiel re-joins Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. Besides this role, Michiel is a Board member of a Hong Kong based Fintech startup offering regulated software services (SaaS) for Independent financial advisors globally. Prior to that, Michiel spent 12 years at Robeco in several senior positions including senior portfolio manager Rolinco Global Growth fund and Robeco Asian Stars. Prior to joining Robeco in 2005, Michiel was Portfolio Manager US Equity at PGGM and Economist with Rabobank Netherlands. He has more than 20 years of broad equity experience in both developed and emerging markets. Michiel van Voorst holds a Master’s degree in Economics from University of Utrecht and is CFA charter holder since 2004. Koos Burema is co-portfolio manager of Robeco New World Financials and Robeco FinTech. Koos was an Analyst with the Emerging Markets team covering Korea + technology in Taiwan and Mainland China. Besides this, he was responsible for the quality check on ESG integration in the investment process. Before joining the team in January 2010, he worked as a Junior Portfolio Manager for different sector teams within Robeco. Prior to joining Robeco in September 2007, Koos was employed by IEX.nl, the largest Dutch investment website for six years. Koos holds a Master of Science in Business Administration from the University of Groningen and is CFA charter holder since 2011.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1629880342 |
| Bloomberg | RNWFEIE LX |
| Valoren | 37082801 |
| WKN | |
| Availability | |
| 1st quotation date | 1497484800000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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Cost of this fund
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Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
Extra fees
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| Max exit 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 0.01% 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
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.
