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Rolinco

Reference index: MSCI All Country World Index (Net Return, EUR)
ISIN: NL0000289817
  • Invests in the structural trends worldwide (e.g. "the digital world" and the Industrial Renaissance)
  • Top-down theme selection and bottom-up stock selection using proprietary valuation models
  • Risk limitation through global diversification
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Rolinco is an actively managed fund that invests worldwide in equities from developed and emerging countries. The selection of these stocks is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund focuses on growth by investing in promising long-term growth trends. It also invests in five different and independent top-down trends: the digital world, the emerging middle class, resource stewardship, connected enterprise, and healthy aging. Within the identified growth trends, the fund mainly invests in shares of companies that have the purest possible exposure to the trends.

Price development

No performance data available

Price development

Rolinco

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.

Performance explanation

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Based on transaction prices, the fund's return was -5.55%. Emerging Middle Class was the only trend to do better than the index, while the others lagged. Connected Enterprise faced headwinds for both industrial and software cycles. Digital World had only one holding that gained for the month: Coinbase. Emerging Middle Class was driven mainly by our Chinese holdings, which reacted well to further policy easing and despite renewed lockdown fears. Healthy Aging mainly saw share prices drop, with Swiss hearing-aids manufacturer Sonova down on disappointing revenue numbers. The top three stocks in August were Palo Alto Networks, JD.com and Farfetch. The bottom three stocks were IQVIA, Teradyne and Analog Devices.

Statistics

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Market development

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Global equity markets initially continued the run they had enjoyed in July. Corporate results continued to come in well and although companies are wary of recession risks, most of them are not seeing signs of one yet and are not taking big steps in response. Besides, US inflation came in below expectations, leading the market to believe that it might take pressure off the Fed in its campaign to slow inflation. These hopes were shattered, and markets went into risk-off mode, following hawkish central bank commentary at the annual Jackson Hole gathering. Fed chairman Powell indicated a determination to continue tightening and leave rates at restrictive levels for an extended period. Several policymakers from the ECB have also been indicating that they might have to consider a hike in policy rates, to show they take battling runaway inflation seriously. This drove a rise in the US 10-year yield and in Bund yields, with even stronger increases in shorter-dated bonds. Adding to already existing worries about a recession, this was too much for equity markets to stomach. The MSCI World All Country Index lost 6% from the middle of the month, ending August down 2.3% on balance.

Fund allocation

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Name Sector Weight
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Currency policy

The fund can engage in currency hedging transactions.

Dividend policy

The fund distributes a dividend on an annual basis.

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

Rolinco is an actively managed fund that invests in equities from developed and emerging countries around the world. The selection of these stocks is based on a fundamental analysis. The fund's objective is to provide long term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions. The fund focuses on growth by investing primarily in promising trends. The Fund invests in a minimum of three and a maximum of four different growth trends. Therefore, the fund invests directly in shares of companies that have the possible exposure to any of these trends.

Risk policy

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

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

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

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It has been a difficult year so far for the portfolio, continuing the negative trend that set in at the end of October 2021. Runaway inflation, the invasion of Ukraine, supply chain issues, fears of recession and hawkish central banks have led to a risk-off mode in equity markets. With our trends approach, we continue to focus on long-term secular trends that should drive sustainable and secular earnings growth for the companies that are exposed to them. We remain in an era in which, thanks to digitization and new technologies, we will be able to cure most diseases at lower costs, make financial services cheaper and more accessible to all and, on top of that, increase our labor productivity sustainably.

Marco van Lent, Steef Bergakker
Marco van Lent, Steef Bergakker

Marco van Lent, Steef Bergakker

Marco van Lent is Portfolio Manager Robeco MegaTrends/Rolinco, Portfolio Manager Robeco Digital Innovations and member of the Robeco Trends Equities team. Before 2013, he managed Robeco Infrastructure Equities. Marco joined Robeco in October 2007 to co-manage two European equity funds. He worked at Van Lanschot Asset Management to manage the Van Lanschot European Equity Fund. After the acquisition of Kempen Capital Management by Van Lanschot, he worked at Kempen Capital Management for six months to manage European equity mandates. He was Portfolio Manager European equities at Philips Investment Management in the period 1999-2005 and in the period 1996-1999 he was Portfolio Manager at Van Spaendonck Asset Management. He started his investment career in 1985 as a sell-side analyst/strategist. Marco holds a Master's in Business Economics and Finance from Tilburg University. Steef Bergakker is Portfolio Manager Robeco MegaTrends/Rolinco, Portfolio Manager Robeco Digital Innovations and member of the Robeco Trends Equities team. Previously, he was trends researcher within the Trends Equities team and has authored several white papers. Before that, Steef was portfolio manager of Robeco Infrastructure Equities and Robeco Hollands Bezit. Prior to rejoining Robeco in 2008, Steef held different functions at IRIS (Institute for Research and Investment Services), the former research joint venture of Robeco and Rabobank. From 1998 through 2008 he served as head of IRIS Equity Research, and before that he worked as equity analyst for eight years. Steef started his career in the investment industry at Robeco in 1990 as an analyst. He holds a Master’s in Monetary Economics and Finance and Investments from Erasmus University Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINNL0000289817
BloombergROLA NA
Valoren1237663
WKN970254
Availability
1st quotation date-129945600000
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

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This fund may also deduct a performance fee of

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max entry fee
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Fiscal product treatment

The fund is established in the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969, and, as such, is taxed at a corporate-income tax rate of 0%.The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. From 1 January 2007 the fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

For private investors residing in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Participating units held by private investors who are taxpayers in the Netherlands belong in Box 3. If and insofar as an investor's net assets exceed the net wealth exemption limit, said investor is liable from 1 January to pay 1.2% annually on the balance of his or her net assets. Investors residing in the Netherlands may offset the Dutch dividend tax withheld (15% as at 1 January 2007) against their income-tax payment. Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Dutch tax-exempt bodies may seek a full refund on the 15% dividend tax withheld on dividends (25% prior to 1 January 2007). Interest income is exempt from tax withheld at source. 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 in their tax return. In principle, Dutch bodies that are subject to corporate-income tax may offset the 15% dividend tax withheld on dividends (25% prior to 1 January 2007) against the corporate-income tax and seek a refund of the excess amount. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. Shareholders who do not pay tax in the Netherlands and who are resident in countries that have a tax treaty with the Netherlands to prevent double taxation, may seek a refund for part of the Dutch dividend tax from the Dutch tax authorities, depending on the treaty. As of 1 January 2007, a pension fund having its registered office in another EU member state is also entitled to a dividend-tax refund in the Netherlands. The above is based on the current fiscal legislation and regulation.

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