Robeco Global Consumer Trends Z EUR
Investing in structural growth trends in consumer spending
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
Z-EUR
B-USD
D-EUR
D-HKD
D-SGD
D-USD
D2-USD
DH-EUR
DH-USD
E-EUR
F-EUR
F-GBP
F-USD
FH-CHF
FH-EUR
I-EUR
I-USD
IH-USD
M-EUR
M-USD
M2-EUR
M2H-USD
Class and codes
Asset class:
Equities
ISIN:
LU0363372490
Bloomberg:
RGCCGZU LX
Index
MSCI All Country World Index (Net Return, EUR)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (30/03)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in consumer exposed companies that are active in themes like digital payments, ecommerce, digital platforms, artificial intelligence, luxury goods, consumer health and personal care.
- 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
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 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 “rise of the middle class”.The third trend focuses on the increasing importance of "health & wellbeing". The fund managers aim to select stocks of the structural winners within these trends.
Key facts
Total size of fund
€ 4,302,324,463
Size of share class
€ 27,786,535
Inception date share class
23-05-2008
1-year performance
26.14%
Dividend paying
No
Fund manager
Jack Neele
Richard Speetjens
Jack Neele is Portfolio Manager of the Robeco Global Consumer Trends strategy and member of the Thematic Investing team. Jack started his career in the investment industry in 1999 and prior to joining Robeco, he was a Global Equity Portfolio Manager at Fortis MeesPierson. He holds a Master’s in Econometrics from Erasmus University Rotterdam and is a Certified European Financial Analyst. Richard Speetjens is Portfolio Manager of Robeco Global Consumer Trends strategy and Deputy Head of Thematic Investing. He has managed the strategy since December 2010. He joined Robeco as a Portfolio Manager European Equities in 2007. Previously, Richard was Portfolio Manager European Equities at Van Lanschot Asset Management and at Philips Investment Management. Richard holds a Master's in Business Economics and Finance from Maastricht University and is a CFA® Charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
1.35%
3.35%
3 months
11.14%
10.67%
YTD
11.14%
10.67%
1 year
26.14%
23.95%
2 years
7.45%
8.40%
3 years
2.39%
10.01%
5 years
11.57%
11.78%
10 years
14.09%
11.34%
Since inception 05/2008
14.80%
9.67%
2023
29.64%
18.06%
2022
-32.07%
-13.01%
2021
10.75%
27.54%
2020
38.56%
6.65%
2019
38.99%
28.93%
2021-2023
-0.83%
9.41%
2019-2023
13.44%
12.49%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
9.01
9.02
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
-0.84
-0.02
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
0.06
0.63
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
-8.48
0.25
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.28
1.00
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
18.99
17.52
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
13.00
13.00
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-11.31
-11.31
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
16
33
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
44.4
55
Months Bull market
Number of months of positive benchmark performance in the underlying period.
21
39
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
12
23
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
57.1
59
Months Bear market
Number of months of negative benchmark performance in the underlying period.
15
21
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
4
10
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
26.7
47.6
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.01%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.00%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.00%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.41%
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.
Fund allocation
Asset
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
The fund can engage in currency hedging transactions. Typically currency hedging is not applied.
The fund does not distribute dividend. Any income earned is retained, and so the fund's entire performance is reflected in its share price.
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 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 “rise of the middle class”.The third trend focuses on the increasing importance of "health & wellbeing". The fund managers aim to select stocks of the structural winners within these trends. 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, proxy voting and engagement. 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 management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI All Country World Index (Net Return, EUR).
Market development
Investors are monitoring central banks for potential interest rate cuts amidst persistent inflation. Despite some reluctance, signs of economic weakness may prompt rate adjustments, with expectations of rate cuts by year-end. Initially optimistic about consumer spending due to strong job markets and wage inflation, recent news from companies like Lululemon and Nike signals potential risks. However, European retailers like Inditex offer more positive updates. The upcoming earnings season will provide further insights. The MSCI AC World Index reached record highs during March and is now up double digit returns (in EUR) for the year-to-date.
Performance explanation
Based on transaction prices, the fund's return was 1.35%. The portfolio experienced a slight lag behind global markets, primarily attributed to underperformance in the health and wellbeing sector. However, the digital transformation of the consumption theme performed well, driven by companies like NVIDIA, which saw a 14% increase in shares. Apple faced challenges, with shares declining 5% amid limited growth expectations and the discontinuation of its driverless car project. Novo Nordisk showed strength, gaining 8% monthly, while Lululemon struggled with weaker guidance and dropped 16%. Zoetis and IDEXX Laboratories faced pressure in the animal health sector due to stagnant industry volume growth. Meanwhile, Inditex performed positively, gaining 14%, while MercadoLibre faced concerns over tough growth comparisons and increased costs. Ferrari reached a record high, but we adjusted our position due to valuation concerns. Expanding the emerging middle-class theme to include developed markets, we emphasize locally operating firms to mitigate geopolitical risks.
Expectation of fund manager
Jack Neele
Richard Speetjens
From a macro-perspective we have reached the end of interest rate hikes by Central Banks, and investors are still expecting the first rate cuts in the summer of 2024. Given this dynamic and a potential slow growth economic environment, a quality growth investment style typically does well. Our balanced approach should provide protection to the downside, while also providing enough structural growth to participate in the upside. We remain convinced in our belief that long-term investors should focus on high-quality businesses with valuable intangible assets, low capital intensity, high margins and superior returns on capital. We continue to have a positive long-term outlook for our investments.