Robeco MegaTrends D EUR
Capturing long-term value from global megatrends
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.
Class and codes
MSCI All Country World Index (Net Return, EUR)
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.
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- Performance & costs
- Long-term investors in quality growth companies shaping the world of tomorrow.
- Focused on companies operating at the intersection of long-term socio-demographic, technological and sustainability megatrends.
- Diversified over five secular growth trends, the long-term impact of which is underestimated.
About this fund
Robeco Megatrends is an actively managed fund that invests worldwide in equities from developed and emerging countries. The selection of stocks is based on fundamental analysis. The strategy’s objective is to achieve a better return than the MSCI ACWI index. The fund invests in companies exposed to five lowly-correlated secular growth trends: Connected Enterprise, Digital World, Emerging Middleclass, Healthy Aging, and Resource Stewardship. It takes a long-term approach, investing in high quality growth companies with the purest possible exposure to these trends.
Total size of fund
Size of share class
Inception date fund
Marco van Lent
Marco van Lent is Lead Portfolio Manager Robeco MegaTrends/Rolinco, Portfolio Manager Robeco Digital Innovations and member of the Thematic Investing 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 Thematic Investing 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. Dora is Portfolio Manager Robeco MegaTrends/Rolinco and member of the Thematic Investing team. She joined Robeco in 2021 and is dedicated to the MegaTrends strategy. Dora holds experience as a buy-side research analyst who held positions as analyst and investment manager with Baillie Gifford for 6 years. In the last year she was a research consultant for a large UK-based global impact fund, providing long-term fundamental, industry-agnostic and sustainability-focused investment research. Dora is a CFA® Charterholder and obtained her Master of Arts in Economics and Chinese from the University of Edinburgh.
- Per period
- Per annum
Since inception 11/2013
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.
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.
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.
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..
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.
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).
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
Months Bull market
Number of months of positive benchmark performance in the underlying period.
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
Months Bear market
Number of months of negative benchmark performance in the underlying period.
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
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.
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
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.
- Top 10
The fund can engage in currency hedging transactions.
The fund does not distribute dividend. The fund retains any income that is earned, and so its entire performance is reflected in its share price.
Robeco MegaTrends 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 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 fund focuses on growth by investing in five promising long-term growth trends: Connected Enterprise, Digital World, Emerging Middleclass, Healthy Aging, and Resource Stewardship. Within the identified growth trends, the fund is focused on companies that have the purest possible exposure to the trends. The fund is not constrained by a benchmark but the fund may use a reference index for comparison purposes. The majority of stocks selected will be components of the reference index, but stocks outside the reference index may be selected too. The fund can deviate substantially from the weightings of the reference index. The fund can deviate substantially from the issuer, country and sector weightings of the reference index. There are no restrictions on the deviation from the reference index. The reference index is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
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 that are relevant 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 [Index name].
Global equities, represented by the MSCI AC World (in EUR), had closed the previous month only a few basis points below the 2023 high, but then dropped by about 4.5%. It eventually recovered to finish the month down 1.3%. Concerns lingered over interest rates, China's economic slowdown, inflation, and the Ukraine situation. However, the main factor impacting equities were the negative reactions to many company announcements during the earnings season, with Dutch fintech company Adyen alone detracting a full one percent from portfolio returns. Major equity markets worldwide ended in the red, with the Eurozone down 3.8%, Wall Street and Tokyo down 1.6%, and emerging markets, particularly China/Hong Kong, down 4.7% in EUR.
Based on transaction prices, the fund's return was -4.60%. In August, the MegaTrends portfolio saw a decrease in gross asset value, with all five underlying trends performing negatively. The weakest trend was Emerging Middle Class, falling 8.8% in EUR. Connected Enterprise, the largest trend, dropped 4.8%, with notable declines in Fortinet (-21%), Keysight Technologies (-16%), Siemens (-10%), and Zebra Technologies (-9%). Digital World was down 3.7%, impacted significantly by Adyen's (-54%) poor performance. The Healthy Aging trend decreased 3.7%, led by Dexcom (-18%), while Resource Stewardship declined 2.8%, with Infineon (-17%) experiencing a notable drop. MercadoLibre (+13%) was the only bright spot in Emerging Middle Class.
Expectation of fund manager
Marco van Lent
Within MegaTrends' five broad trends and fifteen subtrends, we highlight several opportunities: In Digital World, the loss-making pandemic winners have been particularly hard-hit as reopening in the US and Europe reversed the digitalization trend and higher interest rates sent valuations into a freefall. Our contention is that the sell-off has been overdone and several of our e-commerce and payment platforms should benefit from lower comps and improved financial characteristics going forward. The end of China's zero-Covid policy and the ongoing digitalization and formalization of financial and commerce sectors in frontier markets should prove to be tailwinds to the holdings in our Emerging Middle Class trend. Within Healthy Aging, we see upside potential for companies hit by Covid-induced procedure disruptions as well as hospital budget cuts. Finally, companies within the Resource Stewardship trend that enable greater energy efficiency, circularity and electrification of grid systems should experience continued positive demand momentum, supported by government stimuli, particularly in the United States.