Investing in structural trends worldwide
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.
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.
- Performance & costs
- 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
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.
Total size of fund
Size of share class
Inception date fund
Marco van Lent
Marco van Lent is Portfolio Manager of Robeco MegaTrends/Rolinco and Portfolio Manager of Robeco Digital Innovations. Marco joined Robeco in October 2007 to co-manage a European equity fund. In 2010, he became Portfolio Manager of the Robeco Infrastructure Equities fund. In 2013, Marco co-founded Robeco’s MegaTrends team and has also managed Robeco’s Digital Innovations fund since inception in 2017. Prior to Robeco, Marco was Portfolio Manager at Van Lanschot Asset Management (later Kempen Capital Management), Philips Investment Management and Van Spaendonck Asset Management. Marco holds a Master's in Business Economics and Finance from Tilburg University. Steef Bergakker is Portfolio Manager of Robeco MegaTrends/Rolinco and Portfolio Manager of Robeco Digital Innovations. 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. From 1990 to 2008, Steef held different functions at IRIS (Institute for Research and Investment Services), the former research joint venture of Robeco and Rabobank. He holds a Master’s in Monetary Economics and Finance and Investments from Erasmus University Rotterdam. Dora Buckulčíková is Portfolio Manager of Robeco MegaTrends/Rolinco. She joined Robeco in 2021 and is dedicated to the MegaTrends strategy. Dora holds experience as a buy-side research analyst and investment manager with Baillie Gifford from 2014 to 2020. Prior to joining Robeco, she was a research consultant for a large UK-based global impact fund, providing long-term thematic 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 11/1965
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.
Dividend paying history
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 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.
- Top 10
The fund can engage in currency hedging transactions.
The fund distributes a dividend on an annual basis.
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 management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Full sustainability-related disclosuresDownload full report
Summary sustainability-related disclosuresDownload summary
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.
In the month of February, performance continued to mirror ongoing uncertainties regarding the future path of the global economy, interest rates and asset prices. While in January it seemed that a general economic slowdown would encourage rate setters to pause after a series of aggressive rate hikes to curb inflation, the Fed's actions in February did not live up to those expectations.
Based on transaction prices, the fund's return was -1.31%. During the month, we continued to closely monitor fundamental operational progress of our portfolio companies and the trends they are exposed to. We saw the combination of prudent cost control and measured investment in secular growth areas result in better-than-expected full year 2022 profits and upbeat mid-term guidance from a broad range of companies: from Swiss specialty chemicals company Sika to Latin American e-commerce and fintech player MercadoLibre and Indonesian micro-lender Bank Rakyat. The Connected Enterprise and Resource Stewardship trends delivered positive absolute returns, while the other three trends gave back some of January's gains.
Expectation of fund manager
Marco van Lent
Although many of the macroeconomic issues of 2022 remain far from resolved and recessionary fears across the world's largest economies persist, there remain multiple reasons for optimism. Equity valuations have come down substantially, expectations for growth moderated, and the focus on profitability has been fully reinstated. And while as long-term investors we do not pretend to have foresight on annual gyrations of the equity markets, we do think this bodes well for trend-driven stock picking in 2023.
- Publication Semi-annual reports 2022 (31-08-2022)
- Prospectus amendment (23-08-2022)
- Advertisement Dividend 2021 (02-06-2022)
- Annual General Meeting Documents (24-05-2022)
- Publication Annual Report (29-04-2022)
- Annual General Meetings of Shareholders (11-04-2022)
- Annual General Meetings of Shareholders (11-04-2022)
- Prospectus change (01-12-2021)
- Semi-annual 2021 available (31-08-2021)