Robeco Global Consumer Trends DH USD
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.
DH-USD
D-EUR
D-USD
F-USD
I-USD
IH-USD
M-USD
Class and codes
Asset class:
Equities
ISIN:
LU1208677507
Bloomberg:
RGCTDHU LX
Index
MSCI All Country World Index (Net Return, hedged into USD)
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
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in consumer exposed companies that are active in structurally growing themes like digital payments, ecommerce, artificial intelligence, luxury goods, consumer health, local brands and personal care
- Adapting to a constantly evolving consumer landscape with a clear quality/growth focus
- 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.
Consumer Trends
Key facts
Total size of fund
$ 4,111,535,286
Size of share class
$ 128,001,518
Inception date share class
03-26-2015
1-year performance
27.66%
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 member of the Thematic Investing team. He is also 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
-1.45%
-1.05%
3 months
3.09%
2.69%
YTD
12.65%
18.01%
1 year
27.66%
32.96%
2 years
22.06%
21.17%
3 years
-2.77%
7.67%
5 years
8.58%
12.45%
Since inception 03/2015
9.85%
10.28%
2023
31.21%
22.68%
2022
-35.53%
-15.48%
2021
2.85%
20.91%
2020
45.72%
14.95%
2019
35.02%
27.30%
2021-2023
-4.53%
7.83%
2019-2023
11.35%
12.90%
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.
8.57
8.78
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.
-1.02
-0.23
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.
-0.25
0.41
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..
-8.42
-2.13
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.
1.25
1.08
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).
19.98
19.29
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
10.73
11.09
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-12.22
-12.22
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
15
31
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
41.7
51.7
Months Bull market
Number of months of positive benchmark performance in the underlying period.
20
37
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.
60
62.2
Months Bear market
Number of months of negative benchmark performance in the underlying period.
16
23
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
3
8
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
18.8
34.8
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.
1.71%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.50%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.35%
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.
Fund allocation
Asset
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
Currency risk is hedged to USD.
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 Sub-fund is actively managed. The securities selected for the Sub-fund's investment universe may be components of the Benchmark, but securities outside the Benchmark may be selected too. The investment policy is not constrained by a benchmark but the Sub-fund uses a benchmark for comparison purposes. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 environmental, social and governance characteristics promoted by the Sub-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. The fund targets at least 20% lower carbon footprint compared to the reference index. 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, hedged into USD).
Market development
The US economy expanded by 2.8% at an annualized rate in the third quarter. With inflationary pressures easing in the Eurozone, the European Central Bank further cut interest rates to 3.25%. The rate cuts are intended to provide a jolt to Europe’s economy, which is being held back by a mild recession in Germany. German car markets in particular are under pressure from the competitive threat of cheap Chinese vehicles. The European Union has now imposed new tariffs on Chinese electric vehicles. Longer term borrowing costs have risen quite sharply in both Europe and the United States. The yield on 10-year US Treasury bonds has climbed to 4.3%, up 70 basis points since the Federal Reserve first cut rates in the middle of September. As a result, slower growth and defensive stocks have been under pressure, but many technology stocks were able to power through the underlying weakness. The S&P-500 Index closed at the 47th new all-time high on October 18th before giving back the gains and dropping into negative territory.
Performance explanation
Based on transaction prices, the fund's return was -1.45%. The portfolio performed in line with global markets last month. Within our digital transformation of consumption theme, NVIDIA reached a new all-time high last month. NVIDIA (+9%) is looking to overtake Apple as the world’s most valuable company again. Netflix shares gained 7% in October and have gained more than 50% in 2024. Our rise of the middle-class theme delivered a neutral contribution to the return of the strategy. The resurgence of the Chinese stock market meant investors pulled funds from well-performing markets like India. Our holdings in India, like Hindustan Unilever (-15%) and Asian Paints (-12%) both struggled, but were offset by strength in Nu Holdings, whose shares rose 11% in October. The cosmetics market remains challenging with both L’Oréal (-14%) and Beiersdorf (-8%) trading down. The health & wellbeing bucket delivered a negative contribution. Givaudan especially delivered an exceptional result with organic growth in the double-digits. The cosmetics market remains challenging with both L’Oréal (-14%) and Beiersdorf (-8%) trading down.
Expectation of fund manager
Jack Neele
Richard Speetjens
Softer macroeconomic data has given central banks ammunition to start cutting interest rates. The European Central started cutting rates earlier in the first half and in the United States, investors expect multiple rate cuts. Our quality growth style seems well suited for the current investment climate. Our balanced approach should provide downside protection, while also offering the structural growth to participate in the upside. Valuations have normalized, although we believe premium valuations for these businesses are justified given the quality of their business models, the high levels of earnings growth and the sustainability of their franchises. We continue to have a positive long-term outlook for our investments.
Regulation S Disclosure
The Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.