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But is this really true? \r\nLow-risk stocks tend to deliver a higher risk-adjusted return than high-risk stocks, capturing one of the oldest anomalies in empirical equity research.",[],"Opportunity: Conservative investing",{"alignment":107,"title":108},"50-50","H1 Title",{"id":20,"title":110,"text":111,"design":158,"type":17},"Why Conservative?",{"nodeType":93,"data":112,"content":113},{},[114,122,129],{"nodeType":115,"data":116,"content":117},"paragraph",{},[118],{"nodeType":101,"data":119,"value":120,"marks":121},{},"Conservative investing offers stable equity returns and focuses on strong income and positive sentiment. Conservative stocks are often considered to be relatively boring, but that doesn’t make them less attractive. ",[],{"nodeType":97,"data":123,"content":124},{},[125],{"nodeType":101,"data":126,"value":127,"marks":128},{},"Holding up in practice",[],{"nodeType":115,"data":130,"content":131},{},[132,136,140,144,147,151,154],{"nodeType":101,"data":133,"value":134,"marks":135},{},"We examined the performance of a conservative strategy over more than 150 years (January 1866 to December 2021); a period that contains several boom-bust cycles, wars and periods of deflation.",[],{"nodeType":137,"data":138,"key":139},"break",{},"break-0-0",{"nodeType":101,"data":141,"value":142,"marks":143},{},"Conservative stocks delivered a positive annualized return in every decade, and beat their speculative peers in every periods.",[],{"nodeType":137,"data":145,"key":146},{},"break-0-1",{"nodeType":101,"data":148,"value":149,"marks":150},{}," ",[],{"nodeType":137,"data":152,"key":153},{},"break-0-2",{"nodeType":101,"data":155,"value":156,"marks":157},{},"These stocks typically provide stable and high long-term returns because they ‘win by losing less’. Their attributes of preserving capital in down markets and participating meaningfully in up markets are key to this. The approach works across different time periods.",[],{"alignment":159,"background":160,"title":161},"100 Center","Black","H2 Title",{"id":23,"quote":163,"design":193,"type":22},{"quote":164,"person":165},"Market developments bode well for an actively positioned portfolio of stable, profitable companies with decent dividend growth",{"id":166,"internal":167,"name":167,"intro":168,"jobTitle":178,"twitter":179,"linkedin":180,"email":181,"image":182,"thumbnail":188,"quote":192},"5vKnW4Dtb3s03GIeZACt0Q","Pim van Vliet",{"nodeType":93,"data":169,"content":170},{},[171],{"nodeType":115,"data":172,"content":173},{},[174],{"nodeType":101,"data":175,"value":176,"marks":177},{},"Pim van Vliet is Head of Conservative Equities and Chief Quant Strategist. As Head of Conservative Equities, he is responsible for a wide range of global, regional, and sustainable low-volatility strategies. He specializes in low-volatility investing, asset pricing, and quantitative finance. He is the author of numerous academic research papers including publications in the Journal of Banking and Finance, Management Science, and the Journal of Portfolio Management. Pim is a guest lecturer at several universities, author of an investment book and speaker at international seminars. He became Portfolio Manager in 2010. Pim joined Robeco in 2005 as a Researcher with responsibility for asset allocation research. Pim holds a PhD and a Master's cum laude in Financial and Business Economics from Erasmus University Rotterdam.",[],"Head of Conservative Equities and Chief Quant Strategist ","http:\u002F\u002Ftwitter.com\u002Fparadoxinvestor","https:\u002F\u002Fnl.linkedin.com\u002Fin\u002Fpimvanvliet","p.van.vliet@robeco.nl",{"id":183,"src":184,"width":185,"height":186,"alt":46,"focalPoint":187},"6TJCJ3JBXPd0Ljs59MtpVU","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F6TJCJ3JBXPd0Ljs59MtpVU\u002F617efabe4eb5387cbdd3ae67c8c2f5d3\u002Fpim-van-vliet-00563-4000px.jpg",4000,1667,"face",{"id":189,"src":190,"width":191,"height":191,"alt":46},"78kG9JV91hgkAUmoYzsROt","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F78kG9JV91hgkAUmoYzsROt\u002F0808459069c3185edfdde2ca38dfdf4b\u002Fpim-van-vliet-00528-500px.jpg",500,"The low-volatility effect is perhaps the largest anomaly in finance, challenging the basic trade-off between risk and return, as higher risk does not lead to higher returns. Still, it remains one of the least utilized factor premiums in financial markets.",{},{"id":26,"internal":195,"title":196,"image":197,"imageMobile":202,"source":207,"design":223,"type":25},"Opportunities - Conservative investing - Annualized return","Annualized return of conservative and speculative stocks per decade",{"id":198,"src":199,"width":200,"height":201,"alt":46},"5gggFb3fHhzNQl497Dag2c","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F5gggFb3fHhzNQl497Dag2c\u002Fb710bb695cad2428a08dc7316b1b74b2\u002Fannualized-return-1024px-diap.png",1024,354,{"id":203,"src":204,"width":205,"height":206,"alt":46},"2VTuAaug2SyHC8w2nT7ron","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F2VTuAaug2SyHC8w2nT7ron\u002F1b2b51ae37fa22779f4f5884beee7fca\u002Fannualized-return-diap-1024px-mobile.png",667,1075,{"nodeType":93,"data":208,"content":209},{},[210],{"nodeType":115,"data":211,"content":212},{},[213,219],{"nodeType":101,"data":214,"value":215,"marks":216},{},"Source: ",[217],{"type":218},"bold",{"nodeType":101,"data":220,"value":221,"marks":222},{},"Robeco Quantitative Research. Performance in USD gross of fees and costs.",[],{"background":160},{"id":28,"title":225,"text":226,"design":257,"type":17},"Why now ?",{"nodeType":93,"data":227,"content":228},{},[229,236,243,250],{"nodeType":97,"data":230,"content":231},{},[232],{"nodeType":101,"data":233,"value":234,"marks":235},{},"Position for tomorrow’s markets",[],{"nodeType":115,"data":237,"content":238},{},[239],{"nodeType":101,"data":240,"value":241,"marks":242},{},"Looking back over the last couple of years, we see that global equity markets experienced a prolonged bull market with relatively low volatility, high earnings growth, and low inflation, temporarily interrupted by the pandemic panic in March 2020. ",[],{"nodeType":115,"data":244,"content":245},{},[246],{"nodeType":101,"data":247,"value":248,"marks":249},{},"But the market environment has been changing since the start of 2022. We expect the double-digit earnings growth to cool off in the coming years, with central banks starting to tighten, inflation rising and market valuations at records highs. ",[],{"nodeType":115,"data":251,"content":252},{},[253],{"nodeType":101,"data":254,"value":255,"marks":256},{},"That bodes well for a strategy that looks for an actively positioned portfolio of stable, profitable companies with decent dividend growth, trading at a significant valuation discount versus the market index. ",[],{"alignment":159,"title":161},{"id":30,"title":259,"text":260,"design":294,"type":17},"Why Robeco?",{"nodeType":93,"data":261,"content":262},{},[263,270],{"nodeType":97,"data":264,"content":265},{},[266],{"nodeType":101,"data":267,"value":268,"marks":269},{},"A solid equity strategy for tomorrow’s markets",[],{"nodeType":115,"data":271,"content":272},{},[273,277,279,281,285,287,290],{"nodeType":101,"data":274,"value":275,"marks":276},{},"Robeco is a pioneer in the field of quantitative investing, with an active approach to low-volatility investing based on award-winning research. Since it was launched in 2006, Robeco Conservative Equities strategy has delivered superior equity returns with 24% less risk, as measured by volatility, than the market.",[],{"nodeType":137,"data":278,"key":139},{},{"nodeType":137,"data":280,"key":146},{},{"nodeType":101,"data":282,"value":283,"marks":284},{},"The strategy uses an enhanced approach to low risk, with the stock-ranking model combining the beta and volatility effects in one low-risk theme. It also includes characteristics such as low distress risk, high and stable income, attractive valuation and high quality in combination with positive momentum. Sustainability is integrated in the investment process, resulting in a lower ESG risk profile and smaller carbon footprint than the index.",[],{"nodeType":137,"data":286,"key":153},{},{"nodeType":137,"data":288,"key":289},{},"break-0-3",{"nodeType":101,"data":291,"value":292,"marks":293},{},"Conservative Equities is available as Global Developed, European, Emerging Markets, All Country, US and Chinese A-share. The latest addition is a Climate & SDG-focused version. ",[],{"alignment":159,"background":160,"title":161},{"id":32,"title":296,"text":297,"design":328,"type":17},"Our flagship solutions",{"nodeType":93,"data":298,"content":299},{},[300],{"nodeType":301,"data":302,"content":327},"embedded-entry-block",{"target":303,"type":308,"props":309},{"sys":304},{"id":305,"type":306,"linkType":307},"71wpNMLvirH2ICV5mlVwMn","Link","Entry","link-list",{"id":305,"items":310},[311,317,322],{"id":312,"internal":313,"title":314,"url":315,"variant":316},"4iKrqoqCIkat4CbxNTnUeO","Fund: QI Global Developed Conservative Equities | Fund name","QI Global Developed Conservative Equities","\u002Fproducts\u002Ffunds?search=QI+Global+Developed+Conservative+Equities&lt=list","Button Tertiary Black",{"id":318,"internal":319,"title":320,"url":321,"variant":316},"7cEAob2tw2hZ56kGhLZPdJ","Fund: QI European Conservative Equities | Fund name","QI European Conservative Equities","\u002Fproducts\u002Ffunds?search=QI+European+Conservative+Equities&lt=list",{"id":323,"internal":324,"title":325,"url":326,"variant":316},"3vQ6oPfLhmos9WDKBEIsLv","Fund: QI Emerging Conservative Equities | Fund name","QI Emerging Conservative Equities","\u002Fproducts\u002Ffunds?search=QI%20Emerging%20Conservative%20Equities&lt=list",[],{"alignment":159,"title":161},{"id":35,"title":330,"text":331,"link":341,"design":347,"type":34},"Get in touch with us",{"nodeType":93,"data":332,"content":333},{},[334],{"nodeType":335,"data":336,"content":337},"heading-2",{},[338],{"nodeType":101,"data":339,"value":46,"marks":340},{},[],{"id":342,"internal":343,"title":344,"url":345,"variant":346},"7ntfrRf2pZCkQ7cedtVVAz","Opportunities Generiek - 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None of the shares may be offered or sold, directly or indirectly in the United States or to any U.S. Person (within the meaning of Regulation S promulgated under the Securities Act of 1933, as amended (the “Securities Act”)). Furthermore, Robeco Institutional Asset Management B.V. (Robeco) does not provide investment advisory services, or hold itself out as providing investment advisory services, in the United States or to any U.S. Person (within the meaning of Regulation S promulgated under the Securities Act).",[],{"nodeType":137,"data":503,"key":504},{},"break-1-1",{"nodeType":101,"data":506,"value":507,"marks":508},{},"This website is intended for use only by non-U.S. Persons outside of the United States (within the meaning of Regulation S promulgated under the Securities Act who are professional investors, or professional fiduciaries representing such non-U.S. Person investors. By clicking “I Agree” on our website disclaimer and accessing the information on this website, including any subdomain thereof, you are certifying and agreeing to the following: (i) you have read, understood and agree to this disclaimer, (ii) you have informed yourself of any applicable legal restrictions and represent that by accessing the information contained on this website, you are not in violation of, and will not be causing Robeco or any of its affiliated entities or issuers to violate, any applicable laws and, as a result, you are legally authorized to access such information on behalf of yourself and any underlying investment advisory client, (iii) you understand and acknowledge that certain information presented herein relates to securities that have not been registered under the Securities Act, and may be offered or sold only outside the United States and only to, or for the account or benefit of, non-U.S. Persons (within the meaning of Regulation S under the Securities Act), (iv) you are, or are a discretionary investment adviser representing, a non-U.S. Person (within the meaning of Regulation S under the Securities Act) located outside of the United States and (v) you are, or are a discretionary investment adviser representing, a professional non-retail investor.",[],{"nodeType":93,"data":510,"content":511},{},[512],{"nodeType":115,"data":513,"content":514},{},[515,517,521],{"nodeType":137,"data":516,"key":139},{},{"nodeType":101,"data":518,"value":519,"marks":520},{},"Access to this website has been limited so that it shall not constitute directed selling efforts (as defined in Regulation S under the Securities Act) in the United States and so that it shall not be deemed to constitute Robeco holding itself out generally to the public in the U.S. as an investment adviser. Nothing contained herein constitutes an offer to sell securities or solicitation of an offer to purchase any securities in any jurisdiction. We reserve the right to deny access to any visitor, including, but not limited to, those visitors with IP addresses residing in the United States. This website has been carefully prepared by Robeco. The information contained in this publication is based upon sources of information believed to be reliable. Robeco is not answerable for the accuracy or completeness of the facts, opinions, expectations and results referred to therein. Whilst every care has been taken in the preparation of this website, we do not accept any responsibility for damage of any kind resulting from incorrect or incomplete information. This website is subject to change without notice. The value of the investments may fluctuate. Past performance is no guarantee of future results. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. For investment professional use only. Not for use by the general public.",[],{"nodeType":137,"data":522,"key":146},{},{"id":524,"src":525,"width":526,"height":527,"alt":46},"4QnDEzaoCxRt5urb04u778","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F4QnDEzaoCxRt5urb04u778\u002F70d701463b570d50da58fe3e3acee81f\u002Frobeco-color-logo-small.png",488,90,{"id":529,"title":530,"text":531,"link":541,"design":546},"XV7HXWdSfvNHVZLSm8Q9z","Let's keep the conversation going",{"nodeType":93,"data":532,"content":533},{},[534],{"nodeType":115,"data":535,"content":536},{},[537],{"nodeType":101,"data":538,"value":539,"marks":540},{},"Keep track of fast-moving events in sustainable and quantitative investing, trends and credits with our newsletters.",[],{"id":542,"internal":543,"title":544,"url":545,"variant":346},"5UBcTUsbLCeY5US1EtvTOf","Newsletter Subscribe | Don’t miss out (secondary blue)","Don’t miss out","\u002Finsights\u002Fmonthly-newsletter",{},{"languages":548,"menu":704,"logos":820,"searchPage":835,"menuSecondary":839},{"id":549,"title":550,"column1":551,"column2":571,"column3":601,"column4":636,"globalLink":701},"4YybewlWJgqkinfUiog7RU","Latin America",[552,562],{"id":553,"title":554,"items":555},"2O2NJyGAV9zlazHQNwGQ6U","Cambiar idioma",[556],{"id":557,"internal":558,"title":559,"url":560,"external":467,"openInNewWindow":561},"2EJaitTLJjWAGjlCMzrNMZ","Countries - 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