Robeco BP US Premium Equities M USD
- All cap value fund.
- Selects the best investment candidate available irrespective of its market cap
- Bottom-up fundamental research investment discipline.
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
| Fund | Reference index | |
|---|---|---|
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.
Performances are net of fees and based on transaction prices.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was -8.54%. Robeco BP US Premium Equities marginally outperformed the Russell 3000 Value Index in June, with stock selection aiding returns. Stock selection added most value in the healthcare and financials sectors of the market in the fund, with energy being the main detractor for the month. In the more defensive value sector of healthcare, the fund's holdings held up relatively well, with contributions spread across several industries. AbbVie (biotech), managed health care companies Centene, Humana and UnitedHealth, distributor McKesson and pharmaceutical holdings Johnson & Johnson, Novartis and Merck all added value over the turbulent period. Financials were led by the insurance industry, with RenaissanceRe, Chubb, Global Life and White Mountains all contributing, while not owning Berkshire Hathaway also added to relative returns. Energy gave back some of its strong year-to-date gains, with Marathon Oil, Diamondback, Devon and Whiting Petroleum all down 20% or more. Detraction from sector allocation came mainly from the fund having underweight exposure to consumer staples, no exposure to the highly regulated sector of utilities and overweight exposure to information technology.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}During June, Covid and the ongoing war in Ukraine took a back seat to a broadening set of inflationary price pressures, a resolute Federal Reserve and escalating fears of a recession on the laundry list of investors' concerns. By the 13th of the month, the S&P 500 had officially entered bear market territory, down -21.82% from its January 3rd peak. For the month, the stock market benchmark fell by -8.26%, its worst June since the global financial crisis of 2008, and at -16.11% and -19.96%, the worst quarter and first half of a year since 1970.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Currency policy
Investments are predominantly made in securities denominated in US dollars.
Dividend policy
No dividend is distributed. All returns are reinvested and translated into price gains.
ESG Integration policy
The fund incorporates sustainability in the investment process via exclusions, ESG integration, a carbon target, engagement and voting. Through exclusions the fund avoids investments 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 the sustainability risk profile of companies. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a 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.
Investment policy
Robeco BP US Premium Equities is an actively managed fund that invests across market capitalizations and sectors in a flexible manner. The selection of these stocks is based on fundamental analysis. The portfolio is consistently built from the bottom up to exhibit attractive valuation, strong business fundamentals and improving business momentum. 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. Investments are predominantly made in securities denominated in US dollars. The fund is denominated in euros. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one 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 marketweighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk policy
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
| Footprint target |
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| Better than index |
Sustainability
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The fund incorporates sustainability in the investment process via exclusions, ESG integration, a carbon target, engagement and voting. Through exclusions the fund avoids investments 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 the sustainability risk profile of companies. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a 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.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}In the near-to-intermediate term, we see four primary drivers that will influence how investors make decisions and ultimately how markets behave: inflation, the Fed's actions, a potential recession and earnings. While Covid and the Russia/Ukraine war could certainly spring to the top of investors' concerns at any time, they fall into the 'known unknowns' category and are much harder to predict than even the four items mentioned above. For the time being, neither should be considered as a positive for overall asset prices. As always, we will remain focused on bottom-up stock selection and the fund remains well positioned with holdings that reflect Boston Partners' three circle characteristics – attractive valuations, solid business fundamentals and identifiable catalysts.
Duilio R. Ramallo CFA
Mr. Ramallo is the senior portfolio manager for Boston Partners Premium Equity product. Previously, Mr. Ramallo was the assistant portfolio manager for the Small Cap Value products. Prior to his portfolio management role, Mr. Ramallo was a research analyst for Boston Partners. He joined the firm from Deloitte & Touche L.L.P., where he spent three years, most recently in their Los Angeles office. Mr. Ramallo holds a B.A. degree in economics/business from the University of California at Los Angeles and an M.B.A. from the Anderson Graduate School of Management at UCLA. He holds the Chartered Financial Analyst® designation. He is also a Certified Public Accountant (inactive). He has twenty years of investment experience.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0355496760 |
| Bloomberg | ROBUPEM LX |
| Valoren | 3909821 |
| WKN | A0RJ1E |
| Availability | |
| 1st quotation date | 1207008000000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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Cost of this fund
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Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
Extra fees
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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.
