Robeco US Large Cap Equities – EUR G
Benefiting from value in US large-cap stocks
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.
G-EUR
X-EUR
Class and codes
Asset class:
Equities
ISIN:
NL0010831046
Bloomberg:
BOBL NA
Reference index
Russell 1000 Value Index (Gross Total Return, EUR)
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
Morningstar
Morningstar
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.
Rating (28/02)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Large cap value fund.
- Selects the best investment candidate with a market capitalization greater than $2 billion.
- Bottom-up fundamental research investment discipline.
About this fund
Robeco US Large Cap Equities N.V. invests in largecap stocks in the US. The selection of these stocks is based on fundamental analysis. The fund is primarily composed of stocks with a market capitalization of more than USD 2 billion. Its bottom-up stockselection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion.
Key facts
Total size of fund
€ 154,243,924
Size of share class
€ 32,250,659
Inception date share class
21-08-2014
1-year performance
16.06%
Dividend paying
Yes
Fund manager
Mark Donovan CFA
David Pyle CFA
Mr. Donovan is Co-Chief Executive Officer of Boston Partners and lead portfolio manager for BP Large Cap Value portfolios. He is responsible for strategic and tactical operating decisions affecting the firm. He was one of the founding partners of Boston Partners Asset Management in 1995. He joined the firm from The Boston Company where he was Senior Vice President and equity portfolio manager. He also spent five years as a consulting associate with Kaplan, Smith & Associates, and two years as a securities analyst for Value Line Inc. Mr. Donovan holds a B.S. degree in management from Rensselaer Polytechnic Institute. He holds the Chartered Financial Analyst® designation. He has thirty-four years of investment experience.Mr. Pyle is a portfolio manager for Boston Partners Large Cap Value portfolios. Prior to assuming this role, he was a research analyst covering the utility, insurance, leisure & lodging, packaging, publishing, and computer equipment & services sectors. Mr. Pyle joined the firm from State Street Research where he was a research analyst and associate portfolio manager in their equity value group. Prior to that, he spent five years with Price Waterhouse. Mr. Pyle holds a B.S. degree in business administration from California State University, Chico, and an M.B.A. degree from the Kenan-Flagler School of Business at the University of North Carolina. Mr. Pyle holds the Chartered Financial Analyst® designation. He has twenty years of investment experience.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
4.79%
4.08%
3 months
13.14%
10.45%
YTD
8.20%
5.95%
1 year
16.06%
11.73%
2 years
9.73%
7.24%
3 years
15.71%
12.64%
5 years
12.25%
10.50%
Since inception 08/2014
11.07%
10.56%
2023
9.68%
7.69%
2022
1.66%
-1.48%
2021
40.36%
34.66%
2020
-7.48%
-5.69%
2019
26.66%
28.87%
2021-2023
16.10%
12.63%
2019-2023
12.90%
11.67%
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.
3.49
3.25
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.
1.18
0.86
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.
1.10
0.74
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..
3.90
2.46
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.
0.99
1.02
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).
14.20
17.24
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
10.75
11.80
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-7.85
-17.91
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
21
36
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
58.3
60
Months Bull market
Number of months of positive benchmark performance in the underlying period.
20
33
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
19
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
50
57.6
Months Bear market
Number of months of negative benchmark performance in the underlying period.
16
27
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
11
17
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
68.8
63
Dividend paying history
28-06-2023
€ 1.60
29-06-2022
€ 1.60
30-06-2021
€ 1.40
18-06-2020
€ 0.20
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.
0.79%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.63%
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.
0.58%
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 a private investor residing in the Netherlands, the actual received interest, dividends or capital gains are not relevant for tax purposes. For Dutch tax-resident private investors, their holdings fall under Box 3. Investors pay annual tax on a fixed yield calculated based on the value of their assets as of 1 January. The return depends on the pro-rata allocation of assets to different categories, namely savings, debts or other assets. The holdings qualify as other assets for which the return rate is set at 6.04% (as of 1/1/2024; 6.17% as of 1/1/2023). The return rate is adjusted annually based on historical returns from previous years. The balance of the different asset categories is referred to as the return base. The effective return rate is then calculated by dividing the return by the return base. This effective return rate is applied to the savings and investments base to calculate the benefit from savings and investments. The savings and investments base is equal to the return base minus the tax-free amount. Investors pay income tax (36% in 2024; 32% in 2023) on this calculated benefit from savings and investments. The withheld Dutch dividend tax (15% as of 1/1/2024) is creditable against the income tax payable for investors residing in the Netherlands. Investors who are not subject to (exempt from) Dutch corporate tax (including Dutch pension funds) are not taxed on the result obtained. Dutch exempt entities can fully reclaim the 15% dividend tax withheld on dividends.Investors subject to Dutch corporate tax may be taxed on the result obtained from their investment in the fund, including dividend income and capital gains. Dutch corporate taxpayers can, in principle, credit the withheld dividend tax (15% as of 1/1/2024) against corporate tax and, under certain conditions, credit the excess in later years. For investors outside the Netherlands, their own national tax legislation applies to foreign investment funds. Shareholders who are not subject to tax in the Netherlands and reside in countries that have a double taxation treaty with the Netherlands may, depending on the treaty, reclaim (a portion of) the Dutch dividend tax from the Dutch tax authorities. A pension fund located in another EU member state or a country that has entered into an information exchange agreement with the Netherlands and is similar to a Dutch pension fund is also entitled to a refund of Dutch dividend tax. The above is based on current Dutch tax legislation.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
Investments are exclusively made in securities denominated in US dollars.
In principle, the fund will distribute dividend annually.
Robeco US Large Cap Equities N.V. invests in largecap stocks in the US. The selection of these stocks is based on fundamental analysis. The fund is primarily composed of stocks with a market capitalization of more than USD 2 billion. Its bottom-up stockselection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion. 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 is not constrained by a benchmark.
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
Footprint target
Below Index
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 is classified as falling under Article 6 of Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector. The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.
Market development
Equity markets in the United States climbed higher during February, rising 5.34%, as measured by the S&P 500 Index. Growth outperformed value during the month, with large/mega-cap growth stocks performing well amid a better-than-expected earnings season. The Russell 1000 Value Index climbed nearly 4% higher during the month, with small and mid caps following suit, climbing as well, but not enough to surpass the growth side of the market.
Performance explanation
Based on transaction prices, the fund's return was 4.79%. Robeco US Large Cap Equities N.V. outperformed the Russell 1000 Value Index in February, with the outperformance driven solely by stock selection. Stock selection was strong during the month, with 7 out of 10 invested sectors contributing positively to performance. The strongest performers from a stock selection perspective came in information technology, financials and healthcare. Within information technology, semiconductor and technology hardware businesses drove performance for the fund, highlighted by Applied Materials and Advanced Micro Devices, which climbed 23% and 15% respectively, along with off-benchmark position Dell Technologies, which climbed 14% higher. Within financials, fund positions outperformed index positions by nearly 1%, driven by names in consumer finance and insurance, as Discover Financial Services soared higher by 15% after announcing it would be acquired by Capital One at a premium in an all-stock transaction. Lastly, in healthcare, while healthcare providers and services companies like ICON Plc and Cigna performed strongly, climbing 23% and 12% respectively, avoiding Gilead Sciences and Pfizer also helped.
Expectation of fund manager
Mark Donovan CFA
David Pyle CFA
2024 is off to a familiar start with mega-cap tech stocks continuing to lead in terms of performance, generally speaking. The rate cut backdrop has changed significantly since the end of 2023, with projected rate cuts of 175 basis points during the year having fallen precipitously to just 75 basis points of cuts in 2024. We have entered a period of higher-for-longer inflation which, fortunately, has been beneficial for value investors, historically speaking. This will be an important factor to keep an eye on as the market environment continues to evolve, and the case for value names continues to grow. As always, we remain focused on selecting companies from the bottom-up that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals, and identifiable catalysts.
Announcements
- Prospectus change: Several Robeco Funds (17-10-2023)
- Several Robeco funds: Advertisement Dividend 2022 (31-05-2023)
- Several Robeco funds: Publication Annual Report (28-04-2023)
- Advertisements AGM several Robeco funds (11-04-2023) (11-04-2023)
- Press release dividend proposal for Robeco funds (03-04-2023)
- Aankondiging BAVA 23 november 2022 (23-11-2022)
- Advertentie BAVA 23 november 2022 (11-10-2022)
- Publication Semi-annual reports 2022 (31-08-2022)
- Advertisement Dividend 2021 (02-06-2022)
- Publication Annual Report (29-04-2022)