globalen
Image

Robeco Global Stars Equities Fund

Reference index: MSCI World Index (Net Return, EUR)
ISIN: NL0000289783
  • Concentrated portfolio
  • Focuses on companies with a high return on invested capital and strong free cash flow
  • Applies a disciplined approach to valuating companies, sustainability is an integral part of the valuation
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Global Stars Equities Fund invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile.

Price development

No performance data available

Price development

Robeco Global Stars Equities Fund

Performance

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}
Fund Reference index
1m
3m
YTD
1 year
2 years
3 years
5 years
10 years
{{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}}
The value of the investments may fluctuate. Past performance is no guarantee of future results.
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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
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.

Statistics

{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}
3 years 5 years
Standard deviation
Max. monthly gain (%)
Tracking error ex-post (%)
Alpha
Beta
Sharpe ratio
Information ratio
Max. monthly loss (%)
Above mentioned ratios are based on gross of fees returns
3 years 5 years
Hit ratio (%)
Hit ratio Bear (%)
Hit ratio Bull (%)
Months Bear market
Months Bull market
Months outperformance
Months outperformance Bear
Months outperformance Bull
Above mentioned ratios are based on gross of fees returns
Fund Reference index
Option Adjusted Modified Duration (years)
Maturity (years)
Rating
Yield to Worst (%)

Dividend paying history

Date Amount
Download dividend history

Market development

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

October lived up to its reputation as being one of the worst months for equity markets. Finally the US equity market also capitulated to the mounting investor worries about the trade war with China, rising interest rates and the build-up of domestic inflationary pressures. For a long time, Wall Street remained the last man standing and was the only major market trading above its 10-year average P/E multiple. This is partly justified by the higher return on invested capital in the US in combination with the expectations for strong earnings growth. However, the strong double-digit year-on-year increases in corporate earnings reported for the third quarter could not satisfy the investor community, due to worries that the mid-term elections may lead to some of Trump's fiscal stimulus being reversed. Most pain was felt by investors in high-risk stocks such as Alphabet and Caterpillar, which dropped even after reporting strong earnings. In general, the high-growth market darlings, which performed the best in the past quarters, were hit the hardest in this market correction. On the other hand, defensive companies in sectors such as utilities and real estate outperformed.

Fund allocation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}
Name Sector Weight
{{fund.fundInvestmentExplanations.top10}}

Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
Screening
Integration
Sustainability Themed Fund

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

In principle the fund distributes dividend on an annual basis. The fund's policy aims at realizing as the maximum possible capital growth within the pre-set risk limits. A high dividend return is therefore not a separate objective.

ESG Integration policy

We strongly believe in integrating Environmental (E), Social (S) and Governance (G) factors in the investment analysis. The most important ESG factors by sector are fully integrated in the valuation model and can in- or decrease the expected stock price. We estimate how important ESG factors influence our value drivers: forecasted revenues, margins, invested capital needed and risk-adjusted weighted average cost of capital. With the help of these value drivers and important ESG factors we determine the value of companies. For example, in the healthcare sector, product health & safety is a very important factor. The pharmaceutical company Roche has an impeccable record on product health & safety. Therefore we estimate growth can be faster and margins can be higher than otherwise would have been the case. The method was developed in collaboration with the Sustainable Research team from RobecoSAM in Zurich, which offers proprietary ESG data. On ESG integration, the analysts use this method in their investment cases, which has deepened our discussion and understanding of ESG issues.

Investment policy

Our investment philosophy is based on our belief that short-term investors underestimate the long-term value-creation potential of companies. Generally, the market is not prepared to look beyond the short term or to consider the longer-term expectations. This gives us the opportunity to build a concentrated portfolio of 30-40 stocks where our conviction sets us apart from market expectations. With this long term horizon, free cash flow is the key to value creation. We want to select stocks that do not adequately reflect this future value creation. And we want these companies to return this value to shareholders in the form of dividend or share buy backs or to re-invest the value in the company in projects where the return on invested capital exceeds the cost of capital. In cooperation with Robeco Quantitative Research we have developed a model, ranking stocks based on Free Cash Flow Yield, that generates investment ideas for the portfolio. Ideas are further researched by making a preliminary valuation that is based on our proprietary Value Dynamics Framework (VDF) model. VDF is a valuation model that takes into account forecasted revenues, margins, invested capital needed and risk-adjusted weighted average cost of capital (all 4 value drivers). If the valuation upside is sufficient, the analyst prepares an investment case and integrates the ESG factors into the valuation of the company. The VDF is included in the investment case and determines a stock's upside potential. Portfolio managers want to introduce as much upside potential into the Robeco NV-Robeco Global Stars portfolio as possible, taking into account checks and balances (beta, active risk, and checks and limits for regional and sector exposure).

Risk policy

Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

We are still relatively upbeat about the outlook for global equity markets for the coming year. Economic growth among the major developed economic blocks will continue to remain solid, while inflationary pressures are starting to appear in the US. We expect the Federal Reserve to continue tightening monetary policy, with at least three rate hikes in 2018 and further balance sheet reduction. Global equity markets can continue to perform reasonably well in such an environment, as long as the rate hikes are properly announced to the market and are aligned with a further pick-up in economic growth. We also think that the earnings environment remains largely positive, as we expect the domestic US economy to remain relatively robust in the wake of Trump’s tax restructuring, and that international economic growth remains supportive as well. Valuations in general seem more stretched in the US relative to international markets and, given the interest rate environment, we do not see much room for further multiple expansion.

Jan Keuppens, Michiel Plakman, CFA
Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Executive Director, is the Head of the Global Equities team. Prior to joining Robeco in 2005, he worked as a Portfolio Manager for Quest Management, AXA IM and Corluy & CO. Jan Keuppens started his career in the investment industry in 1997. He holds a Master's degree in Applied Economic Sciences from the University of Leuven. Michiel Plakman is Portfolio Manager of Robeco Global Stars Equities Fund NV. Michiel Plakman is co-PM for the Global Stars fund. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, Michiel Plakman worked for two years as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1997, he held a position as Portfolio Manager European Equities at KPN Pension Fund. Michiel holds a Master's degree in Econometrics from the Free University of Amsterdam and he is a CFA charter holder.

Details

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management company
Fund capital
Outstanding shares
ISINNL0000289783
BloombergROBA NA
Valoren1237582
WKN970259
Availability
1st quotation date-1004572800000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
Max exit fee
Max sub fee
Max switch fee

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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

The funds shown on this website may not be available in your country. Please select your country website (top right corner) to view the products that are available in your country.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.

By clicking Proceed I confirm that I am a professional investor and that I have read, understood and accept the terms of use for this website.

Decline