Robeco New World Financial Equities M USD

Index: MSCI All Country Financials Index (Net Return, USD)
ISIN: LU1124238004
  • Invests in companies active in the financial industry worldwide (e.g. retail banks, insurance companies and asset managers)
  • Top-down theme selection and bottom-up stock selection using proprietary valuation models
  • Risk limitation through global diversification
Assets class
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Currency USD
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Dividend payingNo

About this fund

Robeco New World Financial Equities invests in stocks in developed and emerging countries across the world. The selection of these stocks is based on fundamental analysis. The funds invests in companies in the financial sector and can partly invest in financial oriented companies outside of the formal MSCI Financials. The fund focuses on attractive long term trends such as Digital Finance, Ageing Finance and Emerging Finance. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. Companies are individually assessed on the basis of in-depth discussions with corporate management and analysts.


No performance data available


Robeco New World Financial Equities M USD


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Subject 3 years 5 years
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Market development

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The final rocky month of a volatile summer is now behind us. The earnings reports of the financial sector and the parts of the technology sector which we own (fintech) were actually quite good. The overall MSCI World performed quite well during the past three months but the financial sector performed relatively poorly in spite of beating earnings and revenues. Technology, by contrast, performed very strongly but at times with mixed results. We are still looking at opportunities in the Aging Finance trend. Earnings reports have been good overall, also helped by higher equity markets and higher (long-term) interest rates compared to one year ago. Our investments in the Digital Finance space continue to be great performers and have generally delivered solid results. Emerging Finance had a tough month in August with Turkey, Argentina and Russia still under pressure for various reasons. We actually see great investment opportunities emerging, but also realize that markets need to get into a less risk-off mood to make those opportunities count.

Fund Classification

ESG integration
Sustainability Themed Fund

Fund allocation

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Name Sector Weight

Currency policy

The fund can engage in currency hedging transactions.

Dividend policy

The fund does not distribute dividend. Any income earned is retained, and so the fund's entire performance is reflected in its share price.

ESG Integration policy

For Robeco New World Financials Equities, we combine fundamental analysis with proprietary Robeco quantitative models and use the sustainability data from RobecoSAM when available for our universe. In our fundamental analysis and company engagement we focus on governance issues. These factors are material as not splitting CEO / Chairman roles, for instance, or not aligning management incentives with shareholder value creation has proven in several cases to entail large risks to shareholder value.

Investment policy

Allocation to trend strategies that are based on long-term growth trends offer possibilities of outperforming the broader market over a 3-5 year investment horizon. This trend fund invests in companies in financial-related industries worldwide that benefit most from the selected long-term trends. Global population growth, urbanization, higher household incomes, technological changes and growth in emerging markets are the main drivers for our trend strategies. The fund manager selects the companies that have as pure as possible exposure to the selected trends and themes. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. Companies are individually assessed on the basis of in-depth discussions with corporate management and consultations with internal and external analysts.

Risk policy

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

Expectation of fund manager

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Year-to-date the sector is down 1%. We were so fortunate to see our fund generating a positive return, but it remains strange to see the financial sector being so weak after virtually everybody was so positive and optimistic at the beginning of 2018. The MSCI World All Countries is up more than 7% year-to-date. So is a (global) recession nearing? We believe not for at least 1-2 years to come. Perhaps valuations are simply too high? Except for perhaps certain developed market banks (in especially US, Canada and Australia) most financials look historically cheap. Is there no growth available? With the world economy growing nicely, very low unemployment and inflation generally under control, growth fundamentals are actually quite good. We have an increasing interest in Aging Finance and see continued solid fundamentals for Digital Finance though we are keeping an eye on (relative) valuations. Emerging Finance is probably the best longer-term investment opportunity but for now it remains very much off investors’ radar screens. We continue to identify and monitor opportunities but for the time being we are also cautious.

Patrick Lemmens, Christian Vondenbusch
Patrick Lemmens, Christian Vondenbusch

Patrick Lemmens, Christian Vondenbusch

Mr. Patrick Lemmens is a Senior Portfolio Manager. He is the Lead Portfolio Manager of Robeco New World Financials Equities fund. He has been responsible for this fund since October 2008. Prior to joining Robeco in 2008, Patrick was employed at ABN AMRO Asset Management as a Senior Portfolio Manager for 5 years and 9 years as a Senior Investment Analyst, both in Global Financials. He managed the ABN AMRO Financials Fund between October 2003 and December 2007. Patrick started his career in the investment industry in 1993. He holds a Master's degree in Business Economics from the Erasmus University Rotterdam and is a CEFA holder since 1995. He is registered with the Dutch Securities Institute. Mr. Christian Vondenbusch, CFA, is together with portfolio manager Patrick Lemmens the Portfolio Manager for Robeco New World Financials Equities fund and together with portfolio manager Steef Bergakker he is also responsible for Robeco Hollands Bezit. Previous affiliations include a position as Portfolio Manager within the Financial Equities team, the European Equities team and the Property Equities team. Christian started his career in the investment industry in 1999 at Robeco. He holds a Master's degree in Economics from Maastricht University and he is CFA charter holder.


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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
AvailabilityLU, ES, CH
1st quotation date1513209600000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
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Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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This fund may also deduct a performance fee of

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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.


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