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Robeco Property Equities D EUR

Index: S&P Developed Property Index (Net Return, EUR)
ISIN: LU0187079180
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Property Equities invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis. This fund identifies strong global property trends first. Within these trends the fund aims to select the property companies with the best prospects. Carefully developed models are used to select stocks with good earnings prospects and a reasonable valuation. Discussions with management and business-data analyses are then carried out in order to stringently screen the individual companies.

Price development

No performance data available

Price development

Robeco Property Equities D EUR

Performance

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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

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Market development

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Real estate stocks lagged global equities by 2.8% this month, bringing total YTD underperformance to almost 700 bps. The Fed hiked rates by another 25 bps and US 10-year Treasury yields moved up by 20 bps, crossing the 3% level. The VIX dropped back to the low teens having spiked to 37 earlier this year. Developed equity markets moved higher with the broader S&P 500 up almost 1%, while tech stocks moved sideways with the Nasdaq down almost 1%. The effects of a continued US rate hike policy and USD-denominated borrowing by emerging market countries are weighing on sentiment, too. Long term this could lead to higher funding costs as BBB spreads are widening.

Fund allocation

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Name Sector Weight
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Fund Classification

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

Currency policy

The fund can engage in currency hedging transactions.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

ESG Integration policy

For Robeco Property 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 environmental issues. These factors are material, as decrease of energy use has a direct effect on the bottom line and a better sustainability profile increases attractiveness for tenants, in both the office and retail real-estate sectors.

Investment policy

Robeco Property Equities invests globally in leading companies in the property sector combining a sound business model, solid growth prospects and a reasonable valuation. Key to the investment process is identification of strong global trends. Within these trends the bottom-up stock selection is driven by the combination of thorough fundamental analysis and quantitative model outcomes. In its analysis the fund does not apply regional timing, focus is on fitness to the growth trends, quality of assets, management teams and balance sheets. Quantitative models are used to screen stocks with high scores on a set of multiple factors that have proven to drive outperformance in the short and medium term. The fund invests in 50 to 70 companies.

Expectation of fund manager

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With its 3.5% dividend yield, the global real estate sector remains an attractive asset category for income oriented investors. In developed markets, fundamentals are still strong, with FY2017-FYE2019 earnings growth rates in the mid-single digits. As payout ratios are upped, we expect dividends to rise accordingly. Overall leverage for the listed sector is moderate, with an average Net Debt to Enterprise Value of sub 30% and Net Debt/EBITDA of around 6.0x. We remain neutral on the sector's valuation. Real estate stocks currently trade at a high single-digit discount to their net asset values. On a relative P/E basis, real estate stocks versus equities trade more in line with the historical average of around 0.9x. As witnessed in 2013 and late 2016, the sector's performance will remain vulnerable to short-term interest rate movements, as the Fed is likely to hike rates further in 2018.The effect will greatly depend on the underlying cause of the interest rate movement and the direction of the rate curve. However, cap-rate spreads with local 10-year bond yields are still above historical averages.

Folmer Pietersma, Frank Onstwedder
Folmer Pietersma, Frank Onstwedder

Folmer Pietersma, Frank Onstwedder

Mr. Folmer Pietersma, CeFA, is Portfolio Manager with Robeco and member of the Property Team. Prior to joining Robeco in 2007, Folmer worked at ABN AMRO Asset Management as a financial analyst and started his career in 1998 as a sell side trader at ABN AMRO's wholesale division. Folmer holds a master's degree in Economics from the University of Tilburg. In 2001 he obtained his Master of Financial Analysis' degree (Vrije Universiteit Amsterdam) and his CEFA registration. Mr. Frank Onstwedder is a member of the Property team. Together with portfolio manager Folmer Pietersma he is the portfolio manager of Robeco Property Equities. Frank worked at NN Investment Partners in The Hague, where he has been head of financials in the global equity research department since 2009. Before that, he was a real estate equities senior portfolio manager at Lehman Brothers Asset Management in Amsterdam. Between 2000 and 2007 he worked at Robeco, where his positions included head of the Pacific team and portfolio manager of the property fund. Between 1998 and 1999 he was an equities portfolio manager at Aegon Investment Management in The Hague. Frank started his career in 1994 as an equities portfolio manager at Robeco. He holds a Master's degree in Econometrics from the Erasmus University Rotterdam.

Details

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Management company
Fund capital
Outstanding shares
ISINLU0187079180
BloombergRGCGPED LX
Valoren1794743
WKNA0CA0U
Availability
1st quotation date896832000000
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
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Transaction costs

The expected transaction costs are

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This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

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.

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