Rolinco - EUR E
Investing in structural trends worldwide
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.
A-EUR
Class and codes
Asset class:
Equities
ISIN:
NL0000289817
Bloomberg:
ROLA NA
Reference index
MSCI All Country World Index (Net 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 (30/03)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in the structural trends worldwide (e.g. "the digital world" and the Industrial Renaissance)
- Top-down theme selection and bottom-up stock selection using proprietary valuation models
- Risk limitation through global diversification
About this fund
Rolinco is an actively managed fund that invests worldwide in equities from developed and emerging countries. The selection of these stocks is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund focuses on growth by investing in promising long-term growth trends. It also invests in five different and independent top-down trends: the digital world, the emerging middle class, resource stewardship, connected enterprise, and healthy aging. Within the identified growth trends, the fund mainly invests in shares of companies that have the purest possible exposure to the trends.
Key facts
Total size of fund
€ 963,014,420
Size of share class
€ 296,606,434
Inception date share class
19-11-1965
1-year performance
22.18%
Dividend paying
Yes
Fund manager
Marco van Lent
Steef Bergakker
Dora Buckulčíková
Marco van Lent is Lead Portfolio Manager Robeco MegaTrends/Rolinco, Portfolio Manager Robeco Digital Innovations and member of the Thematic Investing team. Before 2013, he managed Robeco Infrastructure Equities. Marco joined Robeco in October 2007 to co-manage two European equity funds. He worked at Van Lanschot Asset Management to manage the Van Lanschot European Equity Fund. After the acquisition of Kempen Capital Management by Van Lanschot, he worked at Kempen Capital Management for six months to manage European equity mandates. He was Portfolio Manager European equities at Philips Investment Management in the period 1999-2005 and in the period 1996-1999 he was Portfolio Manager at Van Spaendonck Asset Management. He started his investment career in 1985 as a sell-side analyst/strategist. Marco holds a Master's in Business Economics and Finance from Tilburg University. Steef Bergakker is Portfolio Manager Robeco MegaTrends/Rolinco, Portfolio Manager Robeco Digital Innovations and member of the Thematic Investing team. Previously, he was trends researcher within the Trends Equities team and has authored several white papers. Before that, Steef was portfolio manager of Robeco Infrastructure Equities and Robeco Hollands Bezit. Prior to rejoining Robeco in 2008, Steef held different functions at IRIS (Institute for Research and Investment Services), the former research joint venture of Robeco and Rabobank. From 1998 through 2008 he served as head of IRIS Equity Research, and before that he worked as equity analyst for eight years. Steef started his career in the investment industry at Robeco in 1990 as an analyst. He holds a Master’s in Monetary Economics and Finance and Investments from Erasmus University Rotterdam. Dora Buckulčíková is Lead Portfolio Manager of Robeco Fashion Engagement Equities, Portfolio Manager of Robeco MegaTrends/Rolinco and member of the Thematic Investing Team. She joined Robeco in 2021. Dora holds experience as a buy-side research analyst and investment manager with Baillie Gifford for 6 years. Previously, she was a research consultant for a UK-based global impact fund, providing long-term fundamental and sustainability-focused investment research. Dora is a CFA® Charterholder and obtained her Master of Arts in Economics and Chinese from the University of Edinburgh.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.15%
3.35%
3 months
11.53%
10.67%
YTD
11.53%
10.67%
1 year
22.18%
23.95%
2 years
5.02%
8.40%
3 years
3.81%
10.01%
5 years
10.15%
11.78%
10 years
10.97%
11.34%
Since inception 11/1965
7.95%
-
2023
23.09%
18.06%
2022
-29.14%
-13.01%
2021
21.26%
27.54%
2020
19.91%
6.65%
2019
36.76%
28.93%
2021-2023
1.89%
9.41%
2019-2023
11.64%
12.49%
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.
8.04
7.04
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.
-0.63
-0.08
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.
0.18
0.57
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..
-7.06
-1.80
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.
1.39
1.16
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).
19.52
18.66
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
12.25
12.25
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-9.38
-12.05
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
14
32
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
38.9
53.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
21
39
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
14
28
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
66.7
71.8
Months Bear market
Number of months of negative benchmark performance in the underlying period.
15
21
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
0
4
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
0
19
Dividend paying history
28-06-2023
€ 0.60
29-06-2022
€ 0.80
30-06-2021
€ 0.80
18-06-2020
€ 1.00
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.
1.16%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.00%
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.
0.02%
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
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
The fund can engage in currency hedging transactions.
The fund distributes a dividend on an annual basis.
Rolinco is an actively managed fund that invests worldwide in equities from developed and emerging countries. The selection of these stocks is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund focuses on growth by investing in promising long-term growth trends. It also invests in five different and independent top-down trends: the digital world, the emerging middle class, resource stewardship, connected enterprise, and healthy aging. Within the identified growth trends, the fund mainly invests in shares of companies that have the purest possible exposure to the trends. 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. The Fund is not constrained by a benchmark but the Fund may use a reference index for comparison purposes. The MSCI All Country World Index is used as a reference for comparison of the performance. The majority of stocks selected will be components of the reference index, but stocks outside the reference index may be selected too. The Fund can deviate substantially from the weightings of the reference index. The Fund can deviate substantially from the issuer, country and sector weightings of reference index. There are no restrictions on the deviation from the reference index. The reference index is a broad market weighted index that is not consistent with the ESG characteristics promoted by the Fund.
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
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 incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest 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 existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. 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.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
Global stock markets saw a strong first-quarter performance, driven by AI innovation, robust corporate profits, and optimistic sentiments around US economic stability and cooling inflation. The MSCI All Country World index surged 10.7% this year, with expectations of rate cuts from Fed Chair Jerome Powell further boosting investor confidence. In March, the MSCI ACWI index rose 3.3%, with European markets leading the rally, spurred by ECB's indication of a rate cut. However, concerns lingered over China's economic slowdown, evidenced by declining luxury sales, impacting companies like Kering.
Performance explanation
Based on transaction prices, the fund's return was 2.15%. In March, the fund experienced various performances across its five key trends. The Connected Enterprise trend slightly increased by 0.2%, primarily driven by TSMC (+6.3%) and Zebra Technologies (+8%). However, software-related companies like Palo Alto Networks (-8%) and Capgemini (-5%) faced pressure. The Digital World trend performed the best (+6.1%), with NVIDIA (+14%) leading due to AI demand. Samsung Electronics (+12%) followed suit. The Emerging Middle Class trend increased by 3%, boosted by Meituan (+22%) and Delivery Hero (+20%). The Healthy Aging trend rose by 1.5%, with Edwards Lifesciences (+13%) performing well despite Lululemon Athletica's (-16%) decline. The Resource Stewardship trend grew by 2.7% with CATL (+17%) leading. Notable underperformers included Lululemon, Palo Alto Networks, and Nike, while top performers included NVIDIA, Edwards Lifesciences, and Alphabet. These trends reflect shifts in market sentiment towards technology, consumer behavior, healthcare, and sustainability.
Expectation of fund manager
Marco van Lent
Steef Bergakker
Dora Buckulčíková
Within Rolinco's five broad trends and fifteen subtrends, we highlight the following opportunities: In Connected Enterprise, we are enthusiastic about companies that are specifically exposed to onshoring, cybersecurity and automation trends. In Digital World, the loss-making pandemic winners have been particularly hard-hit as reopening in the US and Europe reversed the digitalization trend and higher interest rates sent valuations into a freefall. The ongoing digitalization and formalization of financial and commerce sectors in frontier markets should prove to be tailwinds to the holdings in our Emerging Middle Class trend. Within Healthy Aging, we see upside potential for companies that can provide novel treatments to chronic health conditions, businesses that 'take costs out of the system'. Finally, companies within the Resource Stewardship trend that enable greater energy efficiency, circularity and electrification should continue to experience positive demand momentum, supported by government stimuli in most regions.
Announcements
- Annual General Meeting Documents (30-05-2024)
- Advertisements AGM several Robeco funds (16-04-2024)
- Prospectus change: Several Robeco Funds (17-10-2023)
- Publication semi-annual reports 2023 (31-08-2023)
- Betaalbaarstelling interim-dividend (06-08-2023)
- Several Robeco funds: Advertisement Dividend 2022 (31-05-2023)
- Annual General Meeting Documents (24-05-2023) (24-05-2023)
- 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)