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Ninguna de las acciones puede ser ofrecida o vendida, directa o indirectamente, en los Estados Unidos ni a ninguna Persona estadounidense en el sentido de la Regulation S promulgada en virtud de la Ley de Valores de 1933, en su versión en vigor (en lo sucesivo, la “Ley de Valores”)). Asimismo, Robeco Institutional Asset Management B.V. (Robeco) no presta servicios de asesoramiento de inversión, ni da a entender que puede ofrecer este tipo de servicios, en los Estados Unidos ni a ninguna Persona estadounidense (en el sentido de la Regulation S promulgada en virtud de la Ley de Valores). Este sitio Web está únicamente destinado a su uso por Personas no estadounidenses fuera de Estados Unidos (en el sentido de la Regulation S promulgada en virtud de la Ley de Valores) que sean inversores profesionales o fiduciarios profesionales que representen a dichos inversores que no sean Personas estadounidenses. Al hacer clic en el botón “Acepto” que se encuentra en el aviso sobre descargo de responsabilidad de nuestro sitio Web y acceder a la información que se encuentra en dicho sitio, incluidos sus subdominios, usted confirma y acepta lo siguiente: (i) que ha leído, comprendido y aceptado el presente aviso legal, (ii) que se ha informado de las restricciones legales aplicables y que, al acceder a la información contenida en este sitio Web, manifiesta que no infringe, ni provocará que Robeco o alguna de sus entidades o emisores vinculados infrinjan, ninguna ley aplicable, por lo que usted está legalmente autorizado a acceder a dicha información, en su propio nombre y en representación de sus clientes de asesoramiento de inversión, en su caso, (iii) que usted comprende y acepta que determinada información contenida en el presente documento se refiere a valores que no han sido inscritos en virtud de la Ley de Valores, y que solo pueden venderse u ofrecerse fuera de Estados Unidos y únicamente por cuenta o en beneficio de Personas no estadounidenses (en el sentido de la Regulation S promulgada en virtud de la Ley de Valores), (iv) que usted es, o actúa como asesor de inversión discrecional en representación de, una Persona no estadounidense (en el sentido de la Regulation S promulgada en virtud de la Ley de Valores) situada fuera de los Estados Unidos y (v) que usted es, o actúa como asesor de inversión discrecional en representación de, un inversión profesional no minorista.",[],{"nodeType":88,"data":249,"content":250},{},[251],{"nodeType":92,"data":252,"content":253},{},[254,257],{"nodeType":241,"data":255,"key":256},{},"break-0-0",{"nodeType":96,"data":258,"value":259,"marks":260},{},"El acceso a este sitio Web ha sido limitado, de manera que no constituya intento de venta dirigida (según se define este concepto en la Regulation S promulgada en virtud de la Ley de Valores) en Estados Unidos, y que no pueda entenderse que a través del mismo Robeco dé a entender al público estadounidense en general que ofrece servicios de asesoramiento de inversión. Nada de lo aquí señalado constituye una oferta de venta de valores o la promoción de una oferta de compra de valores en ninguna jurisdicción. Nos reservamos el derecho a denegar acceso a cualquier visitante, incluidos, a título únicamente ilustrativo, aquellos visitantes con direcciones IP ubicadas en Estados Unidos. Este sitio Web ha sido cuidadosamente elaborado por Robeco. La información de esta publicación proviene de fuentes que son consideradas fiables. Robeco no es responsable de la exactitud o de la exhaustividad de los hechos, opiniones, expectativas y resultados referidos en la misma. Aunque en la elaboración de este sitio Web se ha extremado la precaución, no aceptamos responsabilidad alguna por los daños de ningún tipo que se deriven de una información incorrecta o incompleta. El presente sitio Web podrá sufrir cambios sin previo aviso. El valor de las inversiones puede fluctuar. Rendimientos anteriores no son garantía de resultados futuros. Si la divisa en que se expresa el rendimiento pasado difiere de la divisa del país en que usted reside, tenga en cuenta que el rendimiento mostrado podría aumentar o disminuir al convertirlo a su divisa local debido a las fluctuaciones de los tipos de cambio. Para inversores profesionales únicamente. 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About us - Key strengths","Principales fortalezas","\u002Facerca-de-nosotros\u002Fprincipales-fortalezas",{"id":544,"internal":545,"title":546,"url":547},"3s0Ido5fRGArmxHs8QTpUV","Navigation - About us - Governance","Gobernanza","\u002Facerca-de-nosotros\u002Fgobierno-corporativo",{"id":549,"internal":550,"title":551,"url":552},"1Oo9CSnJFICqPO9YUpnG8Z","Navigation - About us - History","Historia","\u002Facerca-de-nosotros\u002Fhistoria",{"id":554,"internal":555,"title":556,"url":557},"54ip9Wk6hPvJjCm8L3X03i","Navigation - About us - Diversity & inclusion","Diversidad & inclusión","\u002Facerca-de-nosotros\u002Fdiversidad-igualdad-inclusion",{"id":161,"internal":162,"title":163,"url":164},{"id":560,"link":561,"logoDesktopDark":562,"logoDesktopLight":567,"logoMobileDark":570,"logoMobileLight":571},"53cK6WPuMobhAGYr2PlTYX",{"id":316,"internal":317,"title":318,"url":319,"external":212,"openInNewWindow":300},{"id":563,"src":564,"width":264,"height":565,"alt":566},"7mygwms2vuSwirnfvaCSvL","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F7mygwms2vuSwirnfvaCSvL\u002F53c11011042200918f62414bf6cfff87\u002Frobeco-logo-color.png",144,"Robeco, The Investments Engineers",{"id":568,"src":569,"width":264,"height":565,"alt":566},"17uZboFLmbSFTaqugpnBnq","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F17uZboFLmbSFTaqugpnBnq\u002F50fabb6a2ded715f5bbbc7506c8c8795\u002Frobeco-logo-white.png",{"id":262,"src":263,"width":264,"height":265,"alt":566},{"id":572,"src":573,"width":264,"height":265,"alt":566},"3HqCSmJoRNJ9SJB0oFu7su","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F3HqCSmJoRNJ9SJB0oFu7su\u002F9aedba1d11b7946bb749339abba58f9b\u002Frobeco-logo-white-small.png",{"id":575,"internal":576,"title":577,"url":578},"acOTqNu10iMsF7qEv7vdz","Search","Buscar","\u002Fbuscar",{"id":580,"title":581,"text":582,"loggedInMenu":592},"b9tKzbz8HyDCjaYc6kuXg","MyRobeco - Acceso a su cartera y a datos sobre sostenibilidad",{"nodeType":88,"data":583,"content":584},{},[585],{"nodeType":92,"data":586,"content":587},{},[588],{"nodeType":96,"data":589,"value":590,"marks":591},{},"MyRobeco está disponible sólo para clientes institucionales de mandato. Póngase en contacto con su Client Relationship Manager en Robeco para obtener más información. ",[],{"id":593,"items":594},"5iTIOUkYYtQSeSZYluAfoB",[595,600],{"id":596,"internal":597,"title":598,"url":599},"2LhyOnhfpCcaQabHry6y8V","settings","Settings","\u002Fportal#\u002Fsettings\u002Fprofile",{"id":601,"internal":602,"title":603,"url":604},"4UvrdpaXTbVZvsrOorhZT0","faq","FAQ","\u002Fportal\u002Ffaq",[],[607,611,628,672,704,733,769,808,841],{"id":15,"video":608,"design":609,"type":14},"https:\u002F\u002Fwww.robeco.com\u002Ffiles\u002Fdocm\u002Fvideo-opportunity-conservative-investing.mp4",{"type":610},"Fixed",{"id":18,"title":612,"text":613,"topTitle":624,"design":625,"type":17},"Ganar al perder menos",{"nodeType":88,"data":614,"content":615},{},[616],{"nodeType":617,"data":618,"content":619},"heading-3",{},[620],{"nodeType":96,"data":621,"value":622,"marks":623},{},"El riesgo y la rentabilidad son inseparables, como dicta la sabiduría popular. Pero, ¿esto es realmente así? Las acciones de bajo riesgo tienden a ofrecer una mayor rentabilidad ajustada al riesgo que las acciones de alto riesgo, lo que refleja una de las anomalías más antiguas del análisis empírico de renta variable. ",[],"Oportunidad: Inversión conservadora",{"alignment":626,"title":627},"50-50","H1 Title",{"id":20,"title":629,"text":630,"design":668,"type":17},"¿Por qué un enfoque conservador?",{"nodeType":88,"data":631,"content":632},{},[633,640,648,655],{"nodeType":92,"data":634,"content":635},{},[636],{"nodeType":96,"data":637,"value":638,"marks":639},{},"Las inversiones conservadoras ofrecen rentabilidades estables en renta variable y se centran en la generación de ingresos sólidos y en el sentimiento positivo del mercado. A menudo se considera que las acciones conservadoras son relativamente aburridas, pero eso no las hace menos atractivas.",[],{"nodeType":641,"data":642,"content":643},"heading-4",{},[644],{"nodeType":96,"data":645,"value":646,"marks":647},{},"Ejemplo práctico de estrategia a largo plazo",[],{"nodeType":92,"data":649,"content":650},{},[651],{"nodeType":96,"data":652,"value":653,"marks":654},{},"Hemos estudiado los resultados de una estrategia conservadora mantenida durante más de 150 años (de enero de 1866 a diciembre de 2021); un periodo que comprende varios ciclos de auges y caídas, guerras y etapas de deflación.",[],{"nodeType":92,"data":656,"content":657},{},[658,662,664],{"nodeType":96,"data":659,"value":660,"marks":661},{},"Las acciones conservadoras ofrecieron una rentabilidad anualizada positiva en cada una de las décadas y superaron a sus homólogas de naturaleza especulativa en todos los periodos. ",[],{"nodeType":241,"data":663,"key":256},{},{"nodeType":96,"data":665,"value":666,"marks":667},{},"Estas acciones suelen ofrecer rentabilidades estables y elevadas a largo plazo porque “ganan al perder menos”. Sus atributos de preservación del capital en mercados bajistas y de significativo aprovechamiento de los mercados alcistas son la clave de ello. El enfoque funciona a lo largo de diferentes periodos de tiempo.",[],{"alignment":669,"background":670,"title":671},"100 Center","Black","H2 Title",{"id":23,"quote":673,"design":703,"type":22},{"quote":674,"person":675},"La evolución del mercado hace presagiar cosas buenas para una cartera de gestión activa formada por empresas estables y rentables que ofrece un crecimiento adecuado de los dividendos",{"id":676,"internal":677,"name":677,"intro":678,"jobTitle":688,"twitter":689,"linkedin":690,"email":691,"image":692,"thumbnail":698,"quote":702},"5vKnW4Dtb3s03GIeZACt0Q","Pim van Vliet",{"nodeType":88,"data":679,"content":680},{},[681],{"nodeType":92,"data":682,"content":683},{},[684],{"nodeType":96,"data":685,"value":686,"marks":687},{},"Pim van Vliet is Head of Conservative Equities and Chief Quant Strategist. As Head of Conservative Equities, he is responsible for a wide range of global, regional, and sustainable low-volatility strategies. He specializes in low-volatility investing, asset pricing, and quantitative finance. He is the author of numerous academic research papers including publications in the Journal of Banking and Finance, Management Science, and the Journal of Portfolio Management. Pim is a guest lecturer at several universities, author of an investment book and speaker at international seminars. He became Portfolio Manager in 2010. Pim joined Robeco in 2005 as a Researcher with responsibility for asset allocation research. Pim holds a PhD and a Master's cum laude in Financial and Business Economics from Erasmus University Rotterdam.",[],"Head of Conservative Equities and Chief Quant Strategist ","http:\u002F\u002Ftwitter.com\u002Fparadoxinvestor","https:\u002F\u002Fnl.linkedin.com\u002Fin\u002Fpimvanvliet","p.van.vliet@robeco.nl",{"id":693,"src":694,"width":695,"height":696,"alt":46,"focalPoint":697},"6TJCJ3JBXPd0Ljs59MtpVU","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F6TJCJ3JBXPd0Ljs59MtpVU\u002F617efabe4eb5387cbdd3ae67c8c2f5d3\u002Fpim-van-vliet-00563-4000px.jpg",4000,1667,"face",{"id":699,"src":700,"width":701,"height":701,"alt":46},"78kG9JV91hgkAUmoYzsROt","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F78kG9JV91hgkAUmoYzsROt\u002F0808459069c3185edfdde2ca38dfdf4b\u002Fpim-van-vliet-00528-500px.jpg",500,"The low-volatility effect is perhaps the largest anomaly in finance, challenging the basic trade-off between risk and return, as higher risk does not lead to higher returns. Still, it remains one of the least utilized factor premiums in financial markets.",{},{"id":26,"internal":705,"title":706,"image":707,"imageMobile":712,"source":717,"design":732,"type":25},"Opportunities - Conservative investing - Annualized return","Rentabilidad anualizada de las acciones conservadoras y especulativas, por décadas",{"id":708,"src":709,"width":710,"height":711,"alt":46},"5gggFb3fHhzNQl497Dag2c","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F5gggFb3fHhzNQl497Dag2c\u002F59b518d934fc587e45143d90b60aab4e\u002Fannualized-return-1024px-es.png",1024,354,{"id":713,"src":714,"width":715,"height":716,"alt":46},"2VTuAaug2SyHC8w2nT7ron","\u002F\u002Fimages.ctfassets.net\u002Ftl4x668xzide\u002F2VTuAaug2SyHC8w2nT7ron\u002F1bdf12329e3afb4a9325b4e5fbee33c2\u002Fannualized-return-mobile-1024px-es.png",667,1075,{"nodeType":88,"data":718,"content":719},{},[720],{"nodeType":92,"data":721,"content":722},{},[723,728],{"nodeType":96,"data":724,"value":725,"marks":726},{},"Fuente:",[727],{"type":239},{"nodeType":96,"data":729,"value":730,"marks":731},{}," Robeco Quantitative Research. Rentabilidad en USD, antes de comisiones y gastos.",[],{"background":670},{"id":28,"title":734,"text":735,"design":768,"type":17},"¿Por qué ahora?",{"nodeType":88,"data":736,"content":737},{},[738,745,752,759],{"nodeType":641,"data":739,"content":740},{},[741],{"nodeType":96,"data":742,"value":743,"marks":744},{},"Posicionamiento de cara a la futura evolución de los mercados \r",[],{"nodeType":92,"data":746,"content":747},{},[748],{"nodeType":96,"data":749,"value":750,"marks":751},{},"Si estudiamos lo sucedido en los dos últimos años, vemos que los mercados globales de renta variable han experimentado un prolongado mercado alcista con una volatilidad relativamente baja, un alto crecimiento de los beneficios y una inflación baja, que fue interrumpido temporalmente por el pánico pandémico de marzo de 2020.",[],{"nodeType":92,"data":753,"content":754},{},[755],{"nodeType":96,"data":756,"value":757,"marks":758},{},"Sin embargo, la situación del mercado ha venido cambiando desde principios de 2022. Cabe esperar que el crecimiento de los beneficios empresariales, que se sitúan en cifras de dos dígitos, se enfríe en los próximos años, ya que los bancos centrales están comenzando a subir los tipos, la inflación va en aumento y las valoraciones de mercado se encuentran en máximos históricos.",[],{"nodeType":92,"data":760,"content":761},{},[762,766],{"nodeType":96,"data":763,"value":764,"marks":765},{},"Esto hace presagiar cosas buenas para una estrategia que busca mantener una cartera activamente posicionada de empresas estables y rentables, con un crecimiento adecuado de los dividendos y que cotizan con un descuento significativo en sus valoraciones con respecto al índice del mercado. ",[],{"nodeType":241,"data":767,"key":256},{},{"alignment":669,"title":671},{"id":30,"title":770,"text":771,"design":807,"type":17},"¿Por qué Robeco?",{"nodeType":88,"data":772,"content":773},{},[774,781],{"nodeType":641,"data":775,"content":776},{},[777],{"nodeType":96,"data":778,"value":779,"marks":780},{},"Una estrategia de renta variable sólida de cara a la futura evolución de los mercados",[],{"nodeType":92,"data":782,"content":783},{},[784,788,790,793,797,800,803],{"nodeType":96,"data":785,"value":786,"marks":787},{},"Robeco es pionera en el campo de la inversión cuantitativa y adopta un enfoque activo hacia la inversión de baja volatilidad, basado en galardonados estudios. Desde su puesta en marcha en 2006, Robeco Conservative Equities ha ofrecido una rentabilidad superior en renta variable, con un 24% menos de riesgo (medido según la volatilidad) que el mercado.",[],{"nodeType":241,"data":789,"key":256},{},{"nodeType":241,"data":791,"key":792},{},"break-0-1",{"nodeType":96,"data":794,"value":795,"marks":796},{},"La estrategia adopta un enfoque mejorado para la inversión de bajo riesgo, en el que un modelo de clasificación de títulos combina los efectos beta y de volatilidad en una misma temática de bajo riesgo. También incluye características tales como bajo riesgo de solvencia, ingresos elevados y estables, valoración atractiva y gran calidad, en combinación con un momentum positivo. La sostenibilidad se encuentra integrada en el proceso de inversión, lo que da como resultado un perfil de riesgo ASG más bajo y una huella de carbono más reducida que la del índice.",[],{"nodeType":241,"data":798,"key":799},{},"break-0-2",{"nodeType":241,"data":801,"key":802},{},"break-0-3",{"nodeType":96,"data":804,"value":805,"marks":806},{},"Conservative Equities se encuentra disponible en distintas modalidades geográficas: países desarrollados de todo el mundo, Europa, mercados emergentes, todos los países, EE.UU. y acciones A chinas. La incorporación más reciente es una versión centrada en el clima y los ODS. ",[],{"alignment":669,"background":670,"title":671},{"id":32,"title":809,"text":810,"design":840,"type":17},"Nuestras soluciones insignia",{"nodeType":88,"data":811,"content":812},{},[813],{"nodeType":814,"data":815,"content":839},"embedded-entry-block",{"target":816,"type":820,"props":821},{"sys":817},{"id":818,"type":110,"linkType":819},"71wpNMLvirH2ICV5mlVwMn","Entry","link-list",{"id":818,"items":822},[823,829,834],{"id":824,"internal":825,"title":826,"url":827,"variant":828},"4iKrqoqCIkat4CbxNTnUeO","Fund: QI Global Developed Conservative Equities | Fund name","QI Global Developed Conservative Equities","\u002Fproductos\u002Ffondos?search=QI+Global+Developed+Conservative+Equities&lt=list","Button Tertiary Black",{"id":830,"internal":831,"title":832,"url":833,"variant":828},"7cEAob2tw2hZ56kGhLZPdJ","Fund: QI European Conservative Equities | Fund name","QI European Conservative Equities","\u002Fproductos\u002Ffondos?search=QI+European+Conservative+Equities&lt=list",{"id":835,"internal":836,"title":837,"url":838,"variant":828},"3vQ6oPfLhmos9WDKBEIsLv","Fund: QI Emerging Conservative Equities | Fund name","QI Emerging Conservative Equities","\u002Fproductos\u002Ffondos?search=QI%20Emerging%20Conservative%20Equities&lt=list",[],{"alignment":669,"title":671},{"id":35,"title":842,"text":843,"link":853,"design":857,"type":34},"Póngase en contacto con nosotros",{"nodeType":88,"data":844,"content":845},{},[846],{"nodeType":847,"data":848,"content":849},"heading-2",{},[850],{"nodeType":96,"data":851,"value":46,"marks":852},{},[],{"id":854,"internal":855,"title":856,"url":164,"variant":284},"7ntfrRf2pZCkQ7cedtVVAz","Opportunities Generiek - Contact","Contacto",{"background":858},"Gradient-Black-Blue"]