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Robeco Global Consumer Trends D USD

Index: MSCI All Country World Index (Net Return, USD)
ISIN: LU0554840073
  • Invests in consumer exposed companies worldwide (e.g. leading digital platforms, media companies, online travel agencies, luxury manufacturers and strong consumer brands)
  • Top-down trend selection and bottom-up stock selection using proprietary valuation models
  • Risk limitation through diversification over multiple trends with different drivers and risk characteristics
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Global Consumer Trends is an actively managed fund that invests in stocks in developed and emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund invests in a number of structural growth trends in consumer spending. The first is the "digital transformation of consumption". The second trend is that of the growth in the “emerging middle class”. The third trend focuses on the increasing importance of "health & wellbeing". The fund managers aim to select stocks of the structural winners within these trends.

Price development

No performance data available

Price development

Robeco Global Consumer Trends D USD

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.

Performance explanation

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Based on transaction prices, the fund's return was -5.96%. Digitally exposed stocks had a rough ending to the year, with many of the already weakest stocks receiving another pummeling in the final weeks. Tesla shares took the cake as the shares lost nearly 40%. Our Emerging Middle Class trend again made a positive contribution. Especially Chinese tech names followed through after their strong gains in November due to the relaxation of Covid rules in China. Both Alibaba and Pinduoduo outperformed in a very weak tape for technology stocks. Luxury goods manufacturers also had a good month from a relative perspective. Ferrari and Richemont did lose ground, but held the majority of last month's gains. Our Health & Wellbeing trend again made a positive contribution. Nike and Estée Lauder both continued their strong recent performance. Haleon benefited from a lower litigation risk.

Statistics

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Market development

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Global equity markets slumped further in December to finish off the worst year for global markets since the global financial crisis in 2008. Resurgent inflation forced central banks around the world to quickly hike interest rates, with the Federal Reserve raising the benchmark interest rate seven times from near zero to more than four percent at the end of the year. This put an end to the supply of 'cheap money' that boosted equity markets ever since interest rates dipped to the zero level early in the previous decade. The reopening of major global economies after the pandemic-induced lockdowns and the Russia-Ukraine war led to a surge in inflation, as Europe fell into an energy crisis as oil and gas futures skyrocketed. Stocks dropped as the initial hopes that inflation would be transitory quickly faded. The Federal Reserve raised rates aggressively and later in the year, the European Central Bank followed suit. The S&P 500 Index dropped to end the year down. The tech-heavy Nasdaq lost. European stocks in the FTSE Eurotop 100 Index outperformed their US peers. Finally, emerging market stocks have started to outperform developed markets in the fourth quarter.

Fund allocation

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Name Sector Weight
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Currency policy

The fund can engage in currency hedging transactions. Typically currency hedging is not applied.

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

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.

Investment policy

Robeco Global Consumer Trends is an actively managed fund that invests in stocks in developed and emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. 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, proxy voting and engagement. The fund invests in a number of structural growth trends in consumer spending. The first is the "digital transformation of consumption". The second trend is that of the growth in the “emerging middle class”. The third trend focuses on the increasing importance of "health & wellbeing". The fund managers aims to select stocks of the structural winners within these trends. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The investment policy is not constrained by a Benchmark but the fund may use a benchmark for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. the Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

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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A regime of rising interest rates presents a more challenging environment for companies with high long-term growth potential. Going forward, increasing policy interest rates and persistently high levels of inflation may continue to lead to above-average levels of volatility. Importantly, this does not alter our belief that investors should focus on high-quality businesses with valuable intangible assets, low capital intensity, high margins and superior returns on capital. These companies have historically delivered above-average returns, while offering downside protection in volatile market environments. We believe that the above average valuations for these businesses are justified given the quality of their business models, the high levels of earnings growth and the sustainability of their franchises. We continue to have a positive long-term outlook for our investments.

Jack Neele, Richard Speetjens
Jack Neele, Richard Speetjens

Jack Neele, Richard Speetjens

Jack Neele is Portfolio Manager of the Robeco Global Consumer Trends strategy and member of the Trends Equities team. Jack started his career in the investment industry in 1999 and prior to joining Robeco, he was a Global Equity Portfolio Manager at Fortis MeesPierson. He holds a Master’s in Econometrics from Erasmus University Rotterdam and is a Certified European Financial Analyst. Richard Speetjens is Portfolio Manager of Robeco Global Consumer Trends strategy and member of the Trends Equities team. He has managed the strategy since December 2010. He joined Robeco as a Portfolio Manager European Equities in 2007. Previously, Richard was Portfolio Manager European Equities at Van Lanschot Asset Management and at Philips Investment Management. Richard has a Master's in Business Economics and Finance from Maastricht University and is a CFA®, charterholder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0554840073
BloombergRGCTEDU LX
Valoren11958496
WKNA1H4AS
Availability
1st quotation date1289779200000
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
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Transaction costs

The expected transaction costs are

Performance fee

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.

Regulation S Disclosure

The Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.