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Robeco New World Financials M 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
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco New World Financials 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 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.

Price development

No performance data available

Price development

Robeco New World Financials M 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.

Statistics

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Market development

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August proved to be one of the best total return months on record as global equities continued to motor ahead. The MSCI World was up strongly. The market continues to be driven by the consumer and IT sectors. The emergence of trade tensions has bolstered the call for localizing supply chains which will surely go at the detriment of production cost. This supports the case for a return of inflation much sooner than expected and this will have profound consequences for the interest rate environment as well. In this context it was interesting to note that Fed Chairman Powell opened the door to higher inflation tolerance. The bond market’s read of this policy shift is that the Fed will tolerate a temporary overshoot of inflation, and low policy rates for much longer. Especially life insurers benefit from rising long bond yields. For banks the story is different, as very low short interest rates for much longer and a relatively flat yield are not necessarily positive for the banks’ operating environment. Nevertheless, given the light positioning and very cheap valuations it is tempting for contrarians to embrace the thought of a broad-based rally in financial stocks.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
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. Any income earned is retained, and so the fund's entire performance is reflected in its share price.

ESG Integration policy

Robeco New World Financials integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.

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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We do firmly believe that the recession will pass, growth will come back and longer-term fundamentals will recover. Looking at global financials and fintech we do believe most long-term trends are still firmly in place. Some trends will develop faster, some trends might temporarily pause, and certain trends might change. We do believe that the three main trends, Digital Finance, Emerging Finance and Aging Finance are still in place. The companies which can capitalize on these trends remain mostly the same, but relative valuations have become a lot cheaper. At the same time, however, it is also very difficult to call the exact bottom right now, as that depends on so many things which are beyond our control, grasp and ability to predict. We will continue to invest the money which is entrusted to us in the same way as we have always done, fully invested and with no material changes to beta over time.

Patrick Lemmens, Michiel van Voorst, Koos Burema
Patrick Lemmens, Michiel van Voorst, Koos Burema

Patrick Lemmens, Michiel van Voorst, Koos Burema

Mr. Patrick Lemmens is a Senior Portfolio Manager. He is the Lead Portfolio Manager of Robeco New World Financials 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. Michiel van Voorst is co-portfolio manager of Robeco New World Financials and Robeco FinTech. Michiel re-joins Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. Besides this role, Michiel is a Board member of a Hong Kong based Fintech startup offering regulated software services (SaaS) for Independent financial advisors globally. Prior to that, Michiel spent 12 years at Robeco in several senior positions including senior portfolio manager Rolinco Global Growth fund and Robeco Asian Stars. Prior to joining Robeco in 2005, Michiel was Portfolio Manager US Equity at PGGM and Economist with Rabobank Netherlands. He has more than 20 years of broad equity experience in both developed and emerging markets. Michiel van Voorst holds a Master’s degree in Economics from University of Utrecht and is CFA charter holder since 2004. Koos Burema is co-portfolio manager of Robeco New World Financials and Robeco FinTech. Koos was an Analyst with the Emerging Markets team covering Korea + technology in Taiwan and Mainland China. Besides this, he was responsible for the quality check on ESG integration in the investment process. Before joining the team in January 2010, he worked as a Junior Portfolio Manager for different sector teams within Robeco. Prior to joining Robeco in September 2007, Koos was employed by IEX.nl, the largest Dutch investment website for six years. Koos holds a Master of Science in Business Administration from the University of Groningen and is CFA charter holder since 2011.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1124238004
BloombergRNWFEMU LX
Valoren25750214
WKN
Availability
1st quotation date1513209600000
Close financial year31-12
Legal status
Tracking error limit (%)
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.