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Ze moeten hun rendement verhogen. De meerderheid van de pensioenfondsen heeft een dekkingsgraad die net boven de minimumeisen ligt. Maar tegelijkertijd is hun risicobereidheid laag – ze kunnen het zich niet permitteren om deze dekkingsgraad verder te laten dalen. Is factorbeleggen de oplossing voor deze schijnbaar tegengestelde uitdagingen? Joop Huij, hoofd Factor Investing en gespecialiseerd in empirische asset pricing en aandelenstrategieën, beantwoordt tien vragen van pensioenfondsen.",[],{"alignment":948},"100 Center",{"id":74,"text":950,"design":979,"type":71},{"nodeType":9,"data":951,"content":952},{},[953,961],{"nodeType":954,"data":955,"content":956},"heading-3",{},[957],{"nodeType":17,"data":958,"value":959,"marks":960},{},"(1) Wat zijn de voordelen van factorbeleggen voor institutionele beleggers?",[],{"nodeType":13,"data":962,"content":963},{},[964,968,972,975],{"nodeType":17,"data":965,"value":966,"marks":967},{},"“De voordelen zijn het beperken van de risico's en het verbeteren van het rendement van de portefeuille over langere periodes. Verder biedt factorbeleggen meer inzicht in de onderliggende factoren die betrekking hebben op risico en rendement. Dit stelt beleggers in staat om robuuste portefeuilles samen te stellen die schokken kunnen opvangen.”",[],{"nodeType":969,"data":970,"key":971},"break",{},"break-0-0",{"nodeType":969,"data":973,"key":974},{},"break-0-1",{"nodeType":17,"data":976,"value":977,"marks":978},{},"“Daarnaast waarderen institutionele beleggers de academische basis van factorbeleggen. Als gevolg van de crisis is er meer vraag gekomen naar hard bewijs dat aantoont dat een beleggingsstijl werkt. Beleggen zonder duidelijke rationele redenen behoort tot het verleden.”",[],{"alignment":948},{"id":76,"text":981,"design":1024,"type":71},{"nodeType":9,"data":982,"content":983},{},[984,991],{"nodeType":954,"data":985,"content":986},{},[987],{"nodeType":17,"data":988,"value":989,"marks":990},{},"(2) Wanneer werkt een factor echt?",[],{"nodeType":13,"data":992,"content":993},{},[994,998,1000,1002,1006,1020],{"nodeType":17,"data":995,"value":996,"marks":997},{},"\"Veel onderzoek naar nieuwe factoren is gebaseerd op rendementen uit het verleden. Hierbij worden veel aannames gemaakt, bijvoorbeeld dat er geen transactiekosten zijn en dat je net zo gemakkelijk kunt beleggen in smallcaps als in largecaps. Verder houden ze geen rekening met belastingen. In de praktijk werken veel van deze nieuwe factoren simpelweg niet. Daarom moeten institutionele beleggers sceptisch zijn als ze overwegen nieuwe factoren op te nemen in hun beleggingsstrategie.\"",[],{"nodeType":969,"data":999,"key":971},{},{"nodeType":969,"data":1001,"key":974},{},{"nodeType":17,"data":1003,"value":1004,"marks":1005},{},"\"De factoren die echt werken hebben twee dingen gemeen: er is voldoende empirisch bewijs dat hun bestaan ondersteunt en er is een economische reden voor. Ik ben één van de auteurs van een onderzoek naar de performance van beleggingsfondsen met een exposure naar factoren. We hebben ontdekt dat de bekendste factoren (Value, Momentum en",[],{"nodeType":548,"data":1007,"content":1015},{"target":1008,"type":554,"props":1011},{"sys":1009},{"id":1010,"type":404,"linkType":553},"4tPyYF4X2Ap4l1f5vaMk4K",{"id":1010,"internal":1012,"title":1013,"url":1014,"isAllowed":520},"Glossary Quantitative investing - Low volatility mutual funds","Low volatility mutual funds","/begrippenlijst/kwantitatief-beleggen/low-volatility-mutual-funds",[1016],{"nodeType":17,"data":1017,"value":1018,"marks":1019},{}," Low Vol",[],{"nodeType":17,"data":1021,"value":1022,"marks":1023},{},") beter werkten dan de meer exotische factoren.\"",[],{"alignment":948},{"id":79,"quote":1026,"design":1028,"type":78},{"quote":1027},"Veel onderzoek is gebaseerd op rendementen uit het verleden",{},{"id":81,"text":1030,"design":1065,"type":71},{"nodeType":9,"data":1031,"content":1032},{},[1033,1040],{"nodeType":954,"data":1034,"content":1035},{},[1036],{"nodeType":17,"data":1037,"value":1038,"marks":1039},{},"(3) Hoe zit het met de factoren Quality en Size?",[],{"nodeType":13,"data":1041,"content":1042},{},[1043,1047,1049,1051,1055,1058,1061],{"nodeType":17,"data":1044,"value":1045,"marks":1046},{},"\"Quality is een zeer populaire factor geworden, maar het is niet vaak niet helemaal duidelijk wat deze factor inhoudt. Beleggers en researchers gebruiken hiervoor verschillende definities met vaak uiteenlopende variabelen. Er is erg weinig academisch bewijs voor een variabele als return on equity. We zien dat deze variabele soms wordt aangevuld met Low Vol of Value om de performance te verbeteren. In werkelijkheid is het dan gewoon een van de factoren in een ‘ander jasje’.\"",[],{"nodeType":969,"data":1048,"key":971},{},{"nodeType":969,"data":1050,"key":974},{},{"nodeType":17,"data":1052,"value":1053,"marks":1054},{},"\"Toch wil ik Quality als factor niet helemaal links laten liggen. Er is empirisch bewijs voor enkele nieuwe Quality-variabelen. Om volledig te worden erkend als factor is er echter meer bewijs nodig.\"",[],{"nodeType":969,"data":1056,"key":1057},{},"break-0-2",{"nodeType":969,"data":1059,"key":1060},{},"break-0-3",{"nodeType":17,"data":1062,"value":1063,"marks":1064},{},"\"We beschouwen Size/smallcaps niet als afzonderlijke factoren voor aandelen, al is er wel wat empirisch bewijs voor. We adviseren institutionele beleggers wel om bij de implementatie van factorbeleggen gebruik te maken van een universum dat ook smaller caps bevat voor aandelen.\"",[],{"alignment":948},{"id":83,"text":1067,"design":1092,"type":71},{"nodeType":9,"data":1068,"content":1069},{},[1070,1077],{"nodeType":954,"data":1071,"content":1072},{},[1073],{"nodeType":17,"data":1074,"value":1075,"marks":1076},{},"(4) Verwacht je dat premies zullen verdwijnen als meer beleggers factorbeleggen omarmen?",[],{"nodeType":13,"data":1078,"content":1079},{},[1080,1084,1086,1088],{"nodeType":17,"data":1081,"value":1082,"marks":1083},{},"\"Als meer beleggers het concept omarmen, zou dit in theorie de koersen in het aantrekkelijkste segment van de markt opdrijven. Hierdoor zouden de toekomstige rendementen dalen en de premies verdwijnen.\"",[],{"nodeType":969,"data":1085,"key":971},{},{"nodeType":969,"data":1087,"key":974},{},{"nodeType":17,"data":1089,"value":1090,"marks":1091},{},"\"Maar ik verwacht niet dat dit zal gebeuren. Terwijl grote institutionele beleggers factorbeleggen omarmen en grote geldbedragen alloceren naar factoren, kunnen veel andere beleggers geen factorbeleggen toepassen vanwege organisatorische barrières. Het toepassen van factorbeleggen vereist doorgaans aanzienlijke veranderingen in je organisatorische opzet, verantwoordelijkheden en de afstemming van belangen.\"",[],{"alignment":948},{"id":85,"text":1094,"design":1149,"type":71},{"nodeType":9,"data":1095,"content":1096},{},[1097,1104],{"nodeType":954,"data":1098,"content":1099},{},[1100],{"nodeType":17,"data":1101,"value":1102,"marks":1103},{},"(5) Wat is het verschil tussen factorbeleggen en beleggen in risicopremies?",[],{"nodeType":13,"data":1105,"content":1106},{},[1107,1111,1125,1129,1132,1135,1139,1142,1145],{"nodeType":17,"data":1108,"value":1109,"marks":1110},{},"\"Beleggen in risicopremies en ",[],{"nodeType":548,"data":1112,"content":1120},{"target":1113,"type":554,"props":1116},{"sys":1114},{"id":1115,"type":404,"linkType":553},"6U6WxnHuODWJMcJfYCVQxx",{"id":1115,"internal":1117,"title":1118,"url":1119,"isAllowed":520},"Glossary - Quantitative investing - Smart Beta or Alternative Beta","Smart Beta or Alternative Beta","/begrippenlijst/kwantitatief-beleggen/smart-beta-or-alternative-beta",[1121],{"nodeType":17,"data":1122,"value":1123,"marks":1124},{},"smart-bèta",[],{"nodeType":17,"data":1126,"value":1127,"marks":1128},{},"beleggen zijn veelgebruikte termen die verwijzen naar hetzelfde idee als factorbeleggen: strategisch alloceren naar factoren. Ik vermijd deze termen liever omdat ze specifiek aangeven dat factoren een compensatie zijn voor het nemen van risico. Er is echter zeer weinig empirisch bewijs dat suggereert dat je dit risico moet nemen om rendement te behalen.\"",[],{"nodeType":969,"data":1130,"key":1131},{},"break-2-0",{"nodeType":969,"data":1133,"key":1134},{},"break-2-1",{"nodeType":17,"data":1136,"value":1137,"marks":1138},{},"\"Naast risico zijn er alternatieve interpretaties als verklaring voor het bestaan van deze premies. Zoals de gedragsvoorkeuren van beleggers die de koersen kunnen vertekenen. Bij Robeco zijn we van mening dat factorpremies zijn gerelateerd aan rationeel gedrag, zoals de loopbaanperspectieven van portefeuillemanagers. Deze kunnen in gevaar komen als zij geruime tijd een aanzienlijke underperformance halen nadat ze te veel van de benchmark zijn afgeweken.”",[],{"nodeType":969,"data":1140,"key":1141},{},"break-2-2",{"nodeType":969,"data":1143,"key":1144},{},"break-2-3",{"nodeType":17,"data":1146,"value":1147,"marks":1148},{},"\"Voor ons is het erg belangrijk om beter te begrijpen waarom factorpremies bestaan. Door een meer diepgaand inzicht kun je een betere exposure naar factoren realiseren.\"",[],{"alignment":948},{"id":87,"text":1151,"design":1186,"type":71},{"nodeType":9,"data":1152,"content":1153},{},[1154,1161],{"nodeType":954,"data":1155,"content":1156},{},[1157],{"nodeType":17,"data":1158,"value":1159,"marks":1160},{},"(6) Wat is de beste aanpak als je factorpremies wilt benutten?",[],{"nodeType":13,"data":1162,"content":1163},{},[1164,1168,1182],{"nodeType":17,"data":1165,"value":1166,"marks":1167},{},"\"Factorbeleggen is een goede keuze, maar het succes ervan hangt af van de manier waarop het wordt toegepast. Factorbeleggen werkt, zelfs met een generieke of indexbenadering, Met een high conviction-benadering kunnen factorpremies echter nog efficiënter worden benut. Door factorstrategieën toe te passen kun je hogere rendementen behalen, risico's verminderen en transactiekosten beperken. Een goede factorstrategie vermijdt drie zaken: ",[],{"nodeType":548,"data":1169,"content":1177},{"target":1170,"type":554,"props":1173},{"sys":1171},{"id":1172,"type":404,"linkType":553},"4GlOagPjbkAbQ0x1OqBUxb",{"id":1172,"internal":1174,"title":1175,"url":1176,"isAllowed":520},"Glossary Quantitative investing - Unrewarded risk","Unrewarded risk","/begrippenlijst/kwantitatief-beleggen/unrewarded-risk",[1178],{"nodeType":17,"data":1179,"value":1180,"marks":1181},{},"onbeloond risico",[],{"nodeType":17,"data":1183,"value":1184,"marks":1185},{},", het ingaan tegen andere factorpremies en onnodige transacties.”",[],{"alignment":948},{"id":89,"quote":1188,"design":1190,"type":78},{"quote":1189},"Het is erg belangrijk om te weten waarom factorpremies bestaan",{},{"id":91,"text":1192,"design":1235,"type":71},{"nodeType":9,"data":1193,"content":1194},{},[1195,1202],{"nodeType":954,"data":1196,"content":1197},{},[1198],{"nodeType":17,"data":1199,"value":1200,"marks":1201},{},"(7) Moet je factoren timen door de weging van individuele factoren te wijzigen?",[],{"nodeType":13,"data":1203,"content":1204},{},[1205,1209,1211,1213,1217,1219,1221,1225,1228,1231],{"nodeType":17,"data":1206,"value":1207,"marks":1208},{},"\"Je kunt waarde toevoegen door te spreiden over factoren, maar het is erg moeilijk om ze te timen. De wetenschappelijke literatuur over dit onderwerp geeft geen uitsluitsel. Er zijn echter wel enkele studies die ingaan op de rol van de bedrijfscyclus voor factorrendementen en op de impact van factormomentum.",[],{"nodeType":969,"data":1210,"key":971},{},{"nodeType":969,"data":1212,"key":974},{},{"nodeType":17,"data":1214,"value":1215,"marks":1216},{},"“Er zijn twee belangrijke obstakels bij het timen van factoren. Ten eerste leidt het timen van factoren meestal tot hogere transactiekosten, die een grote impact kunnen hebben op het totale rendement. Ten tweede kan er slechts een beperkt aantal beleggingskeuzes worden gemaakt. Dit fenomeen wordt een beperkte marktbreedte genoemd.\"",[],{"nodeType":969,"data":1218,"key":1057},{},{"nodeType":969,"data":1220,"key":1060},{},{"nodeType":17,"data":1222,"value":1223,"marks":1224},{},"\"Het vereist skill om een strategie effectief toe te passen als er maar een beperkt aantal beleggingsmogelijkheden zijn. Het probleem met timing is dat je slechts kunt kiezen uit een handjevol factoren. Bij het timen van deze factoren kun je maar enkele beslissingen maken die veel invloed kunnen hebben op de performance. Dit is niet aantrekkelijk vanuit een risico/rendementsperspectief. We staan afwijkingen van de strategisch gekozen factormix toe, maar deze afwijkingen zijn vrij klein.\"",[],{"nodeType":969,"data":1226,"key":1227},{},"break-0-4",{"nodeType":969,"data":1229,"key":1230},{},"break-0-5",{"nodeType":17,"data":1232,"value":1233,"marks":1234},{},"\"In plaats van te proberen factoren te timen, pleiten we voor een gespreide benadering. Naast spreiding hebben beleggers een langetermijnhorizon nodig om deze periodes van underperformance op te vangen. Dit geldt overigens niet alleen voor aandelen, maar ook voor credits.”",[],{"alignment":948},{"id":93,"text":1237,"design":1254,"type":71},{"nodeType":9,"data":1238,"content":1239},{},[1240,1247],{"nodeType":954,"data":1241,"content":1242},{},[1243],{"nodeType":17,"data":1244,"value":1245,"marks":1246},{},"(8) Hoe creëer je een optimale mix van factoren?",[],{"nodeType":13,"data":1248,"content":1249},{},[1250],{"nodeType":17,"data":1251,"value":1252,"marks":1253},{},"\"De optimale mix verschilt per klant. Ten eerste moet deze rekening houden met de klantvoorkeuren die per type belegger verschillen. Low vol-aandelen verliezen minder in dalende markten, wat leidt tot een stabielere dekkingsgraad voor pensioenfondsen met behoud van een volledige exposure naar de premie op aandelenbeleggingen. Value en Momentum kunnen juist aantrekkelijker zijn voor sovereign wealth funds, omdat zij vaak meer geïnteresseerd zijn in het maximaliseren van rendementen. Ten tweede moet bij de integratie van een factoroplossing rekening worden gehouden met de huidige exposure van de portefeuille.\"",[],{"alignment":948},{"id":96,"title":1256,"text":1257,"link":1267,"design":1271,"type":95},"Ontdek de waarde van quant",{"nodeType":9,"data":1258,"content":1259},{},[1260],{"nodeType":13,"data":1261,"content":1262},{},[1263],{"nodeType":17,"data":1264,"value":1265,"marks":1266},{},"Abonneer je op geavanceerde kwantitatieve strategieën en inzichten.",[],{"id":1268,"internal":1269,"title":1270,"url":589,"variant":590},"DS3ugo1WlvSfVuhxYLdFj","Newsletter Subscribe | Explore quant - secondary blue","Ontdek kwantitatief beleggen",{"cirle":1272},"Blue-Orange",{"id":98,"text":1274,"design":1291,"type":71},{"nodeType":9,"data":1275,"content":1276},{},[1277,1284],{"nodeType":954,"data":1278,"content":1279},{},[1280],{"nodeType":17,"data":1281,"value":1282,"marks":1283},{},"(9) Hebben valuta's een effect bij het samenstellen van een factorportefeuille?",[],{"nodeType":13,"data":1285,"content":1286},{},[1287],{"nodeType":17,"data":1288,"value":1289,"marks":1290},{},"\"Valuta's kunnen een effect hebben op het totale rendement, maar minder dan de factoren zelf. Ze kunnen, afhankelijk van de voorkeur van de belegger, ook worden afgedekt. Er zijn veel manieren om met valuta's om te gaan en hiervoor kunnen we op maat gemaakte oplossingen aanbieden. We zijn geen voorstander van factorstrategieën voor valuta's als een aparte beleggingscategorie, bijvoorbeeld door een momentumstrategie toe te passen op valuta's.\"",[],{"alignment":948},{"id":100,"text":1293,"design":1318,"type":71},{"nodeType":9,"data":1294,"content":1295},{},[1296,1303],{"nodeType":954,"data":1297,"content":1298},{},[1299],{"nodeType":17,"data":1300,"value":1301,"marks":1302},{},"(10) Werkt een momentumstrategie nog steeds als je rekening houdt met de transactiekosten?",[],{"nodeType":13,"data":1304,"content":1305},{},[1306,1310,1312,1314],{"nodeType":17,"data":1307,"value":1308,"marks":1309},{},"\"Het is waar dat generieke momentumstrategieën inefficiënt zijn vanwege de bijbehorende transactiekosten. De meeste research naar momentumstrategieën heeft serieuze tekortkomingen en veel studies houden geen rekening met de transactiekosten. Als je dat wel doet, verdwijnt een aanzienlijk deel van het rendement. Veel generieke strategieën verkopen een aandeel als het niet meer binnen de top 10% van het universum valt.\"",[],{"nodeType":969,"data":1311,"key":971},{},{"nodeType":969,"data":1313,"key":974},{},{"nodeType":17,"data":1315,"value":1316,"marks":1317},{},"\"Maar het is mogelijk om een efficiëntere momentumstrategie op te zetten en de turnover van de portefeuille met circa 50% te verminderen. In een efficiënte momentumstrategie is er een wisselwerking tussen de kracht van het signaal en de transactiekosten. Je moet een transactie alleen uitvoeren als het signaal sterk genoeg is.”",[],{"alignment":948}]