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Uit een onderzoek van FTSE Russell uit 2016 bleek dat underperformance ten opzichte van de benchmark nummer vijf was op de lijst van punten waar beleggers zich zorgen over maken bij een allocatie naar factoren.",[],{"alignment":1023},"100 Center",{"id":73,"quote":1025,"design":1027,"type":72},{"quote":1026},"Enhanced indexing kenmerkt zich door een gematigde outperformance.",{},{"id":75,"title":1029,"text":1030,"design":1134,"type":69},"Enhanced Indexing-Portfolios erzielen typischerweise eine moderate Outperformance",{"nodeType":9,"data":1031,"content":1032},{},[1033,1040,1065,1072,1079,1086,1127],{"nodeType":13,"data":1034,"content":1035},{},[1036],{"nodeType":17,"data":1037,"value":1038,"marks":1039},{},"Empirisch onderzoek toont aan, dat beleggers alleen volledig van factorbeleggen kunnen profiteren als zij zich bewust richten op een strategische assetallocatie en niet op kortetermijnresultaten ten opzichte van een of andere index. Daarom moet de relevantie van factorstrategieën net zo worden beoordeeld als traditionele beleggingscategorieën. Beleggers stoppen toch ook niet met beleggen in aandelen als die een paar jaar slechter presteren dan obligaties? Als hun factorstrategie het een paar jaar slecht heeft gedaan, moeten ze dus ook niet vergeten om te blijven kijken naar de lange termijn.",[],{"nodeType":13,"data":1041,"content":1042},{},[1043,1047,1061],{"nodeType":17,"data":1044,"value":1045,"marks":1046},{},"Voor beleggers die desondanks aarzelen over factorbeleggen vanwege een mogelijke underperformance op de korte termijn is ",[],{"nodeType":532,"data":1048,"content":1056},{"target":1049,"type":538,"props":1052},{"sys":1050},{"id":1051,"type":388,"linkType":537},"5ldhFc9HEDjBeDjGiuepjn",{"id":1051,"internal":1053,"title":1054,"url":1055,"isAllowed":504},"Glossary Quantitative investing - Enhanced indexing","Enhanced indexing","/begrippenlijst/kwantitatief-beleggen/enhanced-indexing",[1057],{"nodeType":17,"data":1058,"value":1059,"marks":1060},{},"enhanced indexing",[],{"nodeType":17,"data":1062,"value":1063,"marks":1064},{}," een oplossing. Een doeltreffende enhanced-indexingstrategie haalt systematisch marktrendement binnen en profiteert daarnaast van goedbeloonde factorpremies.",[],{"nodeType":13,"data":1066,"content":1067},{},[1068],{"nodeType":17,"data":1069,"value":1070,"marks":1071},{},"De strategie neemt de kapitalisatiegewogen index als uitgangspunt om vervolgens iets meer gewicht toe te kennen aan aandelen met gunstige factoreigenschappen en iets minder gewicht aan aandelen met ongunstige factoreigenschappen. Hiervoor wordt gebruikgemaakt van door Robeco zelf ontwikkelde beleggingsmodellen. Dit garandeert dat de belegging relatief lage kosten kent, terwijl overcrowding en arbitrage worden voorkomen.",[],{"nodeType":13,"data":1073,"content":1074},{},[1075],{"nodeType":17,"data":1076,"value":1077,"marks":1078},{},"Een portefeuille op basis van een enhanced-indexingstrategie kenmerkt zich door een gematigde outperformance, of minimaal een marktconform rendement na aftrek van kosten. Het hangt ervan af hoeveel de portefeuille mag afwijken van de benchmark. De key performance indicator (KPI) voor dit type product is de informatieratio, die de excess return van een portefeuille ten opzichte van de benchmark aangeeft.",[],{"nodeType":13,"data":1080,"content":1081},{},[1082],{"nodeType":17,"data":1083,"value":1084,"marks":1085},{},"Een portefeuille met meer flexibiliteit in de tracking error is een betere keuze voor de belegger die ernaar streeft consistent meer uit de factorpremie te halen. Uit ons onderzoek blijkt dat hoe ruimer de criteria voor de tracking error zijn, des te hoger het verwachte rendement vaak is, naar absolute maatstaven gemeten.",[],{"nodeType":13,"data":1087,"content":1088},{},[1089,1092,1105,1109,1123],{"nodeType":17,"data":1090,"value":32,"marks":1091},{},[],{"nodeType":532,"data":1093,"content":1101},{"target":1094,"type":538,"props":1097},{"sys":1095},{"id":1096,"type":388,"linkType":537},"5dyad8NRmlZJeTR2OjvgTX",{"id":1096,"internal":1098,"title":1099,"url":1100,"isAllowed":504},"Opportunities - Enhanced Indexing","Enhanced Indexing","/producten/kansen/enhanced-indexing",[1102],{"nodeType":17,"data":1103,"value":1054,"marks":1104},{},[],{"nodeType":17,"data":1106,"value":1107,"marks":1108},{}," maakt ook een uitgebreide ",[],{"nodeType":532,"data":1110,"content":1118},{"target":1111,"type":538,"props":1114},{"sys":1112},{"id":1113,"type":388,"linkType":537},"2YwRig4kJAK912rL5v4LP7",{"id":1113,"internal":1115,"title":1116,"url":1117,"isAllowed":504},"2017-05-02 | Seven steps to ESG integration","Seven steps to ESG integration","/visie/2017/05/seven-steps-to-esg-integration",[1119],{"nodeType":17,"data":1120,"value":1121,"marks":1122},{},"integratie van ESG-factoren",[],{"nodeType":17,"data":1124,"value":1125,"marks":1126},{}," mogelijk. Zo kan bijvoorbeeld de classificatie van beleggingen op basis van duurzaamheidsscores worden meegenomen tijdens de portefeuilleopbouw. Passieve beleggers laten ESG-factoren daarentegen volledig buiten beschouwing of beperken zich tot een strenge uitsluitingslijst.",[],{"nodeType":13,"data":1128,"content":1129},{},[1130,1132],{"nodeType":932,"data":1131,"key":934},{},{"nodeType":932,"data":1133,"key":937},{},{"alignment":1023},{"id":77,"title":1136,"text":1137,"design":1195,"type":69},"Een alternatief voor passief",{"nodeType":9,"data":1138,"content":1139},{},[1140,1147,1167,1174,1181,1188],{"nodeType":13,"data":1141,"content":1142},{},[1143],{"nodeType":17,"data":1144,"value":1145,"marks":1146},{},"Door dit alles is enhanced indexing een aantrekkelijk alternatief voor klassieke passieve benaderingen. Tientallen jaren met tegenvallende resultaten voor passieve managers en een toenemend kostenbewustzijn hebben ertoe geleid dat grote groepen beleggers voor passieve strategieën hebben gekozen, vaak via het gebruik van ETF's. Maar de keuze voor passief leidt ook tot een chronische bescheiden underperformance als je rekening houdt met de beheerkosten.",[],{"nodeType":13,"data":1148,"content":1149},{},[1150,1154,1163],{"nodeType":17,"data":1151,"value":1152,"marks":1153},{},"Bovendien argumenteerde David Blitz, hoofd Quantitative Equity Research bij Robeco, in 2015 in een whitepaper dat ",[],{"nodeType":532,"data":1155,"content":1159},{"target":1156,"type":538,"props":1158},{"sys":1157},{"id":1051,"type":388,"linkType":537},{"id":1051,"internal":1053,"title":1054,"url":1055,"isAllowed":504},[1160],{"nodeType":17,"data":1161,"value":1059,"marks":1162},{},[],{"nodeType":17,"data":1164,"value":1165,"marks":1166},{}," kostentechnisch aantrekkelijker kan zijn dan alternatieve beleggingen om het rendement van een eenvoudige passieve portefeuille met zowel aandelen als obligaties te stimuleren. Dit komt omdat alternatieve beleggingsstrategieën een onredelijk hoog rendement na aftrek van kosten moeten behalen om de relatief veel hogere kosten te compenseren.",[],{"nodeType":13,"data":1168,"content":1169},{},[1170],{"nodeType":17,"data":1171,"value":1172,"marks":1173},{},"De Core Quant-aandelenstrategieën van Robeco hanteren de enhanced-indexingbenadering. Zij maken gebruik van erkende factorpremies zoals value, quality en momentum en combineren die met een transparant proces voor portefeuilleopbouw en een uitgekiend risicobeheer. Het doel is een consistente outperformance ten opzichte van de markt na aftrek van kosten.",[],{"nodeType":13,"data":1175,"content":1176},{},[1177],{"nodeType":17,"data":1178,"value":1179,"marks":1180},{},"Het aandelenselectiemodel heeft als doel een portefeuille samen te stellen van belangen die, in hun totaliteit, beschikken over het ultieme profiel voor aandelen: aantrekkelijke waardering, hoge kwaliteit, bovengemiddelde herzieningen door analisten en een positief koersmomentum.",[],{"nodeType":13,"data":1182,"content":1183},{},[1184],{"nodeType":17,"data":1185,"value":1186,"marks":1187},{},"Ons proces voor portefeuilleopbouw is daarnaast flexibel van opzet, dus we kunnen mandaten snel aanpassen aan een groot aantal individuele wensen, bijvoorbeeld als het gaat om het beleggingsuniversum, het risico-rendementsprofiel en de integratie van strengere duurzaamheidscriteria.",[],{"nodeType":13,"data":1189,"content":1190},{},[1191,1193],{"nodeType":932,"data":1192,"key":934},{},{"nodeType":932,"data":1194,"key":937},{},{"alignment":1023},{"id":79,"text":1197,"design":1234,"type":69},{"nodeType":9,"data":1198,"content":1199},{},[1200,1208],{"nodeType":1201,"data":1202,"content":1203},"heading-3",{},[1204],{"nodeType":17,"data":1205,"value":1206,"marks":1207},{},"Footnote",[],{"nodeType":13,"data":1209,"content":1210},{},[1211,1214,1220,1223,1231],{"nodeType":17,"data":1212,"value":32,"marks":1213},{},[],{"nodeType":981,"data":1215,"content":1219},{"target":1216,"type":986,"props":1218},{"sys":1217},{"id":985,"type":388,"linkType":537},{"text":988},[],{"nodeType":17,"data":1221,"value":32,"marks":1222},{},[],{"nodeType":894,"data":1224,"content":1226},{"uri":1225},"http://www.scientificbeta.com/#/documentation/latest-publications/crossfactor-interactions-in-multifactor-portfolios",[1227],{"nodeType":17,"data":1228,"value":1229,"marks":1230},{},"Read the Scientific Beta/EDHEC-Risk Institute whitepaper",[],{"nodeType":17,"data":1232,"value":32,"marks":1233},{},[],{"alignment":1023}]