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Neem voor meer informatie contact op met uw contactpersoon bij Robeco, of lees de ",[],{"nodeType":952,"data":953,"content":955},"hyperlink",{"uri":954},"https://www.robeco.com/docm/docu-robeco-myrobeco-clientportal-brochure.pdf",[956],{"nodeType":17,"data":957,"value":958,"marks":959},{},"MyRobeco brochure",[],{"nodeType":17,"data":961,"value":607,"marks":962},{},[],{"id":964,"items":965},"5iTIOUkYYtQSeSZYluAfoB",[966,971],{"id":967,"internal":968,"title":969,"url":970},"2LhyOnhfpCcaQabHry6y8V","settings","Settings","/portal#/settings/profile",{"id":972,"internal":973,"title":974,"url":975},"4UvrdpaXTbVZvsrOorhZT0","faq","FAQ","/portal/faq",[],[978,1042,1088,1092,1108,1168,1197],{"id":127,"text":979,"design":1040,"type":126},{"nodeType":9,"data":980,"content":981},{},[982],{"nodeType":13,"data":983,"content":984},{},[985,989,993,996,1000,1003,1006,1010,1024,1028,1036],{"nodeType":17,"data":986,"value":987,"marks":988},{},"Het rendement van bedrijven die bijvoorbeeld alcohol of sigaretten verkopen, is historisch gezien hoger dan dat van de aandelenindices waarin ze zijn opgenomen. Ironisch genoeg presteren tabaksbedrijven vaak beter dan de farmaceutische bedrijven die medicijnen produceren om aan roken gerelateerde ziektes te bestrijden.",[],{"nodeType":990,"data":991,"key":992},"break",{},"break-0-0",{"nodeType":990,"data":994,"key":995},{},"break-0-1",{"nodeType":17,"data":997,"value":998,"marks":999},{},"Alle actieve fondsmanagers streven naar een hoger rendement dan de benchmark (alpha), dus in theorie zijn deze sin stocks ideale belangen. Maar het gevaar van reputatieschade ligt wel op de loer als ze in deze aandelen beleggen – vooral nu lobbyisten steeds nadrukkelijker de strijd aangaan met industrieën die onze gezondheid schaden, zoals de alcohol- en de wapenindustrie.",[],{"nodeType":990,"data":1001,"key":1002},{},"break-0-2",{"nodeType":990,"data":1004,"key":1005},{},"break-0-3",{"nodeType":17,"data":1007,"value":1008,"marks":1009},{},"Waar komt de outperformance van deze ongewilde sin stocks, die ze tegelijk ook onweerstaanbaar maakt, eigenlijk vandaan? Het rendement van deze aandelen is onderzocht door David Blitz, co-hoofd van de afdeling ",[],{"nodeType":22,"data":1011,"content":1019},{"target":1012,"type":29,"props":1015},{"sys":1013},{"id":1014,"type":27,"linkType":28},"7fVNgIlRw5EK853yOeWKbb",{"id":1014,"internal":1016,"title":1017,"url":1018,"isAllowed":34},"Glossary Quantitative investing - Quantitative research","Quantitative research","/begrippenlijst/kwantitatief-beleggen/quantitative-research",[1020],{"nodeType":17,"data":1021,"value":1022,"marks":1023},{},"Quantitative Research",[],{"nodeType":17,"data":1025,"value":1026,"marks":1027},{}," bij Robeco, en Frank Fabozzi, hoogleraar financiën aan de EDHEC Business School. Hun artikel ‘",[],{"nodeType":952,"data":1029,"content":1031},{"uri":1030},"http://www.iijournals.com/doi/abs/10.3905/jpm.2017.2017.1.070",[1032],{"nodeType":17,"data":1033,"value":1034,"marks":1035},{},"Sin Stocks Revisited:Resolving the Sin Stock Anomaly",[],{"nodeType":17,"data":1037,"value":1038,"marks":1039},{}," is gepubliceerd in het Journal of Portfolio Management.",[],{"alignment":1041},"100 Center",{"id":129,"title":1043,"text":1044,"design":1087,"type":126},"Hard bewijs",{"nodeType":9,"data":1045,"content":1046},{},[1047],{"nodeType":13,"data":1048,"content":1049},{},[1050,1054,1063,1067,1070,1073,1077,1080,1083],{"nodeType":17,"data":1051,"value":1052,"marks":1053},{},"Blitz en Fabozzi definiëren ",[],{"nodeType":22,"data":1055,"content":1059},{"target":1056,"type":29,"props":1058},{"sys":1057},{"id":26,"type":27,"linkType":28},{"id":26,"internal":31,"title":32,"url":33,"isAllowed":34},[1060],{"nodeType":17,"data":1061,"value":38,"marks":1062},{},[],{"nodeType":17,"data":1064,"value":1065,"marks":1066},{}," als bedrijven die rechtstreeks zijn betrokken bij de alcohol-, tabaks-, gok- of wapenindustrie. Veel van deze bedrijven worden op ethische gronden uitgesloten van portefeuilles.",[],{"nodeType":990,"data":1068,"key":1069},{},"break-2-0",{"nodeType":990,"data":1071,"key":1072},{},"break-2-1",{"nodeType":17,"data":1074,"value":1075,"marks":1076},{},"“Verschillende studies hebben de historische performance van sin stocks onderzocht en geconcludeerd dat ze significant positief afwijkende rendementen hebben gerealiseerd”, zegt Blitz. “Toch hebben veel beleggers een lijst met sin stocks waarin ze niet beleggen, omdat ze niet geassocieerd willen worden met de activiteiten van deze bedrijven.”",[],{"nodeType":990,"data":1078,"key":1079},{},"break-2-2",{"nodeType":990,"data":1081,"key":1082},{},"break-2-3",{"nodeType":17,"data":1084,"value":1085,"marks":1086},{},"“Een veelgehoorde verklaring voor het afwijkende rendement van sin stocks is dat ze structureel ondergewaardeerd zijn, omdat veel beleggers ze links laten liggen. Hierdoor kunnen beleggers die – tegen de maatschappelijke normen in – wel bereid zijn hierin te beleggen een premie verdienen voor het reputatierisico dat ze lopen. Andere verklaringen zijn dat deze industrieën profiteren van monopolistische rendementen of dat deze aandelen een hoger risico op claims lopen waarvoor beleggers worden beloond.”",[],{"alignment":1041},{"id":132,"youtubeId":1089,"startAt":1090,"autoplay":34,"design":1091,"type":131},"kzoxQzukF9U",0,{},{"id":135,"title":1093,"text":1094,"link":1104,"design":1105,"type":134},"Ontvang de nieuwste inzichten",{"nodeType":9,"data":1095,"content":1096},{},[1097],{"nodeType":13,"data":1098,"content":1099},{},[1100],{"nodeType":17,"data":1101,"value":1102,"marks":1103},{},"Meld je aan voor onze nieuwsbrief voor beleggingsupdates en deskundige analyses.",[],{"id":628,"internal":629,"title":630,"url":631,"variant":632},{"cirle":1106,"background":1107},"Blue-Orange","White",{"id":137,"title":1109,"text":1110,"design":1167,"type":126},"Quality-factoren",{"nodeType":9,"data":1111,"content":1112},{},[1113],{"nodeType":13,"data":1114,"content":1115},{},[1116,1120,1125,1129,1143,1147,1150,1153,1157,1160,1163],{"nodeType":17,"data":1117,"value":1118,"marks":1119},{},"Volgens Blitz kan de outperformance van ",[],{"nodeType":17,"data":1121,"value":38,"marks":1122},{},[1123],{"type":1124},"italic",{"nodeType":17,"data":1126,"value":1127,"marks":1128},{}," worden verklaard door de twee nieuwe quality-factoren in het recent geïntroduceerde ",[],{"nodeType":22,"data":1130,"content":1138},{"target":1131,"type":29,"props":1134},{"sys":1132},{"id":1133,"type":27,"linkType":28},"7gnY5wymSKRIfZdhBsel3p",{"id":1133,"internal":1135,"title":1136,"url":1137,"isAllowed":34},"2024-10-02 | Fama-French 5-factor model: why more is not always better","Fama-French 5-factormodel: waarom meer niet altijd beter is","/visie/2024/10/fama-french-5-factormodel-waarom-meer-niet-altijd-beter-is",[1139],{"nodeType":17,"data":1140,"value":1141,"marks":1142},{},"vijffactormodel",[],{"nodeType":17,"data":1144,"value":1145,"marks":1146},{},", van de gerenommeerde economen Eugene Fama en Kenneth French. Hun eerdere driefactormodel verklaarde aan de hand van de factoren market risk, size en value waarom sommige aandelen beter presteren dan andere. In 2015 zijn hier twee quality-factoren aan toegevoegd: profitability en investment.",[],{"nodeType":990,"data":1148,"key":1149},{},"break-4-0",{"nodeType":990,"data":1151,"key":1152},{},"break-4-1",{"nodeType":17,"data":1154,"value":1155,"marks":1156},{},"De profitability-factor houdt in dat aandelen van winstgevende bedrijven beter presteren, terwijl de investment-factor stelt dat aandelen van bedrijven met een hoge groei van de activa slechter presteren. Sin stocks hebben doorgaans een hoge exposure naar deze twee factoren. Zo zijn de marges van sigarettenfabrikanten hoog vanwege relatieve prijsinelasticiteit en zijn deze bedrijven beperkt in hoe ze hun activa kunnen laten groeien.",[],{"nodeType":990,"data":1158,"key":1159},{},"break-4-2",{"nodeType":990,"data":1161,"key":1162},{},"break-4-3",{"nodeType":17,"data":1164,"value":1165,"marks":1166},{},"Blitz en Fabozzi hebben nogmaals gekeken naar de performance van deze sin stocks, aan de hand van wereldwijde gegevens tot eind 2016, en die beoordeeld op basis van de laatste factorinzichten.",[],{"alignment":1041},{"id":139,"title":1169,"text":1170,"design":1196,"type":126},"Mysterie ontrafeld",{"nodeType":9,"data":1171,"content":1172},{},[1173],{"nodeType":13,"data":1174,"content":1175},{},[1176,1180,1182,1184,1188,1190,1192],{"nodeType":17,"data":1177,"value":1178,"marks":1179},{},"“We zien dat sin stocks een significante outperformance genereren in de Amerikaanse, Europese en wereldwijde samples, zoals ook wordt beschreven in de wetenschappelijke literatuur”, zegt Blitz. “Maar deze premie verdwijnt volledig wanneer beleggers niet alleen rekening houden met traditionele factoren als size, value en momentum, maar ook met de twee nieuwe Fama-French factoren profitability en investment.",[],{"nodeType":990,"data":1181,"key":992},{},{"nodeType":990,"data":1183,"key":995},{},{"nodeType":17,"data":1185,"value":1186,"marks":1187},{},"“In Japan hebben sin stocks ook een significante exposure naar de factoren profitability en investment, maar in dit geval is de alpha van één factor al niet significant. Onze conclusie is dat de performance van sin stocks volledig in lijn is met hun exposure naar de factoren in de huidige asset-pricingmodellen en dat er geen enkel bewijs is voor een specifieke sin premium.”",[],{"nodeType":990,"data":1189,"key":1002},{},{"nodeType":990,"data":1191,"key":1005},{},{"nodeType":17,"data":1193,"value":1194,"marks":1195},{},"Beleggers die deze sin stocks liever vermijden maar geen outperformance willen mislopen, kunnen ze vervangen door exposure naar de Fama-French factoren, waaronder profitability en investment. 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