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Robeco Global Stars Equities Fund - EUR G

Reference index: MSCI World Index (Net Return, EUR)
ISIN: NL0010366407
  • Concentrated portfolio
  • Focuses on companies with a high return on invested capital and strong free cash flow
  • Applies a disciplined approach to valuating companies, sustainability is an integral part of the valuation
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Global Stars Equities Fund invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile.

Price development

No performance data available

Price development

Robeco Global Stars Equities Fund - EUR G

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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Dividend paying history

Date Amount

Market development

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Equity markets continued the strong upward trend from the first quarter and closed up nearly 4%. The highlight of the month was the start of the Q1 earnings season. With around half of US companies having reported, numbers overall came in less poorly than expected, with earnings down 2.5% versus minus 4% expected earlier in the year. However they are still down year over year. Markets are anticipating earnings numbers to trough now, as economic growth is expected to improve throughout the year. Cyclicals outperformed even though ISM data slumped. The only sector to suffer was the healthcare sector. US elections preparations calling for lower drug pricing and a reform of the healthcare insurance business were headline risks and resulted in a large sell-off.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
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Screening
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Sustainability Themed Fund

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

In principle the fund distributes dividend on an annual basis. The fund's policy aims at realizing as the maximum possible capital growth within the pre-set risk limits. A high dividend return is therefore not a separate objective.

ESG Integration policy

We strongly believe in integrating Environmental (E), Social (S) and Governance (G) factors in the investment analysis. The most important ESG factors by sector are fully integrated in the valuation model and can in- or decrease the expected stock price. We estimate how important ESG factors influence our value drivers: forecasted revenues, margins, invested capital needed and risk-adjusted weighted average cost of capital. With the help of these value drivers and important ESG factors we determine the value of companies. For example, in the healthcare sector, product health & safety is a very important factor. The pharmaceutical company Roche has an impeccable record on product health & safety. Therefore we estimate growth can be faster and margins can be higher than otherwise would have been the case. The method was developed in collaboration with the Sustainable Research team from RobecoSAM in Zurich, which offers proprietary ESG data. On ESG integration, the analysts use this method in their investment cases, which has deepened our discussion and understanding of ESG issues.

Investment policy

Our investment philosophy is based on our belief that short-term investors underestimate the long-term value-creation potential of companies. Generally, the market is not prepared to look beyond the short term or to consider the longer-term expectations. This gives us the opportunity to build a concentrated portfolio of 30-40 stocks where our conviction sets us apart from market expectations. With this long term horizon, free cash flow is the key to value creation. We want to select stocks that do not adequately reflect this future value creation. And we want these companies to return this value to shareholders in the form of dividend or share buy backs or to re-invest the value in the company in projects where the return on invested capital exceeds the cost of capital. In cooperation with Robeco Quantitative Research we have developed a model, ranking stocks based on Free Cash Flow Yield, that generates investment ideas for the portfolio. Ideas are further researched by making a preliminary valuation that is based on our proprietary Value Dynamics Framework (VDF) model. VDF is a valuation model that takes into account forecasted revenues, margins, invested capital needed and risk-adjusted weighted average cost of capital (all 4 value drivers). If the valuation upside is sufficient, the analyst prepares an investment case and integrates the ESG factors into the valuation of the company. The VDF is included in the investment case and determines a stock's upside potential. Portfolio managers want to introduce as much upside potential into the Robeco NV-Robeco Global Stars portfolio as possible, taking into account checks and balances (beta, active risk, and checks and limits for regional and sector exposure).

Risk policy

Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Our overall assessment for developed markets is one with a neutral outlook and increasing risks. We think that global economic growth is set to slow next year, driven by a weakening of economic growth in both the US and Europe. The main reason for only having a neutral rating is that we do not see major risks of a global economic recession as yet. We think that the global earnings picture is still relatively robust, even though earnings growth may slow next year. However, we have not seen a meaningful reduction in earnings growth as yet. Valuations have come down across the board, with the US still most expensive, and Europe and emerging markets starting to look particularly cheap. Also, technical and sentiment factors already strike us as neutral to slightly bearish. All in all, we have become marginally more cautious, without the need currently to become overly bearish.

Jan Keuppens, Michiel Plakman, CFA
Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Executive Director, is the Head of the Global Equities team. Prior to joining Robeco in 2005, he worked as a Portfolio Manager for Quest Management, AXA IM and Corluy & CO. Jan Keuppens started his career in the investment industry in 1997. He holds a Master's degree in Applied Economic Sciences from the University of Leuven. Michiel Plakman is Portfolio Manager of Robeco Global Stars Equities Fund NV. Michiel Plakman is co-PM for the Global Stars fund. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, Michiel Plakman worked for two years as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1997, he held a position as Portfolio Manager European Equities at KPN Pension Fund. Michiel holds a Master's degree in Econometrics from the Free University of Amsterdam and he is a CFA charter holder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINNL0010366407
BloombergROBEPEU NA
Valoren20540911
WKNA1W9HG
Availability
1st quotation date1359072000000
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 the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969, and, as such, is taxed at a corporate-income tax rate of 0%.The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. From 1 January 2007 the fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

For private investors residing in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Participating units held by private investors who are taxpayers in the Netherlands belong in Box 3. If and insofar as an investor's net assets exceed the net wealth exemption limit, said investor is liable from 1 January to pay 1.2% annually on the balance of his or her net assets. Investors residing in the Netherlands may offset the Dutch dividend tax withheld (15% as at 1 January 2007) against their income-tax payment. Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Dutch tax-exempt bodies may seek a full refund on the 15% dividend tax withheld on dividends (25% prior to 1 January 2007). Interest income is exempt from tax withheld at source. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income in their tax return. In principle, Dutch bodies that are subject to corporate-income tax may offset the 15% dividend tax withheld on dividends (25% prior to 1 January 2007) against the corporate-income tax and seek a refund of the excess amount. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. Shareholders who do not pay tax in the Netherlands and who are resident in countries that have a tax treaty with the Netherlands to prevent double taxation, may seek a refund for part of the Dutch dividend tax from the Dutch tax authorities, depending on the treaty. As of 1 January 2007, a pension fund having its registered office in another EU member state is also entitled to a dividend-tax refund in the Netherlands. The above is based on the current fiscal legislation and regulation.