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Robeco Hollands Bezit - EUR G

Index: 50% AEX / 50% AMX index (Gross Total Return, EUR)
ISIN: NL0010510814
  • Invests in large, medium and small-sized companies in the Netherlands or companies listed on a Dutch Financial Market.
  • Careful selection of companies with the best earnings potential
  • Diversification across sectors limits your risk
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Hollands Bezit invests in companies listed in the Netherlands. The selection of these stocks is based on fundamental analysis. Carefully developed models are used to select stocks with good earnings prospects and a reasonable valuation. Discussions with management and business-data analyses are then carried out in order to stringently screen the individual companies.

Price development

No performance data available

Price development

Robeco Hollands Bezit - 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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Market development

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Investors were bracing for disappointing earnings, but the Q2 reporting season got off to a generally better-than-expected start. This resulted in spectacular relief gains for several shares, most notably concentrated in the IT sector, which racked up a 17% gain over the month. Consumer discretionary (+11%) and healthcare (+8%) also produced outsized returns. Other sectors, notably financials (-3%), real estate (-2%) and materials (-1%), fared decidedly less well as the industrial economy teeters on the brink of contraction and, consequently, interest rates reached new lows. On a total return basis, the large cap AEX Index rose 2.0% while the midcap AMX notched up 3.4%. Top performers over the month were Galapagos (+39%; Gilead increased stake), Grandvision (+33%; takeover bid by EssilorLuxottica) and ASMI (+29%; very strong Q2 numbers). Bottom performers: BAM Groep (-22%; another series of project write-downs), Fagron (-16%; private placement at discount) and Wereldhave (-14%; disappointing results).

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
Integration
Sustainability Themed Fund

Currency policy

The fund is invested in euro listed names only.

Dividend policy

Robeco Hollands Bezit pays out dividends received from the investments in stocks.

ESG Integration policy

Robeco Hollands Bezit 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

Robeco Hollands Bezit invests in large, medium and small-sized Dutch companies or companies listed on a Dutch Financial Market which combine a good business model and solid growth prospects with reasonable valuation. The most important element of the investment process is bottom-up stock selection, based on in-depth fundamental analysis and quantitative models. The fundamental analysis is aimed at determining the long-term attractiveness of companies compared to their peers. By using a standard framework of assessment criteria (such as growth possibilities, strength of the business model) consistency is maintained. Quantitative models are used to select stocks with high scores on factors which can lead to outperformance in the short and medium term. On average, the fund invests in 20 different companies. Robeco Hollands Bezit invests in equities that are exclusively denominated in euros, as a result of which there is no currency risk. Risk management is fully embedded in the investment process to ensure that the fund's positions remain within previously set limits at all times. In principle, the fund will hold only a limited cash position.

Risk policy

Active. Risk-management systems continually monitor the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.

Expectation of fund manager

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The risk-reward for Dutch equities continues to flash green, in our view. Expectations have moderated due to spiritless manufacturing conditions, but overall projected earnings growth is still looking quite healthy. Earnings and dividend yields continue to compare very favorably to extremely low interest rates while financial health remains robust at most corporates. Consequently, we continue to think that the path of least resistance for Dutch equities is up.

Christian Vondenbusch CFA & Steef Bergakker
Christian Vondenbusch CFA & Steef Bergakker

Christian Vondenbusch CFA & Steef Bergakker

Christian Vondenbusch is a member of the Robeco Trends Investing team and portfolio manager of Robeco Hollands Bezit and Robeco Property Equities. Since January 2005 he is part of the investment team for Hollands Bezit. He is also a member of the Financials & Property team. Christian started his career in the investment industry in 1999 at Robeco. He holds a Master's degree in Economics from Maastricht University and he is CFA charter holder. Steef Bergakker is a member of the Robeco Trends Investing team and portfolio manager of Robeco Hollands Bezit. Before he was the portfolio manager of Robeco Infrastructure Equities. Prior to rejoining Robeco in 2008, Steef held different functions at IRIS (Institute for Research and Investment Services), the former research joint venture of Robeco and Rabobank. From 1998 through 2008 he served as head of IRIS Equity Research, and before that he worked as equity analyst for 8 years. Steef started his career in the investment industry at Robeco in 1990, as a junior analyst. He holds a Master¿s degree in Monetary Economics and Finance and Investments from Erasmus University, Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINNL0010510814
BloombergROBE NA
Valoren22413142
WKNA1XDVF
Availability
1st quotation date1380758400000
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
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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.