Robeco BP US Select Opportunities Equities IH EUR
- Mid-cap value fund
- Selects the best investment candidate with a market capitalization of USD 750 million or more.
- Investment discipline based on bottom-up fundamental research
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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 | |
|---|---|---|
Annualized (for periods longer than one year)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 15.53%. Robeco BP US Select Opportunities convincingly outperformed the Russell Mid Cap Value Index in November, helped by stock selection in a strong month for US markets. Stock picking in industrials and consumer discretionary led the way during the month. Within industrials, the fund's aerospace holdings Hexcel and Howmet Aerospace soared, as the industry benefited from a primary customer, Boeing, receiving approval to return the 737 Max plane into service. Industrial distributor HD Supply shares also gained close to 40%. In the consumer discretionary sector, the fund's hotel, restaurant and retail holdings all benefited from investor optimism that consumer spending would rebound after vaccination. Strong contributions came from holdings such as Expedia, Marriott and Wynn Resorts. Underweight exposure to the ‘expensive’ utilities and consumer staples sectors added most value to sector allocation.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Markets in the United States and globally soared in November. They responded to four consecutive weeks of positive vaccine news from four different pharmaceutical companies and the completion of the US presidential elections. The S&P 500 climbed 10.95%, its strongest return since April 2020. Value continued to outperform growth, with small-cap value posting the highest returns (up 19.3%), followed by mid caps (up more than 14%) and large caps (up 13.45%), as measured by their respective Russell value indices.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
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| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
Investments are predominantly made in securities denominated in US dollars. The subfund is denominated in euros. The subfund also uses derivatives to hedge to the euro.
Dividend policy
No dividend is distributed. All returns are reinvested and translated into price gains.
ESG Integration policy
For Robeco BP US Select Opportunities Equities, ESG factors are qualitatively considered on an individual basis in the fundamental analysis but are not structurally integrated in the investment process.
Investment policy
The fund's broad definition of value looks beyond traditional value characteristics such as low price/earnings and price-to-book ratios, and includes analysis of long-term business fundamentals and short-term business momentum. The fund's investment objective is to participate in rising markets and preserve capital in falling markets through diligent risk management.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Currently, the US stock market is exhibiting traits of a ‘split personality’. On one hand, a rarified 90% of the stocks in the S&P 500 are trading above their 200-day moving averages. On the other, the stock markets' ‘fear index’, the VIX Index of implied stock market volatility, has remained above 20 for 196 consecutive trading days and has averaged a reading of 30+ this year, both marks not seen since the global financial crisis.One should expect volatility to remain elevated, with an ongoing ‘push-and-pull’ between valuation skepticism and uncertainty surrounding vaccine availability and administration, offset by the Fed's monetary stimulus ‘bazooka’ and record lax financial conditions. As always, the fund will continue to remain focused on a bottom-up approach, investing in companies exhibiting attractive valuation, strong fundamentals and improving momentum.
Steven L. Pollack, CFA
Mr. Pollack is the equity portfolio manager for Boston Partners Mid Cap Value Equity product. He is in his fifteenth year with the firm. He joined the firm from Hughes Investments where he spent twelve years as an equity portfolio manager, managing value equity across the market capitalization spectrum. He also oversaw the outside investment managers who manage assets for Hughes' pension plan. He began his career at Hughes as an Investment Analyst where he spent four years covering a variety of industries and sectors. Prior to that, he was with Remington, Inc., and Arthur Anderson & Co. Mr. Pollack is a graduate from Georgia Institute of Technology and holds an M.B.A. from The Anderson School of Management at the University of California at Los Angeles. He holds the Chartered Financial Analyst® designation. He has thirty-one years of investment experience.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0674139976 |
| Bloomberg | RUSOIHE LX |
| Valoren | 13762370 |
| WKN | A2DHH8 |
| Availability | |
| 1st quotation date | 1381104000000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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Fiscal product treatment
The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.01% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.
Fiscal treatment of investor
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. 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, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.
