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Based on transaction prices, the fund's return was -7.90%. Challengers, winners and enablers delivered negative performance contributions, with challengers the relative worst and enablers the relative best. On a whole portfolio level, the best relative performance was delivered by dLocal, Marqeta, Duck Creek Technologies, Sapiens, Blackline and Charles Schwab. The largest detractors from performance were Coinbase, MercadoLibre, NU Holdings and Kaspi.
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Clearly a lot has happened in 2022 and with another sell-off in May, especially for certain holdings in digital assets, it was a difficult month for fintech. A war is ongoing, which aside from being a human disaster, has had significant economic impact like further increasing inflation. Markets seem convinced a recession is imminent in Europe, with the US following a bit later. There are certainly positives to note. China is finally coming out of a very strict Covid lockdown. Labor markets are so tight, with significant labor shortages in many economies, that unemployment can stay low for much longer, even as GDP shrinks. The market usually anticipates future economic news and therefore moves before the recession materializes, but we feel a lot has been priced in now. The digital assets industry has been under pressure since late last year. Cryptocurrency prices have halved or more, as tighter global financial conditions impacted the higher risk portion of capital markets. The digital asset ecosystem is certainly used to a great deal of volatility. Though the mass liquidations we have seen in parts of the Decentralized Finance (DeFi) space is of a different order.
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The fund can engage in currency hedging transactions. Typically currency hedging is not applied.
The fund does not distribute dividend. The fund retains any income that is earned, and so its entire performance is reflected in the price.
The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.
Robeco FinTech is an actively managed fund that invests in stocks in developed and emerging countries. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation and those companies which benefit from the increasing digitization of the financial sector are included. These are individually assessed on the basis of industry trend analysis, in-depth discussions with corporate management, analysts and industry experts. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The investment policy is not constrained by a benchmark but the fund may use a benchmark for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.
As 2022 unfolds economic growth momentum is fading quickly, and financial conditions continue to tighten. As we travel this road to normalization of growth, liquidity and valuations we should expect volatility, but we also feel that investors are already discounting a profit recession in many segments of the market. Digital payments are accelerating; the move from cash to plastic through credit and debit cards is already being overhauled by a shift towards digital and mobile wallets. Removing friction for the end consumer is core to embedded finance. In essence, it is about offering financial services hidden in commercial transactions in such a way that the customer does not see them. Software is eating the world! The trend towards embedded finance only underpins our belief that traditional banks and insurers need to invest more and outsource more of their IT stack to stay relevant. Fintech can also stimulate financial inclusion, by serving clients that do not have a bank account, and by supporting people living in poverty or in vulnerable situations by reducing their exposure and vulnerability to shocks and disasters through insurance.
Mr. Patrick Lemmens is a Senior Portfolio Manager. He is the Lead Portfolio Manager of Robeco New World Financials fund. He has been responsible for this fund since October 2008. Prior to joining Robeco in 2008, Patrick was employed at ABN AMRO Asset Management as a Senior Portfolio Manager for 5 years and 9 years as a Senior Investment Analyst, both in Global Financials. He managed the ABN AMRO Financials Fund between October 2003 and December 2007. Patrick started his career in the investment industry in 1993. He holds a Master's degree in Business Economics from the Erasmus University Rotterdam and is a CEFA holder since 1995. He is registered with the Dutch Securities Institute. Michiel van Voorst is co-portfolio manager of Robeco New World Financials and Robeco FinTech. Michiel re-joins Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. Besides this role, Michiel is a Board member of a Hong Kong based Fintech startup offering regulated software services (SaaS) for Independent financial advisors globally. Prior to that, Michiel spent 12 years at Robeco in several senior positions including senior portfolio manager Rolinco Global Growth fund and Robeco Asian Stars. Prior to joining Robeco in 2005, Michiel was Portfolio Manager US Equity at PGGM and Economist with Rabobank Netherlands. He has more than 20 years of broad equity experience in both developed and emerging markets. Michiel van Voorst holds a Master’s degree in Economics from University of Utrecht and is CFA charter holder since 2004. Koos Burema is co-portfolio manager of Robeco New World Financials and Robeco FinTech. Koos was an Analyst with the Emerging Markets team covering Korea + technology in Taiwan and Mainland China. Besides this, he was responsible for the quality check on ESG integration in the investment process. Before joining the team in January 2010, he worked as a Junior Portfolio Manager for different sector teams within Robeco. Prior to joining Robeco in September 2007, Koos was employed by IEX.nl, the largest Dutch investment website for six years. Koos holds a Master of Science in Business Administration from the University of Groningen and is CFA charter holder since 2011.
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ISIN | LU1700711150 |
Bloomberg | RGFIEQI LX |
Valoren | 38714554 |
WKN | A2JE9W |
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1st quotation date | 1510876800000 |
Close financial year | 31-12 |
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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.
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.
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