Robeco Global FinTech Equities I EUR
- Invests in stocks of companies all over the world which benefit from the increasing digitization of the financial sector
- Top-down trend selection and bottom-up stock selection using proprietary valuation models
- Risk limitation through diversification over multiple trends with different drivers and risk characteristics
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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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.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}March marked the end of the first quarter of 2019. The month, as well as the quarter, was very good for the FinTech portfolio. The fund has shown stellar performance, both in absolute and relative terms. Despite these great returns this quarter, the portfolio should by no means be regarded expensive. The average multiple of the FinTech portfolio (PE FY1) is 18 versus 15 times for the MSCI ACWI. The average growth for the FinTech portfolio is 16 percent versus 12 percent for the MSCI ACWI. We also saw our second M&A activity in the portfolio. After the First Data-Fiserv deal, Worldpay and FIS merged. This combination will position the company as one of the largest global FinTech companies. We hold both Worldpay and FIS. Apple introduced the Apple Pay Card which is facilitated in partnership with Goldman Sachs and Mastercard. This shows big tech is interested in payments, but cooperation is the preferred go-to-market strategy. An independent law firm only found minor accounting irregularities at Wirecard, which have been corrected. There has been no indication of criminal liability of the managers based in the German headquarters.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
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| Yes | No | N/A | ||
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| Sustainability Themed Fund |
Currency policy
The fund can engage in currency hedging transactions. Typically currency hedging is not applied.
Dividend policy
The fund does not distribute dividend. The fund retains any income that is earned, and so its entire performance is reflected in the price.
ESG Integration policy
For Robeco Global FinTech Equities, we combine fundamental analysis with proprietary Robeco quantitative models and sustainability data from RobecoSAM and Sustainalytics, with a particular focus on governance issues.
Investment policy
Robeco Global FinTech Equities invests in stocks of companies all over the world which benefit from the increasing digitization of the financial sector. The selection of these stocks is based on fundamental analysis. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. Companies are individually assessed on the basis of industry trend analysis, in-depth discussions with corporate management, analysts and industry experts. Fintech comprises of several very strong underlying trends, which we believe will drive strong growth in an industry which has changed substantially since the global financial crisis. We believe this is reflected in the following trends: online payments will become mainstream, cash the exception; financial inclusion drives Asia to become the largest fintech hub; software is a key building block for the digitization of the financial sector.
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') ]}}There are a couple of very strong secular growth trends that will drive the fintech industry in the coming years. These range from artificial intelligence and big data to core system replacement and a continued shift to electronic forms of payments and trading. Furthermore, M&A in fintech continues. Scale is still the name of the game in payments. And that mantra is global. We expect M&A to be a topic again in 2019 thanks to the attractive valuations. We also see ongoing capex increases in large financial institutions. The realization that more investments into technology are required, starts to resonate sector-wide. Finally, one of our core beliefs is that Asia will become the fintech center of the world in terms of latest technologies and highest adoption levels. The most important reasons for this belief are the lack of legacy infrastructure, high penetration rates of smartphones, a young population in several emerging markets and governments that view fintech as a way to achieve financial inclusion and a transition mechanism towards a more services-oriented economy.
Patrick Lemmens, Jeroen van Oerle
Mr. Patrick Lemmens is a Senior Portfolio Manager. He is the Lead Portfolio Manager of Robeco New World Financials Equities 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. Jeroen van Oerle is Portfolio Manager Fintech Equities in the Trends Investing team at Robeco. Previously, he was a Trend Analyst, researching investment related trends in the financial sector. Jeroen has been active in the industry since 2013, the year he joined Robeco. He holds a Master’s degree in Financial Economics from Erasmus University Rotterdam and is a CFA charter holder.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1700711150 |
| Bloomberg | RGFIEQI LX |
| Valoren | 38714554 |
| WKN | A2JE9W |
| Availability | |
| 1st quotation date | 1510876800000 |
| Close financial year | 31-12 |
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Cost of this fund
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Transaction costs |
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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.
