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Robeco New World Financial Equities F USD

Index: MSCI All Country Financials Index (Net Return, USD)
ISIN: LU1089191834
  • Invests in companies active in the financial industry worldwide (e.g. retail banks, insurance companies and asset managers)
  • Top-down theme selection and bottom-up stock selection using proprietary valuation models
  • Risk limitation through global diversification
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco New World Financial Equities invests in stocks in developed and emerging countries across the world. The selection of these stocks is based on fundamental analysis. The funds invests in companies in the financial sector and can partly invest in financial oriented companies outside of the formal MSCI Financials. The fund focuses on attractive long term trends such as Digital Finance, Ageing Finance and Emerging Finance. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. Companies are individually assessed on the basis of in-depth discussions with corporate management and analysts.

Price development

No performance data available

Price development

Robeco New World Financial Equities F USD

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)
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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
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

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Hopes of the Fed lowering rates lifted the markets, while fundamentals remained relatively solid. We think that the lower rates are still necessary as companies have become more cautious about making investments against the background of persisting uncertainty about the development of Brexit and nervousness around trade wars. Large banks are globally suffering as lower short rates impact the deposit margins negatively while falling long rates flatten the yield curve and thus the interest margin. While we see companies delaying investments and bank lending growth in developed markets has been weak for years, we also see unemployment staying very low, numerous property developments worldwide and very low interest rates making debt easy to handle. Therefore, we wonder whether a recession will present itself, and if so, it is believed to be a moderate one with limited credit losses.

Fund allocation

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Name Sector Weight
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Fund Classification

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

Currency policy

The fund can engage in currency hedging transactions.

Dividend policy

The fund does not distribute dividend. Any income earned is retained, and so the fund's entire performance is reflected in its share price.

ESG Integration policy

Robeco New World Financials Equities 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

Allocation to trend strategies that are based on long-term growth trends offer possibilities of outperforming the broader market over a 3-5 year investment horizon. This trend fund invests in companies in financial-related industries worldwide that benefit most from the selected long-term trends. Global population growth, urbanization, higher household incomes, technological changes and growth in emerging markets are the main drivers for our trend strategies. The fund manager selects the companies that have as pure as possible exposure to the selected trends and themes. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. Companies are individually assessed on the basis of in-depth discussions with corporate management and consultations with internal and external analysts.

Risk policy

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

Expectation of fund manager

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Whereas 3-5 year growth expectations for our fund holdings are a bit lower compared to the start of 2018, relative valuations are quite attractive at low teens multiples, while expected growth is around 12%. Life insurers continue to show solid mid-single digits + dividend yields underpinned by teens cash flow yields, with cash flows growing in spite of low interest rates. Despite being the most expensive part of our fund, financial technology shows quite reasonable valuations for the high teens growth we get. So, there is still solid upside in markets which are fundamentally strong and attractive. Our beta is close to 1 and we try to be 100% invested as we do not believe it is our skill or task to time markets. We invest in those financials and fintechs that provide the best possible total shareholder return longer term.

Patrick Lemmens, Christian Vondenbusch
Patrick Lemmens, Christian Vondenbusch

Patrick Lemmens, Christian Vondenbusch

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. Mr. Christian Vondenbusch, CFA, is together with portfolio manager Patrick Lemmens the Portfolio Manager for Robeco New World Financials Equities fund and together with portfolio manager Steef Bergakker he is also responsible for Robeco Hollands Bezit. Previous affiliations include a position as Portfolio Manager within the Financial Equities team, the European Equities team and the Property Equities 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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1089191834
BloombergRNWFEDU LX
Valoren24949803
WKN
Availability
1st quotation date1513209600000
Close financial year31-12
Legal status
Tracking error limit (%)
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

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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 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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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.

Disclaimer

Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.

The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

In the UK, Robeco Institutional Asset Management B.V. (“ROBECO”) only markets its funds to institutional clients and professional investors. Private investors seeking information about ROBECO should visit our corporate website www.robeco.com or contact their financial adviser. ROBECO will not be liable for any damages or losses suffered by private investors accessing these areas.

In the UK, ROBECO Funds has marketing approval for the funds listed on this website, all of which are UCITS funds. ROBECO is authorized by the AFM and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

Many of the protections provided by the United Kingdom regulatory framework may not apply to investments in ROBECO Funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. No representation, warranty or undertaking is given as to the accuracy or completeness of the information on this website.

If you are not an institutional client or professional investor you should therefore not proceed. By proceeding please note that we will be treating you as a professional client for regulatory purposes and you agree to be bound by our terms and conditions.

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