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Robeco New World Financials D EUR
Playing financial trends: aging finance, digital finance and emerging finance
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
D-EUR
D-USD
E-EUR
F-EUR
F-USD
FH-EUR
I-EUR
I-USD
IE-EUR
M-USD
M2-EUR
Class and codes
Asset class:
Equities
ISIN:
LU0187077481
Bloomberg:
RGCGFFD LX
Index
MSCI All Country World Financials Index (Net Return, EUR)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (31/07)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- 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
About this fund
Robeco New World Financials is an actively managed fund that invests in equities from developed and emerging countries all over the world. The selection of these stocks is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund invests in companies in the financial sector and can partly invest in the financial sector-oriented companies outside the formal MSCI Financials. It focuses on attractive long-term trends, such as 'digitization of financial services', 'finance and aging' and 'financial services in emerging markets'. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation.
Key facts
Total size of fund
€ 442,926,515
Size of share class
€ 193,352,810
Inception date share class
03-06-1998
1-year performance
15.74%
Dividend paying
No
Fund manager
![Patrick Lemmens](https://images.ctfassets.net/tl4x668xzide/5Tucvpy2SUnYKvzlVhU8Fd/56353bcea8fbb353d2e1f45c5ad503ef/patrick-lemmens-00657-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Patrick Lemmens
![Michiel van Voorst CFA](https://images.ctfassets.net/tl4x668xzide/2n9qIG0HTW2Z0CzG2xaL8b/7cca1509ad513da10a9cb0bf682e8469/michiel-van-voorst-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Michiel van Voorst CFA
![Koos Burema](https://images.ctfassets.net/tl4x668xzide/4roAZrMs9SV8rNRfVCFXVj/e24a80b5d373887f54453fcb5189b084/koos-burema-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Koos Burema
Patrick Lemmens is Lead Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech. Prior to joining Robeco in 2008, he managed the ABN AMRO Financials fund from October 2003 to December 2007. Previously, he held the position of Analyst of Global Financials at ABN AMRO and was Global Sector Coordinator of the Financial Institutions Equities Group at ABN AMRO. Patrick Lemmens started his career in the investment industry in 1993. He holds a Master's in Business Economics from Erasmus University Rotterdam and is a Certified European Financial Analyst. Michiel van Voorst is Co-Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech/next digital billion. In 2019, Michiel rejoined Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. 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. Michiel started his career in the investment industry in 1996. Michiel van Voorst holds a Master’s in Economics from University of Utrecht and is a CFA® charterholder. Koos Burema is Co-Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech. Koos was an Analyst with the Emerging Markets team covering Korea and technology in Taiwan and Mainland China. Besides this, he was responsible for the integration of ESG in the investment process. Before joining the team in January 2010, he worked as a Portfolio Manager for different sector teams within Robeco. He started his career in the industry in 2007. Koos holds a Master’s in Business Administration from the University of Groningen and is a CFA® charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
4.43%
4.35%
3 months
4.85%
7.44%
YTD
11.67%
17.69%
1 year
15.74%
24.33%
2 years
10.72%
13.68%
3 years
4.13%
11.66%
5 years
7.26%
9.78%
10 years
8.73%
9.26%
Since inception 06/1998
3.52%
-
2023
12.70%
11.63%
2022
-15.47%
-3.93%
2021
24.06%
33.79%
2020
2.38%
-11.73%
2019
32.74%
25.52%
2021-2023
5.73%
12.79%
2019-2023
9.94%
9.72%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
4.59
5.80
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
-1.22
-0.12
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
0.25
0.39
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
-5.77
-0.96
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.10
1.07
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
16.65
20.89
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
9.16
17.64
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-9.56
-23.17
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
16
31
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
44.4
51.7
Months Bull market
Number of months of positive benchmark performance in the underlying period.
24
37
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
13
20
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
54.2
54.1
Months Bear market
Number of months of negative benchmark performance in the underlying period.
12
23
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
3
11
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
25
47.8
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
1.72%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.50%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.14%
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.
Fund allocation
Asset
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
The fund can engage in currency hedging transactions.
The fund does not distribute dividend. Any income earned is retained, and so the fund's entire performance is reflected in its share price.
Robeco New World Financials is an actively managed fund that invests in equities from developed and emerging countries all over the world. The selection of these stocks is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund invests in companies in the financial sector and can partly invest in the financial sector-oriented companies outside the formal MSCI Financials. It focuses on attractive long-term trends, such as 'digitization of financial services', 'finance and aging' and 'financial services in emerging markets'. Proprietary valuation models are used to select stocks with good earnings prospects and a reasonable valuation. 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. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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. The fund targets at least 20% lower carbon footprint compared to the reference index. 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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI All Country World Financials Index (Net Return, EUR).
Market development
The MSCI ACWI Financials Index (up 5.4% in USD) outshone the overall market (+1.6%) in July, where there is weaker sentiment toward year-to-date leaders. Market breadth could improve and global financials stand to benefit. Large US banks beat consensus earnings and the rebound in capital markets continues. Loan growth remains muted, though, supporting our view that fee income-driven financial models are preferred over rates-driven models. In terms of credit risk, Commercial Real Estate losses have been climbing since 2H23 and this should continue, but up until now we do not see major provisioning issues at the large banks. It may be different for the smaller financials which are much more exposed, though the fund has very limited exposure. In Europe we see similar trends of strong results and solid stock responses. Up until now, European banks are beating consensus expectations by 8%, mostly from fee growth and benign credit losses. In Digital Finance, Visa and Mastercard reported a slowdown in payment volumes, on lower inflation and softer US consumption.
Performance explanation
Based on transaction prices, the fund's return was 4.43%. Robeco New World Financials outperformed the index in the month of July. The best-performing and positively contributing trend was Digital Finance. Aging Finance was also positively contributing while Emerging Finance negatively impacted overall performance. The best contributors to performance were Carlyle Group, TransUnion, Dai-ichi Life, Goldman Sachs, and The Bancorp in July. The biggest detractors to performance were Nu Holdings, Block, Grupo Financiero Banorte, Prudential Plc, and Ameriprise.
Expectation of fund manager
![Patrick Lemmens](https://images.ctfassets.net/tl4x668xzide/5Tucvpy2SUnYKvzlVhU8Fd/56353bcea8fbb353d2e1f45c5ad503ef/patrick-lemmens-00657-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Patrick Lemmens
![Michiel van Voorst CFA](https://images.ctfassets.net/tl4x668xzide/2n9qIG0HTW2Z0CzG2xaL8b/7cca1509ad513da10a9cb0bf682e8469/michiel-van-voorst-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Michiel van Voorst CFA
![Koos Burema](https://images.ctfassets.net/tl4x668xzide/4roAZrMs9SV8rNRfVCFXVj/e24a80b5d373887f54453fcb5189b084/koos-burema-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Koos Burema
Equities in general, and financials equities in particular continue to be highly correlated with global liquidity indicators. The course of action in (real) interest rates, credit spreads and global central bank policies will continue to set the tone in our markets. Central banks in developed markets seem confident inflation is being tamed and are looking to ease policy. Even though interest rates have peaked, we think that the era of the 'Zero Interest Rates Policy' (ZIRP) is over, and this implies that many financials' business models are fundamentally much better placed to generate solid returns over the cost of capital and create Economic Value Add which can be returned to investors through dividends and buybacks. We believe an active investment strategy focusing on the best-managed banks and insurers will be the way to take advantage of this opportunity.