Robeco BP US Large Cap Equities D USD
US large-cap value approach with focus on 'characteristics that work': Valuation, Fundamentals and Momentum
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-USD
D-EUR
DH-EUR
E-EUR
E-USD
F-EUR
F-GBP
F-USD
F2-EUR
F2-USD
FH-EUR
G-GBP
G-USD
I-EUR
I-USD
IE-GBP
IE-USD
IH-EUR
M-USD
Class and codes
Asset class:
Equities
ISIN:
LU0510167009
Bloomberg:
ROBUSLD LX
Index
Russell 1000 Value Index (Gross Total Return, USD)
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 (30/05)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Large cap value fund
- Selects the best investment candidate with a market capitalization greater than $2 billion.
- Bottom-up fundamental research investment discipline
About this fund
Robeco BP US Large Cap Equities is an actively managed fund that invests in large-cap stocks in the United States. 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 is primarily composed of stocks with a market capitalization of more than USD 2 billion. Its bottom-up stock selection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion.
Key facts
Total size of fund
$ 1,433,553,336
Size of share class
$ 299,386,734
Inception date share class
28-05-2010
1-year performance
28.24%
Dividend paying
No
Fund manager
Mark Donovan CFA
David Pyle CFA
David Cohen CFA
Joshua White CFA
Mr. Donovan is a Senior Portfolio Manager of the Boston Partners Large Cap Value strategy, a role he has held since the firm's inception in 1995. During his tenure, he served 11 years as Co-Chief Executive Officer, responsible for strategic and tactical operating decisions affecting the firm. Mr. Donovan was one of the founding partners of the firm, joining from The Boston Company where he was Senior Vice President and an equity portfolio manager. Before this, he spent five years as a consulting associate with Kaplan, Smith & Associates and two years as a securities analyst for Value Line, Inc. For 10 years, Mr. Donovan was a trustee at St. Sebastian's School where he served on the Investment and Long Range Planning Committees. He holds a B.S. in Management from Rensselaer Polytechnic Institute and the Chartered Financial Analyst® designation. Mr. Donovan began his career in the investment industry in 1981. Mr. Pyle is a Portfolio Manager of the Boston Partners Large Cap Value strategy. Prior to assuming this role, he was a research analyst covering the utility, insurance, leisure & lodging, packaging, publishing, and computer equipment & services sectors. Mr. Pyle joined the firm in January 2000 from State Street Research where he was a research analyst and associate portfolio manager in its equity value group. Prior to that, he spent five years with Price Waterhouse. Mr. Pyle earned a B.S. in Business Administration from California State University, Chico, and an M.B.A. from the Kenan-Flagler Business School at the University of North Carolina. He holds the Chartered Financial Analyst® designation. Mr. Pyle began his career in the investment industry in 1995. Mr. Cohen is a Portfolio Manager of the Boston Partners Large Cap Value strategy. His experience at the firm includes managing a portion of the Boston Partners Long/Short Research strategy, focusing on security selection within the energy sector as well as the engineering & construction and metals & mining industries. Prior to his current role, Mr. Cohen served as an equity analyst covering these same industries. He has deep experience analyzing and understanding capital-intensive commodity-oriented businesses. Mr. Cohen joined the firm in June 2016 from Loomis Sayles where he had over eight years of experience as a portfolio manager of its research fund and in running a global energy hedge fund. As an equity analyst, he covered the energy, materials, and industrials sectors. Prior to joining Loomis Sayles, Mr. Cohen was in consultant relations at MFS Investment Management. He earned a B.A. from the University of Michigan and an M.S. in Finance from Brandeis University. He holds the Chartered Financial Analyst® designation. Mr. Cohen began his career in the investment industry in 2004. Mr. White is a Portfolio Manager of the Boston Partners Large Cap Value strategy. His experience at the firm includes managing a portion of the Boston Partners Long/Short Research strategy while covering multiple economic sectors including basic industries, consumer durables, and capital goods. Mr. White was also a portfolio manager of the Boston Partners Global Equity and Boston Partners International Equity strategies and, before that, he was a global generalist providing fundamental research on global equities. He joined the firm in November 2006. Mr. White holds a B.A. in Mathematics from Middlebury College and the Chartered Financial Analyst® designation. He began his career in the investment industry in 2006.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
3.20%
3.17%
3 months
4.68%
3.70%
YTD
10.73%
7.64%
1 year
28.24%
21.71%
2 years
9.75%
7.79%
3 years
6.95%
5.45%
5 years
11.70%
10.74%
10 years
8.09%
8.61%
Since inception 05/2010
10.39%
10.92%
2023
12.39%
11.46%
2022
-5.96%
-7.54%
2021
27.75%
25.16%
2020
0.25%
2.80%
2019
23.19%
26.54%
2021-2023
10.53%
8.86%
2019-2023
10.77%
10.91%
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.
3.27
3.21
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.
0.94
0.80
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.
0.32
0.57
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..
3.01
2.29
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.
0.96
1.02
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).
16.30
19.25
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
11.18
14.75
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-8.97
-18.45
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
21
37
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
58.3
61.7
Months Bull market
Number of months of positive benchmark performance in the underlying period.
19
35
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
22
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
52.6
62.9
Months Bear market
Number of months of negative benchmark performance in the underlying period.
17
25
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
11
15
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
64.7
60
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.
1.46%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.25%
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.
0.40%
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
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
Investments are exclusively made in securities denominated in US dollars.
No dividend is distributed. All returns are reinvested and translated into price gains.
Robeco BP US Large Cap Equities is an actively managed fund that invests in large-cap stocks in the United States. 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 is primarily composed of stocks with a market capitalization of more than USD 2 billion. Its bottom-up stock selection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion. 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. The securities selected for the Sub-fund's investment universe may be components of the Benchmark, but securities outside the Benchmark may be selected too. The investment policy is not constrained by a benchmark but the Sub-fund uses a benchmark for comparison purposes. The Portfolio Manager 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 in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
Sustainability
The fund incorporates sustainability in the investment process via exclusions, ESG integration, a carbon target, engagement and voting. Through exclusions the fund avoids investments 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 the sustainability risk profile of companies. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a 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 Russell 1000 Value Index (Gross Total Return, USD).
Market development
Equity markets in the United States rebounded in May with the S&P 500 Index up 4.96%, as large-cap and small-cap growth stocks outperformed their value counterparts but trailed in the mid-cap space. Large-cap value stocks rose 3.17%, small-cap value gained 4.68% and mid-cap value was higher by 3.59% as measured by their respective Russell value indices.
Performance explanation
Based on transaction prices, the fund's return was 3.20%. Robeco BP US Large Cap Equities outperformed the Russell 1000 Value Index in May with stock selection driving relative results. Stock selection in information technology and consumer staples led the way over the month. Within information technology, Dell Technologies traded up 12%, as the company reported a strong revenue rise of 6%, along with attractive net income increases. Also contributing was Flex Ltd which climbed higher by 16%, while Qualcomm and Micron Technology also added value, up 11% and 8%, respectively. Qualcomm announced a partnership with Microsoft to incorporate their chips into AI-enabled devices, namely the Surface laptops, driving investor sentiment higher. In consumer staples, the top contributor was Walmart, which climbed higher by 11%, after announcing strong financial performance and an increase in operating cash flow. From a sector allocation perspective, there was one primary area of detraction during the month which came from utilities. The fund is underweight in utilities by nearly 4%, and the sector climbed higher by 9% during the month, weighing on relative returns. Besides utilities, sector allocation was generally flat for the month.
Expectation of fund manager
Mark Donovan CFA
David Pyle CFA
David Cohen CFA
Joshua White CFA
Stocks rebounded in May on the back of benign inflation reports and signs of moderation in economic activity. Fed Funds futures responded by increasing the probability of at least one rate cut this year by the Federal Open Market Committee (FOMC) from 48% at the start of the month to 57% by month's end, despite a chorus of FOMC members indicating that "higher for longer rates” was the most likely case going forward. As always, we remain focused on selecting companies from the bottom-up that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals, and identifiable catalysts.
Announcements
- Dividend dates 2024 (27-05-2024)
- Annual General Meeting for Shareholders Robeco Capital Growth Funds 2024 (13-05-2024)
- Prospectus change December 2023 (17-11-2023)
- Publication semi-annual reports 2023 (31-08-2023)
- Prospectus change September 2023 (04-08-2023)
- Several Robeco funds: Advertisement Dividend 2022 (31-05-2023)
- Several Robeco funds: Publication Annual Report (28-04-2023)
- Advertisements AGM several Robeco funds (11-04-2023) (11-04-2023)
- Publication Semi-annual reports 2022 (31-08-2022)
Important information
Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.
Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.