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Successful implementing low-volatility: the Robeco enhanced approach explained

Today low-volatility investing is gaining a broader acceptance within academic circles and among investors.
The success enjoyed by active managers has encouraged index providers and passive managers to also jump on the bandwagon and introduce low-volatility indices and ETFs. The names range from Minimum Volatility and Managed Volatility to Minimum Variance and Defensive, but they all exploit the low-volatility effect in one way or another.

Robeco’s Conservative Equity strategy has been successful in exploiting this investment anomaly for almost ten years now.
During this webinar Robeco will give some practical insight into this investment strategy:

• Short overview on the basic principles
• How to address the potential pitfalls
• Insights Robeco’s enhanced approach
• How Conservative Equity enhances your portfolio
Recorded Jul 2 2015 55 mins
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Presented by
Jan Sytze Mosselaar, Portfolio Manager Robeco Conservative Equities
Presentation preview: Successful implementing low-volatility: the Robeco enhanced approach explained

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    At somewhat of a historic perspective I think is important here, we went very overweight Europe in 2012 and 2013. And what really differentiated that opportunity for us was a valuation discrepancy. The US was trading around 15.5-16x, Europe was 11x. What we recognized was that there were some very well-run companies with high returns on invested capital. That were just really extremely inexpensive companies. We made a big move into small- and mid-cap European companies, broadly across some various different sectors and industries. And as we entered into 2014, we recognized that there was a soft patch coming through. Those holdings that we owned, valuations became stretched again, they became upwards around 15-16x, very similar to the US. But the earnings levels were starting to deteriorate. We dramatically moved out of Europe into the US. So remember 2014 for us was a year that we were, first time we were really overweight the US. Best combination of valuation and momentum. In momentum we mean we have a high level of conviction in the underlying earnings. Fast forward to today; we’re now back to overweight Europe, quite quickly because what we recognized again was that there was a valuation gap appearing. That valuation gap is not as dramatic as it was in 2011, but enough so that we’re finding one-off opportunities to buy really well-run companies at very good valuation levels on the continent.

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  • Successful implementing low-volatility: the Robeco enhanced approach explained Recorded: Jul 2 2015 55 mins
    Jan Sytze Mosselaar, Portfolio Manager Robeco Conservative Equities
    Today low-volatility investing is gaining a broader acceptance within academic circles and among investors.
    The success enjoyed by active managers has encouraged index providers and passive managers to also jump on the bandwagon and introduce low-volatility indices and ETFs. The names range from Minimum Volatility and Managed Volatility to Minimum Variance and Defensive, but they all exploit the low-volatility effect in one way or another.

    Robeco’s Conservative Equity strategy has been successful in exploiting this investment anomaly for almost ten years now.
    During this webinar Robeco will give some practical insight into this investment strategy:

    • Short overview on the basic principles
    • How to address the potential pitfalls
    • Insights Robeco’s enhanced approach
    • How Conservative Equity enhances your portfolio
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    We’re very much bottom-up stock pickers. When we focus on individual companies we want to insure that those companies are able to maintain that type of profitability level going forward. I’m sure there is going to be a cohort of those names that profitability will start to fall and I think we’ve already started to see that in some of the capital-goods and oil-related businesses. But there’s also businesses in the portfolio that we think that those margins are sustainable. So we’re all about stock picking and about finding the best companies around the world, regardless of where they’re domiciled.

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  • Are low-volatility stocks becoming expensive? Recorded: Jul 25 2014 4 mins
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  • Title: Successful implementing low-volatility: the Robeco enhanced approach explained
  • Live at: Jul 2 2015 1:00 pm
  • Presented by: Jan Sytze Mosselaar, Portfolio Manager Robeco Conservative Equities
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