The conundrum in fundamental equities: China or the US?
Equity markets have seen their biggest sell-off since the 1930s due to the Covid-19 crisis, leading many investors to become much more selective. The US usually outperforms during recessions – and a global slowdown is now inevitable – but North Asian fundamentals are recovering more quickly. So, where should investors put their capital, given the uncertainty that prevails?
In our latest webinar, Global Head of Fundamental Equities Fabiana Fedeli will explain why country allocation will be the most important discriminating factor over the next two quarters. Those countries where the policy response to the coronavirus has been more effective than others, such as in China, may become preferable. ‘Staying selective’ will be the name of the game.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, fundamental equities – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how equity investing is really playing out during a crisis!
RecordedMay 7 202029 mins
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Jan de Bruijn, Client Portfolio Manager Emerging Markets
Emerging market equities and the value style have had a rough ride as investors sought more defensive regions and stocks during the Covid-19 pandemic. With a vaccine now within sight, now is the time for considering the abundance of opportunities in this field. Seeking ‘smart value’ is the way forward, as the historical valuation gap between value and growth investing begins to close.
In our latest webinar, client portfolio manager Jan de Bruijn will outline how a value tilt is still the optimal strategy in emerging markets, where market inefficiencies make it easier to find the real gems. He will discuss how a vaccine will boost economic recovery and how more progressive and pro-China policies from US President-elect Joe Biden bode well for this dynamic arena.
Lucian Peppelenbos, Climate Strategist and Guido Moret, Head of Sustainability Integration
Addressing climate change is increasingly important for investors in order to meet the goals of the Paris Agreement and restrict global warming. Asset managers can do this by investing in companies seeking solutions to global warming, such as decarbonization, and by using active ownership to pursue real change. Having a clearly defined strategy is key to meeting this challenge.
In our latest webinar, Lucian Peppelenbos, Climate Strategist, will outline some of the major initiatives impacting investors, and the steps that Robeco has taken to develop a climate strategy. Guido Moret, Head of Sustainability Integration, Fixed Income, will then outline how Robeco uses its sustainability expertise to align fixed income portfolios with a Paris Agreement-aligned benchmark.
Jan Sytze Mosselaar, Portfolio Manager and Ralph Berkien, Client Portfolio Manager
Covid-19 has shown that when it comes to a pandemic, the normal rules do not apply. Low-volatility strategies usually offer protection against equity market volatility. Yet for most of this year, high-beta tech stocks have provided the best defense, while conservative strategies have struggled. Credit markets, which are less tech-heavy, have fared a lot better. So, what’s next for low-vol?
In our latest webinar, Jan Sytze Mosselaar will outline that while most low-risk strategies including Robeco’s conservative equities funds have not kept up, they now trade at attractive valuations. Ralph Berkien will then explain how Robeco applies low-risk investing to credits, and what to expect in short-term and long-term results against the benchmark.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, conservative equities and credits – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how low-volatility investing is really playing out during a crisis!
Patrick Lemmens, Portfolio Manager and Ed Verstappen, Client Portfolio Manager
The world of finance is rapidly digitalizing. Due partly to hygiene concerns over Covid-19, cash is swiftly being replaced by contactless payments, offering more rapid growth for makers of financial technology that is powering digital and ‘invisible’ payments. This is making the ‘cloud’ ever-more important as a means of processing and storing this new wave of digital information. In our latest webinar, portfolio manager Patrick Lemmens and client portfolio manager Ed Verstappen, will discuss how financials that were already partly digitalized are increasingly moving to the cloud, using outside help to do this. They will also give an update on how the Robeco Fintech fund has been moving from the US and increasingly towards Europe and emerging markets, which is seeing a flurry of IPOs and M&A deals.
Erik Keller, Client Portfolio Manager Global Credits
Central bank interventions have resulted in a strong financial repression, and yields on government bonds and cash are expected to stay zero to negative for longer. The Japanification of the Eurozone is a fact, and if euro-only investors want to enhance the yield on their fixed income portfolios, they need shift gears and look outside the eurozone for opportunities. In our latest webinar, Erik Keller, Client Portfolio Manager Global Credits, will discuss how a global approach to credits investing can increase yield and return without substantially increasing risk. He will also show how investors can increase the sustainability profile of their global credit investments.
Fabiana Fedeli, Global Head of Fundamental Equities and Jie Lu, Head of Investments for China
China’s stock market is now the second largest worldwide. Yet despite its size, it remains undiscovered by many investors. As China is now emerging more quickly from the Covid-19 slowdowns than other nations, the tide may now be turning for global investors’ interest in both onshore (A-shares) and offshore (Hong Kong-listed and ADRs) Chinese stocks.In our latest webinar, Fabiana Fedeli, Global Head of Fundamental Equities, and Jie Lu, Head of Investments for China, will provide an update on the Robeco Chinese Equities strategy. They will discuss where the opportunities lie in China’s four key investment themes, how the country is embracing ESG, and why active investing is so important in a market that remains largely inefficient.
Steef Bergakker, Senior Portfolio Manager and Sam Brasser, Analyst
Trends like digitalization are accelerating tremendously during this pandemic. It shouldn’t come as a surprise that tech companies – the key enablers of digitalization – are dominating the stock market. This proves, once again, that stock returns are highly skewed: winners are rare, and losers are common. In an ever-changing world, trends and themes can be instrumental in picking winners and avoiding losers. But true trends and themes are more than storytelling and the next hot thing – they must be investible over the long term, and stock selection requires a different approach.In our latest webinar, seasoned trends investors Steef Bergakker and Sam Brasser will outline how to identify an investible trend and their approach to stock selection. They will discuss the main long-term opportunities in the market today, while also touching upon the themes covered in Robeco’s latest guide, the Big Book of Trends and Thematic Investing, due to be published on 5 October.
Jack Neele, Portfolio Manager and Carl Ghielen, Client Portfolio Manager
The tech giants have proven to be the real winners of the Covid-19 crisis, as the lockdowns led to digital consumption going through the roof. Streaming and home entertainment brought massive new revenues for the FAANG stocks, while fintech benefitted from contactless payments becoming compulsory at many retailers. But is this all sustainable when the pandemic is finally over?
In our latest webinar, portfolio manager Jack Neele and client portfolio manager Carl Ghielen will provide an update on the Robeco Global Consumer Trends Equities strategy. They will discuss the key drivers of global consumer trends, and within this theme, the trends that are defining the tech consumer. These trends will outlast the coronavirus, but you need to know where to look.
-European banks were strong when the Covid-19 recession hit – although the pandemic is starting to take its toll on some. Governments want the banking system to continue lending to companies that are leveraging up, as they try to resurrect lost business. Bondholders are protected as capital buffers are still increasing, although the same applies to credit losses as loan books deteriorate.
In our latest webinar, Jan Willem de Moor, portfolio manager of the Robeco Financial Institutions Bonds fund, will explain how this affects the European banks’ credit instruments. There are differing pockets of value, meaning it’s important to know where to look. He will outline the outlook for the next 12 months, and give an overview of how the fund is navigating the Covid-19 crisis.
The side effects of wasteful production and consumption is becoming ever more visible. We currently use resources that equal to 1.75 times the Earth’s regenerative capacity, and this is plainly unsustainable. We believe the future lies in switching from the current take-make-dispose model to the circular economy, for which consumer demand and regulatory action is gaining momentum.
In our latest webinar, Holger Frey, portfolio manager of the RobecoSAM Circular Economy strategy, will explain which sectors and companies are most impacted by the transition. He will discuss whether the Covid-19 pandemic has had an effect on the circularity theme, outline the investment opportunities, and explain why finding solutions to resource depletion is such an important theme.
Erika van der Merwe (Investment writer & moderator) Michiel van Voorst (Portfolio Manager) Bryan Satterly (Portfolio Manager)
New developments in fintech are taking hold around the world, but particularly in emerging markets. Countries and companies are leapfrogging technology development paths previously seen in the developed world, and are forging their own destinies creating localized solutions with real innovation. This is certainly true for Latin America – a region with over 600 million people where increasing rates of smartphone and internet adoption are driving new solutions that are disrupting many traditional industries including financial services.
In our latest webinar, portfolio manager Michiel van Voorst and trend analyst Bryan Satterly will provide an introduction on developments of fintech in Latin America. They will discuss the long-term structural trends for fintech in the region and share insights on which countries and types of companies they find most exciting.
Jan Sytze Mosselaar, Portfolio Manager & Pim van Vliet, Head of Conservative Equities and Quant Allocation
The coronavirus pandemic and the lockdowns used to contain it have led to massive stock return dispersion this year. There have been clear lockdown winners and losers; while some stocks have been badly affected by the loss of trade, there have also been those who have benefitted. With the worst seemingly over, attention now turns to whether there will be a second wave. In our latest webinar, portfolio managers Jan Sytze Mosselaar and Pim van Vliet will shed some light on how their Conservative Equities strategy has performed in this environment. They will compare the initial March sell-off with prior periods of turbulence, and give their current outlook for quant strategies, particularly should a second wave of infections mean a new round of action.
Dimitri Chatzoudis, Portfolio Manager Emerging Markets and Jan de Bruijn, Client Portfolio Manager
There has been a range of responses amongst emerging markets to the Covid-19 crisis. The macroeconomic and financial impact has varied across countries, as have the political and policy responses. Overall, countries in North Asia have coped better than other emerging markets – and moreover have handled the crisis better than most developed markets. Given that North Asia accounts for more than 60% of the MSCI Emerging Markets universe, this has important implications for investors. Dimitri Chatzoudis, Portfolio Manager Emerging Markets, and Jan de Bruijn, Client Portfolio Manager, will discuss some of these implications. Amongst other conclusions, they argue that country allocation and stock selection are now more important than ever.
Victor Verberk, Deputy Head of Investments and Sander Bus, Co-Head of the Credit team
Managing global credit portfolios is not for the faint-hearted, as proven again with the sell-off caused by Covid-19. But it can bring great returns if you know what you are doing. Robeco has a long and successful history in managing credit portfolios and has faithfully documented their ups and downs in the Credit Quarterly Outlook, which this month is celebrating its 50th edition. In this webinar, credits team co-heads Victor Verberk and Sander Bus will share some of the lessons learned from 12½ years of delivering the outlook. It’s not just a publication – it’s the embodiment of an entire investment process. They will provide an update on Robeco’s global investment grade and high yield strategies, and explain how we’re still being contrarian, 50 editions later.
As the impacts of climate change become more obvious, investors are increasingly asking how we can address it. The risks are substantial, and we continue to improve our mitigation approaches. But we are also quick to advise clients that there are opportunities arising from the transition to a low-carbon economy. In this webinar, Senior SI Strategist Jacob Messina will explain the climate research being conducted by Robeco, and how our findings may be applied to developing strategies. Engagement specialist Cristina Cedillo Torres will then outline how we are engaging with companies to influence corporate action on climate issues, and the progress we have seen in our work so far. The live webinar will take place on Thursday 18 June at 16.00 CET.
Guido Moret, Head of Sustainability Integration Credits & Erik Keller, Client Portfolio Manager Global Credits
A unique screening approach developed by Robeco in 2018 enables us to invest in the credits of companies that can contribute to the Sustainable Development Goals (SDGs). Last year, our analysis showed that sectors that were positively aligned with the SDGs had a lower credit risk. Furthermore, sectors with a positive or neutral SDG rating over a five-year period had a superior risk/return relationship compared to those with negative SDG scores.
In our latest webinar, Guido Moret, Head of ESG Integration for Credits, and Erik Keller, Senior Client Portfolio Manager for Global SDG Credits, will outline the contribution that this SDG measurement framework has made to performance, especially in the wake of the Covid-19 sell-off. They will discuss whether any sector biases have emerged compared to mainstream strategies, and what can we expect going forward in terms of returns.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, SDG Credits – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how credits investing is really playing out during a crisis!
Carl Ghielen, Client Portfolio Manager & Michiel van Voorst, Portfolio Manager
The Covid-19 crisis caused a sharp correction in equity markets, but as we adjust to the new reality, we can observe some clear winners. Areas such as cashless payments, e-commerce and online shopping – all of which require financial technology – are seeing accelerated growth. The crisis means the future is simply coming faster, and is likely to kickstart a wider impetus to digitalize all financial services.
In our latest webinar, portfolio manager Michiel van Voorst and client portfolio manager Carl Ghielen will provide an update on the Robeco Fintech strategy. They will discuss the effect of the coronavirus crisis on payments, exchanges and cybersecurity, and give some insight into the latest trends in the Fintech segment.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, Fintech – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how thematic investing is really playing out during a crisis!
David Hawa, Client Portfolio Manager and Jan Willem de Moor, Senior Portfolio Manager
Banks entered the Covid-19 crisis in a much stronger state than many corporates. Basel III had been implemented for a number of years, and as a consequence, bank balance sheets were strengthened to conform to the strict guidelines. Conversely, corporate debt levels had been increasing over the years and recently ballooned due to the recent loss of trade, creating many new ‘fallen angels’.
In our latest webinar, Jan Willem de Moor, portfolio manager of the Robeco Financial Institutions Bonds Fund, and client portfolio manager David Hawa will outline how this renaissance for banks is reflected in the fund. They will discuss the ECB’s PEPP program, give their current views on AT1 CoCo bonds, provide an update on the insurance sector, and discuss valuation levels after April’s rebound.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, financial institutions bonds – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how credits investing is really playing out during a crisis!
The Covid-19 crisis has battered most sections of the equity market, as the lockdowns cause an unprecedented drop in demand for consumer goods. Long-term trends should, however, be relatively immune from sudden market swings, as by definition, a trend can defy existential shocks. Indeed, some such as contactless payments and home entertainment, have even benefitted from it.
In our latest webinar, portfolio manager Richard Speetjens and client portfolio manager Carl Ghielen will provide an update on the Robeco Global Consumer Trends strategy. They will discuss the effect of the coronavirus crisis on payments, streaming, luxury goods and healthy lifestyles, and give some insight into the latest key trends that the team is focused on.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, consumer trends – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how thematic investing is really playing out during a crisis!
Joop Kohler, Client Portfolio Manager Fixed Income
"The steep decline in oil prices – briefly turning negative for the first time in history before settling to 18-year lows – has rattled high yield bond investors. It was caused by a perfect storm, as demand for oil collapsed during the Covid-19 crisis, while over-supply continued due to a spat between major producers Saudi Arabia and Russia. Prices remain low, requiring careful navigation.
In our latest webinar, client portfolio manager Joop Kohler will outline its likely impact on the high yield bond market, which contains a large number of shale oil producers. He will provide an update on how it is affecting Robeco’s Global High Yield Bond fund, and outline the latest trades and positioning. He will also comment on recent downgrades from investment grade to high yield.
Our interactive live webinar format allows you to connect with the presenters, along with their presentations, and ask questions afterwards. We focus on one topic – in this case, the oil price – with a full Q&A. So, don't miss your chance to get the inside story and expert view on how high yield bond investing is really playing out during a crisis!"