“L’enigma nell’azionario fondamentale: Cina o Stati Uniti? (SUB ITA)”
I mercati azionari hanno visto il loro più grande sell-off dagli anni '30 a causa della crisi causata dal Covid-19, la quale ha portato molti investitori a diventare molto più selettivi. Gli Stati Uniti di solito sovraperformano durante le recessioni – un rallentamento globale è ormai inevitabile – ma i fondamentali dell'Asia settentrionale si stanno riprendendo più rapidamente. Quindi, gli investitori dove dovrebbero mettere il loro capitale, data l'incertezza che prevale?
Nel nostro ultimo webinar Fabiana Fedeli, Global Head of Fundamental Equities, spiega perché la country allocation sarà il discriminante più importante nei prossimi due trimestri. Quei paesi nei quali la risposta politica al coronavirus è stata più efficace che in altri, come la Cina, possono diventare preferibili. “Rimanere selettivi” sarà la formula chiave.
RecordedMay 7 202028 mins
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Jack Neele, Portfolio Manager Robeco Global Consumer Trends and Duilio Ramallo, Portfolio Manager of BP US Premium Equity
Investors are used to seeing a debate of value or growth as two apparently mutually exclusive investment styles. Growth has had the upper hand by outperforming value for most of the past 12 years. Now, as excitement grows over Covid-19 vaccines providing the key to the end of the pandemic, value stocks have come back into vogue. So, which style should investors choose?
In our latest webinar, two of Robeco’s most senior investors will present the case for each side. Duilio Ramallo, Portfolio Manager of Robeco BP US Premium Equity, will outline why he thinks value investing is making a comeback. Jack Neele, Portfolio Manager of Global Consumer Trends Equities, will explain how his thematic domain presents opportunities on the growth side.
At the end of the session you will understand:
• How growth and value can work together in a balanced portfolio
• Why it’s good to consider both approaches in the post-Covid-19 era
• The role asset allocation plays over timing
Nicolas Beneton, Senior Client Portfolio Manager and Stefanie Rath, Client Portfolio Manager
Technology is often seen as a major part of the solution in tackling global warming. Electrification of transport systems will reduce our reliance on combustion engines, while renewable energy can eventually end the use of fossil fuels for power generation. Both require innovative approaches, new minerals, and bundles of human ingenuity in the technology and investment spheres.
In our latest webinar, Nicolas Beneton, Senior Client Portfolio Manager will discuss how Robeco’s Smart Materials fund targets those companies that can substitute existing materials and optimize manufacturing processes as well as promote circular use of resources. Stefanie Rath, Client Portfolio Manager, will then outline how Robeco’s Smart Energy fund invests in clean energy sources and energy-efficiency technologies that will transform the sector and decarbonize our economies.
At the end of the session you will understand:
• How the use of better materials can lead to new industrial busines models
• How the electrification of the energy sector can address global carbon reduction
• Why robotics, electric vehicles and big data-related technologies are such a potent force
Our interactive live webinar format allows you to connect with the presenters and includes a full Q&A session. So, don't miss your chance to get the inside story and expert view on how smart investing is playing out as the world sets out to achieve net zero carbon emissions.
Masja Zandbergen Albers, Head of ESG Integration & Peter van der Werf, Team lead Engagement, Active Ownership
What does Robeco expect for sustainable investing in 2021? We remain focused on the two main elements of SI: integrating ESG into the investment process, and active ownership. In our latest webinar, Masja Zandbergen will outline her views on the market outlook for SI and sustainable strategies. She believes that the financial sector needs to dive into the deep end as EU regulation and climate change ambitions require better research, data and implementation in portfolios.
Secondly, Peter van der Werf will outline Robeco’s main engagement themes for 2021. Climate change takes center stage as the team engages with banks who are funding high-carbon companies, and also with those fossil fuel users who are lagging behind in the transition to lower-carbon business models. He will also outline engagement plans to address labor rights across several sectors in the post-Covid-19 world, and protecting human rights along supply chains in conflict areas.
We produce our webinars to be informative, so at the end of the session you will understand:
1. The latest developments in sustainable investing post-Covid-19,
2. What the financial industry need to focus on, such as new regulation,
3. Why we’re targeting companies at risk of failing in the climate transition,
4. How labor and human rights need protecting in several vulnerable areas.
Now that we are approaching Christmas time, the moment seems right to reflect upon these unprecedented times of uncertain medical conditions, inherit economic turbulence and political landslides. What pockets of the markets could still provide interesting opportunities and positively surprise us, even after the strong rebound of markets since the outbreak of Covid-19 earlier this year? Also, to what extent will sustainable trends continue to benefit from the election of Joe Biden going into 2021?
Portfolio manager Folmer Pietersma (Robeco Sustainable Property Equities) will outline his agile way of investing and addressing the current challenges in the global property markets. He will also showcase his belief that real estate companies focusing on sustainability will provide more appealing investment opportunities. Next, portfolio manager Holger Frey (RobecoSAM Circular Economy Equities) will then outline how he targets companies building a more resource-efficient economic model. Finally, Nicolas Beneton (product specialist Robeco) will explain how the Sustainable Water strategy contributes to, amongst others, a world with better access to clean water. Three strategies that offer very exciting investment opportunities but at the same time perfectly fit the Christmas theme, investing for a better world.
Our interactive webinar allows you to connect and discuss with the three investment professionals behind these strategies as their presentations will be followed by a Q&A session. So please join us and get the inside story and expert view on these three very exciting sustainable investment ideas.
Jaap van der Hart, Portfolio Manager Emerging Stars and 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, portfolio manager Jaap van der Hart and 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. They 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!