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Robeco Emerging Conservative Equity Fund

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Robeco Emerging Conservative Equity Fund Robeco Emerging Conservative Equity Fund This report has been prepared for financial advisers only Superior INTRODUCTION INTRODUCTION Key Principles Star Rating* The underlying principles of the assessment process are to: Investment products are awarded a star rating out of a possible five stars - identify the long term commercial potential of the Responsible and placed on the following websites: www.sqmresearch.com.au Entity/Investment Manager; Licensed Investment Adviser - evaluate management’s capabilities, previous performance in the SQM Research is licensed as an Australian Financial Services Licensee, specific industry and the stability of the organisation; Licence No. 421913, pursuant to section 913B of the Corporations Act - evaluate identified markets (domestic and international existence, 2001. The licence authorises SQM Research to carry on a financial services stability and growth potential); business to provide general financial product advice only. - benchmark key performance assumptions and variables against Privacy Policy industry peers; SQM Research collects only a limited amount of personal information - weigh up the relevant risks of the Responsible Entity/Investment from its clients. Our privacy policy can be viewed at www.sqmresearch. Manager; com.au. This will enable you to understand your rights, our obligations - assess structure and ownership; and what SQM Research does with any information it collects about you. - determine if the Responsible Entity/Investment Manager is structured in such a way as to protect investor’s interests; and Fees charged for Report SQM Research has received a fee from the fund manager for this report - allow an opinion to be formed regarding the investment quality of and rating. the Responsible Entity/Investment Manager. General Financial Product Advice Assessment This advice will not take into account your, or your clients, objectives, SQM Research conducts a detailed site inspection of the projects/properties financial situation or needs and will not be provided in respect of any within the Responsible Entity’s/Investment Manager’s managed funds. other financial products. Accordingly, it is up to you and your clients - The site assessment considers the following areas: to consider whether specific financial products are suitable for your - sustainability of the site for the purpose intended; objectives, financial situations or needs. - management skills, qualifications, capabilities and experience; and Report Date: 20 March 2019 - associated property risks and their management. Star Rating Description Definition Investment Grading 4½ stars and Outstanding Highly suitable for inclusion on APLs High Investment above The fund most often outperforms its peers and benchmark. In all cases the fund is operating to its mandate grade rating and product disclosure statement (PDS). There are no corporate governance issues. Management is extremely experienced and skilled and has access to significant resources. 4 stars to 4¼ Superior Suitable for inclusion on most APLs High Investment stars The fund outperforms (or is likely to) its peers and benchmark the majority of the time. The fund most of grade rating the time has been operating within its mandate and PDS. There are very little to no corporate governance concerns. Management is of a very high calibre. 3¾ stars Favourable Consider for APL inclusion Approved The fund may outperform its peers and benchmark the majority of the time or SQM believes this is a fund that has potential to be an outperforming fund over the medium term. Management is of a quality calibre but may not yet be fully tested. There are no corporate governance concerns or they are of a minor nature. 3½ stars Acceptable Consider for APL inclusion, subject to advice restrictions Low investment There is some degree of additional risk attached to the fund by way of performance. The fund may grade rating periodically underperform its peers and benchmark or it has not been fully tested. There may be some additional concentration risk. Management is generally experienced and capable. There might be corporate governance issues of a mid-level or concerns over the Responsible Entities/Parent Entities financial position/ performance. 3¼ stars Caution required Not suitable for most APLs Unapproved Performance has been significantly under-benchmark and peers. There is a greater than average risk of underperformance over the medium term. There is a risk of the fund not operating to mandate or to its PDS. There could be corporate governance concerns. Management has been operating in an average manner. 3 stars Strong Caution Not suitable for most APLs Unapproved Required The fund is unlikely to perform to its mandate over the near term. There might be some greater than average corporate governance concerns. SQM has a number of concerns of management. Below 3 stars Avoid or redeem Not suitable for most APL inclusion Unapproved Hold – The rating is currently suspended until SQM Research receives further information. A rating is typically put on hold for a period of two days to four weeks. Withdrawn – The rating is no longer applicable. Significant issues have arisen since the last report was issued, and investors should avoid or redeem units in the fund. Not rated – The fund has not been rated by SQM. CONTENTS 3 Summary 2 Fund Summary 3 SQM Research’s Review and Key Observations 3 Strengths of the Fund 7 Weaknesses of the Fund 7 Other Considerations 7 Key Changes Since the Last Review 7 Investment Process & Portfolio Construction 8 Investment Process Diagram 8 Process Description 8 Corporate Governance/Business Strategy 12 Key Counterparties 12 Parent Company 12 Investment Manager / Fund Manager 12 Responsible Entity 12 Management Risk 13 Funds Under Management (FUM) 13 Management & People 15 Investment Team 15 Staffing Changes 17 Key Investment Staff 17 Remuneration and Incentives 18 Product Features - Fees & Redemption Policy 19 Buy/Sell Spread 19 Ongoing Fees 19 Performance Fees 19 Overall Fees 19 Quantitative Analysis 20 Quantitative Insight 20 Returns and Risk 24 Asset Allocation & Risk Parameters 26 Recent Positioning 27 Robeco Emerging Conservative Equity Fund SUMMARY 2 SQM Rating Superior. Suitable for inclusion on most APLs. Fund Description Fund Name Robeco Emerging Conservative Equity Fund APIR Code ETL0381AU Manager Robeco Institutional Asset Management Responsible Entity Equity Trustees Limited Custodian JP Morgan Investment Details Fund Inception 12-Nov-13 Fund Size A$181.04 mill as at Dec-2018 Fund Type Equities Achieve capital growth equal to, or greater than the Benchmark with lower volatility Return Objective (PDS) over the long-term Internal Return Objective Market-like returns with a reduction in volatility of 20-30% over the market cycle Risk Level (PDS) High Internal Risk Objective Not Applicable Benchmark MSCI Emerging Markets Index No. of stocks/positions 246 as at Dec-2018 Gearing (Fund) Not Applicable Fund Specifications Minimum Application $10,000 Redemption Policy Daily Distribution Frequency Semi-annually ICR 0.96% (as per RG97) MER 0.90% Performance Fee None Buy/Sell Spread 0.30% / 0.35% Currency Hedging Unhedged Fund Time Horizon 5 to 7 years Other Turnover 9% Top 10 Holdings Weight 16.98% Robeco Emerging Conservative Equity Fund SUMMARY 3 Fund Summary 1929, Robeco is a subsidiary of RGNV (Robeco Groep N.V.) with A$296 billion in assets under management, 51% of which are Description institutional. RGNV is fully owned by ORIX Corporation. The Robeco Emerging Conservative Equity Fund (the Fund) is a In 2016, RGNV separated its activities into a financial holding highly diversified, quantitatively driven, low-volatility emerging company and six independent asset managers: Robeco, Boston markets equity strategy structured as an open-ended unlisted Partners, Harbor Capital Advisors, Transtrend, RobecoSAM and registered managed investment scheme. CanaraRobeco. This structure created a clear distinction between The Fund is a highly diversified portfolio of around 200 emerging the activities of the holding company and its subsidiaries. In the market stocks. These stocks are quantitatively selected from a same year, ORIX became 100% owner of RGNV by acquiring broad universe of approximately 2,000 across the emerging the 9.99% holding in RGNV from Rabobank. market universe. Fund Rating The Fund applies several selection criteria. The most important The Fund has achieved the following rating: is low-volatility. Proprietary quantitative models select stocks that display low risk as measured by two key factors: Star Investment Description Definition Rating Grading • Volatility: short and long term price variation. 4.25 Suitable for inclusion High Investment Superior • Beta: short and long term correlation with the overall stars on most APLs Grade Rating emerging market universe. SQM Research’s Review and Key Observations The strategy then incorporates the following factors: 1. People and Resources • Distress risk: a quality control filter to eliminate stocks that Size and Resources of the Fund Management Company have too high a probability of distress or bankruptcy. Robeco has A$264.1 billion in Assets under Management (June • Valuation: focus on value factors such as dividend yield, 2018) and has invested in emerging markets since 1930. The relative PE and others to avoid over-valued stocks. firm has developed high yield investment strategies since 1998 • Momentum: academic literature has identified analyst and USD 161 billion is managed in ESG-integrated
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