Robeco Global Consumer Trends

Investment rationale

Robeco Global Consumer Trends D USD is an equity fund designed to capture structural shifts in global consumer spending through a concentrated thematic portfolio. The fund has a risk indicator of 4 out of 7 and a recommended holding period of 5 years, and is suitable for investors who can set aside capital for at least 5-7 years and accept volatility. It is intended for investors seeking capital growth, income and/or diversification, with ESG considerations integrated as a binding element in the investment process. Its focused exposure to long-term themes such as digital consumption, digital finance, artificial intelligence, local brands, luxury goods, personal care and consumer health makes it a distinct, specialist allocation rather than a broad market holding.

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How the strategy works

The fund is an actively managed UCITS V Luxembourg SICAV subfund in equities, with the objective of achieving a better return than the broad equity index while capturing structural changes in global consumer spending. It invests in stocks linked to long-term growth trends including online shopping, artificial intelligence, next gen oncology, injectable aesthetics, personal finance, luxury goods and gaming, and may also invest in sectors not directly linked to consumption. The benchmark is the MSCI All Country World Index (Net Return, USD), used for comparison purposes; the investment policy is not constrained by the benchmark and the portfolio may deviate substantially from benchmark issuer, country and sector weights. The fund may use financial derivatives, can engage in currency hedging transactions though typically does not, is accumulating rather than dividend-paying, and has a recommended holding period of 5 years.

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Investment philosophy

• The fund invests in companies exposed to structural growth trends in consumer spending, with themes named across digital consumption, digital finance, artificial intelligence, local brands, luxury goods, personal care, consumer health, online shopping, gaming, next gen oncology and injectable aesthetics.

• Stock selection is based on fundamental analysis, with the managers focusing on selecting stocks of structural winners within these long-term trends.

• At 31 August 2026, the portfolio was concentrated, with 45 holdings and 97.9% in equity plus 2.1% cash; the top 10 holdings account for 46.07% and include NVIDIA, Alphabet, Amazon, Microsoft, Samsung Electronics, Taiwan Semiconductor Manufacturing, Inditex, Mastercard, Galderma and Apple.

• Sector positioning at 31 August 2026 was led by Information Technology at 29.2%, Consumer Discretionary at 21.5%, Health Care at 14.8%, Communication Services at 13.1% and Consumer Staples at 9.8%, with regional exposure of 61.2% America, 27.9% Europe and 10.9% Asia.

• Risk management is fully integrated into the investment process to ensure positions meet predefined guidelines, and the strategy may use derivatives, apply exclusions, proxy voting and engagement, while typically not using currency hedging.

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Management team

The fund is managed by Jack Neele, Richard Speetjens and Sam Brasser.

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Distinctive features

The fund offers a clearly defined specialist equity exposure to structural consumer-spending trends through an actively managed and concentrated portfolio, which held 45 positions at 31 August 2026. It is daily tradable, open-end, UCITS V compliant and accumulating, and no performance fee is stated. The benchmark is used only as a comparison reference, allowing substantial deviation in issuer, country and sector weights, which supports a differentiated portfolio. The fund also promotes environmental and social characteristics under Article 8 and applies exclusions, proxy voting and engagement within its investment process.

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Risks

The fund has a risk indicator of 4 out of 7, described as a medium risk class. Equity theme funds can be more volatile because of their focus on a specific market segment. The value of shares is sensitive to market fluctuations and to changes in political, economic and market conditions, while the concentrated thematic approach means price moves in the selected themes can have a larger impact on the fund. The fund may use financial derivatives, and a derivative counterparty may fail to fulfil its obligations, although counterparty risk is reduced by exchanging collateral. The fund also faces liquidity risk because some assets could become less liquid in certain market conditions, currency risk for investors whose home currency differs from USD, sustainability risk integrated into investment decisions, and faces increased risks when investing in China A-shares, including liquidity, regulatory, quota, custody and broker risks.

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Asset manager

The management company is Robeco Institutional Asset Management B.V. The fund is a subfund of Robeco Capital Growth Funds, SICAV, and Robeco Institutional Asset Management B.V. is licensed as manager of UCITS and AIFs by the Netherlands Authority for the Financial Markets. Robeco Institutional Asset Management B.V. is authorised in the Netherlands and regulated by the Autoriteit Financiële Markten. The manager’s address is in Rotterdam, the Netherlands.

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Performance commentary

The manager says global equity markets remained resilient in August 2026 despite rising bond yields, a more hawkish Federal Reserve and renewed geopolitical tensions in the Middle East. Investor attention shifted toward a higher-for-longer rate backdrop, while rising oil prices linked to uncertainty around energy supply routes in the Strait of Hormuz added to inflation concerns and market volatility; market leadership rotated toward energy and financials, while parts of technology came under pressure even as AI enthusiasm and strong corporate earnings continued to support software. Within the portfolio, the strongest contributions came from the AI Revolution theme through holdings such as NVIDIA and Microsoft, while Airbnb stood out in Smart Living, Personal Finance and Experience Economy, and Natera contributed within Health & Hygiene. The largest drag came from Next Generation Consumer, where Walmart, Anheuser-Busch, Danone, Nestlé, Amazon and Kering were affected by weaker consumer sentiment, and the fund added Novonesis while reducing Arista Networks and Uber Technologies during the month.

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