Rolinco N.V. Annual report 2007
Contents
General information 3
Report of the supervisory board 5
Report of the management board 6
Financial statements 13
Balance sheet 13
Profit and loss account 14
Cash-flow summary 14
Notes 15
Other data 24
Spread of net assets 27
List of securities 29
Purchases and sales 31
General Information
Rolinco N.V. [1]
(investment company with variable capital, having its registered
office in Rotterdam, the Netherlands)
Coolsingel 120
Postbus 973
NL-3000 AZ Rotterdam
Tel. +31 - 10 - 224 12 24
Fax +31 - 10 - 411 52 88
Internet: www.robeco.com
Supervisory Board
Paulus C. van den Hoek, chairman
Gilles Izeboud
Philip Lambert
Dirk P.M. Verbeek
Management Board
Robeco Fund Management B.V.
Manager
Robeco Fund Management B.V.
Management board:
Mark F. van der Kroft
Pieter F.F.M. Schuurs (as of 17 January 2008)
Edith J. Siermann
Edwin de Weerd
Ed B. van Wijk
Fund Manager
Arnout van Rijn (until 1 January 2008)
Mark F. van der Kroft (from 1 January 2008)
Secretary of the Company
David H. Cross
Management Board of Robeco Groep N.V.
(the holding company of the Robeco Group)
George A. M�ller, chairman
Leni M.T. Boeren
Sander van Eijkern
Constant Th.L. Korthout
Frank L. Kusse (from 2 February 2007)
Niek F. Molenaar
[1] Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the
fund's appointed representative in Switzerland. Copies of the
prospectus, Articles of Association, annual and semiannual reports
and a list of all purchases and sales in the fund's securities
portfolio during the reporting period are available from the above
address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is
the fund's paying agent in Switzerland.
General meeting of shareholders
The General Meeting of Shareholders will be held on 23 April 2008 at
11:30 hours at the Hilton Rotterdam, Weena 10, Rotterdam, the
Netherlands. Holders of share certificates to bearer wishing to
attend and vote at the meeting should apply for a written statement
from the Euroclear Netherlands-affiliated institution where their
shares are held, which will give admission to the meeting. The
institutions affiliated with Euroclear Netherlands should submit a
copy of this statement to ABN AMRO Bank N.V. stating the number of
shares held for the shareholder concerned prior to the meeting, and
which will be frozen until after the meeting. This statement should
be submitted not later than 16 April 2008. Holders of K shares should
lodge their share certificates not later than 16 April 2008 with one
of the banks mentioned in the convening notice of 4 April 2008.
Holders of subshares or an account with Robeco Direct in Rotterdam or
Banque Robeco S.A. in Paris wishing to attend the meeting should
inform the management board in writing not later than 16 April 2008.
This report is also published in Dutch, French and German. Only the
original Dutch edition is binding and will be submitted to the
General Meeting of Shareholders.
Simplified and full prospectus
A simplified prospectus with information on Rolinco N.V. and its
associated costs and risks is available. This simplified prospectus
and the full prospectus are available at the company's office and via
www.robeco.com.
Supervisory Board
Paulus C. van den Hoek (69), chairman since 2000. Dutch nationality.
Appointed in 1990 and last reappointed in 2005.
Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam, the
Netherlands, since 1965. Former Dean of the Dutch National Bar
(81/84). Supervisory director of ASM International, Wavin, Robeco
Groep N.V. (chairman since 2000), Robeco (chairman since 2000) and
Rorento (chairman since 2000).
Gilles Izeboud (65)
Dutch nationality. Appointed in 2004 and last reappointed in 2007.
Former partner and board member at Pricewaterhouse-Coopers. Deputy
justice of the Enterprise Section of the Amsterdam Court of Appeal.
Supervisory director of Corporate Express, Robeco Groep N.V., Robeco
and Rorento.
Philip Lambert (61)
Dutch nationality. Appointed in 2005.
Former head of Unilever Corporate Pensions N.V. and PLC in London.
Supervisory director of Robeco Groep N.V., Robeco and Rorento.
Dirk P.M. Verbeek (57)
Dutch nationality. Appointed in 2001 and last reappointed in 2006.
Former member of the executive board of Aon Group in Chicago, USA,
and former chairman/CEO of the executive board of Aon Holdings in
Rotterdam, the Netherlands. Supervisory director of Robeco Groep
N.V., Robeco and Rorento.
N.B. Only supervisory directorships at listed companies and the
Robeco Group are mentioned.
Report of the supervisory board
We herewith present the Rolinco N.V. accounts for the financial year
2007 together with the report of the management board. The way in
which the supervisory board carries out its supervisory duties is
significantly determined by the structure of the Robeco Group.
Discussion of the management of Rolinco N.V. can take place in the
supervisory board of either the company or that of Robeco Groep N.V.
As a result of the personal links between the members of the two
boards, in practice this presents no difficulties. Rolinco N.V. is
managed by Robeco Fund Management B.V., a wholly owned (indirect)
subsidiary of Robeco Groep N.V. The management board of Robeco Fund
Management B.V. consists of Edith Sierman (Chief Investment Officer
Fixed Income), Mark van der Kroft (Chief Investment Officer
Equities), Edwin de Weerd (Executive Vice President of Finance &
Operations Robeco Direct N.V.), Ed van Wijk (Executive Vice President
at Robeco Alternative Investments) and Pieter Schuurs (head of
Financial Service Center). Mr. Van der Kroft succeeded Mr. Van Rijn
as fund manager of Rolinco N.V. We thank Mr. Van Rijn, who started
working for Robeco in Hong Kong on 1 March 2008, for his efforts over
the past years.
The purpose of an investment institution such as Rolinco N.V., as
laid down in its Articles of Association, is limited to the investing
of its assets in securities in such a way that risks are diversified
with the object of allowing its shareholders to participate in the
profits. At its meetings the supervisory board therefore primarily
devotes its attention to the investment policy, the realized results
and the development of the assets invested, on the basis of frequent
and detailed reports. Attention is also paid to matters relating to
risk management, such as operational and market risks, and
compliance, such as investment restrictions and compliance with and
implementation of requirements of the regulator. In connection with
what has already been mentioned regarding the structure of the Robeco
Group, matters, such as the risks associated with the investment
policy, the application of instruments to manage these risks and
compliance issues, may also be discussed at the meetings of the
supervisory board of Robeco Groep N.V. The general policy of the
Robeco Group is determined by the Management Board of Robeco Groep
N.V. in consultation with its supervisory board. This means that
matters such as product development, acquisitions and risk management
and compliance are discussed at the meetings of the supervisory board
of Robeco Groep N.V. An audit and compliance committee and a
nomination, remuneration and corporate-governance committee have been
appointed by this board. Two members of each of these committees are
also supervisory directors of Rolinco N.V. Within these committees
extensive discussions are held about internal audit, risk-management
and compliance issues and the functioning of and remuneration
structure for the Robeco Groep N.V. Management Board and other
personnel issues. Besides the subjects mentioned, the proposed
amendments to the investment profile were thoroughly discussed at the
meetings of the supervisory board during the reporting year.
We have taken note of the contents of the auditor's statement
presented by Ernst & Young Accountants and recommend approval of the
annual financial statements. We concur with management's proposal to
distribute a dividend of EUR 0.60 per share in cash.
At the General Meeting of Shareholders on 26 April 2007, Gilles
Izeboud was reappointed as a supervisory director of the company with
immediate effect. At the General Meeting of Shareholders to be held
on 23 April 2008 Mr. P.C. van den Hoek will resign as chairman of the
supervisory board. Mr. Van den Hoek has been a member of the
supervisory board of Robeco N.V. since 1990 and has acted as chairman
since 2000, during which time he fulfilled his duties excellently.
Mr. Van den Hoek has placed his considerable legal expertise,
management experience and business acumen at the service of the
company during these years. We owe him an immense debt of gratitude.
Mr. D.P.M. Verbeek will succeed Mr. Van den Hoek as chairman of the
supervisory board.
Rotterdam, 12 March 2008
The supervisory board
Report of the management board
General introduction
Another year of strong global economic growth
The world economy continued its strong growth in the second half of
last year, as was the case in previous years. Growth was mainly
supported by the emerging economies. For the first time China's
contribution to growth was bigger than that of the US. In the course
of the year, the US economy faced increasing headwinds. The euro
zone's economic recovery continued to be strong. The recovery in
Japan also continued but less convincingly.
In the first half of the year, many central banks mainly focused on
keeping inflation in check. In many cases actual inflation was
moderate. Later in the year inflation increased almost worldwide as a
result of sharply increased oil and food prices.
Higher volatility in equity markets
Initially prices rose sharply on many equity markets, led by stocks
in the emerging markets. This favorable development was caused by the
continuing strong growth of emerging economies, ample possibilities
for financing and the associated wave of mergers and acquisitions.
The scenario changed after July, when it became apparent that
financial institutions had suffered considerable losses on assets
that were linked to mortgages in the US housing market. This led to
more stock-market volatility in the second half of the year and to
falling prices on the stock markets of developed economies all over
the world. On balance, global equities had a slightly negative return
in 2007. The MSCI World Index had a return of -1.2%. Germany was an
important exception to this, as there the index rose more than 20%
over the year. Emerging markets realized an excellent collective
return of more than 25%. The discount on emerging-market equities
relative to their mature counterparts has disappeared.
The United States
The correction in the US housing market intensified last year, but
did not cause a considerable slowdown of the economy as a whole.
Although unemployment increased somewhat, household consumption held
up rather well for the majority of the year. Healthy growth in the
rest of the world, in combination with a depreciating dollar, led to
strong export growth. However, the combination of an ongoing
correction in the housing market, rising food and energy prices and
the uncertainty in the credit markets weakened the outlook for
economic growth in the second half of 2007.
After an initial decrease, core inflation started to increase towards
the end of last year. Since last September, the Fed has reduced
interest rates from 5.25% to 4.25% in response to the problems in the
credit markets and their potential impact on economic growth. Bond
yields dropped around 70 basis points on balance to 4.0%.
Japan
The Japanese economic recovery continued, although it was not very
spectacular. Growth remained static at around 1.5% and the deflation
trend continued. By the end of 2007 inflation was barely positive.
The Japanese central bank only dared to increase rates on one
occasion; by 25 basis points to 0.5%. Long-term rates were slightly
above 1.5% at year end, trading in the same range in which they had
traded for most of the year.
The euro area
The euro area saw growth of 2.5% to 3% in 2007, which was once again
stronger than the trend. Unemployment dropped to the lowest level on
record. Inflation amounted to less than 2% until the autumn, but then
rose strongly to more than 3% at the end of the year. By the time the
problems on the credit markets started to emerge, the European
Central Bank (ECB) had raised rates in two steps from 3.5% to 4%.
After that, the bank adopted a waitand- see stance and left rates
unchanged due to the increased uncertainty. Bond yields rose less
than moneymarket rates, climbing from 3.9% to 4.3% in 2007.
Outlook
The stock markets encountered heavy weather in the first few weeks of
2008. On balance, global stock markets have fallen considerably due
to ongoing uncertainty about the credit crisis, large losses suffered
by banks and concerns about an economic recession in the US. The
latter may occur, but a period of slow growth is more likely. In the
course of this year, the economic outlook for 2009 may start to
gradually improve. A continuation of the accommodative monetary
policy, which has been confirmed by the Fed's two unexpectedly
drastic rate cuts totaling 1.25% in January 2008, and fiscal measures
will start to give support to the US economy in the course of this
year. In the euro area and Japan a limited decrease in economic
growth is likely. The ECB may reduce interest rates somewhat in the
second half of this year and the BoJ will increase its policy rate
modestly in one or two steps. The emerging economies are projected to
continue to grow vigorously. Worldwide inflation will probably come
down gradually.
The first half of 2008 will not be easy for equities. Volatility will
remain high as a result of uncertainty about the consequences of the
credit crisis for the economy and corporate earnings. Assuming that
the economy will recover in 2009 and the credit and liquidity crisis
will not worsen, slightly positive equity returns may be expected for
2008 as a whole, in spite of the weak start of the year for most of
the global stock markets. Furthermore, equities are attractively
valued from a historical perspective and also when compared to other
asset categories. Stock markets in emerging economies are expected to
continue to perform relatively well, although the return differential
with mature markets is expected to be smaller in 2008 than it was
last year. The main risk attached to this outlook is the combination
of slower growth and higher inflation rates than foreseen, which
would be negative for equity markets across the globe.
Investment result
Overview 2003-2007
In % Average
over last
2007 2006 2005 2004 2003 5 years
Based on:
- - market place -1.6% 6.9 33.8 2.6 7.7 9.2
- - net asset value -0.8% 6.2 33.6 3.8 7.2 9.4
Benchmark [1] 1.7% 4.5 25.4 3.3 8.6 8.4
Dividend in euros [2] 0.60 0.40 0.36 0.28 0.28 0.38
Total net assets [3] 1.3 1.6 1.6 1.3 1.4 -
[1] S&P/Citigroup World Growth Primary Market Index (Total Return).
Currencies have been converted at rates supplied by World Market
Reuters.
[2] Proposed for 2007.
[3] EUR x billion.
During 2007, the share price of Rolinco fell from EUR 25.01 to EUR
24.23. Assuming reinvestment of the dividend of EUR 0.40 per share
distributed in May 2007, this was an investment result of -1.6%.
Based on net asset value, which fell from EUR 24.96 to EUR 24.38, and
taking into account reinvestment of the dividend, the investment
result was -0.8%. The fund's benchmark, the S&P/Citigroup World
Growth Primary Market Index (Total Return), rose 1.7% over the same
period. After seven relatively lean years, 2007 was a better year for
investors in growth stocks, in relative terms. Growth stocks
outperformed the broader market by approximately 3%. As a growth
fund, Rolinco did not, however, benefit optimally from growth stocks
dominance in the market. The fund lagged the benchmark, primarily due
to cautious stock selection in the technology sector, which was led
by aggressive momentum stocks, but also as a result of a few stocks
in the financial sector which suffered considerable price
depreciation. The high weight of Japanese stocks also contributed
negatively to performance because of dull trading on the Japanese
stock market throughout the year. Finally, the fund also suffered as
a result of a handful of company-specific setbacks.
Due to the continuing strength of the euro, some companies generated
very mediocre returns on investments in currencies other than their
own. The US dollar, in particular, continued to decline and reached a
new historical low. As a result, Rolinco generated a slightly
negative absolute return for the first time in five years.
Investment policy
Rolinco's investment policy over 2007 remained largely unchanged
relative to 2006. On a regional level there were hardly any changes,
while at sector level the position in financials was reduced in favor
of information technology. Turnover in the portfolio, without taking
into account the sale and purchase of the fund's own shares,
amounted to 36%, which is appropriate for an investment horizon of
five years. 2007 will probably go down in history as the year in
which the US economy lost its hegemony. The problems in the mortgage
market became increasingly apparent and their effect on structures
financed with large sums of borrowed money, were responsible for a
wave of write-offs among financial institutions. Although Rolinco had
an underweight position, which it increased by selling UBS and
reducing its holding in Citigroup, this turned out to be insufficient
protection when not only Citigroup but also Fannie Mae and Morgan
Stanley announced write-offs of many billions. For a long time these
companies appeared to be sufficiently well-protected to withstand the
storm, however, eventually they had to stabilize their balance sheets
with capital injections financed by the export and oil-related wealth
of countries in the Middle and Far East. These stocks lost 40% of
their value in the second half of 2007 and the weight of financials
in the portfolio fell from nearly 20% to less than 17%. Investors now
appear to be looking to the East to find the new global growth
engines. Ongoing growth in Asia led by China was, therefore, an
important stock-market theme in 2007. Emerging markets again had a
very good year with a return of 28% for Robeco Institutioneel
Emerging Markets Fonds in which Rolinco had invested approximately 6%
of its assets during the reporting year. Many of these emerging
markets are now reaching such proportions that their growth also has
an important impact on global market prices. After corrections for
purchasing power, the Chinese economy, for instance, is already
equivalent to approximately three-quarters of the US economy and the
Indian economy is equal in size to that of Japan. This growth was
mainly evident in the commodities sector where China's import
requirements were responsible for tightness in the iron-ore, coal
and, of course, oil markets. During the year, the fund's weight in
the energy sector increased slightly due to good returns on stocks
such as Schlumberger and Canadian Natural Resources.
Within the materials sector the fund particularly benefited from the
high commodity prices via its holding in Rio Tinto. This company also
became the object of a takeover attempt by sector peer and competitor
BHP Billiton causing its share price to rise 80%. As a result of the
search for alternative energy and the increasing prosperity in
emerging countries, many agricultural products also enjoyed a
scarcity premium. The prices of grain, soy beans and palm oil
skyrocketed in 2007. As a result of this development, Monsanto's
division for genetically engineered seed experienced a very lucrative
period as farmers strive to achieve bumper harvests when wheat prices
are high. The company's share price rose 90%.
The depreciation of the US dollar to a new historical low emphasized
the decreasing importance of the US economy. For a year Rolinco
hedged part of its dollar position and managed to somewhat limit the
damage. In addition, the weight of US stocks remained below average
throughout the year. Nevertheless, the US is still by far the largest
investment country and for growth investors particularly, there are
many interesting companies to be found. Furthermore, the weak dollar
is a great stimulus for the internationally active corporate sector
there. Japan performed poorly in 2007: the stock exchange fell 10%
and the yen depreciated slightly. Disappointment about the pace of
reforms and persistently low interest rates led foreigners, who had
supported the market in previous years, to sell. Lack of domestic
interest for stocks led to considerable downward price pressure
despite very sound earnings growth. In our opinion the market has
become excessively cheap but the return of domestic savings-account
holders to the equity market will be the key to recovery. A strong
yen and higher dividend payments could accomplish this. Japan is
experiencing some delays in becoming an attractive investment theme
but, in our opinion, the trend towards a more shareholder friendly
policy is still in place. Within the portfolio, airconditioning
manufacturer Daikin was the exception with an increase of more than
40% thanks to growing European sales and an environmentally friendly
sales pitch.
The technology sector gave growth stocks an important boost. During
the year under review, Rolinco increased its position in this sector
from almost 14% to well over 18%. Although fears of a US recession
increased in the course of the year, market leaders in new
technologies managed to escape the effects of this. A new wave of
applications and explosive demand from emerging markets were
responsible for excellent growth figures. In the semiconductor
industry, the fund acquired positions in Intel, Novellus and ARM
Holdings. Japanese dinosaur Hitachi was also added to the portfolio
when an awareness of profitable growth potential for this company
also seemed to gain ground. However, we found that our stock
selection lagged the sector average which was driven by a small group
of companies with an enormous price momentum whose valuation we
considered and still consider to be too high.
The performance of that other preeminent growth sector, health care,
disappointed once again with a negative return. Although the sector
as whole saw a healthy earnings increase of some 12%, the devaluation
continued, particularly for pharmaceutical companies. The US Food and
Drug Administration (FDA) continued to be rather demanding in 2007
posing many extra questions regarding the security risks of new
drugs. Questions as to the financial feasibility of the US healthcare
system resurfaced with Hilary Clinton's presidential candidature for
the Democrats. In the 1990s she was responsible for a wave of fear in
the sector. The healthcare sector had a constant weight of 15% of the
Rolinco portfolio throughout the year. The share price of EPO
manufacturer Amgen nosedived when the FDA limited the use of the
substance. Kinetic Concepts surged thanks to persistently strong
demand for their wound-care products. The fund gained exposure to the
cheap healthcare theme through positions in the pharmaceutical
company Roche, insurance company Wellpoint and CVS, a chain of
pharmacies. Only the last company realized a clearly positive return
in 2007.
The fear which consumed many stock markets during the year led to a
flight to more defensive stocks which benefited consumer staples.
Nestl� shares continued to do particularly well and despite the
increasing commodity prices, the margins on the company's products
remained high. Germany-based Henkel was added to the portfolio
because its margins are also expected to increase.
We took advantage of the consumption theme in emerging markets
through a holding in Nestl� but primarily through positions in Metro
(in Central Europe and Asia mainly) and Avon Products (cosmetics
retailer in Latin America and China). Both companies showed positive
price movements. As a continuation of this theme, Nokia was added to
the portfolio later in the year. This company seems to be quite
capable of selling mobile phones at a profit in poor countries.
The consumer-discretionary sector experienced strong price
fluctuations. Sports Direct, for instance, suffered price drop of
65%, which negatively affected the portfolio, when shortly after its
IPO, the retail chains' results disappointed and the inadequate
information provided by management annoyed investors. Shoe
manufacturer Crocs had to deal with its first growing pains and the
market reaction was harsh. After the company's share price had
doubled in the first half of 2007, it fell considerably in November
but nevertheless ended the year with a price gain of more than 50%.
Boat maker Brunswick shed 50% of its share price in the wake of
developments in the US housing market. Many clients who bought a
second home in Florida also bought a boat, causing the demand for
boats to decrease considerably together with the falling house
prices. Rolinco makes use of financial instruments, the associated
risks of which are specified in the financial statements. The fund
observes liquidity limits based on market capitalization and
tradability for the stocks in which it invests. Investments are made
in American, European and Far Eastern stocks in ten different sectors
resulting in broad diversification and limited price risk.
Investments are made within the limits stated in the prospectus. On
the basis of reports, the management board has discussed
risk-management and compliance issues, subjects which were also
covered in meetings with the supervisory board.
Top-10 stocks
Country Interest in %* Performance in %
31/12/2007 01/01-31/12/2007
In euros In local
currency
1. Total France 3.4 7.8 7.8
2. Cisco Systems United States 2.6 -10.7 -1.0
3. Ishares Nasdaq United States 2.3 -5.7 4.5
Biotechnology Index
4. ConocoPhillips United States 2.3 13.1 25.4
5. Nestl� Switzerland 2.0 19.3 22.7
6. Schlumberger United States 2.0 41.7 57.1
7. Petro-Canada Canada 1.9 19.8 12.7
8. Intel United States 1.9 21.1 34.2
9. Microsoft United States 1.8 9.0 20.8
10. Novartis Switzerland 1.7 -12.4 -9.9
In % of net assets.
Notes on the top-10 stocks
Total is a French integrated oil company with the best prospects for
production growth. Cisco Systems is global market leader in the field
of computer-network technology. iShares Nasdaq Biotechnology has
broad exposure to the promising new developments in US biotechnology.
ConocoPhilips is an integrated oil company that is placing increasing
emphasis on natural gas. Nestl� produces and sells food products all
over the world. Schlumberger provides technical support for the
development of oil and gas fields. Petro-Canada is a Canadian
integrated oil company. Intel is the world's largest designer and
manufacturer of microprocessors. Microsoft is the world's largest
software supplier. Novartis is a Swiss pharmaceutical company.
Outlook
In 2008, equity markets will be very sensitive to the effects of a
weaker economy on corporate margins. In addition, a conflict may
arise between rising inflation on the one hand and central banks'
desire to pursue an accommodative monetary policy on the other. We
expect a moderate year for stocks, and a depreciation of the
overvalued euro could lead to better-thanexpected euro returns for
non-euro denominated investments. Growth stocks are doing relatively
well in a climate of slowing economic growth and 2008 could,
therefore, become the second fat year for investors in growth stocks.
Rolinco's new investment philosophy (see text box) will indirectly
give the fund a larger amount of stocks in its portfolio. In
principle, this will reduce the fund's risk profile. On the other
hand, the risk could be increased by investments in new products and
more explicit allocation strategies. On balance, we do not expect
major shifts in the fund's risk profile.
Risk management
Rolinco does make use of financial instruments, the associated risks
of which are specified in the financial statements. The fund observes
liquidity limits based on market capitalization and tradability for
the stocks in which it invests. Investments are made in American,
European and Far Eastern stocks in ten different sectors resulting in
broad diversification and limited price risk. Investments are made
within the limits stated in the prospectus. On the basis of reports,
the management board has discussed risk-management and compliance
issues, subjects which were also covered in meetings with the
supervisory board. The crisis that unfolded in financial markets
across the world since the summer of 2007 was triggered by
delinquencies in the US sub prime mortgage market. Price declines in
asset backed securities covered by sub prime mortgage pool created a
crisis of confidence which extended to other markets and instruments.
By the end of 2007 markets were characterized by high volatility,
increasing risk aversion and illiquidity in many market segments,
notably in asset backed securities. To react to this crisis, Robeco
installed a Crisis Committee with board members of Robeco Fund
Management B.V. and other Robeco (management) companies, investment
teams, corporate treasury, compliance and risk management. This
Committee closely monitored the impact of market developments on all
fund's portfolios and, where necessary, took additional measures to
safeguard the fund's interests, well within the boundaries of
internal and external restrictions applicable to those portfolios.
During the crisis, Robeco Fund Management B.V. remained in close
contact with local regulators and auditors. As the portfolios managed
by Robeco Fund Management B.V. had no outright exposure to the sub
prime market the direct impact of the crisis on portfolios managed by
Robeco Fund Management B.V. has been restricted. Careful portfolio
composition and oversight ensured that no forced sales occurred as a
consequence of cash flows and market developments. Indirect effects
of the crisis on the portfolios include the impact of illiquidity and
high volatility in almost all market segments.
Investment philosophy and process
Rolinco's investment process will be organized differently in the new
investment year 2008. Rolinco will be managed under the motto 'Best
of Robeco'. Investments in Robeco's ten global sector funds will form
the basis of the Rolinco portfolio. which means that stock selection
will be carried out by Robeco's global sector specialists. The
rationale behind this is the new fund manager's desire to make even
better use of Robeco's expertise and investment capabilities in
global sectors. The sectorportfolio managers have shown over recent
years that they are able to successfully anticipate new trends and
themes in their sectors with a concentrated portfolio. Stock
selection in these sector funds will be carried out in the same way
using proven techniques within Robeco: a combination of fundamental
and quantitative analyses aimed at growth at a reasonable price.
Furthermore, in cooperation with the Global Allocation Strategies
team, the fund will focus closely on anticipating developments in
attractive regions and sectors in the form of a so-called overlay
strategy. Finally, there will be more room in the portfolio for
renewed and promising products developed by Robeco's equity
specialists. Fund management will be taken over by Mark van der
Kroft, who as Chief Investment Officer is uniquely positioned to
select interesting products for growth fund Rolinco. Investor Maarten
de Kok will continue to devote himself to the optimal management of
growth fund Rolinco. This new approach will mean that a large number
of professional portfolio managers from Robeco's Equities department
will contribute to the result of Rolinco. An experienced team of
portfolio managers will indirectly manage the majority of Rolinco's
assets. Arnout van Rijn will head the local investment efforts and
become fund manager of Robeco Asia-Pacific Equities Fund at the new
Robeco office in Hong Kong. In order to demonstrate the management
board's confidence in the new investment policy, the fixed management
fee will be reduced from 1.00% to 0.80% and a variable performance
fee of 20% will be introduced. The latter will only be payable
insofar as and for as long as Rolinco outperforms its benchmark
(after deduction of costs).
The fund Rolinco
Rolinco, established in 1965, is a global equity fund aimed at
generating capital growth for its shareholders. The fund invests in
growth stocks which are expected to show above-average or
accelerating earnings growth in the coming years. This growth can be
realized either by high turnover growth or by rapid margin growth and
is only dependent on the macroeconomic climate to a limited degree.
Dutch Financial Supervision Act
The Dutch Financial Supervision Act [Wet op het financieel toezicht,
or 'Wft'] became effective on 1 January 2007. This act regulates
supervision of the Dutch financials sector. The Wft has replaced
existing supervisory legislation (including the Dutch Investment
Institutions Supervision Act [Wet toezicht beleggingsinstellingen]).
System of operational management
General
The administrative organization and internal control (hereinafter
referred to as 'operational management') of the management company
Robeco Fund Management B.V. are discussed below insofar as these
concern the activities of the investment institution Rolinco N.V. The
system of operational management is attuned to the size of the
organization and meets the requirements of article 121 of the Dutch
Market Conduct Supervision of Financial Enterprises Decree [Besluit
gedragstoezicht financi�le ondernemingen, or 'Bgfo').
The system of operational management can never offer absolute
guarantees, rather it is designed to provide reasonable assurance of
the effectiveness of internalcontrol measures in relation to the
risks of the activities of the investment institution. The assessment
of the effectiveness and good functioning of operational management
is the responsibility of the management company.
Activities
Within the scope of the application for a license under the 2005
Dutch Investment Institutions Supervision Act [Wet toezicht
beleggingsinstellingen 2005, or 'Wtb 2005'], the structural aspects
of operational management applied were assessed and adjusted in
accordance with legislation. The relevant risks were identified and
corresponding internal-control measures formulated.
The effectiveness and good functioning of operational management are
assessed in various ways. The management board is informed
periodically by means of control reports which are based on the
process descriptions and the internal-control measures included
therein. Furthermore, there are incident and complaints procedures.
During the reporting period, the effective functioning of the
internal-control measures was tested by means of partial tests to
verify their design, existence and effectiveness. This involved
generic test activities that were carried out in a process-oriented
way for the various investment institutions for which Robeco Fund
Management B.V. acts as management company. The test activities may
therefore differ for the individual investment institutions. The
tests were executed by various departments at group and business-unit
level, in consultation with internal and external auditors. The tests
did not lead to relevant findings for this annual report.
Report on operational management
Over the reporting period, we assessed the various aspects of the
system of operational management. In our assessment we noted nothing
that would lead us to conclude that the description of the structural
aspects of operational management within the meaning of article 121
of the Bgfo failed to meet the requirements as specified in the Bgfo
and related regulations. Neither did we conclude that the
internal-control measures were ineffective or failed to function
according to the description provided.
Rotterdam, 12 March 2008
The management board
Financial statements
Balance sheet
Before profit appropriation, EUR x
thousand
31/12/2007 31/12/2006
Investments
Financial investments
Stocks [1] 1,216,747 1,536,917
Investments in Robeco Group mutual [2] 115,681 125,233
funds
Derivatives [3] 1,562 7,977
Total investments 1,333,990 1,670,127
Accounts receivable
Dividends receivable [4] 416 391
Receivables on securities - 10,128
transactions
Receivables on affiliated companies [5] 885 954
Sundry debtors [6] 4,977 6,759
6,278 18,232
Other assets
Cash [7] 3,411 80
Accounts payable
Obligations arising from derivative [3], [13] 225 352
instruments
Payable to credit institutions 795 25,722
Payable to affiliated companies [8] 1,153 2,835
Sundry creditors [9] 1,372 2,621
6�% convertible bond loan [10] - 9,051
3,545 40,581
Accounts receivable and other assets
less
accounts payable 6,144 -22,269
Shareholders' equity [11] 1,340,134 1,647,858
Composition of shareholders' equity
Issued capital [11], [12] 54,678 65,863
Other reserves [11] 1,281,365 1,471,879
Net result [11] -2,844 106,157
Assets attributable to holders of 1,333,199 1,643,899
ordinary shares
6�% cumulative preference shares 6,935 3,959
1,340,134 1,647,858
The numbers of the items in the fi nancial statements refer to the
numbers in the Notes.
Profit and loss account
EUR x thousand
2007 2006
Investment income 24,179 26,617
Changes in value [1], [2], [3] -9,067 99,415
15,112 126,032
Costs
Management costs [16] 15,440 16,951
Service fee [16] 1,744 1,898
Other costs [17] 492 424
Interest costs [10] 280 602
17,956 19,875
Net result -2,844 106,157
Cash-flow summary
Indirect method, EUR x thousand
2007 2006
Cash flow from investment activities
Net result -2,844 106,157
Realized and unrealized results 9,067 -99,415
Purchase of investments -297,378 -417,831
Sale of investments 625,414 454,903
Increase(-)/decrease(+) accounts receivable 11,954 -12,526
Increase(+)/decrease(-) accounts payable -1,669 1,644
344,544 32,932
Cash flow from financing activities
Received for shares subscribed 46,184 394,668
Paid for repurchase of own shares -329,078 -427,475
Profit distribution -24,962 -25,549
Increase(-)/decrease(+) accounts receivable - 27
Increase(+)/decrease(-) accounts payable -7,337 1,459
-315,193 -56,870
Net cash flow 29,351 -23,938
Currency and cash revaluation -1,093 2,926
Increase(+)/decrease(-) cash 28,258 -21,012
Cash at opening date [7] 80 206
Accounts payable to credit institutions at -25,722 -4,836
opening date
Total cash at opening date -25,642 -4,630
Cash at closing date [7] 3,411 80
Accounts payable to credit institutions at -795 -25,722
closing date
Total cash at closing date 2,616 -25,642
The numbers of the items in the fi nancial statements refer to the
numbers in the Notes.
Notes
General
Rolinco N.V. (hereafter also referred to as 'the fund') is a Dutch
investment company with variable capital within the meaning of
article 28 of the 1969 Dutch Corporate Income Tax Act [Wet op de
vennootschapsbelasting 1969] and has the fiscal status of an
investment institution. This means that no corporate-income tax is
due, providing that the fund makes its profit available for
distribution to shareholders in the form of dividend within eight
months of the close of the financial year and satisfies any other
relevant regulations.
Manager
Robeco Fund Management B.V. is the Manager within the meaning of
article 1:1 of the Dutch Financial Supervision Act [Wet op het
financieel toezicht, or 'Wft']. The Wft became effective on 1 January
2007 and has replaced the existing supervision laws.
The Manager holds a license from the Netherlands Authority for the
Financial Markets (the 'AFM') as defined by article 2:65, paragraphs
1 and 2, of the Wft. The tasks for which the Manager will be
responsible include the execution of the investment policy,
management of the fund assets as well as handling the fund's
financial administration, marketing and distribution. Robeco Fund
Management B.V. belongs to the Robeco Group. The agreement between
the fund's management board and the Manager includes the stipulation
that the Manager will comply with the provisions of the prospectus,
the Articles of Association and the directives of the fund's
management board, insofar as these are in line with the shareholders'
interests, and that the Manager will observe the applicable
legislation and regulations. The Manager will also regularly report
to the management board on its duties.
The Manager has outsourced the following activities to Robeco
Institutional Asset Management B.V. ('RIAM') in accordance with
article 4:16 of the Wft:
- - management of the fund assets in line with the
investment policy
- - financial administration of the fund
- - marketing and distribution of the fund.
RIAM is affiliated with the Robeco Group and has been granted a
license by the AFM, as defined by article 2:96 of the Wft.
Inclusion in AFM register
Both the fund and its manager are included in the AFM register.
Models
The annual financial statements have been drawn up in conformity with
the models provided by Dutch legislature. In certain areas,
descriptions have been used which better express the nature of the
items and relate better to the characteristics of an investment
company.
Open-end fund
Rolinco N.V. is an open-end investment company, meaning that, barring
exceptional circumstances, Rolinco N.V. issues and repurchases its
shares on a daily basis at prices approximating net asset value. On
26 February 2007, the new trading system for open-end investment
institutions on Euronext Amsterdam was introduced. According to the
Euronext guidelines, orders can be placed until 16:00 hours (cut-off
time). Orders that are placed via Euronext Amsterdam will be
processed once a day only and will be executed on the next
stock-exchange day at the net asset value, augmented or reduced by a
limited surcharge or discount. The only purpose of this surcharge or
discount is to cover the costs made by the fund related to the entry
and exit of investors. The maximum current surcharge or discount is
0.35%. Until 26 February 2007 a spread between the bid and offer
price was applied to cover costs related to issuance and repurchase
of own shares. The issue price was not more than 0.5% higher than the
net asset value and the repurchase price was not more than 0.5% lower
than the net asset value. The abovementioned margin between the net
asset value and the issue and repurchase prices, and the associated
costs, were for the account and risk of Robeco Investment Consulting
B.V., as a result of which Rolinco N.V. issued and repurchased its
shares at net asset value. Robeco Investment Consulting B.V.
distributed any positive spread results to the funds, in proportion
to each fund's positive contribution to the spread result. A buffer
was maintained to cover any future losses. The remaining spread
result has since been distributed.
Non-certificated participation in the Netherlands
Shares may be held in non-certificated form in Robeco Direct N.V.
accounts or via the affiliated branches of Rabobank in the Rabo
Securities Account. Participants pay costs on the sum deposited for
each purchase, and in the event of a sale a percentage of the sum
withdrawn. These participation costs are currently a maximum of 0.4%
via Robeco Direct and a maximum of 0.5% via Rabobank, depending on
the channel selected. These sums will accrue to Robeco Direct and
Rabobank respectively.
Accounting principles
General
Unless stated otherwise, items shown in the annual financial
statements are included at nominal value and expressed in thousands
of euros.
Financial investments
Unless stated otherwise, financial investments are included at fair
value. The fair value of stocks is determined on the basis of market
prices and other market quotations at closing date. The fair value of
stocks and participating units in Robeco Group mutual funds is
determined on the basis of market prices and other market quotations
at closing date. For derivatives such as forward exchange
transactions, this value is based on currency rates and reference
interest rates at closing date. Transaction costs incurred in the
purchase and sale of investments are included in the purchase or sale
price as appropriate. The transaction date of an investment
determines its inclusion in the Balance sheet.
Securities lending
Investments for which the legal ownership has been transferred by the
fund for a given period of time as a result of securities-lending
transactions, will continue to be included in the fund's Balance
sheet during this period, since their economic advantages and
disadvantages, in the form of investment income and changes in value
will be added to or deducted from the fund's result. The way in which
collateral ensuing from securities-lending transactions is reported
depends on the nature of this collateral. If the collateral is
received in the form of investments these will not be included in the
Balance sheet as the economic advantages and disadvantages relating
to the collateral will be for the account and risk of the
counterparty. If the collateral is received in cash it will be
included in the Balance sheet as, in this case, the economic
advantages and disadvantages will be for the account and risk of the
fund.
Affiliated parties
Both the fund and its Manager are affiliated to the entities
belonging to Robeco Groep N.V. The affiliation with Robeco Groep N.V.
is the result of the possibility of having decisive control or a
substantial influence on the business policy of the fund and the
Manager respectively. Robeco Groep N.V. belongs to the Rabobank
Group. The management structure of Robeco Groep N.V., in which
significant authority is allocated to its independent supervisory
board, is such that Rabobank does not have a meaningful say in or
influence on the fund's business policy. Robeco Groep N.V. pursues an
independent investment policy on behalf of its affiliated investment
companies, taking into account the interests of the investors
involved. The members of the supervisory board of Rolinco N.V. are
also members of the supervisory boards of Robeco Groep N.V., Robeco
N.V. and Rorento N.V. Besides services of other market parties,
Rolinco N.V. and the Manager also use the services of one or more of
these affiliated entities including transactions relating to
securities, treasury, derivatives, custody, securities lending, and
sale and purchase of own shares, fundadministration services, as well
as management activities. Transactions are executed at market rates.
Structure of Robeco Groep N.V.
The schematic diagram below shows the position of the entities
referred to in this report and their mutual relationship within the
Robeco Groep N.V. Only the relationships that are relevant to the
fund are shown.
Determination of the result
General
Investment results are determined by investment income, rises or
declines in stock prices, rises or declines in foreign exchange rates
and results of transactions in currencies, including forward
transactions, and derivative instruments. The results are accounted
for in the Profit and loss account.
Investment income
Net cash dividends declared during the year under review, the nominal
value of stock dividends declared, interest received and proceeds
from loan transactions. Accrued interest at balance-sheet date is
taken into account.
Changes in value
Realized and unrealized capital gains and losses on securities and
currencies.
Foreign currencies
Transactions in currencies other than the euro are converted into
euros at the exchange rates valid at the time. Assets and liabilities
expressed in other currencies are converted into euros at the
exchange rate prevailing at balance-sheet date. Any exchange
differences arising are accounted for in the Profit and loss account.
Financial instruments
Risks
Transactions in financial instruments may lead to the fund being
subject to the risks described below or to the fund transferring
these risks to another party.
General investment risk
The value of your investments may fluctuate. Past performance is no
guarantee of future results. The net asset value of the fund is
affected by developments in the financial markets and may both rise
and fall. Shareholders run the risk that their investments may end up
being worth less than the amount invested or even worth nothing.
General investment risk can be broken down into market risk,
concentration risk and currency risk:
Market risk
The net asset value of the fund is sensitive to market movements. In
addition, investors should be aware of the possibility that the value
of investments may vary as a result of changes in political, economic
or market circumstances.
Concentration risk
Based on its investment policy, the fund may invest in financial
instruments from issuing institutions that (mainly) operate within
the same sector or region, or in the same market. If this is the
case, the concentration of the investment portfolio of the fund may
cause events that have an effect on these issuing institutions to
have a greater effect on the fund assets than would occur with a less
concentrated investment portfolio.
Currency risk
All or part of the securities portfolio of the fund may be invested
in currencies, or financial instruments denominated in currencies
other than the euro. As a result, fluctuations in exchange rates may
have both a negative and a positive effect on the investment result
of the fund. The fund minimizes the risks by making a balanced
selection with regard to distribution across regions, sectors,
individual stocks and currencies.
Counterparty risk
A counterparty of the fund may fail to fulfill its obligations
towards the fund. This risk is limited as much as possible by taking
every possible care in the selection of counter parties. Wherever it
is customary in the market, the fund will demand and obtain
collateral.
Risk of lending financial instruments
In the case of financial-instrument lending transactions, the fund
runs the risk that the borrower cannot comply with its obligation to
return the financial instruments on the agreed date or furnish the
requested collateral. The lending policy of the fund is designed to
control these risks as much as possible.
As of balance-sheet date, the fund had received collateral ensuing
from securities-lending transactions. More information can be found
in the Notes to the balance sheet.
Liquidity risk
The actual buying and selling prices of financial instruments in
which the fund invests partly depend upon the liquidity of the
financial instruments in question. It is possible that a position
taken on behalf of the fund cannot be quickly liquidated at a
reasonable price due to a lack of liquidity in the market in terms of
supply and demand. The fund minimizes this risk by mainly investing
in financial instruments that are tradable on a daily basis.
Insight into actual risks
The Report of the management board, the Balance sheet, the Notes to
the balance sheet and the Spread of net assets, which includes the
geographic distribution of the investments, the net currency position
and distribution over sectors, give an insight into the actual risks
at balance-sheet date.
Risk management
Managing risk is a part of the investment process as a whole and with
the help of advanced systems, the risks outlined above are limited,
measured and monitored on the basis of fixed risk measures.
Derivatives
Investing implies that positions are taken. As it is possible to use
various instruments, including derivative instruments, to construct
an identical position, the selection of derivatives is subordinate to
the positioning of a portfolio. In our published information,
attention is given primarily to the overall position, and secondarily
to the nature and volume of the financial instruments employed.
The market value of derivatives is reported in the Balance sheet. The
presentation of the market value is based on the liabilities and
receivables per counterparty. The receivables are reported under
Financial investments and the liabilities are reported under Accounts
payable. The value of the derivatives' underlying instruments is not
included in the Balance sheet. If applicable, they are explained
under the heading Commitments not shown in the balance sheet.
Notes to the balance sheet
[1] Stocks
Movements in the stock portfolio
EUR x thousand 2007 2006
Book value (market value) at opening date 1,536,917 1,512,999
Purchases 295,870 378,954
Sales -574,612 -434,833
Realized and unrealized results:
stocks 25,451 174,328
currencies -66,879 -94,531
Book value (market value) at closing date 1,216,747 1,536,917
A breakdown of the portfolio and overviews of purchases and sales
exceeding an amount of EUR 4.5 million and the spread of net assets
can be found at the end of this report. Shares in an amount of EUR
235 million (EUR 108 million at the end of last year) were lent at
balance-sheet date. To cover the risk of non-restitution, adequate
collateral with a value of EUR 289 million (EUR 132 million at the
end of last year) was demanded and obtained. There was no cash
collateral at balance sheet date (EUR 2 million at the end of last
year). Other collateral is not included in the balance sheet.
Share swaps
Synthetic share swaps are customized products that offer investors
the opportunity to generate economic return on equity investments
without actually investing in the underlying value. There are various
ways to offer over-thecounter (OTC) exposure to equities, for
instance in the form of warrants, notes, option combinations and
share swaps. A share swap is a customized contract concluded between
the investor and the swap seller, which gives economic exposure to an
underlying share, a related security, basket of stocks or index. In a
swap contract two parties agree to swap the capital gains of, or the
total return on, one certain share. In a typical long-side swap
transaction, for instance, the investor receives all positive
performance of the reference share minus interest costs and pays all
negative performance plus interest based on LIBOR. During the
financial year, Rolinco held positions in share swaps ensuing from
securities-lending transactions. The portfolio did not include share
swaps at balance-sheet date.
[2] Investments in Robeco Group mutual funds
Part of the portfolio is invested in funds offered by the Robeco
Group.
Movements in investments in Robeco Group mutual funds
EUR x thousand 2007 2006
Book value (market value)
at opening date 125,233 97,449
Purchases 1,508 32,611
Sales -31,457 -20,070
Realized and
unrealized results:
stocks 21,714 16,826
currencies -1,317 -1,583
Book value (market value)
at closing date 115,681 125,233
A list of these investments is given on page 19. Rolinco N.V. can
enter and exit daily at net asset value in the abovementioned Robeco
Group mutual funds Robeco Institutioneel Emerging Markets Fonds and
Robeco Institutioneel European Opportunities Fund. These funds do not
have an entry charge and have an exit charge of 0.50%, as included in
the Terms and Conditions of Management and Custody of the said funds.
For Robeco Global Long Short Quant Fund and Robeco Global Telecom
Opportunities 1 limited class (EUR), entry and exit is possible once
a month at net asset value; for Robeco Capital Growth Funds - Robeco
European Opportunities I EUR entry and exit is possible daily. These
funds do not charge any costs.
Market value Interest in Net asset Return Total
value[1] expense
(sub)fund[10] ratio
[2]
EUR x thousand In % EUR x In %
1
31/12/ 31/12/ 31/12/ 31/12/ 31/12/ 31/12/
2007 2006 2007 2006 2007 2006 2007 2006 2007 2006
Robeco 68,116 78,504 7.3 3.5 109.61 88.18 26.9 17.4 0.88 0.87
Institutioneel
Emerging
Markets Fonds
[4]
Robeco Capital
Growth Funds -
Robeco 17,355 17,001 12.7 18.3 105.03 103.31 1.7 3.3 2.35 0.34
European
Opportunities
I EUR [5],
[6], [7]
Robeco Global
Telecom
Opportunities 16,050 15,339 33.8 73.2 107.00 102.26 4.6 2.3 5.37 0.07
1 limited
Class (EUR)
[3], [6],[8]
Robeco Global 14,160 14,389 57.3 74.8 116.97 107.20 9.1 7.5 8.66 0.03
Long Short
Quant Fund
[3], [6], [9]
115,681 125,233
[1] Per share/participating unit.
[2] The management fee and service fee will be refunded to Rolinco
N.V. by the manager of the funds mentioned.
[3] The performance fees for these funds have also been refunded.
[4] This fund is managed by Robeco Institutional Asset Management
B.V. and is not regulated. The annual report for the period ending on
31 December 2007 will be available at the o. ces of Rolinco N.V.
after publication.
[5] This fund has a UCITS III status and is regulated by the
Luxembourg authorities. The annual report of the fund for the period
ending on 30 June 2007 and the semiannual report ending 31 December
2007 will be available at the o. ces of Rolinco N.V. after
publication.
[6] This fund is not regulated. The annual report of the fund for the
period ending on 31 December 2007 will
be available at the o. ces of Rolinco N.V. after publication.
[7] For 2006 this relates to the period 20 November 2006 through 31
December 2006.
[8] For 2006 this relates to the period 27 April 2006 through 31
December 2006.
[9] Net asset value and return in USD.
[10] Last year, where applicable, the position was mentioned under
the relevant share category. Comparative . gures have been adjusted
according to the position in the fund or (sub)funds.
[3] Derivatives
Movements in derivatives
EUR x thousand Forward exchange transactions
2007 2006
Book value (market value)
at opening date 7,625 -90
Expirations -19,345 6,266
Realized and
unrealized results 13,057 1,449
Book value (market value)
at closing date 1,337 7,625
The presentation of derivatives in the Balance sheet is based on the
liabilities and receivables per counterparty. Therefore the
derivatives are included in the Balance sheet as follows:
Presentation of derivatives in the balance sheet
EUR x thousand Under financial Under accounts
investments payable
2007 2006 2007 2006
Type of derivative
Forward
exchange transactions 1,562 7,977 225 352
[4] Dividends receivable
Concerns dividends declared but not yet received.
[5] Receivables on affiliated companies
These are borrowing fees and receivable restitution of management,
service and performance fees.
[6] Sundry debtors
This includes recoverable dividend tax, tax withheld at source
outside the Netherlands on behalf of the Dutch Tax Office, in
accordance with article 6 resolution Investment Institutions, and
suspense items.
[7] Cash
Includes balances in current accounts at banks and call money.
[8] Payable to affiliated companies
These are management and service fees to be paid.
[9] Sundry creditors
These are unpaid expenses and debts arising from issuance and
repurchase of own shares and the part of the 6.5% convertible bond
loan not offered for redemption.
[10] 6�% convertible bond loan
The bonds could have been converted into 6�% cumulative preferred
shares at a ratio of 1 : 1 up to 1 July 2007. During the financial
year NLG 6,557,300 were converted (previous year NLG 1,044,000). On 1
July 2007 bonds which had not been converted were made eligible for
redemption. The part of the loan not offered for redemption as of 31
December 2007, representing NLG 196,000, is included under Sundry
creditors.
Composition of and movements in shareholders' equity
EUR x thousand 2007 2006
Issued capital
Situation at opening date 65,863 66,949
Received on shares issued 1,801 16,610
Paid for shares repurchased -12,986 -17,696
Situation at closing date 54,678 65,863
6�% cumulative preference shares 6,935 3,959
Other reserves
Situation at opening date 1,471,879 1,116,055
Received on shares issued 44,383 378,058
Paid for shares repurchased -316,092 -409,779
Net result from previous financial year 106,157 413,094
Profit distribution -24,962 -25,549
Situation at closing date 1,281,365 1,471,879
Net result -2,844 106,157
Shareholders' equity 1,340,134 1,647,858
[11] Shareholders' equity
The company's authorized share capital amounts to EUR 400 million,
divided into 380,000,000 ordinary shares with a nominal value of EUR
1 each and 500,000 cumulative preference shares with a nominal value
of EUR 40 each. EUR 7 million of the cumulative preference shares has
been placed.
[12] Assets, shares outstanding and net asset value per share
Assets, shares outstanding and net asset value per share
31/12/2007 31/12/2006 31/12/2005
Assets in EUR x thousand 1,340,134 1,647,858 1,599,583
Shares issued in financial year 1,801,429 16,610,485 5,926,741
Shares repurchased in financial -12,985,614 -17,696,102 -11,568,345
year
Number of shares outstanding 54,678,379 65,862,564 66,948,181
Net asset value per share in EUR 24.38 24.96 23.84
[13] Commitments not shown in the balance sheet
The forward exchange transactions current at closing date represent
purchases of AUD 36 million, CAD 26 million, EUR 51 million, GBP 9
million and USD 31 million, against sales of CHF 83 million and JPY
11,756 million. Futures contracts have been included in the Spread of
net assets at the end of this report. Unrealized results of these
transactions at closing date are included in the Profit and loss
account.
Notes to the profit and loss account
[14] Performance
Performance per share[*]
EUR x 1 2007 2006 2005 2004 2003
Investment
income 0.40 0.38 0.30 0.29 0.26
Change in value -0.15 1.41 5.95 0.60 1.08
Management costs,
service fee
and other costs -0.29 -0.27 -0.23 -0.17 -0.15
Interest payable -0.01 -0.01 -0.01 -0.01 -0.01
Net result -0.05 1.51 6.01 0.71 1.18
[*] Based on the average number of shares outstanding during the
reporting year. The average number of shares outstanding is
calculated on a daily basis for the years 2007, 2006, 2005 and 2004,
and on a monthly basis for the preceding years.
Costs
[15] Total expense ratio
In % 2007 Prospectus 2006
Cost item
Management
costs 1.00 1.00 1.00
Service fee 0.11 0.12 0.11
Other costs 0.03 0.02* 0.02
Total 1.14 1.13
* This concerns only the custody fee of the securities portfolio.
The total expense ratio expresses the costs charged to the fund
during the reporting period as a percentage of the average assets
entrusted during the reporting period. In addition to the costs
charged directly to the fund assets, the total expense ratio includes
the costs indirectly charged to the fund assets via the underlying
funds. The total expense ratio as shown does not include transaction
costs. The total expense ratio for the reporting period was 1.14% .
The management costs cover all current costs resulting from the
management and marketing of the fund. If the Manager outsources its
operations to third parties, any costs associated with this will be
paid by the Manager and will therefore not be charged to the fund.
The management costs also include the costs related to registering
shareholders in the fund. The service fee covers the administration,
the costs of the external auditor, other external advisers,
regulators, costs relating to reports required by law, such as the
annual and semiannual reports, and the costs relating to the meetings
of shareholders. Rolinco's other costs relate to bank charges and the
custody fee charged by third parties for the custody of the fund's
securities portfolio.
The custody fee is EUR 314 thousand (previous year EUR 197 thousand).
The total expense ratio takes into account the costs of investments
in Robeco Group mutual funds, as presented in the table on page 19.
As the management fee and the service and performance fees are
refunded to Rolinco, only the other costs of these intra-group
investments are relevant. Other costs relating to investments in
Robeco Group mutual funds are less than 0.01%, which is why they are
not presented in the table. These costs also include the custody fee,
bank charges and tax d' abonnement for Luxembourg funds. Costs
relating to issue and repurchase of company shares are not included
in the total expense ratio.
[16] Management costs and service fee
Management costs relate exclusively to the management fee of 1.00%
per year. The service fee amounts to 0.12% per year. Formal and
operational expenses are paid from the service fee. These are
explained in the notes to the total expense ratio. For assets
exceeding EUR 1 billion the service fee is 0.10% per year; for assets
exceeding EUR 5 billion the service fee is 0.08% per year. Up to 1
March 2006 the management fee and service fee were charged by Robeco
Nederland B.V., from this date onwards these fees have been charged
by the Manager. The fees are calculated on a daily basis, based on
the average assets entrusted. Wherever in this report mention is made
of the average assets entrusted this is also calculated on a daily
basis, unless stated otherwise.
[17] Other costs
This includes custody costs, bank costs and costs related to issue
and repurchase of company shares.
[18] Performance fee
Rolinco N.V. was not subject to a performance fee during the
reporting period.
[19] Transaction costs
Brokerage costs and exchange fees relating to investment transactions
are discounted in the cost price or the sales value of the investment
transactions. These costs and fees are charged to the result ensuing
from changes in value. The quantifiable transaction costs are shown
below. The transaction volume of the quantifiable transaction costs
is 93.9% (previous year 88.5%) of the total transaction volume.
Transaction costs
EUR x thousand 2007 2006
Transaction type
Stocks 1,366 991
[20] Commission-sharing arrangements, soft-dollar arrangements and
hard commissions
Various independent research institutions/third parties provide
services to the company to support its decisionmaking process. Part
of the commissions paid to brokers is used to pay for these services
in so-called commissionsharing arrangements. This commission is used
exclusively for research services. In the reporting period
commission-sharing arrangements represented an amount of EUR 422
thousand (last year EUR 270 thousand).
Furthermore, there are so-called soft-dollar arrangements to pay for
financial-service companies' services and products. These services
and products are financed from part of the commission paid to brokers
for the execution of securities transactions. Only the aforementioned
commission-sharing arrangements were used during the reporting year.
There were no soft-dollar arrangements and hard return commissions
during the reporting period.
[21] Turnover ratio
This shows the turnover of the investments against the average assets
entrusted and is a measure of the incurred transaction costs
resulting from the portfolio policy pursued and the ensuing
investment transactions. In the calculation method used, the amount
of the turnover is determined by the sum of the purchases and sales
of investments less the sum of issuance and repurchase of own shares.
If the outcome is negative, the turnover ratio is 0. The turnover
ratio is determined by expressing the amount of turnover as a
percentage of the average assets entrusted. The turno ver ratio over
2007 is 36% against 3% in the previous year.
[22]Transactions with affiliated parties
Part of the transaction volume over the reporting period relates to
transactions with affiliated parties. The table below shows the
various types of transactions where this was the case.
Transactions with affiliated parties
Part of the total volume in %
2007 2006
Transaction type
Robeco Group funds 100.0 100.0
Stocks 1.5 4.1
Forward exchange transactions - 2.6
[23] Securities lending
Robeco Securities Lending B.V. is the intermediary for all Rolinco
N.V.'s securities-lending transactions. Until 1 April 2007, Robeco
Securities Lending B.V. received a fee of 40% of the gross income
resulting from these securities-lending transactions as compensation
for its services. An external agency periodically assesses whether
the agreements between the fund and Robeco Securities Lending B.V.
are still in line with the market. On the basis of the outcome of the
assessment that as carried out, as of 1 April 2007, the percentage
was lowered to 30% of the gross income. The proceeds for the fund
over the reporting period were EUR 811 thousand (last year EUR 507
thousand) and for Robeco Securities Lending B.V. EUR 455 thousand
(last year EUR 352 thousand).
[24] Voting policy for stocks in the investment portfolio
In 2007 Rolinco N.V. voted at the majority of the general meetings of
shareholders of the companies in which it invests. If the shares of
an investment position have been lent out, the voting rights attached
to those shares may not be exercised during general meetings of
shareholders. If an important event were to occur, the shares that
have been lent out may be recalled in order for the voting rights
attached to these shares to be able to be exercised. The voting
policy and more information about votes cast can be found on Robeco
Group's Internet site, www.robeco.com.
[25] Personnel costs
Rolinco N.V. does not employ personnel. Robeco Nederland B.V. is the
employer of Rolinco N.V.'s management board and personnel in the
Netherlands. Their remuneration is paid out of the management fees
received.
Robeco Nederland B.V.'s remuneration policy for fund managers
consists of both fixed and variable income. The secondary conditions
of employment are in line with what is common practice in the
financial-services industry.
The fixed income offers a good and competitive remuneration basis
within the Dutch asset-management market. A fund manager is assigned
to a salary scale with a minimum and maximum income based on the
level of responsibility of his function (Hay method for function
valuation). Growth within this scale is linked to results, including
performance results, and competencies. The variable income offers the
fund manager remuneration for his individual, long-term
outperformance. The system is related to the outperformance relative
to a preset target. The track record over both a 1-year and 3-year
period is taken into account when determining the variable
remuneration. The variable remuneration to which the fund manager is
entitled for any single year, is paid out over a three-year period
(60% in the first year, 30% in the second and 10% in the third year).
Fund managers are given the opportunity to participate directly in
Robeco Groep N.V.'s future through virtual shares (E-notes). The
individual allocation of E-notes is linked to individual performance
and the contribution to the realization of the strategic targets of
the Robeco Group as a whole and the individual's own business unit.
The E notes represent a value which is directly linked to Robeco
Groep N.V.'s value.
Rotterdam, 12 March 2008
Supervisory Board
Paulus C. van den Hoek, chairman
Gilles Izeboud
Philip Lambert
Dirk P.M. Verbeek
Management Board
Robeco Fund Management B.V.:
Mark F. van der Kroft
Pieter F.F.M. Schuurs
Edith J. Siermann
Edwin de Weerd
Ed B. van Wijk
Other data
Interests in investments of Rolinco N.V.
Description Supervisory Managing Total
directors directors Quantity
Quantity Quantity
At 1 January 2007
ING Groep stocks 13,200 13,200
Intel stocks 5,000 5,000
Nestl� stocks 315 315
Novartis stocks 3,062 3,062
Philips Electronics stocks 11,385 11,385
Robeco Capital Growth member-
Funds -
Robeco European ship 1 1[1]
Opportunities
Royal Dutch Shell A stocks 18,692 200 18,892
Telenor stocks 15,000 15,000
Total stocks 3,700 3,700
At 31 December 2007
HSBC stocks 4,550 4,550
INGGroep stocks 8,950 8,950
Novartis stocks 1,260 1,260
Philips Electronics stocks 2,450 2,450
Rio Tinto stocks 900 900
Royal Dutch Shell A stocks 6,721 200 6,921
Total stocks 2,210 2,210
1] Board membership of the fund's manager, Robeco Luxembourg S.A.
Stock-exchange listings
The ordinary shares of Rolinco N.V. are listed on Euronext Amsterdam,
Euronext Fund Service segment. In addition, Rolinco N.V. has a
stock-exchange quotation for its ordinary shares in Paris, Brussels,
London, Luxembourg, Berlin, Dusseldorf, Frankfurt, Hamburg, Munich,
Vienna and Zurich. The cumulative preference shares are listed on the
exchanges of Amsterdam and Luxembourg.
Articles of Association rules regarding profit appropriation
According to sections 39 and 40 of the Articles of Association, a
distribution from the profit to the cumulative preferred shareholders
will be effected first. Thereafter, the profit less allocations to
the reserves deemed desirable by the management board in agreement
with the supervisory board will be at the disposal of the General
Meeting of Shareholders.
Proposed profit appropriation
We propose to declare a dividend of EUR 0.60 per share for the 2007
financial year (previous year EUR 0.40). If this proposal is
accepted, the dividend will be payable on Friday 2 May 2008. With
effect from Friday 25 April 2008, Rolinco N.V.'s shares will be
listed ex-dividend coupon no. 48 on the stock exchange. Shareholders
will be offered the opportunity to reinvest the dividend (less
dividend tax) in Rolinco N.V. shares at the company's expense. The
price used to calculate this is the opening price of the shares on
the stock market of Euronext Amsterdam, Euronext Fund Service
segment, on Friday 2 May 2008. Any collection commissions charged by
banks in line with the relevant regulations in their respective
countries will be borne by the shareholder. In some countries,
reinvestment will not be possible for technical reasons.
Supervisory directors' fee
An amount of EUR 18,378 (previous year EUR 18,378) has been allocated
from the profit appropriation for this purpose. The chairman of the
supervisory board receives a remuneration of EUR 6,126 and an
ordinary member of the supervisory board receives a remuneration of
EUR 4,084.
Directors' interests
The adjoining table shows the total personal interests in the
investments of Rolinco held by the directors of Rolinco and/or the
management company on 1 January 2007 and 31 December 2007.
Supervisory directors held a joint interest of 5,708 and 4,797
Rolinco N.V. shares on 1 January 2007 and 31 December 2007,
respectively. The managing directors of the management company held a
joint interest of 4,041 and 3,177 Rolinco N.V. shares on 1 January
2007 and 31 December 2007, respectively. On 1 January 2007 and 31
December 2007, no options had been granted to supervisory directors;
managing directors of the management company held options to acquire
17,845 and 12,866 Rolinco N.V. shares on the respective dates. Under
the option scheme, Robeco Groep N.V. grants the right at its own
expense to purchase Rolinco N.V. shares for five years, the value of
the shares being at least the opening price on the first trading day
following the day the options are granted. Aon Risk Services
International, of which Dirk P.M. Verbeek is an adviser, acted as an
intermediary for various insurance policies concluded at Rabobank
Group level, including a Bankers, General Liability and D&O liability
policy. Furthermore Aon Risk Services International insures several
of Robeco's art objects. Apart from the above, there were no other
business relations between supervisory directors and the company than
that of member of the supervisory board during the period under
review.
Interests of the fund manager
The fund manager should act in accordance with Dutch legislation and,
insofar as is relevant, legislation in other countries. As an
employee of Robeco Nederland B.V. he is bound by Robeco's internal
regulations and procedures, including the Rules and regulations
regarding private investment transactions, which are based on the
Dutch Financial Supervision Act [Wet op het financieel toezicht, or
'Wft']/the Dutch Market Conduct Supervision of Financial Businesses
under the Wft decree [Besluit Gedragstoezicht financi�le
ondernemingen Wft, or 'Bgtfo']. These Rules should guarantee that
insider trading and mixing of business and private interests, or
semblance thereof, is avoided at all times. On 1 January 2007 and 31
December 2007 the fund manager held an interest of 3,947 and 4,084
Rolinco N.V. shares respectively. Furthermore, as of that same date,
he had the following interest in Rolinco N.V. investments: 500 stocks
of Royal Dutch Shell A.
Statement for the London Stock Exchange
The members of the supervisory board and the management board of
Rolinco N.V. hereby declare that their beneficial interests and those
of their children below the age of 18 years do not in the aggregate
exceed 5% of the company, in respect of either share capital or
voting control.
Rotterdam, 12 March 2008
Statement concerning the 6�% bond loan originally amounting to NLG
22,670,000 issued by Rolinco N.V., convertible into 6�% cumulative
preference shares
In pursuance of article 17 of the trust executed before H. Lambert,
civil-law notary in Rotterdam, on 6 June 1967, we declare: that from
the date of the original contract for the bond loan up to 31 December
2007, 29 bonds of NLG 50,000 nominal value, 7,167 bonds of NLG 1,000
nominal value and 6,650 bonds of NLG 100 nominal value were
converted; that all these bonds were cancelled by us; that at 1 July
2007, the total bonds outstanding amounted to NLG 13,388,000; that we
have found no circumstances requiring comments or action. Bonds which
had not been converted were made eligible for redemption on 1 July
2007. As at 31 December 2007 the total bonds outstanding amounted to
NLG 196,000. These bonds have not yet been offered for redemption.
Amsterdam, 31 December 2007
B.V. Algemeen Administratie- en Trustkantoor
To the General Meeting of Shareholders and members of the supervisory
board
Auditor's statement
Report on the financial statements
We have audited the financial statements 2007 of Rolinco N.V.,
Rotterdam, which comprise the Balance sheet as at 31 December 2007,
the profit and loss account for the year then ended and the notes.
Management's responsibility
The company's management is responsible for the preparation and fair
presentation of the financial statements and for the preparation of
the report of the management board, both in accordance with Part 9 of
Book 2 of the Netherlands Civil Code and the Dutch Financial
Supervision Act [Wet op het financieel toezicht, or 'Wft']. This
responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of
the financial statements that are free from material misstatement,
whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor's responsibility
Our responsibility is to express an opinion on the financial
statements based on our audit. We conducted our audit in accordance
with Dutch law. This law requires that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control. An
audit also includes an evaluation of how appropriate the accounting
policies and how reasonable the management board's accounting
estimates are, as well as an evaluation of the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of
the financial position of Rolinco N.V. as at 31 December 2007, and of
its result for the year then ended in accordance with Part 9 of Book
2 of the Netherlands Civil Code and the Wft.
Report on other legal and regulatory requirements
Pursuant to the legal requirement under 2:393 sub 5 part e of the
Netherlands Civil Code, we report, to the extent of our competence,
that the report of the management board is consistent with the
financial statements as required by 2:391 sub 4 of the Netherlands
Civil Code.
The Hague, 12 March 2008
For Ernst & Young Accountants
signed by Joost J. Hendriks
Spread of net assets
Across countries and currencies
Across countries[1] Across
stocks currencies
31/12/2007 31/12/2007 31/12/2006 31/12/2007 31/12/2006
EUR x in % in % in % in %
thousand
America
(42.49%)
United States 508,756 37.96 40.89 42.24 43.18
Canada 45,582 3.40 2.62 4.78 3.90
Bermuda 15,147 1.13 - - -
Europe
(31.05%)
Switzerland 85,599 6.39 6.73 2.63 2.39
France 80,509 6.01 5.82 - -
United Kingdom 68,106 5.08 6.70 6.00 8.96
Netherlands 59,422 4.43 3.54 - -
Germany 35,452 2.65 1.49 - -
Norway 17,978 1.34 1.26 1.35 1.26
Robeco Capital
Growth Funds -
Robeco 17,354 1.29 1.03 - -
European
Opportunities
I EUR
Belgium 13,440 1.00 1.18 - -
Finland 13,260 0.99 - - -
Greece 12,600 0.94 0.47 - -
Spain 12,432 0.93 1.09 - -
Austria - - - - -
Euro - - - 28.61 22.74
Emerging
Markets
(5.08%)
Robeco 68,116 5.08 4.76 - -
Institutioneel
Emerging
Markets Fonds
2
Asia (18.54%)
Japan 195,177 14.56 17.89 9.28 13.36
Singapore 24,235 1.81 1.43 1.81 1.43
Hong Kong 17,410 1.30 1.06 1.68 1.48
South Korea 6,608 0.49 0.70 - -
China 5,035 0.38 0.42 - -
Australia
(0.00%)
Australia - - - 1.62 1.30
Other (2.26%)
Robeco Global 16,050 1.20 0.93 - -
Telecom
Opportunities
1 limited
Class EUR
Robeco Global 14,160 1.06 0.87 - -
Long Short
Quant Fund[2]
Other assets 7,706 0.58 -0.88 - -
and
liabilities
(0.58%)
Total 1,340,134 100.00 100.00 100.00 100.00
[1] In addition to investments in stocks, the portfolio may include
positions in derivatives. The sum of stocks and derivatives re. ects
the true volume of the investments by country and in total. At 31
December 2007 the portfolio contained derivatives as was also the
case at 31 December 2006. These derivatives have been included in the
geographic distribution. The positions in forward exchange
transactions have been included in the currency position.
[2] In terms of currencies, the investments have been included under
the item euro.
By sector
In % 31/12/2007 31/12/2006
Information technology 17.6 13.8
Financials 15.6 19.9
Energy 14.2 12.1
Health care 13.6 15.1
Industrials 9.2 9.4
Consumer staples 8.7 8.7
Consumer discretionary 8.6 12.9
Materials 6.4 4.7
Telecommunication services 3.8 3.7
Utilities 1.7 0.6
Other assets and liabilities 0.6 -0.9
Total 100.0 100.0
Exchange rates
31/12/2007 31/12/2006 31/12/2007 31/12/2006
EUR EUR EUR
1
AUD 1.6652 1.6731 AUD 1 0.6005 0.5977
CAD 1.4430 1.5344 CAD 1 0.6930 0.6517
CHF 1.6553 1.6095 CHF 1 0.6041 0.6213
CNY 10.6790 10.2881 CNY 1 0.0936 0.0972
GBP 0.7345 0.6738 GBP 1 1.3616 1.4842
HKD 11.4002 10.2564 HKD 1 0.0877 0.0975
JPY 163.3329 157.1339 JPY 100 0.6122 0.6364
KRW 1,368.5525 1,226.9939 KRW 100 0.0731 0.0815
NOK 7.9388 8.2102 NOK 1 0.1260 0.1218
SGD 2.1046 2.0231 SGD 1 0.4752 0.4943
USD 1.4621 1.3186 USD 1 0.6840 0.7584
List of securities
at 31 December 2007
Market value Market value
America (42.49%)
EUR USD United States (37.96%)
7,393,044 10,809,000 Accenture CL/A
18,996,956 27,774,500 Adobe Systems
12,967,067 18,958,500 Amdocs
15,850,046 23,173,560 Amgen
9,192,709 13,440,200 Avon Products
8,163,196 11,935,000 Brunswick
35,178,687 51,433,000 Cisco Systems
14,095,277 20,608,000 Citigroup
30,197,326 44,150,000 ConocoPhillips
5,538,935 8,098,200 Crocs
12,778,291 18,682,500 CVS Caremark
1,856,571 2,714,400 Discover Financial Services
12,665,641 18,517,800 Du Pont de Nemours
14,766,390 21,589,200 Fannie Mae
25,528,539 37,324,000 Intel
30,372,053 44,405,460 Ishares Nasdaq Biotechnology Index
10,990,048 16,068,000 Kinetic Concepts
17,279,984 25,264,200 Metlife
24,349,372 35,600,000 Microsoft
9,331,418 13,643,000 Mirant
21,389,966 31,273,200 Monsanto
9,335,707 13,649,270 Morgan Stanley
931,569 1,362,000 Neurocrine Biosciences
14,708,526 21,504,600 Novellus Systems
6,945,248 10,154,300 Office Depot
15,444,068 22,580,000 Oracle System
5,403,372 7,900,000 Plug Power
4,721,111 6,902,500 RSC Holdings
12,754,694 18,648,000 Schering-Plough
26,912,896 39,348,000 Schlumberger
7,114,189 10,401,300 Time Warner
5,017,099 7,335,250 Tyco International
19,631,682 28,702,500 United Technologies
20,401,628 29,828,200 Wellpoint
20,552,785 30,049,200 Wyeth
EUR CAD Canada (3.40%)
20,119,196 29,032,000 Canadian Natural Resources
25,462,578 36,742,500 Petro-Canada/Variable Vtg, Shs
EUR USD Bermuda (1.13%)
15,146,541 22,145,000 Covidien
Market value Market value
Europe (31.05%)
EUR CHF Switzerland (6.39%)
14,801,390 24,500,000 Adecco Cheserex
27,017,067 44,720,000 Nestl�
22,510,195 37,260,000 Novartis
21,270,503 35,208,000 Roche
EUR EUR France (6.01%)
4,004,622 4,004,622 Air Liquide - Act, Nom, Pime de fidelite
2008
12,316,183 12,316,183 Air Liquide - Primes de Fid02
1,806,773 1,806,773 Air Liquide
2,366,618 2,366,618 Air Liquide--Act, Prov, de Fidelite 2009
11,608,200 11,608,200 Saint-Gobain
44,327,400 44,327,400 Total SA
4,079,400 4,079,400 Vivendi
EUR GBP United Kingdom (5.08%)
6,766,968 4,970,000 888 Holdings
11,311,866 8,308,000 ARM
14,263,735 10,476,000 Diageo
1,744 1,281 HSBC STK/21-11-2007
12,497,924 9,179,100 Reckitt Benckiser Group
18,822,520 13,824,200 Rio Tinto
4,441,419 3,262,000 Sports Direct International
EUR EUR Netherlands (4.43%)
16,585,000 16,585,000 ING Groep
20,959,200 20,959,200 Philips Electronics
21,877,773 21,877,773 Royal Dutch Shell A
EUR EUR Germany (2.65%)
18,854,900 18,854,900 Henkel Kgaa
16,596,700 16,596,700 Metro
EUR NOK Norway (1.34%)
17,978,271 142,725,000 Telenor
EUR EUR Luxembourg (1.29%)
17,354,349 17,354,349 Robeco Capital Growth Funds -
Robeco European Opportunities I EUR
EUR EUR Belgium (1.00%)
13,440,000 13,440,000 RHJ International
EUR EUR Finland (0.99%)
13,260,000 13,260,000 Nokia
EUR EUR Greece (0.94%)
12,600,000 12,600,000 Public Power
EUR EUR Spain (0.93%)
4,437,000 4,437,000 Banco Santander
7,995,000 7,995,000 Gamesa Corporacion Tecnologica
Market value Market value
Asia (18.54%)
EUR JPY Japan (14.56%)
4,604,706 752,100,000 Aozora Bank
10,435,742 1,704,500,000 Astellas Pharma
14,326,569 2,340,000,000 Canon
17,630,251 2,879,600,000 Daikin Industries
15,986,981 2,611,200,000 Fanuc
9,180,024 1,499,400,000 Hitachi
13,775,547 2,250,000,000 Honda Motor
9,169,004 1,497,600,000 KDDI
16,861,269 2,754,000,000 Mitsubishi
8,926,554 1,458,000,000 Mitsui Fudosan
10,093,802 1,648,650,000 Nomura
5,843,893 954,500,000 Orix
12,306,155 2,010,000,000 Resona Bank
10,724,110 1,751,600,000 Sekisui House
8,981,656 1,467,000,000 Seven & I
12,906,157 2,108,000,000 Sony
13,424,117 2,192,600,000 T&D
EUR SGD Singapore (1.81%)
13,304,032 27,999,000 DBS Group
10,930,603 23,004,000 Venture
EUR HKD Hong Kong (1.30%)
17,410,221 198,480,000 Sun Hung Kai Properties
EUR USD South Korea (0.49%)
6,607,674 9,660,750 Samsung Electronics/GDR 1/2 vgt,s -144A-
EUR HKD China (0.38%)
5,034,999 57,400,000 Semiconductor Manufacturing
Emerging Markets (5.08%)
EUR EUR Emerging Markets (5.08%)
68,116,189 68,116,189 Robeco Institutioneel Emerging Markets
Fonds
EUR EUR Other (2.26%)
16,049,970 16,049,970 Robeco Global Telecom Opportunities 1
limited Class (EUR)
EUR USD
14,160,291 20,703,053 Robeco Global Long Short Quant Fund
Purchases and sales
of more than EUR 4.5 million during the financial year
Shares Amount Purchases
EUR United States
550,000 9,847,297 Intel
171,000 10,214,065 Ishares Nasdaq Biotechnology Index
780,000 17,593,445 Novellus Systems
550,000 8,868,202 RSC Holdings
380,000 9,349,210 Tyco International
Bermuda
315,000 9,281,786 Covidien
United Kingdom
6,700,000 14,048,565 ARM Holdings
2,800,000 11,396,027 Sports Direct International
Germany
240,085 17,984,321 Henkel Kgaa
Finland
500,000 12,969,180 Nokia/A
Japan
1,800,000 9,878,621 Hitachi
50,000 10,304,812 Orix
Shares Amount Sales
EUR United States
398,800 11,296,653 Accenture
560,000 15,261,110 Avon Products
120,000 5,509,639 Citigroup
320,000 14,473,824 Covance
139,500 7,576,285 Crocs
180,000 4,792,132 CVS Caremark
147,800 7,076,599 Metlife
397,200 8,483,545 Microsoft
130,000 7,720,414 Monsanto
151,800 7,835,077 Morgan Stanley
750,000 12,158,633 News Corp-Class B
500,000 7,632,574 Oracle System
850,000 14,573,949 Pfizer
220,000 4,798,311 Schering-Plough
870,000 11,203,853 Time Warner
115,000 5,952,064 United Technologies
Canada
143,300 6,074,204 Canadian Natural Resources
Bermuda
185,000 4,834,225 Tyco Electronics
Shares Amount Sales
EUR Switzerland
26,500 8,223,260 Nestl�
225,000 10,639,835 UBS
France
130,000 9,172,581 Saint-Gobain
146,242 8,212,155 Total
170,000 5,338,636 Vivendi
United Kingdom
300,000 13,019,547 AstraZeneca
726,867 11,123,991 Diageo
3,131,043 12,400,531 Kingfisher PLC
3,000,000 19,178,043 Petrofac
186,774 7,503,078 Reckitt Benckiser
119,284 4,877,929 Reckitt Benckiser Group
95,640 5,220,184 Rio Tinto
Germany
220,000 12,798,999 Metro
Norway
350,000 5,759,048 Telenor
Spain
600,000 8,602,497 Banco Santander
Japan
510,000 15,192,025 Astellas Pharma
360,000 11,846,278 Daikin Industries
60,000 4,515,518 Fanuc
1,500 7,707,296 KDDI
525,000 14,976,833 Millea Holdings
350,000 6,633,309 Mitsubishi
280,000 5,700,391 Mitsui Fudosan
3,000,000 14,738,441 Obayashi
260,018 9,860,487 Sony
Hong Kong
540,000 5,879,431 Sun Hung Kai Properties
Emerging markets
284,743 29,699,189 Robeco Institutioneel Emerging Markets Fonds
Rolinco NV(BR) (LSE:RLI)
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From May 2024 to Jun 2024
Rolinco NV(BR) (LSE:RLI)
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From Jun 2023 to Jun 2024
