# ROB«CO
The Investment Engineers

### Last month's performance
Global equity markets slumped further in December to finish off the worst year for	markets since the		financial crisis in 2008. Resurgent inflation forced central		around the world to quickly hide interest	with the Federal Reserve raising the	interest rate seven times from near Z9ro to more than four percent at the end of the year. This put an end to the supply of		that		equity markets - and growth stocks in particular - ever since interest rates dipped to the   level (and below) early in the previous decade. The reopening of major		economies after the pandemic induced lockdowns and the Russia — Ukraine war led to a surge in inflation as Eu a pe fell into an energy 
crisis as oil and gas futures skyrocketed.
Stocks dropped as the initial hopes that inflation would		transitory quickly faded. The Federal reserve raised rates aggressively and later in the year the European Central	followed suit. Global stocks, which were trading at elevated earnings multiples as investors had priced in low discount rates for a prolonged	couldn't handle the speed and magnitude of the rate hikes. Growth stocks	while commodity-related shares had their best year in at least a decade Technology and communication services stocks were among the worst hit with the biggest tech companies also
to the relentless selling pressure. Apple and Microsoft shares fared	losing roughly a quarter of their	while Amazon shares halved and   Tesla and Meta Platforms shares shedding about 65% of their value in a brutal year for the 
world's	companies.
The SAP-500 Index dropped another 5.9% to end the year down		The tech heavy Nasdaq lost 8.7% in a rouq h end to 
the year with the index losing a third of its value in 2022. European stocks in the FTSE Eurotop index outperformed their 
US peers (even when takinp into account the stronp dollar) with a 3.9% drop last month and a reasonably muted  loss 
for the year as a whole. Japanese stocks which were roughly break-even at the end of	lost nearly 5% in the final 
month of the year to finish 2022 in negative territory	.Finally, emerging markets stocks have started to outperform 
developed markets in the fourth quarter. Last month's return of -1.6% compares well to most developed	although 
the yearly return of -22% reflects the touph start with especially Chinese markets ahected by covid lockdowns for the majority 
of the year.
The MSCI World All Country Index (in EUR) d ropped by 7.3% (3.9% in USD) in	Consumer Trends underperformed the reference index and returned	(-5.8% in USD) with 2022 returns ending at a disappointing -32.1% (-36.3% in USD)

### Portfolio review
Oigital transformation o[conSumption
Digitally exposed stocks had a rough ending to the year with many of the already weakest stocks receiving another pummeling in the final weeks. Tesla shares took the cake as the shares lost nearly 40% in December alone and finishing the year at a stunning 65% loss. The shares were hit  fears of slowing	production cuts and the fact that chief executive 
Elon Must is distracted  his  billion take-over of Twitter.
Shares of alternative accommodation platform Airbnb lost one sixth (16%) of their value as investors worry	a slowdown in demand in case of a recession. Investors are afraid of a negative second	especially given the strong travel rebound in 2022. High valued stocks generally don't perform well in an environment of slowing growth and up until recently
shares had actually held up relatively well.
Semiconductor	Nvidia (-14%) and AMD (-17%) were also among the biggest losers, after rebounding strongly in November. Investors are concerned about the slowdown in video gaming and potential pressure on prices, especially as demand for graphics cards from crypto miners has completely fallen away.
Big Tech stocks continue to underperform the market. Shares of	Amazon (-13%) and Apple (-12%) 
all declined in a similar fashion as investors lower their exposure to this group of companies. Microsoh shares (-6%) actually 
outperformed the group as investors deem their exposure to the enterprise software segment more defensive compared to 
their more consumer spending exposed peers.
Our emerging middle class trend again had a positive	last month. Especially Chinese tech names followed through after their strong gains in November due to the relaxation of covid rules in China. Both	(+8%) and Pinduoduo (-1%) outperformed in a very weak tape for technology stocks.
Luxury goods manufacturers also had a good month from a relative perspective. Ferrari (-6%) and Richemont (-3%) did lose
q	but held the	of last month's gains. Of	luxury goods firms are expected to benefit from a
in China while at the same time they are cyclical businesses that tend to vulnerable in a recession. Consumer goods firm Unilever (-2%) proved its defensive characteristics. The shares have had a tough number of years (share price is at  levels) but with expectations reset and a very supportive	the shares could perform	than expected in 2023.
Health  Wellbeing
Our health  wellbeing trend again had a positive	last month. Nike		and Estee Lauder (+5%) both continued their strong recent performance. The re-opening of China provides support for these companies as well given their large exposure to the country. Nike shares also benefited from a strong set of	with investors especially content with the trend in their inventories. For many retailers inventories have been rising faster than sales, meaning future discounting is expected to pressure margins. For Nike the trend seems to have changed direction and investors blew a sigh of relief, pushing up the shares 12% on the day of the results.
Consumer health companies also performed well. Haleon (+15%) and Nova Nordisk (+6%)		rose in a weak overall market, as investors are looking for safety and stability. For Hale on the potential litigation risk from indigestion and heartburn drug	seems to  eased	a	court	Novo	to
ratcheting up their expectations for the SiZe and pF0fit potential of the	market. The market will mostly be in the United States, but this is also the most	end market. Both American drug maker Eli Lilly and Novo Nordisk are positioned very well to benefit from the future growth of this burgeoning market.
Portfolio changes
We have made a small	of adjustments to our portfolio in	We have lowered our exposure to luxury goods firm LVMH due to the strong relative performance this year. We also took some profits in shares of Nike after the shares
we	exposure to
products maker Haleon following the strong performance as litigation risks from indigestion drug	are easing
3
|  |
| --- |
| 1 | Visa | Digital Trantformation of Contumption | 4.7% |
| 2 | Nestle |  |  |
| 3 | LVMH | EmergingMidJeCass | 3.7% |
|  |  | Health 0 Welloeing | 3.6% |
|  |  | Health L Welldeing | 3.6% |
|  |  | Digital TransforMation ofContumption | 3.5% |
|  |  | Digital TransforMation ofContumption | 3.4% |
| 8 | NpLabet | Digital TransforMation ofContumption | 3.4% |
| 9 | Stmrite | Health 0 Welloeing | 3.1% |
| 10 | NVDIA | Digital TransforMation ofContumption | 3.0% |

Translation (ENES, 2022-12-31):
# ROB«CO
The Investment Engineers

### Resultados del mes anterior
prolongó la caída de los mercados mundiales de renta	que culminaron su peor ano desde la crisis financiera global de 2008. El resurgir de la inflación obligó a los	centrales de todo el mundo a		rápidamente los tipos de interés; la Reserva Federal aumentó su tipo de referencia en siete	desde casi cero hasta más de un cuatro por ciento al concluir el ano. Ello puso fin al suministro de ‘dinero barato’ que		propulsado los mercados de renta y las acciones de crecimiento en	desde que los tipos de interés cayeron hasta cero	a principios
de la pasada década. La guerra entre Ucrania y Rusia y la reapertura de las principales economías	tras los confinamientos derivados de la pandemia depararon un rápido aumento de la inflación, sumiéndose Europa en una crisis energética cuando los futu ro del petróleo y el gas se dispararon
Las esperanzas iniciales de que la inflación fuese transitoria se disipa on rá pidamente, provocando la caída de las aviones. La Reserva Federal aumentó los tipos con decisión y fue después secundada por el Banco Central Europeo. La velocidad y el alcance de las	de tipos se le indigestaron a un renta	global que	con unos múltiplos de
elevados, ya que los inversores anticipaban que las tasas de descuento seguirían reducidas durante bastante tiempo. Las aviones de crecimiento se desplomaron, mientras que las relacionadas con las materias primas tuvieron el mejor ano de al menos los últimos diez años. Entre los valores más castigados se contaron los tecnológicos y de servicios de comunicación; los gigantes tecnológicos también	a la	presión vendedora. Las aviones de Apple y Microsoft fueron las mejores, al perder  alrededor de una cuarta parte de su valor, mientras que las aviones de AmaZon perdieron la mitad y tanto Tesla como Meta Platforms se dejaron cerca del 65% de su valor en un año catastrófico para las mayores empresas del mundo.
El índice SAP-500 perdió otro 5,9% y cerró el ano con un retroceso del  El tecnológico Nasdaq cedió un  en un 
difícil final del año  en el que el índice perdió una tercera parte de su valor. Las acciones europeas del índice FTSE 
Eurotop 100 batieron a sus homóloqas estadounidenses (a pesar de la f0naleZa del   y el mes pasado cayeron un
con una moderada pérdida del 7,1% en el conjunto del año. Las aviones	que al final de noviembre estaban

## prácticamente sin	perdieron casi un 5% en el último mes del ano y despidieron 2022 en terreno negativo

### de	a	a
El -1,6% de rendimiento del mes pasado luce favorablemente frente a la mayoría de mercados	aunque el - 
22% de rendimiento anual refleja un comienzo difícil y que los mercado chinos se han visto especialmente afectados por los 
confinamientos del Covid durante   parte del ano.
En	el índice MSCI World All Country (en EUR) perdió un 7,3% (un	en USD). El fondo Robeco Global Consumen Trends fue superado por el índice de referencia y rindió un	en  con un rendimiento en 2022 que concluyó en un decepcionante	en USD)

### Análisis de la cartera

#### Transformación digital del consumo
Las	con	a	ya que	de
nuevamente vapuleados en las semanas finales. Las aviones de Tesla se Ilevaron la peor pase, al perder casi un solo en diciembre y concluir el ano con una extraordinaria pérdida del 65%. La empresa acusó los temores a una ralentización de la	los recortes de produ ión y el hecho de que su principal ejecutivo, Elon  le presta menos atención tras 
adquirir Twitter por 44.000 millones de USD
Las aviones de la plataforma de alojamiento alternativo	perdieron una sexta pase (16%) de su valor, al temer los inversores que la demanda se reduzca en caso de recesión. U na posible derivada adversa preocupa a los inversores, sobre todo después del fuerte rebote de los viajes en 2022. Las empresas con una valoración alta no suelen desenvolverse    en un entorno de ralentización del	y las acciones de		aguantaron relativamente    hasta hace poco.
Tras	con	en noviembre, las empresas de semiconductores NVIDIA (-14%) y AMD	también pasaron a contarse entre las grandes perdedoras. A los inversores les preocupa la raI9ntlZüCión de los videojuegos y que los precios lo
todo a hora que se ha esfumado la demanda de tarjetas gráficas para minería de criptomonedas
2	El peor año para la renta variable desde la crisis financiera	de 2008