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Robeco Emerging Markets Equities J USD

Index: MSCI Emerging Markets Index (Net Return, USD)
ISIN: LU0471362292
  • Invests in emerging markets such as Korea, Taiwan, Poland and Brazil
  • Selects companies with the best earnings potential within the most promising countries
  • Prospect of higher returns, but also higher risks than mature markets
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Markets Equities is an actively managed fund that invests in stocks in emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. Given that emerging economies are growing faster than developed countries and have stronger balance sheets for governments, companies and households. The fund selects investments based on top-down country analysis and bottom-up stock ideas. The focus is on companies with a sound business model, solid growth prospects and reasonable valuation.

Price development

No performance data available

Price development

Robeco Emerging Markets Equities J USD

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was -3.10%. The fund underperformed the benchmark (MSCI EM) in March, caused by negative stock selection.Country allocation contributed positively to performance, with the main negative contributions coming from the underweight in the Middle East and South Africa. Positive country attribution came from our overweight positions in Brazil, Mexico, South Korea and Indonesia.The main reason behind the negative stock selection result was the overweight in Naspers from South Africa, with its main asset being the holding in China's Tencent. Also the overweight in South Korea's semiconductor companies Samsung Electronics and SK hynix detracted from performance. In Indonesia, all three holdings (Bank Rakyat, PT Telkom and e-commerce solution Bukalapak) contributed nicely to performance. Finally, in China, the underweight in electric vehicle manufacturers and the information technology sector contributed positively to performance.

Statistics

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Market development

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In March, emerging markets went down 1.3% in EUR, thereby underperforming their developed counterparts, which were up 3.7%. EMs struggled under the geopolitical and humanitarian drama in Ukraine, and Covid lockdowns in Shanghai and Shenzhen, pushing services activity into contractionary territory. Meanwhile, persistent inflationary pressures continue to reinforce a hawkish bias from policymakers, with a lot of EM central banks raising interest rates.Latin America extended its winning run, as it is the key beneficiary of the higher commodity prices. Brazil was the strongest market. Chile witnessed the swearing in of Gabriel Boric as the president, while his counterpart in neighboring Peru, President Castillo avoided an attempt to impeach him. In emerging Asia, India led the region with state elections voting in favor of the ruling BJP, suggesting policy continuity. South Korea, on the other hand, witnessed a change of power with the election of President Yoon from the conservative party. From a sector perspective, energy was the weakest performer, after the removal of Russia from the benchmark. EME funds continued to see inflows of USD 4 billion, USD 32 billion so far in 2022.

Fund allocation

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Name Sector Weight
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Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns.

Dividend policy

The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.

ESG Integration policy

The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.

Investment policy

Robeco Emerging Markets Equities is an actively managed fund that invests in stocks in emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to voting and engaging. Given that emerging economies are growing faster than developed countries and have stronger balance sheets for governments, companies and households. The fund selects investments based on top-down country analysis and bottom-up stock ideas. The focus is on companies with a sound business model, solid growth prospects and reasonable valuation.The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk policy

Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.

Expectation of fund manager

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The Russian equity market has become un-investable, and the value of Russian equities has been reduced to zero. Until Russia normalizes again, its equity market will remain irrelevant for EM investors. However, the war also affects the world and its economy. Energy prices have risen sharply, inflation will rise further, Europe will reduce dependency on Russian gas and spend more on defense, and geopolitical risks continue to be very high.Although new infections have risen recently, we are getting closer to a post-Covid world again. The other major change in 2022 is the end of the very supportive monetary and fiscal policies, which has helped growth to rebound and the earnings outlook to improve across the globe. Given the equities' rebound in 2020 and 2021, global equity market valuations are not particularly cheap. However, we do think that emerging markets are attractively valued relative to developed markets, trading at around a 35% discount, based on earnings. In addition, China, South Korea and Taiwan, which account for two-thirds of the emerging equity universe nowadays, have coped well with the coronavirus and are showing relatively high economic and earnings growth.

Wim-Hein Pals, Dimitri Chatzoudis, Jaap van der Hart, Cornelis Vlooswijk
Wim-Hein Pals, Dimitri Chatzoudis, Jaap van der Hart, Cornelis Vlooswijk

Wim-Hein Pals, Dimitri Chatzoudis, Jaap van der Hart, Cornelis Vlooswijk

Wim-Hein Pals joined Robeco in 1990. He is Head of the Emerging Markets team and Fund Manager for Robeco CGF Emerging Markets Equities. He is also part of the Portfolio Construction team of the Robeco Emerging Markets Smaller Companies strategy. From 1998 to 2001, he was senior Portfolio Manager in emerging European and African equities. Prior to this assignment, he was a senior Portfolio Manager in emerging Asian equities. Wim-Hein holds a M.Sc. degree in Industrial Engineering and Management Sciences from the Eindhoven University of Technology and a Master's degree in Business Economics from the University of Tilburg, the Netherlands. Dimitri Chatzoudis joined Robeco in 2008. He is the Fund Manager of our institutional emerging markets equities funds and mandates. He is also responsible for the team’s investments in Turkey, Central Europe, Greece and Mexico. He started his career at ABN AMRO in 1993 as a buy side analyst, responsible for the IT sector. He transitioned to the Emerging Markets team at ABN AMRO in 2000, where he was responsible for the Eastern Europe Fund as the lead portfolio manager and from 2005 to May 2008 as the lead portfolio manager of the Global Emerging Market portfolios. Dimitri holds a Master’s degree in Industrial Engineering from the Eindhoven University of Technology and became a VBA charter holder in 1997. Jaap van der Hart is the Lead Portfolio Manager of Robeco’s high conviction emerging markets strategy since its inception in November 2006. He has been with Robeco since 1994, starting at the Quantitative Research department and moving to the Emerging Markets Equities team in 2000. Over time, he has been responsible for the investments in South America, Eastern Europe, South Africa, Mexico, China and Taiwan. He coordinates the country allocation process and he has been the Emerging Stars fund manager since its launch in 2006. Since 2015, he is also the fund manager of the Emerging Opportunities fund. Jaap holds a Master's degree in Econometrics from Erasmus University Rotterdam. He has published several academic articles on stock selection in emerging markets. Cornelis Vlooswijk, Senior Portfolio Manager within the Robeco Emerging Markets Equities team. Prior to joining the team in June 2008 as a research analyst, Cornelis held a position as Strategist at IRIS. Before that he was employed by Credit Suisse as a Corporate Finance Analyst for four years. Cornelis started his career in the investment industry in 1999. He holds a Master's degree in Economics from Erasmus University, Rotterdam. Cornelis is registered with the Dutch Securities Institute.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0471362292
BloombergRGEMEJU LX
Valoren10784939
WKNA1JE0L
Availability
1st quotation date1260835200000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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The expected transaction costs are

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This fund may also deduct a performance fee of

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Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.01% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

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