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Robeco Emerging Markets Smaller Companies Eq.F EUR

Reference index: MSCI Emerging Markets Mid Cap Index (Net Return, EUR)
ISIN: LU0971565733
  • The fund offers the ability to invest in smaller companies that benefit from the domestic demand growth theme across global emerging markets.
  • Companies in this universe are frequently under-researched and undervalued, which often creates additional investment opportunities for professional investors.
  • Research indicates that correlation of emerging markets mid and small caps with developed markets is lower than for EM larger companies. Hence, EM Smaller companies offer better diversification benefits
Assets class
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Currency EUR
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Dividend payingNo

About this fund

Robeco Emerging Markets Smaller Companies invests in stocks of small and midsized companies located in emerging countries across the world. The selection of these stocks is based on fundamental analysis. In general, emerging economies are growing faster than developed countries and have stronger balance sheets for governments, companies and households. Common risks in emerging economies are political and governance risks, that need to be closely monitored. The fund selects investments based on a combination of 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 fund has a diversified portfolio.

Price development

No performance data available

Price development

Robeco Emerging Markets Smaller Companies Eq.F EUR

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.

Statistics

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Market development

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In July, the MSCI Emerging Markets Midcap Index increased by 1.08% in euro terms, lagging the 2.79% increase for developed markets. Emerging equities drifted lower at the end of the month, as no progress was made in trade talks and elevated Fed expectations were pared down and eventually disappointed. Earnings results and economic data were mixed, with the Chinese activity data showing some early signs of bottoming. Brazil did well on the back of the approval of the key pension reform bill and the beginning of a monetary easing cycle, with the central bank cutting interest rates by 50 basis points. Turkey also performed strongly July, as the lira strengthened almost 4%. The Turkish central bank also started its easing cycle and cut its key policy rate from 24% to 19.75%. Mexico underperformed as investor confidence took a hit following the unexpected resignation of the Finance Minister on grounds of disagreement on economic matters, raising the likelihood of a credit rating downgrade.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
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Sustainability Themed Fund

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns. However, given the high transaction costs involved, the fund will be reluctant to use this possibility.

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

Robeco Emerging Markets Smaller Companies Equities integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.

Investment policy

Robeco Emerging Markets Smaller Companies invests globally in emerging economies. The focus is on companies which combine a sound business model and solid growth prospects with a reasonable valuation. These companies are less internationally active and their performance has a strong relation with the domestic economic development. The first step in portfolio composition is the top-down country selection, as research shows that country specific factors drive stock returns in emerging markets. The second step is in-depth fundamental analysis of companies and serves to identify stocks with the ability to outperform in the long run. Key items of our fundamental analysis are: growth prospects of sector, position of company within sector, competitive strength, financial health and strategy, corporate governance and management quality. We screen stocks with our proprietary quantitative model for attractive characteristics. Risk management is fully integrated in the investment process to ensure that positions meet predefined guidelines and the portfolio is well diversified. The fund can protect investors from negative currency developments through active currency hedging. The fund aims to be fully invested. Robeco Emerging Markets Smaller Companies aims to outperform the MSCI Emerging Markets Mid Cap Index over a full market cycle. This Sub-fund may invest in China A-shares via the QFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.

Risk policy

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

Expectation of fund manager

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Due to their solid financial position and a rising domestic customer base, emerging markets are well positioned nowadays to withstand lower growth in developed markets. Economic growth is likely to stay higher than for developed markets. The long-term outlook for emerging markets is positive, and is still supported by relatively attractive valuation levels, a higher long-term earnings growth outlook and potential currency appreciation.

Karnail Sangha, Rob Schellekens
Karnail Sangha, Rob Schellekens

Karnail Sangha, Rob Schellekens

Karnail Sangha is Fund Manager of Robeco’s Emerging Smaller Companies Fund and is responsible for the team’s investments in India and Pakistan. Prior to joining Robeco in 2000, Mr. Sangha was Risk Manager/Controller at AEGON Asset Management. Karnail holds a Master's degree in Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003. Rob Schellekens is fund manager of Robeco’s Emerging Smaller Companies Fund and is responsible for the team’s investments in Russia, South America ex-Brazil and the Middle East. Before joining the emerging markets team in April 2006, Rob was junior Portfolio Manager of Robeco Global Industrials. Prior to joining Robeco in 2005, he was employed by Integra (ING Group) as investment desk analyst in Peru. Before that he held positions at Queensbury Group and Royal Bank of Canada Global Investment Management in Canada. Rob graduated from the Queen's University in Canada and he holds a Bachelors Honors degree in Economics.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0971565733
BloombergREMFEUR LX
Valoren22332901
WKN
Availability
1st quotation date1379376000000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

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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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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.

Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

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Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

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