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Robeco Emerging Stars Equities FL USD

Reference index: MSCI Emerging Markets Index (Net Return, USD)
ISIN: LU1193126049
  • Invests flexibly and dynamically
  • Focuses on the most attractive emerging countries
  • Concentrated portfolio of about 35 to 50 stocks
Assets class
Current price ()
Performance YTD ()
Currency USD
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Dividend payingNo

About this fund

Robeco Emerging Stars Equities invests in stocks 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 monitored well. 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 concentrated portfolio.

Price development

No performance data available

Price development

Robeco Emerging Stars Equities FL 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.

Statistics

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Market development

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In October, the MSCI Emerging Markets Index rose by 1.8% in euro terms, outperforming the developed markets, which were up 0.21%. This was supported by monetary easing across the world. The Fed increased liquidity by cutting rates by another 25 basis points. Chinese equity prices rose on the hopes of a preliminary trade deal with the US. Indian equities also performed strongly on the back of a 25 basis points cut in rates, as did Korea which made a similar move. Russian financial markets performed very well on the back of a 50 bps rate cut as well as rising gas prices. The worst-performing market was Turkey over investor concerns about potential US sanctions in the aftermath of the Turkish raids in Syria, despite a 250 bps rate cut by the central bank. In Brazil, President Bolsonaro’s policy reforms gathered momentum with the approval of the Pension Reform Bill in the Senate. A 50 bps rate cut by the central bank acted as a tailwind. Chile was gripped by widespread anti-government protests, whilst in Argentina Peronist leader Alberto Fernandez won the presidential elections.

Fund allocation

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Fund Classification

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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 and can engage in currency hedging transactions.

Dividend policy

In principle, the fund does not intend to distribute dividend and so both the income earned by the fund and its overall performance are reflected in its share price.

ESG Integration policy

Robeco Emerging Stars 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 Stars Equities invests globally in emerging economies. The focus is on companies which combine a sound business model and solid growth prospects with a reasonable valuation. 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. On average, the fund invests in 35-50 companies and portfolio construction is independent of the index. Risk management is fully integrated in the investment process to ensure that positions meet predefined guidelines and the portfolio is diversified. The fund can protect investors from negative currency developments through active currency hedging. The fund aims to be fully invested. Robeco Emerging Stars aims to outperform the MSCI Emerging Markets 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 into the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Two important global factors remain global monetary policy and US-China trade policy. Global interest rates are declining, which should be positive for emerging equity markets. Trade negotiations between the US and China remain volatile and the timing of a deal is uncertain at this point. We believe that a trade deal is beneficial for both parties, but unfortunately that does not guarantee that it will be reached. Emerging markets remain attractively valued at a discount to developed markets of around 25%, while average GDP growth is expected to be around 4% versus 2% in developed markets.

Jaap van der Hart, Fabiana Fedeli
Jaap van der Hart, Fabiana Fedeli

Jaap van der Hart, Fabiana Fedeli

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. Fabiana Fedeli is Global Head of Fundamental Equities and Portfolio Manager in the Emerging Markets Equities team where she is responsible for portfolio construction and country allocation. She has a background as Portfolio Manager and Analyst on Asia and US equities in London, New York and Tokyo. Prior to her current role, Fabiana was the lead Portfolio Manager on the Asia (ex Japan) Equity fund at Pioneer Asset Management. She joined Pioneer following the sale of Occam Asset Management, where she was Partner and Fund Manager. She began her career at ING Barings as a research analyst covering Japanese equities in Tokyo. Fabiana holds a Master of Economics from Hitotsubashi University in Tokyo and a Degree in Economic and Social Sciences from Bocconi University in Milan.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1193126049
BloombergREMSFLU LX
Valoren27179205
WKN
Availability
1st quotation date1424908800000
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
Management fee
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

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Important legal information

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