Robeco Indian Equities D EUR

Indian equities were broadly flat (in USD terms), but still outperformed the broader markets MSCI APxJ/EM (-4.3%/-4.2%) in September. The INR was down 1.7% and ended at 74.24/USD. For the month, energy, utilities, communication services and consumer discretionary outperformed, while materials, healthcare and IT were laggards. FIIs were buyers of USD 1.4 bln into Indian equities, while DIIs were net buyers at USD 809 mln in September. GST collections in September came at INR 1.17 tln, improving significantly (+23% YoY/+4.5% QoQ) and signaling a sustained pickup in trade and commerce. Indian markets continue to enjoy the massive bull run, with the NIFTY closing above the 17500 level at month-end. Record-low interest rates, government reform/relief measures (telcos, autos and banks), improved vaccine access and the subsequent pickup in service sector activity kept momentum strong. Aggregate Covid-19 daily cases have started to come down to around 25k from 43k in early September.

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

The fund does not distribute dividend; any income earned is reinvested.

Robeco Indian 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.

Robeco Indian Equities is an actively managed fund that invests in stocks listed on the major Indian stock exchanges. The selection of these stocks is based on fundamental analysisThe 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. The fund focuses on largecap stocks, supplemented by select high-conviction midcap stocks. Managed by our Asia-Pacific team in Hong Kong, the fund combines the market expertise of local Indian investment adviser Canara Robeco (Mumbai) with Robeco's operational strength as an international asset manager.The majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark index 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, currencies 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.

Monitored by an independent department in Rotterdam, risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.