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The MSCI India (USD) gained in October (+4.1%), performing in line with peer group MSCI EM (+4.1%) and MSCI APxJ (+4.0%).The decline of the index in the first week of the month was attributable to concerns around weak macro- economic data. The index performance picked up sharply later in the month. This was due to better than expected earnings reported by companies and media reports from the government which is considering investment friendly measures to boost equity investments. These measures include reducing/abolishing long-term capital tax, dividend distribution tax and securities transaction tax. INR depreciated by -0.1% ending the month at 70.93/USD. For the month, financials, energy and consumer discretionary were key outperformers while IT, industrials and materials were notable laggards. FIIs recorded net inflow of USD 1.8 bln and DIIs were net buyers at USD 750 mln in equities. The central bank cut the repo rate by 25 bps to 5.15% maintaining its accommodative stance.
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Sustainability Themed Fund |
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.
The fund has a predominant focus on large caps with select high-conviction mid-cap ideas. The fund follows an active, predominantly bottom-up investment approach with a focus on fundamentally sound companies which are likely to deliver superior capital appreciation over the investment horizon. The fund seeks to be fully invested and has an active currency policy. Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times.
Monitored by an independent department in Rotterdam, risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
MSCI India is trading at ~18.2x 1yr fwd PE, which is at a premium versus the long-term average. Post the recent announcement of corporate tax cuts, MSCI India earnings are expected to grow by 19% for FY20e.Earnings for FY20 saw some downward revisions of 1.7% after upgrades following the September tax cuts. The festive season demand in autos has been better than expected. The portfolio is biased towards companies with strong balance sheets, a strong management pedigree and structural growth story.
The Asia-Pacific Equities investment team consists of five investment professionals with an average experience of 13 years, combining complementary skills and worldwide investment backgrounds. The team's portfolio managers place local insights into the context of a wider regional and global perspective. The experience of the Asia-Pacific Equities investment team is strengthened by the local expertise of the Indian Investment Advisor, Canara Robeco.
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ISIN | LU0491217419 |
Bloomberg | ROBINED LX |
Valoren | 10252939 |
WKN | A1C43D |
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1st quotation date | 1282521600000 |
Close financial year | 31-12 |
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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.
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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The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.
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.
Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.
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