Robeco Emerging Markets Equities M EUR
Investing in the best earnings potential in the most promising Emerging Markets
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
M-EUR
D-EUR
D-SEK
D-USD
F-EUR
F-USD
I-EUR
I-SEK
I-USD
J-USD
M-USD
M2-EUR
Class and codes
Asset class:
Equities
ISIN:
LU0128640439
Bloomberg:
RGCGENM LX
Index
MSCI Emerging Markets Index (Net Return, EUR)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (30/09)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- 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
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.
Key facts
Total size of fund
€ 1,081,493,237
Size of share class
€ 1,373,699
Inception date share class
03-09-2001
1-year performance
15.34%
Dividend paying
No
Fund manager
Wim-Hein Pals
Dimitri Chatzoudis
Jaap van der Hart
Cornelis Vlooswijk
Wim-Hein Pals is Head of the Robeco Emerging Markets Equity team and Lead Portfolio Manager of the Global Emerging Markets Core strategy. Previously, he was Portfolio Manager Emerging European and African equities and Portfolio Manager Emerging Asian equities. Wim-Hein started his career in the investment industry at Robeco in 1990. He holds a Master's in Industrial Engineering and Management Sciences from Eindhoven University of Technology and a Master's in Business Economics from Tilburg University. Dimitri Chatzoudis is Portfolio Manager Institutional Emerging Markets Accounts. As a Research Analyst he covers stocks in Mexico. Before joining Robeco in 2008, he was Portfolio Manager Eastern European and Global Emerging Markets at ABN AMRO. He started his career in the industry in 1993. Dimitri holds a Master’s in Industrial Engineering from Eindhoven University of Technology and is a Certified European Financial Analyst. Dimitri is also fluent in Greek. Jaap van der Hart is the Lead Portfolio Manager of Robeco’s High Conviction Emerging Stars strategy. Over time, he has been responsible for the investments in South America, Eastern Europe, South Africa, Mexico, China and Taiwan. He also coordinates the country allocation process. He started his career in the investment industry in 1994 at Robeco's Quantitative Research department and moved to the Emerging Markets Equity team in 2000. Jaap holds a Master's in Econometrics from Erasmus University Rotterdam. He has published several academic articles on stock selection in emerging markets. Cornelis Vlooswijk is Lead Portfolio Manager and Research Analyst African Equities. Previously, he worked for Robeco as an investment strategist focusing on North America and Emerging Markets since 2005. Before joining Robeco in 2005, he worked for Credit Suisse First Boston as an Investment Banking Analyst, focusing on the transport and logistics sector. He started his career in the financial industry in 1998. Cornelis holds a Master’s in Economics from Erasmus University Rotterdam and is a CFA® charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
5.24%
5.80%
3 months
1.45%
4.41%
YTD
11.99%
15.67%
1 year
15.34%
19.58%
2 years
12.04%
11.17%
3 years
1.17%
1.67%
5 years
4.30%
5.26%
10 years
5.05%
5.32%
Since inception 09/2001
6.81%
7.90%
2023
9.38%
6.11%
2022
-16.59%
-14.85%
2021
3.94%
4.86%
2020
5.47%
8.54%
2019
27.50%
20.61%
2021-2023
-1.75%
-1.79%
2019-2023
4.98%
4.40%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
3.83
3.68
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.51
0.42
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
0.10
0.35
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
2.12
1.31
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.11
1.07
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
15.47
16.67
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
12.19
12.19
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-9.63
-17.28
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
18
30
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
50
50
Months Bull market
Number of months of positive benchmark performance in the underlying period.
17
35
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
20
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
58.8
57.1
Months Bear market
Number of months of negative benchmark performance in the underlying period.
19
25
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
8
10
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
42.1
40
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
2.26%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
2.00%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.20%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.06%
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.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns.
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.
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. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI Emerging Markets Index (Net Return, EUR).
Market development
In September, the MSCI EM Index realized a return of 5.8% in euro terms, substantially better than the 1.0% return for developed markets. Year-to-date, EMs are quickly closing the gap, given that the MSCI EM returned 15.7% versus 17.6% for the MSCI World. The rally was driven by several favorable macroeconomic catalysts. The US Fed commenced its easing cycle with a 50 basis points rate cut, exceeding the consensus expectation of 25 bps. Leveraging the Fed's move, EM central banks including China's PBoC implemented comprehensive monetary easing. Additionally, the September Politburo meeting caught the market by surprise with its focus on key economic issues and urgent policy action going forward. A weakening US dollar further boosted EM equities. By far the best-performing region last month was emerging Asia, driven by the booming Chinese markets. South Africa and Thailand also outperformed, helped by a strong Rand and Baht respectively. The worst-performing emerging countries were Colombia, South Korea and Poland. Consumer discretionary, real estate and communications services were the best-performing sectors. Energy, information technology and financials underperformed the most.
Performance explanation
Based on transaction prices, the fund's return was 5.24%. The fund showed a neutral performance versus the benchmark (MSCI EM), with country allocation detracting from performance and stock selection contributing to performance. The underweight positions in Saudi Arabia and India were the largest contributors while China (underweight) and South Korea (overweight) were the largest detractors. Turkey, Mexico and Greece - all overweight positions - also underperformed. Stock selection contributed the most in South Africa, China and India. Stock selection was particularly strong in China, where Baidu (online search platform), Alibaba (e-commerce), Haier Smart Home (home appliances), Vipshop (online retailer), Ping An Insurance (life insurance), Xinyi Solar (solar panels) and China Resources Land (property developer) contributed the most. Naspers, based out of South Africa, also performed strongly due to its investment in China's Tencent (online gaming). Stocks that detracted from stock selection could be found in South Korea, where Samsung Electronics (memory), Hyundai Motor and Hana Financial underperformed. In Brazil, Petrobras (upstream oil) and Sendas Distribuidora (hypermarkets) lagged as well. Bank Rakyat Indonesia also performed poorly.
Expectation of fund manager
Wim-Hein Pals
Dimitri Chatzoudis
Jaap van der Hart
Cornelis Vlooswijk
Within a global macroeconomic context, emerging markets are relatively well positioned. The inflation environment is benign in many EM countries, and there is ample room for interest rate cuts. Some central banks in Latin American countries, China and Indonesia, among others, have already started to cut rates. Economic growth in emerging markets is holding up well. In China, although the property sector remains weak, the economy is growing at a rate of close to 5%, supported by substantial stimulus packages. Emerging equity markets' valuations are very attractive relative to the developed markets, with discounts of around 30% based on earnings multiples. Earnings growth in recent years has been disappointing, but it should recover in 2024 with an expected growth of around 20%.