Robeco Indian Equities D USD
Investing in stocks benefiting from the Indian growth story
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.
D-USD
D-EUR
F-EUR
I-USD
Class and codes
Asset class:
Equities
ISIN:
LU0571488617
Bloomberg:
ROBIEDU LX
Index
MSCI India Index (Net Return, USD)
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
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Rating (30/10)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Focused investment in Indian equities
- Disciplined fundamental approach to benefit from Indian growth story driven by trends such as rising domestic consumption and infrastructure expansion.
- Combining local market expertise with international asset-manager strength.
About this fund
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 analysis. The fund's objective is to achieve a better return than the index. 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.
Key facts
Total size of fund
$ 217,422,532
Size of share class
$ 15,126,433
Inception date share class
23-03-2011
1-year performance
8.21%
Dividend paying
No
Fund manager
Team Asia-Pacific
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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
-0.45%
-2.97%
3 months
-1.81%
-3.23%
YTD
9.95%
4.75%
1 year
8.21%
4.16%
2 years
0.30%
-1.52%
3 years
16.65%
13.36%
5 years
14.21%
10.77%
10 years
10.92%
8.33%
Since inception 01/2011
7.39%
5.01%
2022
-9.53%
-7.95%
2021
37.61%
26.23%
2020
21.61%
15.55%
2019
7.45%
7.58%
2018
-6.01%
-7.30%
2020-2022
14.83%
10.32%
2018-2022
8.86%
6.01%
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.
5.73
5.57
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.
0.87
1.05
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.
1.17
0.80
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..
6.69
6.48
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.
0.78
0.84
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).
13.76
18.26
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
8.47
14.52
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-6.17
-21.39
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
22
38
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
61.1
63.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
20
34
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
8
16
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
40
47.1
Months Bear market
Number of months of negative benchmark performance in the underlying period.
16
26
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
14
22
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
87.5
84.6
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.
1.91%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.60%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.26%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.45%
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; any income earned is reinvested.
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 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 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.
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 India Index (Net Return, USD).
Market development
The MSCI India (in USD) was down 3%, but outperformed the MSCI APxJ and MSCI EM by 1.1% and 0.94% respectively. YTD, India has outperformed the MSCI ApxJ by 10.44% and the MSCI EM by 8.1%. Mid caps (-2.97% MoM) and small caps (-2.70% MoM) were also weak, indicating broad-based market weakness. All sectors were negative for the month. Consumer staples was the strongest sector in the month (-0.25% MoM), while industrials was the weakest (-4.4% MoM). Foreign investors remained net sellers of Indian equities in October (-USD 2.69 bln) and DIIs remained buyers with USD 3.26 bln in inflows. The MSCI India P/E declined to 19.5x. The relative premium vs. MXAPJ is 64% (vs. 50% 5-year average). In a month that saw US Treasury yields rise 36 bps, the Indian 10-year was calm, expanding by only 14 bps. The INR – which has been the second-best-performing currency YTD among Asian currencies – ended October at 83.25/USD.
Performance explanation
Based on transaction prices, the fund's return was -0.45%. Based on net asset value, the fund outperformed the benchmark by 1.30%. Stock selection in financials and industrials impacted positively, while the selection in real estate impacted negatively during the month.
Expectation of fund manager
Team Asia-Pacific
October's manufacturing PMI came in at 55.5, the lowest since February 2023, but in strong expansion; the services PMI decreased to 58.4. September's headline CPI inflation declined sharply to 5.0% YoY. GST collections grew 13% YoY to the second-highest-ever monthly level, indicating robust government revenues. Fueled by good revenue collections, the government continued its thrust on capex. On a cumulative basis, capex jumped 43% YoY to INR 4.9 tln in Apr-Sep FY24, marking the highest-ever capex in the first six months of any fiscal year. Robust government spending is expected to crowd in private sector capex, which is showing good traction.