Indian Equities I USD - LU0944707735

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

Per 31-10-2025

Total size of fund	USD 658’294’534
Size of share class	USD 38’156’952
Inception date share class	28-11-2023
1-year performance	-2.36%
Dividend paying	No

Fund manager

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.

Per period	Fund	Reference index
1 month	2.83%	4.39%
3 months	-0.08%	1.63%
YTD	1.06%	2.23%
1 year	-2.36%	-1.18%
Since inception 28-11-2023	10.84%	12.07%

Cost of this fund	Percentage
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.	1.03%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.80%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.22%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.16%

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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.

Policies

Per 31-10-2025

Market development

Per 31-10-2025

After five consecutive months of underperformance, the MSCI India outperformed the MSCI EM, MXAPJ and MSCI World by 0.2%, 0.7% and 2.2%, respectively, in October (USD). MXIN now trades at 22.8x forward earnings. India's Premium to MXAPJ has compressed sharply to 45% (vs 59% 5-year avg). At its peak, this premium was 92% in October 2022. The sharp compression in India's valuation premium indicates that the market may react asymmetrically to the emergence of medium-term catalysts. Recent GST rationalization, rising real wages and growth supportive monetary and fiscal policy emerge as near-term catalysts for markets, and a much-needed inflection point for corporate earnings growth, ending an almost one-year cycle of downward earnings revisions. India's corporate cycle has reached a crucial inflection point, poised for a reversal. We see a high possibility of upgrades in the December reporting season. A likely India-US trade deal is awaited. India's hawkish macro set-up post-COVID-19 is fast unwinding.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 2.83%. Based on net asset value, the fund underperformed versus the benchmark by 1.82%. Stock selection in consumer discretionary impacted positively during the month, while materials and consumer staples impacted negatively. Sector allocation in utilities impacted positively, while sector allocation in energy and consumer discretionary impacted negatively during the month.

Expectation of fund manager

There was a strong improvement in macro momentum in FY26H2, backed by a strong reflation bias of the RBI and the government via rate cuts, bank deregulation, liquidity infusion, front loading of capex and a demand stimulus from INR 1.5 trillion in GST rate cuts. Manufacturing PMI edged up to 59.2 in October, driven by an upturn in new domestic orders. Credit growth picked up to 11.5% YoY in October, the highest since November 2024, from 10.4% in September. GST collections stood at INR 1.96 trn in October; adjusted for the monthly revenue foregone due to GST rate cuts, the growth rate is higher at a robust~10% YoY.

Robeco Indian Equities I USD

Investing in stocks benefiting from the Indian growth story

Key points

About this fund

Key facts

Fund manager

Performance

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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