
Robeco Emerging Markets Equities D SEK
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.
D-SEK
D-EUR
D-USD
F-EUR
F-USD
I-EUR
I-SEK
I-USD
J-USD
M-EUR
M-USD
M2-EUR
Class and codes
Asset class:
Equities
ISIN:
LU2324510093
Bloomberg:
ROEMDSA LX
Index
MSCI Emerging Markets Index (Net Return, SEK)
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
- 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
kr 11,221,961,233
Size of share class
kr 1,613,724
Inception date share class
30-03-2021
1-year performance
16.08%
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 the team’s investments 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
-2.53%
-1.16%
3 months
-8.28%
-6.60%
YTD
7.82%
4.94%
1 year
16.08%
12.02%
2 years
0.88%
-0.29%
Since inception 03/2021
-2.06%
-1.99%
2022
-9.20%
-8.04%
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.
1.77%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.50%
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.
0.12%
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. 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. Generally, emerging economies are growing faster than developed countries and can 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 majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark 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 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.
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, SEK).
Market development
In October, emerging markets declined 3.73% (EUR), underperforming developed markets, which declined 2.74% (EUR). Sentiment in October was negative, caused by the US 10-year bond yields rising to 5%. The continued challenges in China's property sector did not help either. The largest contributor to EM's negative performance remained China, followed by South Korea and Taiwan. Only healthcare was modestly positive, while all other sectors showed declines. Crude oil prices went down by 8%, while natural gas prices shot up 22% on increased supply concerns due to the tensions in the Middle East. The industrial metals price index was down 4%, whereas the precious metals price index rose 6%. Most of the EM currencies weakened against the US dollar, with the Mexican peso and the Turkish lira as the biggest losers. The Polish zloty was the biggest gainer, with an appreciation of 4%, on the back of a more pro-EU election outcome. The Polish equity market was by far the best-performing one. Other countries that performed well were Greece, the Czech Republic and Hungary. EM equity funds continued to see outflows to the tune of USD 9 billion, with the cumulative inflows for 2023 at USD 14 billion.
Performance explanation
Based on transaction prices, the fund's return was -2.53%. The fund underperformed its benchmark (MSCI EM) in October, with both country allocation and stock selection detracting from the overall performance. The negative country allocation contribution came from our overweight positions in South Korea and Vietnam. The overweight positions in Brazil, Greece and Hungary contributed positively to country allocation. In terms of stock selection, selected banks in the fund performed strongly, with Alpha Bank (Greece), OTP Bank (Hungary), Kasikornbank (Thailand) and Grupo Banorte (Mexico) up strongly in October. HCL Technologies (Indian software services) and KGHM, a copper producer based in Poland, also outperformed in October. Stocks that lagged were to be found in China, where Baidu (internet search engine), Alibaba (e-commerce), Vipshop (online retailer), PICC P&C (general insurance), Haier Electronics (home appliances), Ping An (life insurance) and Xinyi Solar (solar panels) underperformed. Other stocks that lagged in October were Emaar Properties (UAE), Sendas Distribuidora (Brazilian hypermarkets), Hana Financial (South Korea), Petronet (Indian gas player), LG Chemical (South Korea) and Macronix (Taiwanese memory).
Expectation of fund manager

Wim-Hein Pals

Dimitri Chatzoudis

Jaap van der Hart

Cornelis Vlooswijk
The global environment is still challenging for equity markets, as inflation remains high and global central banks have continued to raise interest rates. This has led to financial stress for some European and US banks, and global growth is likely to slow down. However, emerging markets seem well positioned, as inflation is much lower in many countries, they were earlier in hiking interest rates in this cycle and growth in China has picked up after the end of the zero-Covid policy. After the recent market correction, equity valuations have become attractive, and EM is now trading at valuation levels that are lower than its long-term averages. In addition, emerging markets are attractively valued relative to developed markets with discounts of over 30% based on earnings multiples.