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Robeco Next Digital Billion I USD

Emerging Markets Trend solution with high-growth technology companies and tech-enablers

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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.

I-USD

D-EUR

D-USD

F-EUR

F-USD

I-EUR

K-USD

M-USD

M2-EUR

S-CHF

S-EUR

S-GBP

S-USD

Class and codes

Asset class:

Equities

ISIN:

LU2368226218

Bloomberg:

RONDBIU LX

Index

MSCI Emerging Markets 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

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
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Fund topics

Overview
Performance & costs
Portfolio
Sustainability
Commentary
Documents
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MISSING: fund.detail.tabs.

Key points

  • This new strategy is a combination of our Emerging Markets and our Trends Investing capabilities and it is the world’s first Emerging Market Technology trend fund that focuses on a new generation of internet users
  • Identifies companies that have the potential to be long-term winners in trends like payments, ecommerce, software solutions, fintech, etc
  • Evident focus on information technology and consumer discretionary

About this fund

Robeco Next Digital Billion is an actively managed fund that invests in companies in emerging markets. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than that of the index.The fund selects companies with high growth potential that aim to cater to the previous and next billion internet users. Many of the targeted emerging countries now have a critical mass in internet penetration and coupled with the absence of traditional economic infrastructure, this can lead to the emergence of the next wave of technology companies and value creation.

Key facts

Per 31-01-2023

Total size of fund

$ 11,073,856

Size of share class

$ 14,671

Inception date fund

14-09-2021

1-year performance

-29.52%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Performances are net of fees and based on transaction prices.

Fund manager

Michiel van Voorst CFA

Bryan Satterly

Michiel van Voorst is Co-Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech/next digital billion. In 2019, Michiel rejoined Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. Besides this role, Michiel is a Board member of a Hong Kong based Fintech startup offering regulated software services (SaaS) for Independent ?nancial advisors globally. Prior to that, Michiel spent 12 years at Robeco in several senior positions including senior portfolio manager Rolinco Global Growth fund and Robeco Asian Stars. Prior to joining Robeco in 2005, Michiel was Portfolio Manager US Equity at PGGM and Economist with Rabobank Netherlands. Michiel started his career in the investment industry in 1996. Michiel van Voorst holds a Master’s in Economics from University of Utrecht and is a CFA® charterholder. Bryan Satterly is Portfolio Manager Next Digital Billion and a member of the Robeco Trends Equities team. Prior to this role, Bryan was an investment manager for Robeco’s Private Equity group where he was responsible for group exposures in emerging markets, venture capital and co-investments. He joined Robeco in 2018. Before that he was an investment analyst in Washington D.C. for the Venture Capital Group at IFC, the World Bank Group’s private sector investment arm, investing into technology companies across emerging markets. He started his career in 2013 as an investment banking analyst at BMO Capital Markets in New York, working on a variety of equity, debt and M&A transactions in the Healthcare and Real Estate sectors. Bryan holds a Bachelor’s degree in Foreign Service from Georgetown University in Washington D.C.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 31-01-2023
Per period Fund Index

1 month

9.80%

7.90%

3 months 

25.77%

22.16%

YTD

9.80%

7.90%

1 year

-29.52%

-12.12%

Since inception 09/2021

-39.71%

-13.07%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2022

-43.32%

-20.09%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Costs

Per 31-01-2023
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.

0.97%

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.

0.16%

Transaction costs

The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.

0.13%

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.

Performance
Price development
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Asset

Currency

Sector

Top 10

  • Asset
  • Currency
  • Sector
  • Top 10

Policies

  • The fund can engage in currency hedging transactions. Typically currency hedging is not applied.

  • The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

  • Robeco Next Digital Billion is an actively managed fund that invests in companies in emerging markets. 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. The fund selects companies with high growth potential that aim to cater to the previous and next billion internet users by improving access to technology and innovating with digital solutions in local communities. The investment policy is not constrained by a Benchmark but the fund may use a benchmark for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the environmental, social and governance characteristics promoted by the fund.

  • Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Fund allocation
Policies

Sustainability-related disclosures

Full sustainability-related disclosures
Download full report
Summary sustainability-related disclosures
Download summary

Sustainability profile

Per 31-01-2023
Exclusions
ESG Integration
Voting & Engagement

Sustainability

Per 31-01-2023

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.

Information
Profile
Sustainability

Market development

Per 31-01-2023

Emerging markets experienced a relatively broad-based recovery in January, with China as the clear leader. China's reopening is going smoother than expected, and Chinese equities saw the largest cumulative 4-week net buying activity in its history of tracked data. While the initial innings of this rally may have been largely tactical and positioning related, we believe the next phase of a possibly continued rally in China-related equities will be more valuation focused. In addition, company-specific events changed dynamics positively for a few portfolio holdings. Most notably in Brazil, large retailer and e-commerce player Americanas released news of an accounting scandal. This same domino effect benefited NDB holdings MercadoLibre and Magazine Luiza, which compete with Americanas in the e-commerce sector.

Performance explanation

Per 31-01-2023

Based on transaction prices, the fund's return was 9.80%. January was a positive month for our portfolio holdings, both in absolute and in relative terms. Internet platforms contributed most positively to performance, with almost all stocks reporting a positive monthly absolute return. The largest contributor was MercadoLibre. The fintech portion of the portfolio was a slightly positive contributor to returns, and there was a very wide range of share price performance across our holdings in this segment. StoneCo had the largest positive impact, while VEF was one of the worst performers in the category. The B2B/enterprise-focused portion of the portfolio made a slightly negative contribution to performance. Our biggest positions in this category, including EPAM Systems and Globant, contributed negatively to performance over the month. Endava was a positive contributor in this category. Mobility/e-logistics made a negative contribution to the fund's performance, driven by our largest holding in this category, ESR Group, which was down 5% for the month. Overall, ICT & enabler companies made a neutral contribution to the fund's results. The online consumer & media segment made a positive contribution to the fund's results.

Expectation of fund manager

Michiel van Voorst CFA

Bryan Satterly

Many stocks in our portfolio suffer from negative price momentum. With the overall market still experiencing bearish sentiment, we expect continued volatility for the coming months. Quarterly results reported by our portfolio holdings highlight that long-term trends are intact and fundamentals are strong. Individual company's operational performance remains robust, and we are cautiously positioning the portfolio to benefit from a rebound in the future. Within our high conviction approach, we remain diversified across geographies. We continue to re-evaluate fundamental theses on individual positions within the portfolio and we believe that the Next Digital Billion trend remains compelling for the long term.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • Portfolio Manager's Update
  • Prospectus
  • Articles of association
  • Key Information Document (PRIIP)
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2021
  • Annual report 2020
  • Annual report 2019
  • Semi-annual report 2022
  • Semi-annual report 2021
  • Semi-annual report 2020

Announcements

  • Publication Semi-annual reports 2022 (31-08-2022)
Fund documents
Reports
Announcements

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