Indian Equities F USD - LU2660287090

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 30-11-2025

Total size of fund	USD 647’504’874
Size of share class	USD 29’495’778
Inception date share class	22-08-2023
1-year performance	-1.43%
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	0.44%	0.87%
3 months	1.09%	5.82%
YTD	1.49%	3.12%
1 year	-1.43%	0.10%
2 years	10.38%	11.35%
Since inception 22-08-2023	11.91%	12.78%

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.	1.06%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.75%
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.	0.16%

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 0.05% 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.

Policies

Per 30-11-2025

Market development

Per 30-11-2025

India outperformed the MSCI EM, MXAPJ and MSCI World by 3.4%, 4% and 1%, respectively, in November (USD), its second consecutive month of outperformance versus all three benchmarks. The MSCI India outperformed both mid caps (61 bps) and small caps (360 bps). India's Premium to MXAPJ has compressed sharply to 54% (vs 59% 5-year average). While the sharp compression in India's valuation premium – after a long gap – is positive, the recent weakness in the Indian Rupee has diluted the optimism. The much-anticipated return of foreign institutional investors may be delayed until the rupee stabilizes or there is positive resolution on the India-US trade deal. India's corporate earnings cycle has reached a crucial inflection point, poised for a reversal. We see a high possibility of upgrades in the December reporting season. India's hawkish macro set-up post-Covid is fast unwinding, but the Rupee needs to stabilize for the confidence to improve.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was 0.44%. Based on net asset value, the fund underperformed versus the benchmark by 0.06%. Stock selection in healthcare & materials impacted positively during the month, while stock selection in industrials impacted negatively. Sector allocation in utilities & real estate impacted positively, while sector allocation in materials & energy impacted negatively during the month.

Expectation of fund manager

While the domestic macro momentum remains positive, the trade situation has turned adverse. India's merchandise trade deficit widened to an all-time high of USD 41.7 bln in October from USD 32.2 bln in September, driven by an 11-month high in gold imports amid firmer global prices and festive season demand. GST collections softened to INR 1.7 trn in November, implying a YoY growth of ~0.7% vs 4.6% in the previous month. Credit growth remains largely steady at 11.4% YoY in November, led by a broad-based pickup across both industry and retail loans. Headline CPI inflation declined to an all-time low of 0.3% YoY.

Robeco Indian Equities F 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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