Emerging Markets Bonds Local Currency I USD - LU2862983033

Key points

Highly experienced and stable team with average of 15+ years experience
Sovereign credit analysis at the core of the investment process
Aiming to outperform through superior market positioning, and issuer and bond selection

About this fund

Robeco Emerging Market Bonds Local Currency is an actively managed fund investing in assets such as government bonds, asset backed securities and other fixed income securities of emerging countries mainly denominated in Local currencies (local currency refers to currency of the relevant country in which the fund invests). The selection of these assets is based on fundamental analysis. The fund's objective is to achieve a better return than the index and provide long-term capital growth.

Key facts

Per 31-10-2025

Total size of fund	USD 44’048’891
Size of share class	USD 11’227’893
Inception date share class	25-09-2024
1-year performance	17.22%
Dividend paying	No

Fund manager

Richard Briggs
Diliana Deltcheva
Nicholas Sauer

Richard Briggs is a Portfolio Manager covering Emerging Market Debt and a member of the Global Macro team. He joined Robeco in 2024. Previously, he was a portfolio manager focused on Emerging Market Debt at Candriam. Prior to joining Candriam in 2022, he worked at GAM Investments as a portfolio manager covering EMD and prior to that he led emerging market credit strategy at CreditSights. He joined the industry in 2011. He holds a Bachelor of Arts with Honours in Economics from the University of Strathclyde and a Master’s in Financial Economics from the University of Glasgow. He is a CFA® Charterholder and holds the CFA ESG certificate. Diliana Deltcheva is Head of Emerging Market Debt and member of the Global Macro team. She joined Robeco in 2024. Previously, she was Head of Emerging Market Debt at Candriam. She has also worked at ING Investment Management in various roles, including portfolio manager Emerging Market Debt. She joined the industry in 2002 at ING Investment Management and worked in various roles, including portfolio manager Emerging Market Debt. She holds a Bachelor's in Business Administration/ Political Science & International Relations at the American University in Bulgaria and a Master's in International Finance from the University of Amsterdam. She is a CFA® Charterholder. Nicholas Sauer is Portfolio Manager Emerging Market Debt and member of the Global Macro team. He joined Robeco in 2024. Previously, he was portfolio manager Emerging Market Debt at Candriam. Prior to joining Candriam in 2019, he worked in various roles at BMO Global Asset Management, including as portfolio manager EMD and analyst EMD. Nicholas Sauer joined the industry in 2011. He holds a Master's in Finance and Investments from the Rotterdam School of Management, Erasmus University Rotterdam and is a CFA® Charterholder.

Per period	Fund	Reference index
1 month	0.84%	0.46%
3 months	4.99%	4.06%
YTD	20.76%	15.94%
1 year	17.22%	13.06%
Since inception 25-09-2024	10.08%	7.21%

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.	0.82%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.65%
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.	0.31%

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.

Fund

Index

Policies

Per 31-10-2025

Market development

Per 31-10-2025

October continued the positive momentum for emerging markets although FX returns on the whole were negative, but local returns were sufficient to compensate and provide a positive result for the index. The trade-weighted dollar appreciated around 2%, providing a headwind for EM FX returns. Of the index currencies, the Peruvian sol and the Chilean peso were the best-performing currencies. The Dominican Republic peso, and the Czech koruna were the worst performers.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 0.84%. The largest contribution to returns came from active FX positions in October, of which the largest contributors were the overweights in the Peruvian sol, the Kazakhstan tenge, and the underweight in the Singapore dollar. Detractions through FX returns came from South Africa and Brazil, where the fund's overweights did not contribute positively. The fund's positions in EM frontier US dollar bonds contributed positively. Carry contributed positively as well, adding around 27 bps in October.

Expectation of fund manager

Richard Briggs
Diliana Deltcheva
Nicholas Sauer

Heading into the end of 2025, the team expects continued uncertainty around US monetary policy and political developments. The dollar strength may face limitations, given elevated US valuations and potential policy shifts post-election. Within EM, the managers maintain a constructive view on frontier and European emerging market currencies, particularly where valuations are attractive and fundamentals are improving. The fund remains positioned for selective opportunities in high real yield and steep curves.

Robeco Emerging Markets Bonds Local Currency I USD

Sourcing alpha opportunities with high conviction across emerging bond markets

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

Let's keep the conversation going