Robeco Emerging Stars Equities Z EUR

Investing in emerging economies based on top-down country analysis and bottom-up stock selection

Anteilklasse Anteilklasse 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.

Gattung und Codes

Anlagegattung
Equities
ISIN
LU0834379876
Bloomberg
RGCEMIZ LX

Anlagegattung

Equities

ISIN

LU0834379876

Bloomberg

RGCEMIZ LX

Benchmark

MSCI Emerging Markets Index (Net Return, EUR)

Angaben zur Nachhaltigkeit
Angaben zur Nachhaltigkeit
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.

Artikel 8

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Rating

( 30-06 )

Überblick Wertentwicklung & Gebühren Vermögensaufstellung Nachhaltigkeit Kommentar Unterlagen

Merkmale

Invests flexibly and dynamically
Focuses on the most attractive emerging countries
Concentrated portfolio of about 35 to 50 stocks

Über diesen Fonds

Robeco Emerging Stars Equities is an actively managed fund that invests in emerging countries equities all over world. The selection of these shares is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund selects investments based on a combination of top-down country analysis and bottom-up stock selection. We focus on companies that have both a healthy and solid business model growth prospects as a reasonable valuation. The fund has a focused, concentrated portfolio with a small number of larger bets.

Wichtige Fakten

Per 30-06-2026

Fondsvolumen	EUR 4,541,108,818
Größe der Anteilsklasse	EUR 24,961,776
Auflegungsdatum der Anteilsklasse	10-10-2012
1 Jahr Wertentwicklung	63.17%
Ertragsverwendung	Thesaurierend

Fondsmanagement

Jaap van der Hart
Karnail Sangha

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. Karnail Sangha is a Portfolio Manager within the Emerging Markets Equity team and provides analytical research coverage on India. He is Co-Portfolio Manager for the Emerging Stars and Sustainable Emerging Stars Equity strategies. Prior to joining Robeco in 2000, Karnail was a Risk Manager/Controller at Aegon Asset Management where he started his career in the industry in 1999. He holds a Master's in Economics from Erasmus University Rotterdam and is a CFA® charterholder. Karnail is also fluent in Hindi and Punjabi.

Pro Zeitraum	Fonds	Index
1 Monat	-1.57%	0.63%
3 Monate	25.16%	25.02%
Lfd. Jahr	33.99%	27.22%
1 Jahr	63.17%	47.34%
2 Jahre	34.86%	24.54%
3 Jahre	26.37%	21.12%
5 Jahre	13.97%	7.98%
10 Jahre	13.04%	9.76%
Seit Auflegung 08-10-2012	10.97%	7.53%

Statistiken	3 Jahre	5 Jahre
Ex-post Tracking-Error (%) The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.	4.78	5.05
Information-Ratio This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.	1.15	1.17
Sharpe-Ratio This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.	1.27	0.64
Alpha (%) Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..	2.44	4.93
Beta Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.	1.14	1.14
Standardabweichung Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).	18.78	18.56
Max. monatlicher Gewinn (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	15.37	15.37
Max. monatlicher Verlust (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-13.00	-13.00

Kosten dieses Fonds	Prozentsatz
Laufende Gebühren 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.	0.02%
Inklusive Verwaltungsgebühr A fee paid by the fund to the asset management company for the professional management of the fund.	0.00%
Inklusive Servicegebühr This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.00%
Transaktionskosten The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.09%

Steuerliche Behandlung des Produkts

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.

Steuerliche Behandlung des Anlegers

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.

Marktentwicklungen

Per 30-06-2026

In June, emerging markets rose 0.6% (EUR), thereby underperforming versus developed markets that increased 1.3% (EUR). Emerging market equities navigated a challenging month in June as investors balanced shifting geopolitical developments, changing monetary policy expectations, and country-specific market dynamics. Market swings were particularly pronounced in South Korea, where the presence of leveraged ETF positions contributed to larger-than-usual price movements. Geopolitical tensions eased following a temporary agreement between the US and Iran, extending the ceasefire and allowing commercial traffic to resume through the Strait of Hormuz. Although a permanent agreement has yet to be reached and the risk of renewed tensions cannot be ruled out, the reduction in immediate concerns over energy supply disruptions provided some relief to global markets. The improvement in the geopolitical backdrop triggered a sharp reversal in energy markets, with crude oil prices falling by a fifth during the month as fears of supply shortages subsided. At the same time, the US Federal Reserve adopted a firmer policy stance than markets had anticipated at its June meeting.

Erläuterungen zur Wertentwicklung

Per 30-06-2026

Based on transaction prices, the fund's return was -1.57%. In June, the fund outperformed the MSCI Emerging Markets Index, driven by stock selection while country allocation was neutral. Positive country allocation was driven by China (underweight) and South Korea (overweight). Negative country allocation came from India (underweight), Taiwan (underweight) and South Africa (overweight). The fund's investment in SK Square, the holding company of SK hynix, was the largest positive contributor to stock selection during the month, benefiting from a significantly stronger share price performance than SK hynix itself. In addition, the fund's position in SK Inc., the holding company of SK Square, also contributed positively. Other positive contributors included financial holdings, particularly CTBC Financial (Taiwan), Itaú Unibanco (Brazil), and ICICI Bank (India). On the negative side, stock selection was primarily affected by Petrobras (Brazil), reflecting weakness in the energy sector following the sharp decline in oil prices. Several Chinese internet holdings also detracted from performance, including Baidu, JD.com, and Trip.com, while CATL (EV batteries) and China Resources Land (property developer) underperformed during the month.

Prognose des Fondsmanagements

Jaap van der Hart
Karnail Sangha

The conflict in the Middle East is a significant shock with a big impact on the region and on global oil and gas prices. Even though the most likely scenario is that the conflict will be relatively short, risks do remain for a longer conflict and larger impact. Also economically, the US has become a source of more uncertainty on interest rate policy, important tariffs and policy making. Emerging markets are having to rely more on their own domestic policies and growth opportunities. We still expect higher structural economic growth compared to developed markets, while macroeconomic stability has significantly improved. Emerging equity markets' valuations have become attractive relative to developed markets, with discounts of more than 35% based on earnings multiples. Expected earnings growth is 46% for 2026 and 17% for 2027, both above developed markets.

Robeco Emerging Stars Equities Z EUR

Investing in emerging economies based on top-down country analysis and bottom-up stock selection

Merkmale

Über diesen Fonds

Wichtige Fakten

Fondsmanagement

Wertentwicklung

Kursentwicklung

Statistiken

Gebühren

Steuerliche Behandlung des Produkts

Steuerliche Behandlung des Anlegers

Fondsallokation

Richtlinien

Marktentwicklungen

Erläuterungen zur Wertentwicklung

Prognose des Fondsmanagements

Fondsdokumente

Jahres- und Halbjahresberichte

Engineered to filter market noise

Bekanntmachungen

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