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Robeco Emerging Markets ex China Equities F EUR
Capturing a more balanced EM opportunity set, through 30 years of EM investing experience.
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.
F-EUR
D-EUR
D-USD
F-USD
I-EUR
I-USD
Class and codes
Asset class:
Equities
ISIN:
LU2701588548
Bloomberg:
ROBMARE LX
Index
MSCI Emerging Markets ex China 10/40 index
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 non-China emerging markets such as Korea, Taiwan, Poland and Brazil
- Actively managed EM portfolio with a value tilt, embedded sustainability, and long investment horizon.
- Selects attractively valued companies with mispriced earning upside combined with country analysis.
About this fund
Robeco Emerging Markets ex China Equities is an actively managed fund that invests in stocks in emerging countries across the world with the exception of China. 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
€ 3,514,028
Size of share class
€ 35,429
Inception date share class
30-11-2023
Dividend paying
No
Fund manager
![Rob Schellekens](https://images.ctfassets.net/tl4x668xzide/5qXBbvEaAovzpHVwNEgiTM/ab7604a953896240b7fcdbbed49b4ad8/rob-schellekens-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Rob Schellekens
![Wim-Hein Pals](https://images.ctfassets.net/tl4x668xzide/aFUIzfL3JckYU2H8IszCm/88554490c1b3f63c55a6ee262baea4ca/wim-hein-pals-2-500x500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Wim-Hein Pals
![Sejung Seo](https://images.ctfassets.net/tl4x668xzide/3OxOudQAlk38lRphMAayPG/7d89aa2d9c1da34c5c2dd8cae8a36c48/sejung-seo-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Sejung Seo
![Cornelis Vlooswijk](https://images.ctfassets.net/tl4x668xzide/7FsEKM6GgPzcJ9OjnPFNAo/26983cb077f1d294d41eef705c194486/cornelis-vlooswijk-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Cornelis Vlooswijk
Rob Schellekens is Lead Portfolio Manager of the Emerging Markets ex-China fund. On the research side he provides coverage of Russia, South America ex-Brazil and the Middle East. Prior to joining Robeco in 2005, Rob was an Analyst at Integra in Peru and at RBC Global Investment Management in Canada where he started his career in the industry in 2004. He holds a Bachelor's Honors in Economics from the Queen's University in Canada. 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. Sejung Seo is Portfolio Manager EM ex-China with a research focus on the Technology sector. Prior to joining Robeco in 2020, he was a Research Analyst at Candriam in Brussels, covering emerging markets technology stocks. Sejung started his career in 2007 at Mirae Asset Management in Seoul. He holds a Master’s in Finance from London Business School and he is a CFA® charterholder. Sejung is also a native Korean speaker. 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.
The performance data for this fund is either unavailable or restricted by the MIFID legislation, which prevents us from reporting performance data for funds with less than a 12-month track record.
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.
1.00%
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.
0.20%
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 ex China Equities is an actively managed fund that invests in stocks in emerging countries across the world with the exception of China. 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. 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 Sub-fund is actively managed and uses the Benchmark for asset allocation purposes. However, although securities may be components of the Benchmark, securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Management Company has discretion over the composition of the portfolio subject to the investment objectives. The Sub-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 environmental, social and governance characteristics promoted by the Sub-fund.
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.
Market development
In June, emerging markets ex China was up strongly 7.11% in Euro terms, outperforming emerging markets which was up 5.29%, and outperforming developed markets, which gained 3.35%. Main catalysts were the AI-driven rally in technology stocks in South Korea and Taiwan and the post-election strength in South Africa and India. Mexican equities sold off post elections on political concerns. In South Africa, the Government of National Unity (GNU) was successfully formed with Ramaphosa as the president, which will reduce political uncertainty. For the first time, the Democratic Alliance is going to play a significant role. The South African Rand was the strongest currency last month. The Latin American currencies were weak on the expectation of higher-for-longer US interest rates. The best sectors were IT, financials and healthcare. Real estate, materials, and consumer staples were the worst-performing sectors. The best-performing emerging countries were Taiwan, South Africa and South Korea. All countries in Latin America were in negative territory. Crude oil was up due to Middle East tensions and optimism around demand. Both industrial and precious metal prices were down in June.
Expectation of fund manager
![Rob Schellekens](https://images.ctfassets.net/tl4x668xzide/5qXBbvEaAovzpHVwNEgiTM/ab7604a953896240b7fcdbbed49b4ad8/rob-schellekens-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Rob Schellekens
![Wim-Hein Pals](https://images.ctfassets.net/tl4x668xzide/aFUIzfL3JckYU2H8IszCm/88554490c1b3f63c55a6ee262baea4ca/wim-hein-pals-2-500x500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Wim-Hein Pals
![Sejung Seo](https://images.ctfassets.net/tl4x668xzide/3OxOudQAlk38lRphMAayPG/7d89aa2d9c1da34c5c2dd8cae8a36c48/sejung-seo-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Sejung Seo
![Cornelis Vlooswijk](https://images.ctfassets.net/tl4x668xzide/7FsEKM6GgPzcJ9OjnPFNAo/26983cb077f1d294d41eef705c194486/cornelis-vlooswijk-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Cornelis Vlooswijk
Global interest rates have increased over the past years, yet growth in the major economies has remained fairly stable. And as inflation has come down, we may see a gradual reduction in key interest rates. The emerging markets seem relatively well positioned, with lower inflation in many countries and more room for interest rate cuts due to a more aggressive hiking cycle in the past years. Brazil and some other Latin American countries have already started to cut rates. Growth in emerging markets is holding up relatively well. Emerging equity markets' valuations have become attractive relative to developed markets with discounts of more than 30% based on earnings multiples. Earnings growth in 2023 was disappointing, but it should recover in 2024 with around 20% earnings growth expected.