Robeco Emerging Markets ex China Equities D USD

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.

Class and codes

Asset class
Equities
ISIN
LU2701588977
Bloomberg
ROBMADU LX

Asset class

Equities

ISIN

LU2701588977

Bloomberg

ROBMADU 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

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. 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

Per 30-11-2025

Total size of fund	USD 5,393,276
Size of share class	USD 38,991
Inception date share class	30-11-2023
1-year performance	32.48%
Dividend paying	No

Fund manager

Rob Schellekens
Wim-Hein Pals
Sejung Seo
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. As for country analysis, he covers Indonesia and Malaysia. 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.

Per period	Fund	Reference index
1 month	-2.26%	-2.01%
3 months	12.43%	10.98%
YTD	35.28%	27.89%
1 year	32.48%	25.78%
2 years	19.29%	18.11%
Since inception 01-12-2023	19.29%	18.11%

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.	1.75%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.50%
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.	0.08%

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.

Market development

Per 30-11-2025

In November, emerging markets ex China retracted 2.54% (EUR), slightly outperforming emerging markets which fell 2.93%, but underperforming versus developed markets which fell 0.27%. Markets were dragged down by IT stocks over fears of market concentration in the AI theme. The 6-week-long US government shutdown ended, allowing for economic data releases to resume. The September jobs report sent mixed messages, but chances for a rate cut in December increased toward the end of the month. Another development was the latest round of diplomacy from the Trump administration for a Russia-Ukraine peace deal. Latin America (+5.5%) was the best-performing region. Tech-heavy markets South Korea and Taiwan experienced sharp declines. From a sector perspective, materials, energy and financials were the strongest. Information technology (-6.7%), consumer discretionary (-5.6%), and industrials (-4.7%) underperformed most last month. The MSCI EM 2025 and 2026 consensus EPS was revised up by 1.2% and 1.7%, respectively, resulting in a 17% EPS growth for 2026. EM equity funds saw large inflows of over USD 12 billion in November, following moderate inflows of USD 4 billion in October.

Performance explanation

Per 30-11-2025

Based on transaction prices, the fund's return was -2.26%. The fund outperformed versus the benchmark (MSCI EM ex China) in October. Country allocation was neutral, while stock selection was positive. Positive country allocation came from our overweights in Greece, Hungary and Brazil, as well as from our underweight positioning in Saudi Arabia. Our underweight in India and overweight in South Korea detracted from performance. Positive stock selection was found in Indian auto manufacturer Mahindra & Mahindra, Brazilian real estate player Cyrela, financial Itaúsa and utility company CPFL. South African miner Impala Platinum as well as South Korean financial Hana Financial and industrial conglomerate SK Square all added to performance. A few other financials that contributed positively were Greek bank National Bank of Greece, Hungarian OTP and South African Absa Group. On the negative side, a number of IT companies detracted from performance: Taiwanese Hon Hai Precision, Asustek Computer and Tripod Technology. In South Korea, defense company Hyundai Rotem and tech giant Samsung Electronics negatively impacted performance.

Expectation of fund manager

Rob Schellekens
Wim-Hein Pals
Sejung Seo
Cornelis Vlooswijk

The US remains a source of uncertainty in today's global economy with rising fiscal deficits, higher US import tariffs and erratic policy making. However, as the majority of earnings from emerging companies is domestically focused, we think the US itself will be most impacted. Global investors seem likely to diversify away from the US, which so far has resulted in a weaker US dollar. With the current America First focus, emerging markets are having to rely more on their own domestic policies and growth opportunities. We expect higher structural economic growth compared to developed markets, while macroeconomic stability has significantly improved. Emerging equity markets' valuations have become very attractive relative to developed markets, with discounts of more than 30% based on earnings multiples. At the same time, expected earnings growth for this year is 10%, above the 8% expected growth for developed markets.

Robeco Emerging Markets ex China Equities D USD

Capturing a more balanced EM opportunity set, through 30 years of EM investing experience.

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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