Robeco Emerging Markets ex China Equities I 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
LU2701589272
Bloomberg
ROBMARI LX

Asset class

Equities

ISIN

LU2701589272

Bloomberg

ROBMARI LX

Index

MSCI Emerging Markets Ex China 10/40 Index (Net Return, USD)

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 30-04-2026

Total size of fund	USD 8,511,313
Size of share class	USD 51,339
Inception date share class	30-11-2023
1-year performance	68.80%
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	Index
1 month	15.52%	18.09%
3 months	10.37%	9.81%
YTD	23.11%	20.90%
1 year	68.80%	56.68%
2 years	31.62%	27.20%
Since inception 01-12-2023	29.67%	26.40%

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.	0.97%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.80%
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.	0.11%

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.

Market development

Per 30-04-2026

The MSCI EM ex China Index gained 15.99% in euro terms in April, outperforming the broader MSCI EM Index (+12.67%) and the MSCI World Index (+7.64%). Emerging market equities performed strongly in April, recovering from the weak March performance. An important driver was the ceasefire between the US and Iran, and hope for a deal that would allow the street of Hormuz to reopen. In addition, strong global AI investments are significantly lifting earnings expectations for technology companies. South Korea and Taiwan were the best-performing countries, and in particular the large technology sectors in these countries. Hungary also performed strongly following the large election victory for the Tisza party, likely leading to better relations with the EU. The worst-performing countries in April were Indonesia, Colombia, Peru, the Philippines and Saudi Arabia. Other relevant news was that MSCI announced that Greece will be reclassified to developed market status by May 2027, so the country will leave the EM index in a year's time. And in Brazil, the central bank cut the key policy interest rate by another 0.25%.

Performance explanation

Per 30-04-2026

Based on transaction prices, the fund's return was 15.52%. The fund slightly underperformed versus the benchmark (MSCI EM ex China) in April. Country allocation was positive while stock selection was negative. The main positive contributions from a country perspective came from our overweight in South Korea and underweight in India. Other countries that detracted from performance were our overweights in Peru and South Africa. From a stock perspective, positive performance came from our overweights in South Korean holding company SK Square, Samsung Electronics, as well as Taiwanese IT companies Wiwynn Corporation and Macronix International. On the negative side, we again need to look at the Taiwanese IT companies, but this time the names we did not own: MediaTek and Delta Electronics. Other names that had a difficult month was Peruvian gold, copper and silver miner Buenaventura, Indian car manufacturer Mahindra & Mahindra and Brazilian home builder Cyrela.

Expectation of fund manager

Rob Schellekens
Wim-Hein Pals
Sejung Seo
Cornelis Vlooswijk

The war 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 war 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, import 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 around 35% based on earnings multiples. Expected earnings growth is 46% for 2026 and 17% for 2027, both above developed markets.

Robeco Emerging Markets ex China Equities I 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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