Robeco Institutioneel Emerging Markets Fonds

Investing in companies in emerging economies worldwide

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
NL0000275915
Bloomberg
RIEMEF NA

Asset class

Equities

ISIN

NL0000275915

Bloomberg

RIEMEF NA

Index

MSCI Emerging Markets Index (Net Return, EUR)

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

Morningstar Morningstar Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating

( 30-11 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Invests in emerging markets such as China, India, Korea, Taiwan, Brazil and Poland
Selects companies with the best earnings potential within the most promising countries
Prospect of higher returns, but also higher risks than mature markets

About this fund

Robeco Institutional Emerging Markets Equities invests in companies in emerging economies worldwide. 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 business model and solid growth prospects as well as a reasonable valuation.

Key facts

Per 30-11-2025

Size of share class	EUR 269,097,900
Inception date share class	07-02-1994
1-year performance	25.70%
Dividend paying	Yes

Fund manager

Dimitri Chatzoudis
Wim-Hein Pals
Jaap van der Hart
Cornelis Vlooswijk

Dimitri Chatzoudis is Portfolio Manager Institutional Emerging Markets Accounts. As a Research Analyst he covers stocks in Mexico. Before joining Robeco in 2008, he was Portfolio Manager Eastern European and Global Emerging Markets at ABN AMRO. He started his career in the industry in 1993. Dimitri holds a Master’s in Industrial Engineering from Eindhoven University of Technology and is a Certified European Financial Analyst. Dimitri is also fluent in Greek. 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. 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. 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	-2.92%	-
3 months	11.79%	-
YTD	22.04%	-
1 year	25.70%	-
2 years	20.51%	-
3 years	15.05%	-
5 years	8.55%	-
10 years	9.13%	-
Since inception 01-02-1994	7.03%	-

Statistics	3 years	5 Years
Tracking error ex-post (%) 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.	3.11	3.40
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.	1.55	0.84
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.	0.91	0.50
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..	4.07	2.65
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.	1.06	1.04
Standard deviation 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).	13.26	13.73
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	8.60	11.37
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-5.33	-9.20

Date	Amount
18-07-2025	EUR 0.93
26-06-2025	EUR 5.27
27-06-2024	EUR 10.40

Download dividend history

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.	0.85%
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.	0.00%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.09%

Fiscal product treatment

The fund is established in the Netherlands. The fund is a mutual fund that is open in the sense of the Dutch Corporate-Income Tax Act 1969. The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969 and, as such, is taxed at a corporate-income tax rate of 0%. The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. The fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch 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. Dutch tax-exempt bodies may seek a full refund on the 15% dividend tax withheld on dividends (25% prior to 1 January 2007). Interest income is exempt from tax withheld at source. 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 in their tax return. In principle, Dutch bodies that are subject to corporate-income tax may offset the 15% dividend tax withheld on dividends (25% prior to 1 January 2007) against the corporate-income tax and seek a refund of the excess amount. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. Shareholders who do not pay tax in the Netherlands and who are resident in countries that have a tax treaty with the Netherlands to prevent double taxation may seek a refund for part of the Dutch dividend tax from the Dutch tax authorities, depending on the treaty. As of 1 January 2007, a pension fund having its registered office in another EU member state is also entitled to a Dutch dividend-tax refund. The above is based on the current fiscal legislation and regulations in the Netherlands. 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 30-11-2025

Emerging markets were slightly down in November, with the MSCI EM falling by 2.9% (in EUR), dragged by IT stocks over fears of a market bubble in the AI theme. The six-week-long US government shutdown ended in November, allowing for economic data releases to resume. The September jobs report sent mixed messages, but the chances for a rate cut in December increased toward the latter half of the month. Another major 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, with Chile (+8.3%) and Brazil (+7.1%) outperforming most. Tech-heavy markets South Korea (-8.4%) and Taiwan (-5.5%) experienced significant foreign equity outflows and sharp price declines. From a sector perspective, the materials sector was the strongest one (+2.2%), while energy (+1.5%) and financials (+0.9%) also outperformed. Information technology (-6.7%), consumer discretionary (-5.6%), and industrials (-4.7%) underperformed most last month.

Performance explanation

Per 30-11-2025

Based on closing GAV, the fund's return was -2.92%. The portfolio performed in line with the benchmark in November. Country allocation had a positive impact on the performance, while stock selection was negative. From a country allocation perspective, the allocations to Greece, South Africa and Hungary, together with the underweight positions in Saudi Arabia and Taiwan added to the relative performance. Allocations to South Korea and India made a negative contribution. Positive stock selection contributions came from India, Poland and Brazil. In India, car company Mahindra & Mahindra, as well as our selection in financial services (HDFC, ICICI) and IT (HCL, Infosys) performed very well. In Poland, copper company KGHM, insurance company PZU and banking stock PKO added nicely to performance. In Brazil, utility CPFL, property development company Cyrela and our selection in financials outperformed the benchmark. The primary sources of negative stock selection contribution were South Africa and Taiwan. In South Africa, Naspers lagged the benchmark. In Taiwan, the selection in information technology detracted, with stocks such as Hon Hai, Asustek and Tripod giving back some of the recent strong performance.

Expectation of fund manager

Dimitri Chatzoudis
Wim-Hein Pals
Jaap van der Hart
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 domestic, 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 attractive relative to developed markets with discounts of more than 30% based on earnings multiples. Expected earnings growth is 12% for this year and 17% for next year, both above developed markets.

Robeco Institutioneel Emerging Markets Fonds

Investing in companies in emerging economies worldwide

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Dividend paying history

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

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