Robeco Emerging Stars Equities D USD

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

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
LU0337098114
Bloomberg
RGCEMDU LX

Asset class

Equities

ISIN

LU0337098114

Bloomberg

RGCEMDU LX

Index

MSCI Emerging Markets 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

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

( 31-10 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

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

About this fund

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.

Key facts

Per 31-10-2025

Total size of fund	USD 3,427,693,338
Size of share class	USD 36,243,140
Inception date share class	09-01-2008
1-year performance	38.33%
Dividend paying	No

Fund manager

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.

Per period	Fund	Reference index
1 month	4.52%	4.18%
3 months	17.04%	13.06%
YTD	46.34%	32.86%
1 year	38.33%	27.91%
2 years	29.36%	26.61%
3 years	25.16%	21.10%
5 years	10.34%	7.46%
10 years	8.11%	7.69%
Since inception 09-01-2008	3.91%	3.19%

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.	4.68	5.01
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.	1.48	1.02
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	0.50
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..	3.97	4.51
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	1.13
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).	18.22	18.77
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	17.36	17.36
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-7.21	-13.04

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.	1.76%
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%

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 31-10-2025

In October, emerging markets equities posted a gain of 6.1% (EUR), outperforming developed markets which rose 3.8%. The Federal Reserve implemented another 25-basis-point interest rate cut and concluded its balance sheet runoff. This move supported investor appetite for riskier assets, such as emerging market stocks. However, Fed Chair Powell indicated that a rate cut in December was not guaranteed, which tempered some market expectations. The global enthusiasm for artificial intelligence continued to be a significant tailwind, boosting technology and semiconductor-heavy markets. Additionally, progress in trade negotiations between the US and China, particularly concerning rare earth minerals, provided a lift to Asian markets deeply integrated into global electronics supply chains. The one-year truce between US and China on tariffs and exports means that the average effective rate on China will fall from 42% to 32%. The equity market in South Korea performed strongly in October. The conclusion of the US-South Korea tariff negotiations toward the end of October and the continuation of the global AI capex keeps benefiting its semiconductor-heavy market.

Performance explanation

Per 31-10-2025

Based on transaction prices, the fund's return was 4.52%. In October, the fund outperformed the MSCI Emerging Market Index. Country allocation was the main driver, while stock selection was negative. Positive country allocation results came from South Korea (overweight) and China (underweight). Negative country allocation was driven by Taiwan (underweight), Greece and Brazil (both overweight). The South Korean semiconductor stocks did well on the back of an improving outlook for AI: Samsung Electronics and SK Square (holding company of SK hynix). The South Korean car manufacturers KIA Corp and Hyundai Motor also performed strongly, due to US and South Korea aligning on lower tariffs for imported South Korean cars. Negative stock selection was driven by the Chinese holdings in the fund, where the internet-related names took a setback in October: Baidu (online search), Alibaba (e-commerce and cloud), JD.com (e-commerce) and Vipshop (online retailer). CATL, the leading Chinese EV battery maker, also underperformed. Other stocks that lagged in October were Petrobras (Brazilian e&p), Itaú Unibanco (Brazilian bank), Hana Financial (South Korean bank), Alpha Bank (Greece), Grupo Banorte (Mexican bank) and Naspers (EM internet holding company).

Expectation of fund manager

Jaap van der Hart
Karnail Sangha

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.

Important information

Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.

Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.

Robeco Emerging Stars Equities D USD

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

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

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

Important information

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