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Institutional Emerging Markets Fund

Index: MSCI Emerging Markets Index (Net Return, EUR)
ISIN: NL0000275915
  • Invests in emerging economies
  • Active top-down management and a high concentration on growth funds
  • Over 65 years of experience in emerging markets
Assets class
Current price ()
Performance YTD ()
Currency EUR
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Dividend payingYes

About this fund

Robeco Institutional Emerging Markets Equities invests in companies located in emerging economies throughout the world. In general, these economies are growing faster than developed countries and have stronger balance sheets for governments, companies and households. Common risks in emerging economies are political and governance risks, that need to be closely monitored. The fund selects investments based on a combination of 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. On average the fund has 100 to 120 holdings in the portfolio.

Performance

No performance data available

Performance

Institutional Emerging Markets Fund

Performance

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Statistics

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Subject 3 years 5 years
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Dividend paying history

Date Amount
Download dividend history

Market development

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In August, emerging markets declined by 2.16% (MSCI EM), lagging developed markets which were up 1.81% (MSCI World). US sanctions, trade tariffs and risk of contagion in emerging markets occupied the headlines, souring investor sentiment.A basket of EM currencies fell 2%. Barring the Thai baht and the Korean won, all other EM currencies were flat to down with six of them falling in excess of 5% during the month (Turkish lira, South African rand, Russian ruble, Brazilian real, Chilean peso, Colombian peso). Energy prices picked up in August: Brent crude was up 4.4%. Precious metals and soft commodities mostly fell, while industrial metals were mixed: aluminum up 2%, copper down 5%. Worst markets were Argentina, Turkey and Brazil. Brazilian equities plunged in the wake of political uncertainty. Turkish equities reflected the depreciation of the lira, as the markets suffered from the imposition of sanctions and trade tariffs by the US. Russian equities were dragged down by losses on the ruble, as investors took cognizance of rising risks of further US sanctions. The central banks of India, Indonesia and the Philippines raised interest rates to arrest the slide in their currencies.

Fund Classification

DescriptionYesNoN/A 
Voting
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ESG integration
Exclusion
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Sustainability Themed Fund

Fund allocation

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Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns.

Dividend policy

All of the fund's income is reinvested after deduction of costs and withholding tax. Within three months of the close of the financial year, participants can indicate whether they want the dividend to be reinvested or distributed.

ESG Integration policy

For the Institutional Emerging Markets Fund, ESG factors are incorporated in the investment and decision-making process. A proprietary bi-annual corporate governance questionnaire is an integral part of the fundamental framework. The team assesses shareholder, board, management, government, social and environmental factors where appropriate. The team also includes ESG considerations in their country allocation process. ESG-based considerations impact the stock valuation analysis. Relevant ESG issues are discussed with company management on a case by case basis. Input from RobecoSAM Sustainability analysts is used to further enhance ESG integration in the investment process.

Investment policy

Robeco Institutional Emerging Markets Equities invests globally in emerging economies. The focus is on companies which combine a sound business model and solid growth prospects with a reasonable valuation. The first step in portfolio composition is the top-down country selection, as research shows that country specific factors drive stock returns in emerging markets. The second step is in-depth fundamental analysis of companies and serves to identify stocks with the ability to outperform in the long run. Key items of our fundamental analysis are: growth prospects of sector, position of company within sector, competitive strength, financial health and strategy, corporate governance and management quality. We screen stocks with our proprietary quantitative model for attractive characteristics. On average, the fund invests in 100-120 companies. Risk management is fully integrated in the investment process to ensure that positions meet predefined guidelines and the portfolio is well diversified. The fund can protect investors from negative currency developments through active currency hedging. The fund aims to be fully invested. Robeco Institutional Emerging Markets Equities aims to outperform the MSCI Emerging Markets Index over a full market cycle.

Risk policy

Active. The risk management system continually monitors the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.

Expectation of fund manager

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This year emerging markets have been hit by worries on trade, tightening in the US, political uncertainty in several countries and currency depreciation in vulnerable countries like Turkey and Argentina. At the same time, economic fundamentals are actually still quite good for most emerging countries, with stable growth and low inflation. The financial vulnerability for most emerging countries is lower than in the past and is better than commonly perceived. Also, EM earnings are doing relatively well by and large (although not as strong as in the US). Still, risks for emerging countries have increased: there is no easy solution for the financial problems in Turkey and Argentina, and this will continue to impact EM sentiment; the threat of further anti-trade measures by the US against China remains; there is political risk in Russia due to potential further US sanctions and in Brazil due to the upcoming elections. Volatility could therefore remain high and we do not expect an improvement in sentiment in the short term. However, a lot of downside has been priced in already and potential long-term upside has increased with a wider valuation gap and cheaper currencies.

Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Fabiana Fedeli
Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Fabiana Fedeli

Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Fabiana Fedeli

Mr. Dimitri Chatzoudis, Senior Portfolio Manager. Dimitiri is a Senior Portfolio Manager with Robeco and a member of the Emerging Markets Equities team since June 2008. He is responsible for the team's investments in Central Europe and South Africa. He started his career at ABN AMRO in 1993 as a buy side analyst, responsible for the IT sector. He transitioned to the Emerging Markets team at ABN AMRO in 2000, where he was responsible for the Eastern Europe Fund as the lead portfolio manager and from 2005 to May 2008 as the lead portfolio manager of the Global Emerging Market portfolios. Dimitri holds a Master's degree in Industrial Engineering from the Eindhoven University of Technology and became a VBA charter holder in 1997. He is registered with the Dutch Securities Institute. Mr. Pals, Executive Vice President, is Head of Emerging Markets Equities with Robeco. He also is the Fund Manager for the Robeco CGF Emerging Markets Equities. From 1998 to 2001 Wim-Hein was Senior Portfolio Manager in emerging European and African equities. Prior to this assignment, he was a Senior Portfolio Manager in emerging Asian equities. Wim-Hein Pals has been working as a Fund Manager since 1992. He holds a master of Science in Industrial Engineering and Management Sciences from the Eindhoven University of Technology as well as a master's degree in Business Economics from Tilburg University. Wim-Hein is registered with the Dutch Securities Institute. Mr. van der Hart, Vice President, is a Senior Portfolio Manager with Robeco and member of the Emerging Markets Team. Previously, he was a Portfolio Manager Robeco Eastern European Equities Fund. Before that, he held a position as a Senior Portfolio Manager Latin American Equities with Robeco. He is a graduate from the Erasmus University Rotterdam and holds a Master's degree in Econometrics. Fabiana Fedeli is Head of Global Fundamental Equities and Portfolio Manager in the Emerging Markets Equities team where she is responsible for portfo

Details

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Management companyRobeco Institutional Asset Management B.V
Fund capital
Outstanding shares
ISINNL0000275915
BloombergRIEMEF NA
Valoren
WKN
AvailabilityNL
1st quotation date760579200000
Close financial year31-12
Legal statusMutual fund under Dutch law
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

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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.

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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