Robeco Afrika Fonds – EUR E
Taking advantage of growth across Africa
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.
A-EUR
Class and codes
Asset class:
Equities
ISIN:
NL0006238131
Bloomberg:
RAFRI NA
Reference index
50% MSCI EFM Africa ex South Africa (Net Return) + 50% MSCI South Africa (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
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Rating (30/03)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in African equity markets such as South Africa, Egypt, Morocco, Nigeria and Kenia
- 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 Afrika Fonds – EUR E is an actively managed fund that invests in stocks in Africa, especially in countries such as South Africa, Egypt, Morocco and Nigeria. The selection of these stocks is based on a fundamental analysis. The fund's objective is to provide long term capital growth.The fund manager selects attractive countries for which economic and political developments are important factors in determining emerging market equity returns and frontier markets. The fund then selects the companies with the best profit potential, taking advantage of of growth across the African region.
Key facts
Total size of fund
€ 17,852,762
Size of share class
€ 2,434,372
Inception date share class
09-06-2008
1-year performance
0.34%
Dividend paying
Yes
Fund manager
Cornelis Vlooswijk
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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
-3.36%
-0.12%
3 months
-3.03%
-6.69%
YTD
-3.03%
-6.69%
1 year
0.34%
-2.42%
2 years
-6.61%
-9.84%
3 years
1.71%
-2.86%
5 years
-0.17%
-0.81%
10 years
-0.48%
0.62%
Since inception 06/2008
1.64%
-
2023
-3.86%
1.04%
2022
-5.74%
-7.66%
2021
27.51%
15.36%
2020
-15.89%
-11.63%
2019
12.40%
15.50%
2021-2023
4.94%
2.48%
2019-2023
1.78%
1.90%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
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.
8.43
7.77
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.
0.82
0.33
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.
0.28
0.08
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..
5.28
2.30
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.
0.59
0.79
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).
9.78
15.11
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
6.40
7.00
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-5.41
-22.07
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
19
28
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
52.8
46.7
Months Bull market
Number of months of positive benchmark performance in the underlying period.
17
34
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
7
12
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
41.2
35.3
Months Bear market
Number of months of negative benchmark performance in the underlying period.
19
26
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
12
16
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
63.2
61.5
Dividend paying history
28-06-2023
€ 2.80
29-06-2022
€ 4.40
30-06-2021
€ 3.20
18-06-2020
€ 8.00
Costs
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.
2.01%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.75%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.26%
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 the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). 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. From 1 January 2007 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
For a private investor residing in the Netherlands, the actual received interest, dividends or capital gains are not relevant for tax purposes. For Dutch tax-resident private investors, their holdings fall under Box 3. Investors pay annual tax on a fixed yield calculated based on the value of their assets as of 1 January. The return depends on the pro-rata allocation of assets to different categories, namely savings, debts or other assets. The holdings qualify as other assets for which the return rate is set at 6.04% (as of 1/1/2024; 6.17% as of 1/1/2023). The return rate is adjusted annually based on historical returns from previous years. The balance of the different asset categories is referred to as the return base. The effective return rate is then calculated by dividing the return by the return base. This effective return rate is applied to the savings and investments base to calculate the benefit from savings and investments. The savings and investments base is equal to the return base minus the tax-free amount. Investors pay income tax (36% in 2024; 32% in 2023) on this calculated benefit from savings and investments. The withheld Dutch dividend tax (15% as of 1/1/2024) is creditable against the income tax payable for investors residing in the Netherlands. Investors who are not subject to (exempt from) Dutch corporate tax (including Dutch pension funds) are not taxed on the result obtained. Dutch exempt entities can fully reclaim the 15% dividend tax withheld on dividends.Investors subject to Dutch corporate tax may be taxed on the result obtained from their investment in the fund, including dividend income and capital gains. Dutch corporate taxpayers can, in principle, credit the withheld dividend tax (15% as of 1/1/2024) against corporate tax and, under certain conditions, credit the excess in later years. For investors outside the Netherlands, their own national tax legislation applies to foreign investment funds. Shareholders who are not subject to tax in the Netherlands and reside in countries that have a double taxation treaty with the Netherlands may, depending on the treaty, reclaim (a portion of) the Dutch dividend tax from the Dutch tax authorities. A pension fund located in another EU member state or a country that has entered into an information exchange agreement with the Netherlands and is similar to a Dutch pension fund is also entitled to a refund of Dutch dividend tax. The above is based on current Dutch tax legislation.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns.
In principle, the fund distributes dividend on an annual basis.
Robeco Afrika Fonds – EUR E is an actively managed fund that invests in stocks in Africa, especially in countries such as South Africa, Egypt, Morocco and Nigeria. The selection of these stocks is based on a fundamental analysis. The fund's objective is to provide long term capital growth.The fund manager selects attractive countries for which economic and political developments are important factors in determining emerging market equity returns and frontier markets. The fund then selects the companies with the best profit potential, taking advantage of of growth across the African region. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential (long-term) ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.
Market development
On 6 March, the Egyptian pound was devalued and lost 38% of its value against the US dollar in one day. Until that moment, the Egyptian central bank had tried to keep the exchange rate stable but that was no longer sustainable as more expensive food imports had pressured the trade balance and pushed up inflation. The devaluation was part of a broader package of measures. The Egyptian central bank increased its interest rate by 6% to 27.25% and the International Monetary Fund (IMF) announced USD 8 bln support for Egypt. In February, the UAE had already announced a USD 150 bln real estate development project, while Bloomberg reported on 8 March that Saudi Arabia is in talks with Egypt about another big development project. On 13 March, the European Union announced a EUR 7.4 bln aid package for Egypt via a mix of gifts and loans. The devaluation of the EGP was very painful but the long-term prospects for Egypt have improved significantly: better competitiveness for Egyptian companies due to a weaker exchange rate, better fiscal discipline due to the involvement of the IMF and better growth prospects because of the planned investment projects and financial support.
Performance explanation
Based on transaction prices, the fund's return was -3.36%. In March, the fund's value per share dropped 1.28% in Euro terms, lagging behind the reference index, which declined by 0.12%. Both the fund and the reference index lagged behind the emerging markets (+2.6%) and developed markets (+3.3%) indices. Kenya was, by far, the best performing market with a gain of 43.3%, as investor sentiment continued to improve following the country's comeback to global debt markets while the largest local bank, KCB, announced it is in talks to sell a subsidiary. Nigeria also performed strongly with a 19.3% gain, which was entirely attributable to the strengthening of the Naira, supported by interest rate increases and a clearing of the FX repatriation backlog. Mauritius also had a very good month with a 10.2% gain. South Africa was up 4.8%, followed by Ghana and Tunisia with 4.7% and 4.6% respectively. Botswana rose 2.3%. Senegal was flat, while Zambia and Morocco posted small losses of 0.7% and 0.8%. Egypt had a very painful month, losing 32.9% in Euro, as the Egyptian pound was devalued early in the month and ended up losing 34.8% of its value.
Expectation of fund manager
Cornelis Vlooswijk
The long-term prospects for the African region are good. Firstly, commodity demand from China and other countries is likely to grow in the long run. This should result in higher tax income and employment, which in turn should boost demand by local consumers. Secondly, the business climate is improving. In an international context, most African countries currently do not score well, but governments are actively trying to reduce bureaucracy. Thirdly, investments in infrastructure are reducing logistics problems, which should boost economic growth and company earnings. Lastly, many companies now trade at low price/earnings multiples and have high dividend yields compared to other regions.
Announcements
- Annual General Meeting Documents (30-05-2024)
- Advertisements AGM several Robeco funds (16-04-2024)
- Prospectus change: Several Robeco Funds (17-10-2023)
- Publication semi-annual reports 2023 (31-08-2023)
- Several Robeco funds: Advertisement Dividend 2022 (31-05-2023)
- Annual General Meeting Documents (24-05-2023) (24-05-2023)
- Several Robeco funds: Publication Annual Report (28-04-2023)
- Advertisements AGM several Robeco funds (11-04-2023) (11-04-2023)
- Press release dividend proposal for Robeco funds (03-04-2023)
- Publication Semi-annual reports 2022 (31-08-2022)