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Robeco Afrika Fonds

Reference index: 50% MSCI EFM Africa ex South Africa (Net Return) + 50% MSCI South Africa (Net Return)(EUR)
ISIN: NL0006238131
  • 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
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Afrika Fonds 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.

Price development

No performance data available

Price development

Robeco Afrika Fonds

Performance

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Fund Reference index
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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was 1.46%. In December, the fund gained 2.49% in euro terms and outperformed the reference index, which was up 2.16%. South Africa gained 3.6%, outperforming most other emerging markets. This was driven by good news around Omicron. Zambia was the best-performing market with a 21.4% gain. Mauritius rose 3.1%, while Morocco and Egypt were up 1.7% and 1.6% respectively. Kenya gained 0.6%, Tunisia rose 0.4% and Senegal was flat. Botswana lost 0.7% and Ghana fell 4.0%. Nigeria was the weakest market with a 4.2% drop. For the full year 2021, the fund gained 31.08%. As the reference index rose 15.36%, the fund outperformed by a massive 15.72%. Around half of the outperformance was driven by country allocation, with a strong recovery in countries that are not part of the reference index: Zambia, Ghana and Botswana. Another big contribution came from strong stock selection in South Africa, which for an important part was due to share price recoveries of small caps. Stock selection within Egypt, Kenya and Nigeria was also strong.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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During December, significant evidence came out that the new Covid variant Omicron on average does less harm to the lungs than earlier variants. In South Africa that was visible in the limited rise of hospitalizations. At 9,401, this was slightly more than half of the peak numbers in the second and third waves. In December, the number of Covid patients in Intensive Care units peaked at 730, much lower than the 2,471 and 2,597 seen in the second and third waves. It was also positive that the number of daily infections has already started to decline, after peaking on 17 December. This allowed the government to ease Covid restrictions on 30 December. In most other African countries, Omicron caused a rise in the number of infections, but with limited hospitalizations and economic consequences. In Egypt and Mauritius, daily Covid infections came down during December after experiencing a wave in November. In the third quarter, economic growth slowed in many countries, but positive was that Nigeria and South Africa posted significant current account surpluses. That makes them less vulnerable to interest rate hikes in the US than in the past.

Fund allocation

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Name Sector Weight
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Currency policy

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

Dividend policy

In principle, the fund distributes dividend on an annual basis.

ESG Integration policy

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.

Investment policy

Robeco Afrika Fonds 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 promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to proxy voting and engagement. 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 is not linked to a benchmark.

Risk policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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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.

Expectation of fund manager

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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.

Cornelis Vlooswijk
Cornelis Vlooswijk

Cornelis Vlooswijk

Mr. Cornelis Vlooswijk, Senior Portfolio Manager within the Robeco Emerging Markets Equities team. Prior to joining the team in June 2008 as a research analyst, Cornelis held a position as Strategist at IRIS. Before that he was employed by Credit Suisse as a Corporate Finance Analyst for four years. Cornelis started his career in the investment industry in 1999. He holds a Master's degree in Economics from Erasmus University, Rotterdam. Cornelis is registered with the Dutch Securities Institute.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINNL0006238131
BloombergRAFRI NA
Valoren3997410
WKNA0Q6DB
Availability
1st quotation date1212969600000
Close financial year31-12
Legal status
Tracking error limit (%)
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

max entry fee
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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 private investors residing in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Participating units held by private investors who are taxpayers in the Netherlands belong in Box 3. If and insofar as an investor's net assets exceed the net wealth exemption limit, said investor is liable from 1 January to pay 1.2% annually on the balance of his or her net assets. Investors residing in the Netherlands may offset the Dutch dividend tax withheld (15% as at 1 January 2007) against their income-tax payment. 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 dividend-tax refund in the Netherlands. The above is based on the current fiscal legislation and regulation.

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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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