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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
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Afrika Fonds invests in stocks with exposure to the Pan-African region, listed predominantly in countries like South Africa, Egypt, Morocco and Nigeria. The selection of these stocks is based on fundamental analysis. The fund first selects attractive countries in which to invest. Economic and political developments are major factors in determining stock returns in emerging and frontier markets. Then the fund selects the companies with the best earnings potential within these countries, benefiting from the growth of the Pan-African region.

Price development

No performance data available

Price development

Robeco Afrika Fonds

Performance

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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.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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On balance, macro indicators released in October were slightly better than expected. Together with an anticipated rebound in agriculture, they suggest that the South African economy returned to growth in the third quarter. Manufacturing production and retail sales were strong, but mining production disappointed. Equally important was that, after a mini-scandal, finance minister Nhlanhla Nene was replaced by Tito Mboweni, who headed the central bank from 1999 to 2009 and has a good reputation. Mboweni later announced a slightly disappointing Medium Term Budget Policy Statement with debt as a percentage of Gross Domestic Product now expected to peak later and higher than in the previous forecast. In Nigeria, the current account surplus rose from USD 3.5 bn in the first quarter to USD 5.7 bn in the second quarter. This was not only driven by higher oil exports, but also by exports of non-oil goods.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
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ESG integration
Exclusion
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Screening
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Sustainability Themed Fund

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

For Robeco Afrika Fonds, 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 Afrika Fonds invests in African equity markets such as South Africa, Egypt, Morocco, Nigeria and Kenia The first step in portfolio composition consists in identifying the most attractive countries. Key to the investment process is the top-down country selection, as research shows that macroeconomic and political factors, rather than sector-specifics drive stock returns in emerging markets. Fundamental analysis comes next and serves to identify stocks with the ability to outperform peers in the long run, while quantitative-model outcomes facilitate the screening of stocks with attractive short-term characteristics. On average, the fund invests in 45-65 companies. The fund can anticipate currency developments through active currency management. Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Risk policy

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

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 logistical problems and that should boost economic growth and company earnings.

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
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

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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.

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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