Robeco Emerging Markets Equities M EUR
- Invests in emerging markets such as Korea, Taiwan, Poland and Brazil
- 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
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}In September, emerging markets declined by 0.4% in euros, lagging developed markets which were up 0.7%. Best performing countries were Turkey, Russia and Brazil, while India, the Philippines and Greece were the worst performing ones. The Turkish lira and equities rebounded sharply after the central bank significantly hiked interest rates at last. Russia was helped by a 7% rise in the oil price, which also supported the energy sector. The Brazilian market is now focusing on the upcoming elections in October, which will probably be a tight race between right-wing populist and market favorite Bolsonaro and left-wing candidate Haddad from Lula’s PT party. In India, especially the financial sector performed poorly after the infrastructure conglomerate IL&FS defaulted on its loans. As of 24 September, the US has imposed a 10% import tariff on USD 200 billion of Chinese goods, which will be increased to a 25% tariff from January 2019. China retaliated moderately, but also announced some measures to open up the economy. Global monetary policies are getting tighter, with another rate hike by the Fed on the agenda, and interest rate hikes in Russia, Indonesia, Philippines and the Czech Republic as well.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Yes | No | N/A | ||
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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
The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.
ESG Integration policy
For Robeco Emerging Markets Equities, 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 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. 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. This Sub-fund may invest in China A-shares via the QFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.
Risk policy
Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The current market environment for emerging countries can be described as a ‘perfect storm’. The Fed raising rates, geopolitical concerns in some countries (with elections in Brazil, US sanctions in Russia and Turkey), and the fear of trade wars have affected sentiment. It is essential how things develop further, but we believe that the situation will normalize. If we are correct, then the market should respond positively, given that the underlying growth remains solid, with earnings in emerging markets expected to rise by around 15% this year on the back of robust top line growth and margin improvements.Currently, too much bad news has been priced in. Going forward, we see very interesting buying opportunities developing across the EM universe as the trade rhetoric subsides.Growth in emerging markets still considerably exceeds that of developed markets and, by and large, inflation is stable. The main risk factors remain politics, which is the case for most emerging countries, and high and rising debt levels in China. Growth in China has been strong this year. Valuations are still attractive as emerging markets trade at more than 25% discount versus their developed peers.
Wim-Hein Pals, Dimitri Chatzoudis, Jaap van der Hart, Fabiana Fedeli
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. 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. 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 portfolio construction and country allocation. Prior to joining Robeco in 2013, Fabiana was a Portfolio Manager Asian equities at Pioneer Asset Management and at Occam Asset Management. She began her career in the industry at ING Barings Tokyo as a Research Analyst Japanese equities in 1999. Fabiana holds a Master's in Economics from Hitotsubashi University in Tokyo and a Bachelor's in Economic and Social Sciences from Bocconi University in Milan.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Outstanding shares | |
| ISIN | LU0128640439 |
| Bloomberg | RGCGENM LX |
| Valoren | 1239888 |
| WKN | A0Q0NZ |
| Availability | |
| 1st quotation date | 999475200000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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.
