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Robeco Emerging Markets Smaller Companies Eq.I USD

Reference index: MSCI Emerging Markets Mid Cap Index (Net Return, USD)
ISIN: LU0835595199
  • The fund offers the ability to invest in smaller companies that benefit from the domestic demand growth theme across global emerging markets.
  • Companies in this universe are frequently under-researched and undervalued, which often creates additional investment opportunities for professional investors.
  • Research indicates that correlation of emerging markets mid and small caps with developed markets is lower than for EM larger companies. Hence, EM Smaller companies offer better diversification benefits
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Markets Smaller Companies invests in stocks of small and midsized companies located in emerging countries across the world. The selection of these stocks is based on fundamental analysis. In general, emerging 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. The fund has a diversified portfolio.

Performance

No performance data available

Performance

Robeco Emerging Markets Smaller Companies Eq.I USD

Performance

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Statistics

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Market development

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In August, the MSCI EM Midcap Index decreased by 1.53% in euros, 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%. 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.China continued its downtrend as the US upped the ante in the Sino-US trade conflict. 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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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. However, given the high transaction costs involved, the fund will be reluctant to use this possibility.

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 Smaller Companies 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 Smaller Companies invests globally in emerging economies. The focus is on companies which combine a sound business model and solid growth prospects with a reasonable valuation. These companies are less internationally active and their performance has a strong relation with the domestic economic development. 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. 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 Emerging Markets Smaller Companies aims to outperform the MSCI Emerging Markets Mid Cap Index over a full market cycle. 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

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Due to their solid financial position and a rising domestic customer base, emerging markets are well positioned nowadays to withstand lower growth in developed markets. Economic growth is likely to stay higher than for developed markets. The long-term outlook for emerging markets is positive, and is still supported by relatively attractive valuation levels, a higher long-term earnings growth outlook and potential currency appreciation.

Karnail Sangha
Karnail Sangha

Karnail Sangha

Mr. Karnail Sangha is a Senior Portfolio Manager and a member of the Emerging Markets Equities team. Prior to joining Robeco in 2000, he was employed by AEGON Asset Management as Risk Manager/Controller for one year. Karnail started his career in the investment industry in 1999. He holds a Master's degree in Economics from the Erasmus University, Rotterdam. He is CFA charterholder and is registered with the Dutch Securities Institute.

Details

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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU0835595199
BloombergREMSCIU LX
Valoren19649322
WKN
AvailabilityIT, LU, ES, CH, GB
1st quotation date1355702400000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
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 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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. 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, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. 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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