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Robeco Emerging Markets Smaller Companies Eq.Z USD

Index: MSCI Emerging Markets Mid Cap Index (Net Return, USD)
ISIN: LU0858444234
  • 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
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Markets Smaller Companies is an actively managed fund which 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. The fund's objective is to achieve a better return than the index. 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.

Price development

No performance data available

Price development

Robeco Emerging Markets Smaller Companies Eq.Z USD

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.

Performance explanation

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Based on transaction prices, the fund's return was -5.42%. In September, the fund declined 2.97% (EUR), thereby underperforming its reference index (MSCI Emerging Markets Midcap Index), which declined 1.96%. The underperformance was driven by country allocation, where our overweight in Brazil and China, and our underweight in South Africa detracted from performance. Positive country allocation was found in Vietnam. In terms of stock performance, positive contributions were made by Oberoi Realty (Indian real estate developer), Marfrig Alimentos (Brazilian meat producer), Leejam (Saudi Arabian fitness club operator) and Vincom Retail (Vietnamese mall developer and operator). Negative stock selection came from Ambipar Participações (Brazilian waste management), SITC International (Chinese marine shipping) and Vipshop Holdings (Chinese online retailer).

Statistics

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Market development

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In September, the MSCI EM Midcap Index declined 1.96% (EUR), outperforming developed markets, which were down 2.37%. Important developments were the rise in US bond yields following a more aggressive tapering timeline by the Fed, and rising oil and gas prices. Energy exporting countries such as Russia, Colombia and the Middle East were among the best-performing countries in September. Brazil was the worst-performing country, due to a larger-than-expected 1% interest rate hike, political uncertainty and potential weaker commodity demand from China. Several other emerging countries also hiked interest rates, including Russia, Mexico, Hungary and Peru. Turkey was the exception with a 1% interest rate cut to 18%. However, this was not seen as a sign of strength and led to a lower stock market and exchange rate. Within China, several regions had to impose power cuts, and the large and highly leveraged property developer Evergrande is facing a potential default. This has raised general concerns on systematic risks to the financial and property sector, but China is likely to manage any potential default or restructuring in a controlled manner.

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. 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

Robeco Emerging Markets Smaller Companies Equities integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.

Investment policy

Robeco Emerging Markets Smaller Companies is an actively managed fund which 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. The fund's objective is to achieve a better return than the index. 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 voting and engaging. 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 majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The investment policy is not constrained by a benchmark but the fund may use a benchmark for comparison purposes. The fund can take a substantial active risk. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk policy

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

Sustainability profile

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Exclusions

Full ESG Integration

Voting & Engagement

ESG integration policy

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Robeco Emerging Markets Smaller Companies Equities integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.

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, Rob Schellekens
Karnail Sangha, Rob Schellekens

Karnail Sangha, Rob Schellekens

Karnail Sangha is Fund Manager of Robeco’s Emerging Smaller Companies Fund and is responsible for the team’s investments in India and Pakistan. Prior to joining Robeco in 2000, Mr. Sangha was Risk Manager/Controller at AEGON Asset Management. Karnail holds a Master's degree in Economics from Erasmus University, Rotterdam. He became a CFA charter holder in 2003. Rob Schellekens is fund manager of Robeco’s Emerging Smaller Companies Fund and is responsible for the team’s investments in Russia, South America ex-Brazil and the Middle East. Before joining the emerging markets team in April 2006, Rob was junior Portfolio Manager of Robeco Global Industrials. Prior to joining Robeco in 2005, he was employed by Integra (ING Group) as investment desk analyst in Peru. Before that he held positions at Queensbury Group and Royal Bank of Canada Global Investment Management in Canada. Rob graduated from the Queen's University in Canada and he holds a Bachelors Honors degree in Economics.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0858444234
BloombergRCGREZU LX
Valoren20088420
WKN
Availability
1st quotation date1355702400000
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 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.

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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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