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Robeco Emerging Stars Equities F USD

Index: MSCI Emerging Markets Index (Net Return, USD)
ISIN: LU1408525977
  • Invests flexibly and dynamically
  • Focuses on the most attractive emerging countries
  • Concentrated portfolio of about 35 to 50 stocks
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Stars Equities is an actively managed fund that invests in emerging countries equities all over world. The selection of these shares is based on a 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 selection. We focus on companies that have both a healthy and solid business model growth prospects as a reasonable valuation. The fund has a focused, concentrated portfolio with a small number of larger bets.

Price development

No performance data available

Price development

Robeco Emerging Stars Equities F 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 0.55%. In July, the fund outperformed the MSCI Emerging Markets Index. Both country allocation and stock selection contributed positively to the overall performance. Positive country allocation was driven by China (underweight) and South Korea (overweight). Negative country allocation came from India and Saudi Arabia (both underweight). Stock selection was positive in South Korea, where Hyundai Motor, LG Electronics, Samsung Electronics, LG Chemical and Hyundai Mobis outperformed. In India, ICICI Bank, the largest private sector bank, outperformed due to better-than-expected results. In Brazil, Petrobras outperformed strongly in July as well, and not owning Tencent also contributed positively to the overall stock selection. Stocks that detracted from the relative stock selection were to be found in China: Lufax (fintech), Haier Smart Home (appliances), Ping An Insurance, China Resources Land (developer), Kunlun Energy (gas distributor) and Anhui Conch Cement. In Thailand, Kasikorn Bank lagged, while in South Korea, Hana Financial (bank) also underperformed in July.

Statistics

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Market development

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In July, emerging markets increased by 2.3% (EUR), thereby lagging their developed counterparts, which increased 10.7% (EUR). Equities rallied strongly from mid-July onwards after the Fed hiked interest rates with 75 bps, while at the same time acknowledging that a softening of economic activity was underway. This tempered expectations of future interest rate hikes among investors, and hence risk assets outperformed. Markets that did well in July were Chile, India, Qatar, Saudi Arabia, the UAE, Brazil and South Korea. Technology names in South Korea and Taiwan benefited from the global tech rally. Markets that lagged were Thailand, Poland, Turkey and South Africa. China in particular was very weak. Delisting fears of Chinese ADRs were revived again, with Alibaba becoming the latest casualty facing possible delisting in the US. Furthermore, the already distressed property sector in China was hit further by a significant halt in mortgage payments on stalled property projects. However, encouraging comments from the Chinese central bank governor about supporting the economy provided some relief. Monetary tightening continued in emerging markets, with nine central banks hiking rates in July.

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 and can engage in currency hedging transactions.

Dividend policy

In principle, the fund does not intend to distribute dividend and so both the income earned by the fund and its overall performance are reflected in its share price.

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 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 Emerging Stars Equities is an actively managed fund that invests in emerging countries equities all over world. The selection of these shares is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and proxy voting. The fund selects investments based on a combination of top-down country analysis and bottom-up stock selection. We focus on companies that have both a healthy and solid business model growth prospects as a reasonable valuation. The fund has a focused, concentrated portfolio with a small number of larger bets. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on VaR Ratio) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to 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 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 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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Geopolitical tensions have risen after Pelosi's visit to Taiwan. Despite China's reaction (military drills near Taiwan), the odds for a real conflict seem very low for now. The ongoing war in Ukraine is having a global impact. Prices of energy and several other commodities have risen sharply, adding to already high inflation. This will also affect emerging markets. However, the good news is that many countries have already moved pre-emptively with significant interest rate hikes. The other key development is the further opening up of the world economy, as the coronavirus is becoming less of an issue in most countries. The big exception is China, where the combination of the more contagious Omicron variant and a zero-Covid policy had led to lockdowns. Although Shanghai is gradually opening up and the government has started some stimulus, economic growth is still likely to slow down significantly. After this year's correction, market valuations have become more attractive in a historic context. Emerging markets are also attractively valued relative to developed markets with discounts of around 30% based on earnings multiples.

Jaap van der Hart, Karnail Sangha
Jaap van der Hart, Karnail Sangha

Jaap van der Hart, Karnail Sangha

Jaap van der Hart is the Lead Portfolio Manager of Robeco’s High Conviction Emerging Stars strategy. Over time, he has been responsible for the investments in South America, Eastern Europe, South Africa, Mexico, China and Taiwan. He also coordinates the country allocation process. He started his career in the investment industry in 1994 at Robeco's Quantitative Research department and moved to the Emerging Markets Equity team in 2000. Jaap holds a Master's in Econometrics from Erasmus University Rotterdam. He has published several academic articles on stock selection in emerging markets. Karnail Sangha is a Portfolio Manager within the Emerging Markets Equity team and provides analytical research coverage on India. He is Co-Portfolio Manager for the Emerging Stars and Sustainable Emerging Stars Equity strategies. Prior to joining Robeco in 2000, Karnail was a Risk Manager/Controller at Aegon Asset Management where he started his career in the industry in 1999. He holds a Master's in Economics from Erasmus University Rotterdam and is a CFA® charterholder. Karnail is also fluent in Hindi and Punjabi.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1408525977
BloombergREMSEFE LX
Valoren32533620
WKN
Availability
1st quotation date1463616000000
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
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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 0.05% 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.

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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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