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Robeco Emerging Stars Equities FL USD

Index: MSCI Emerging Markets Index (Net Return, USD)
ISIN: LU1193126049
  • 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 FL 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 -6.10%. In April, the fund slightly outperformed the MSCI Emerging Markets Index. Country allocation was negative, while stock selection was positive. Negative contributions to the overall country allocation came from Saudi Arabia (underweight), Hungary and South Korea (both overweight). Positive country allocation came from Poland (underweight). Stocks that performed well in April were to be found in China, where Haier Smart Home (home appliances), Anhui Conch Cement, WH Group (meat processor) and Lufax (fintech) all outperformed. Other stocks that outperformed in April were: Bank Rakyat (Indonesian bank), Emaar Properties (UAE developer), CPFL (Brazilian utility), CJ CheilJedang (South Korean food processor), ICICI Bank (Indian private bank) and Hyundai Motor Company (South Korean car manufacturer). Stocks that contributed negatively were Cosan (Brazilian gas & biofuel), OTP Bank (Hungary), Xinyi Solar (Chinese solar panels), Grupo Banorte (Mexican bank), Vinhomes (Vietnamese real estate developer) and Naspers (EM internet holding company).

Statistics

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Market development

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In April, emerging markets declined by 0.4%, thereby outperforming their developed counterparts, which declined 3.3%. Global equity markets came under pressure as a wave of negative news dampened investor sentiment. Statements by Fed officials indicated a more hawkish tone in order to combat the even higher inflation expectations. With lockdowns in certain key hubs intensifying and disruption in certain activity indicators, worries about China's economic growth outlook rose. Geopolitical tensions are hurting investor demand, with no end in sight for the war in Ukraine. Central banks in emerging markets continued their tightening stance, with South Korea, Poland, Hungary and Peru all raising interest rates. China's central bank was on the easing side, as it cut the reserve requirements ratio by 25 bps and promised to increase lending. Markets that performed poorly were to be found in Eastern Europe (Poland and Hungary) and Latin America (Brazil, Chile, Peru, Colombia and Mexico). South Africa also underperformed in April. The Middle Eastern countries performed strongly in April. Other countries that did well in April were Indonesia, Turkey, Greece and Turkey.

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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The ongoing war in Ukraine is having a global impact. The Russian equity market has become un-investable, and 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 is leading to severe lockdowns, including in Shanghai. Although some government stimulus is expected, economic growth is still likely to slow down significantly as the impact of the lockdown will prevail for now. After the equity rebound in 2020 and 2021, global equity market valuations are not particularly cheap. However, we do think that emerging markets are attractively valued relative to developed markets, with the discount for emerging markets being more than 35% 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 markets strategy since its inception in November 2006. He has been with Robeco since 1994, starting at the Quantitative Research department and moving to the Emerging Markets Equities team in 2000. Over time, he has been responsible for the investments in South America, Eastern Europe, South Africa, Mexico, China and Taiwan. He coordinates the country allocation process and he has been the Emerging Stars fund manager since its launch in 2006. Since 2015, he is also the fund manager of the Emerging Opportunities fund. Jaap holds a Master's degree in Econometrics from Erasmus University Rotterdam. He has published several academic articles on stock selection in emerging markets.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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1193126049
BloombergREMSFLU LX
Valoren27179205
WKN
Availability
1st quotation date1424908800000
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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