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Robeco Emerging Stars Equities I EUR

Reference index: MSCI Emerging Markets Index (Net Return, EUR)
ISIN: LU0254839870
  • Invests flexibly and dynamically
  • Focuses on the most attractive emerging countries
  • Concentrated portfolio of about 35 to 50 stocks
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Emerging Stars Equities invests in stocks 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 monitored well. 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 concentrated portfolio.

Performance

No performance data available

Performance

Robeco Emerging Stars Equities I EUR

Performance

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Statistics

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Subject 3 years 5 years
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Market development

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In August, emerging markets declined by 2.2% in euros, significantly lagging developed markets which were up 1.8%. There was significant currency depreciation in Turkey, Brazil, South Africa and Russia, which also had the weakest equity performance in euros, together with Greece and Chile. Best-performing countries were Egypt, the Philippines, Thailand and Korea, which were all up mildly. The Turkish lira was the emerging currency that fell the most. The crisis was triggered by new US import tariffs on Turkish steel and aluminum, but underlying causes are a large current account deficit, high credit growth and rising inflation. Also Argentina, which is to be included in the MSCI EM Index next year, experienced severe pressure on its currency. Negative market sentiment in combination with political risks also affected Brazil (uncertainty over upcoming elections), South Africa (discussions on land reform) and Russia (potential additional US sanctions). On the positive side, Mexico and the US agreed on a new trade deal, with actually relatively limited impact. During the month, the central banks of India, Indonesia, the Philippines and the Czech Republic raised interest rates to support their currencies.

Fund Classification

DescriptionYesNoN/A 
Voting
Engagement
ESG integration
Exclusion
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Sustainability Themed Fund

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

For Robeco Emerging Stars 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 Stars 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. On average, the fund invests in 35-50 companies and portfolio construction is independent of the index. Risk management is fully integrated in the investment process to ensure that positions meet predefined guidelines and the portfolio is diversified. The fund can protect investors from negative currency developments through active currency hedging. The fund aims to be fully invested. Robeco Emerging Stars aims to outperform the MSCI Emerging Markets 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 into the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Year-to-date, emerging markets have been hit by worries on trade, tightening in the US, political uncertainty in several countries and currency depreciation in Turkey, Argentina and some other more vulnerable emerging countries. At the same time, economic fundamentals are actually still quite good for most emerging countries, with stable growth and low inflation. The financial vulnerability for most emerging countries is lower than in the past and is better than commonly perceived. Also, EM earnings are doing relatively well by and large, although not as strong as in the US. Still, risks for emerging countries have increased: financial problems in Turkey and Argentina, threat of further anti-trade measures by the US against China and political risk in Russia due to potential further US sanctions and in Brazil due to the upcoming elections. Volatility can therefore remain high and we do not expect a short-term improvement in sentiment. However, potential long-term upside has grown with a wider valuation gap and cheaper currencies.

Jaap van der Hart, Fabiana Fedeli, Wim-Hein Pals, Dimitri Chatzoudis
Jaap van der Hart, Fabiana Fedeli, Wim-Hein Pals, Dimitri Chatzoudis

Jaap van der Hart, Fabiana Fedeli, Wim-Hein Pals, Dimitri Chatzoudis

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. 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.

Details

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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU0254839870
BloombergRGCEMIE LX
Valoren2554863
WKNA0Q7KC
AvailabilityAT, CL, DK, FI, FR, DE, IE, IT, LU, NL, NO, PE, PL, SG, ES, CH, GB
1st quotation date1199836800000
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
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

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 0.01% 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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