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In November, the MSCI Emerging Markets Index rose by 1.0% in euro terms, lagging the developed markets, which were up 4.0%, primarily driven by US equities. Best emerging countries were Pakistan, Argentina and Turkey, while China and Taiwan were also among the better performing markets. Worst performing countries were Chile, Colombia, Poland and Brazil. Chile and Colombia were negatively impacted by ongoing protests and social unrest. Positive news for China was that China and the US are working on the first phase of a trade deal with a gradual phasing out of the new tariffs, yet this was followed by signals about a potential delay. China also lowered some key interest rates, but the size was very small with only a 5 bps cut. Finally, global investor sentiment towards emerging markets is improving with net inflows into EM equity funds of USD 7.6 billion in November, the first monthly inflow after 6 months of outflow.
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Sustainability Themed Fund |
The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.
In principle, this share class of the fund does distribute dividend.
Robeco Emerging Stars 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.
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 management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Two important global factors remain global monetary policy and US-China trade policy. Global interest rates are declining, which should be positive for emerging equity markets. Trade negotiations between the US and China remain volatile and the timing of a deal is uncertain at this point. We believe that a trade deal is beneficial for both parties, but unfortunately that does not guarantee that it will be reached. Emerging markets remain attractively valued at a discount to developed markets of around 25%, while average GDP growth is expected to be around 4% versus 2% in developed markets.
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. Fabiana Fedeli is Global Head of Fundamental Equities and Portfolio Manager in the Emerging Markets Equities team where she is responsible for portfolio construction and country allocation. She has a background as Portfolio Manager and Analyst on Asia and US equities in London, New York and Tokyo. Prior to her current role, Fabiana was the lead Portfolio Manager on the Asia (ex Japan) Equity fund at Pioneer Asset Management. She joined Pioneer following the sale of Occam Asset Management, where she was Partner and Fund Manager. She began her career at ING Barings as a research analyst covering Japanese equities in Tokyo. Fabiana holds a Master of Economics from Hitotsubashi University in Tokyo and a Degree in Economic and Social Sciences from Bocconi University in Milan.
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ISIN | LU1840769852 |
Bloomberg | REMSIEE LX |
Valoren | 42285654 |
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1st quotation date | 1539302400000 |
Close financial year | 31-12 |
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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.
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.
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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Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.
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