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Robeco Emerging Stars Equities IE EUR

Index: MSCI Emerging Markets Index (Net Return, EUR)
ISIN: LU1840769852
  • 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 EUR
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Dividend payingYes

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 IE EUR

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 1.22%. In May, the fund outperformed the MSCI Emerging Markets Index, mainly due to an underweight position in the Middle East and in India, and positive stock selection results in China, India and South Africa. Within China, Vipshop, Lufax and Xinyi Solar were the largest positive contributors, while in India Petronet LNG contributed positively, as did having no position in materials and utilities. In South Africa, Naspers performed well and in excess of its key holding Tencent. Other positive contributions came from the positions in Brazilian energy distribution company Cosan, Korean Hana Financial and LG Chem, and Taiwanese gaming PC coming Micro-Star.The largest negative contributions came from the positions in Hungary, where in particular OTP Bank was hit by the newly announced windfall profits tax. The positions in Indonesian Bank Rakyat, Korean LG Electronics, UAE developer Emaar Property, Taiwanese financial CTBC and server company Wiwynn also contributed negatively.

Statistics

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Dividend paying history

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Market development

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In May, emerging markets declined by 1.1% in EUR, thereby outperforming their developed counterparts, which declined 1.5%. Year-to-date, emerging markets also outperformed their developed counterparts, with returns of -6.3% and -7.6% respectively. The Federal Reserve delivered a 50 basis points rate hike and announced plans for balance sheet tightening to tackle runaway inflation. Energy extended its rally amid attempts by the EU to ban Russian oil imports, while most metal prices fell on the economic slowdown in China. The strongest region was Latin America, with the highest returns for Colombia, Chile and Brazil. The weakest region was the Middle East, with profit-taking after the strong rally year-to-date. Hungary was the worst-performing country after announcing a new windfall profits tax for companies. Many emerging countries continued to raise interest rates, including Poland, the Czech Republic, Saudi Arabia, South Africa, South Korea, India, Malaysia, Brazil and Mexico. The key exception was China, where the 5-year loan prime rate was cut by 0.15%, followed by a pledge for more policy support along with the gradual relaxation of Covid restrictions in Shanghai.

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, this share class of the fund does distribute dividend.

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 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, and in particular for emerging markets they are now close to longer-term averages. In addition, emerging markets are 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
ISINLU1840769852
BloombergREMSIEE LX
Valoren42285654
WKN
Availability
1st quotation date1539302400000
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

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This fund may also deduct a performance fee of

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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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