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Based on closing GAV, the fund's return was -1.23%. The fund underperformed the benchmark (MSCI EM) in April, with both negative country and negative stock selection. Country allocation contributed negatively to performance, with the main negative contributions coming primarily from our relative positions in Saudi Arabia, India and Brazil. Positive contributions came primarily from the relative positions in South Africa, Indonesia and Greece.The negative stock selection was primarily driven by negative attribution from stock selection in China and India. In China, the selection in consumer discretionary (Meituan, JD) and financials (China Merchants) was disappointing. In India, negative attribution came from the selection in IT (Infosys) and the underweight in the utilities sector. Positive attribution came from the selection in South Korea, Brazil and Mexico. In South Korea, Hyundai Motor and Doosan Bobcat did well. In Brazil, the selection in financials added nicely to performance and in Mexico, the selection in industrials (Asur) and materials made a positive contribution.
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Global equity markets came under pressure in April as a large wave of negative news dampened investor sentiment. In April, emerging markets declined by 0.4% (in EUR terms), thereby outperforming their developed counterparts, which declined 3.0% (in EUR terms). Statements made by Fed officials indicated a more hawkish tone in order to combat the even higher inflation expectations. Lockdowns in some parts of China and weakness in activity indicators increased the worries about China's economic growth outlook. Geopolitical tensions are hurting investor demand, as for the time being there is no end in sight of the war in Ukraine. Higher yields and 'flight to safety' caused a strengthening in the USD in April. Central banks in emerging markets continued their tightening stance as well, with South Korea, Poland, Hungary and Peru all hiking 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). The Middle Eastern countries had a good performance in April.
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The fund is allowed to pursue an active currency policy to generate extra returns.
All of the fund's income is reinvested after deduction of costs and withholding tax. Within three months of the close of the financial year, participants can indicate whether they want the dividend to be reinvested or distributed.
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.
Robeco Institutional Emerging Markets Equities invests in companies in emerging economies worldwide. 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, proxy voting and engagement. 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 business model and solid growth prospects as well as a reasonable valuation. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the Fund. The methodology used for the calculation of the benchmark can be found on the website of the benchmark administrator (MSCI).
Active. The risk management system continually monitors the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.
Footprint ownership expresses the total resource utilization the portfolio finances. Each assessed company's footprint is calculated by normalizing resources utilized by the company's enterprise value including cash (EVIC). Multiplying these values by the dollar amount invested in each assessed company yields the aggregate footprint ownership figures. The selected index's footprint is provided alongside. Sovereign and cash positions have no impact. The portfolios score is shown in blue and the index in grey.
The Portfolio Sustainalytics ESG Risk Rating chart displays the portfolio's ESG Risk Rating. This is calculated by multiplying each portfolio component's Sustainalytics ESG Risk Rating by its respective portfolio weight. If an index has been selected, those scores are provided alongside the portfolio scores, highlighting the portfolio's ESG risk level compared to the index. The Sustainalytics ESG Risk Rating distribution chart shows the portfolio allocations broken into Sustainalytics' five ESG risk levels: negligible (0-10), low (10-20), medium (20-30), high (30-40) and severe (40+), providing an overview of portfolio exposure to the different ESG risk levels. If an index has been selected, the same information is shown for the index.
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.
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. The main central banks are shifting to a less easy monetary policy, with the Fed hiking interest rates. 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 additional 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 lagging performance last year, the discount for emerging markets has widened to more than 35% based on earnings multiples.
Dimitri Chatzoudis joined Robeco in 2008. He is the Fund Manager of our institutional emerging markets equities funds and mandates. He is also responsible for the team’s investments in Turkey, Central Europe, Greece and Mexico. 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. Wim-Hein Pals joined Robeco in 1990. He is Head of the Emerging Markets team and Fund Manager for Robeco CGF Emerging Markets Equities. He is also part of the Portfolio Construction team of the Robeco Emerging Markets Smaller Companies strategy. From 1998 to 2001, he 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 holds a M.Sc. degree in Industrial Engineering and Management Sciences from the Eindhoven University of Technology and a Master's degree in Business Economics from the University of Tilburg, the Netherlands. 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. Cornelis Vlooswijk, Senior Portfolio Manager within the Robeco Emerging Markets Equities team. Prior to joining the team in June 2008 as a research analyst, Cornelis held a position as Strategist at IRIS. Before that he was employed by Credit Suisse as a Corporate Finance Analyst for four years. Cornelis started his career in the investment industry in 1999. He holds a Master's degree in Economics from Erasmus University, Rotterdam. Cornelis is registered with the Dutch Securities Institute.
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ISIN | NL0000275915 |
Bloomberg | RIEMEF NA |
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1st quotation date | 760579200000 |
Close financial year | 31-12 |
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The fund is established in the Netherlands. The fund is a mutual fund that is open in the sense of the Dutch Corporate-Income Tax Act 1969. The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969 and, as such, is taxed at a corporate-income tax rate of 0%. The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. The fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch 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. Dutch tax-exempt bodies may seek a full refund on the 15% dividend tax withheld on dividends (25% prior to 1 January 2007). Interest income is exempt from tax withheld at source. 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 in their tax return. In principle, Dutch bodies that are subject to corporate-income tax may offset the 15% dividend tax withheld on dividends (25% prior to 1 January 2007) against the corporate-income tax and seek a refund of the excess amount. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. Shareholders who do not pay tax in the Netherlands and who are resident in countries that have a tax treaty with the Netherlands to prevent double taxation may seek a refund for part of the Dutch dividend tax from the Dutch tax authorities, depending on the treaty. As of 1 January 2007, a pension fund having its registered office in another EU member state is also entitled to a Dutch dividend-tax refund. The above is based on the current fiscal legislation and regulations in the Netherlands. 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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