Robeco Institutioneel Emerging Markets Fonds
Investing in companies in emerging economies worldwide
Class and codes
Asset class:
Equities
ISIN:
NL0000275915
Bloomberg:
RIEMEF NA
Index
MSCI Emerging Markets Index (Net Return, EUR)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
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Rating (28/02)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Invests in emerging economies
- Active top-down management and a high concentration on growth funds
- Over 65 years of experience in emerging markets
About this fund
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 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.
Key facts
Size of share class
€ 596,833,498
Inception date share class
07-02-1994
1-year performance
12.97%
Dividend paying
Yes
Fund manager
Dimitri Chatzoudis
Wim-Hein Pals
Jaap van der Hart
Cornelis Vlooswijk
Dimitri Chatzoudis is Portfolio Manager Institutional Emerging Markets Accounts. As a Research Analyst he covers the team’s investments in Mexico. Before joining Robeco in 2008, he was Portfolio Manager Eastern European and Global Emerging Markets at ABN AMRO. He started his career in the industry in 1993. Dimitri holds a Master’s in Industrial Engineering from Eindhoven University of Technology and is a Certified European Financial Analyst. Dimitri is also fluent in Greek. Wim-Hein Pals is Head of the Robeco Emerging Markets Equity team and Lead Portfolio Manager of the Global Emerging Markets Core strategy. Previously, he was Portfolio Manager Emerging European and African equities and Portfolio Manager Emerging Asian equities. Wim-Hein started his career in the investment industry at Robeco in 1990. He holds a Master's in Industrial Engineering and Management Sciences from Eindhoven University of Technology and a Master's in Business Economics from Tilburg University. 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. Cornelis Vlooswijk is Lead Portfolio Manager and Research Analyst African Equities. Previously, he worked for Robeco as an investment strategist focusing on North America and Emerging Markets since 2005. Before joining Robeco in 2005, he worked for Credit Suisse First Boston as an Investment Banking Analyst, focusing on the transport and logistics sector. He started his career in the financial industry in 1998. Cornelis holds a Master’s in Economics from Erasmus University Rotterdam and is a CFA® charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
6.29%
3 months
7.81%
YTD
5.08%
1 year
12.97%
2 years
3.05%
3 years
0.76%
5 years
5.37%
10 years
7.95%
Since inception 02/1994
6.40%
2023
13.45%
2022
-14.56%
2021
6.48%
2020
4.28%
2019
29.13%
2021-2023
1.06%
2019-2023
6.81%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
3.60
3.49
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.95
0.70
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
-0.03
0.29
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
3.85
2.39
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
1.06
1.04
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
14.93
16.42
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
11.37
11.37
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-9.20
-16.86
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
19
32
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
52.8
53.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
18
36
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
21
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
55.6
58.3
Months Bear market
Number of months of negative benchmark performance in the underlying period.
18
24
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
9
11
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
50
45.8
Dividend paying history
16-06-2023
€ 6.00
17-06-2022
€ 5.40
21-06-2021
€ 3.40
17-07-2020
€ 0.39
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.84%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.80%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.08%
Fiscal product treatment
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.
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. 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.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
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.
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 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 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 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.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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 following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI Emerging Markets Index (Net Return, EUR).
Market development
In February, emerging markets were up 5.15% (MSCI EM, in EUR), and thus outperformed the MSCI World (+4.63%). The outperformance leadership was concentrated in the markets of North Asia: China (+9%), South Korea (+8%) and Taiwan (+6%). A major boost for China were the better macroeconomic data around the Lunar New Year and further policy step-ups in combination with a surprisingly large 25 basis points cut in the benchmark for mortgage rates. In South Korea, the government started a push for a corporate 'value-up program', in which it plans to encourage a rerating of some of the most undervalued South Korean companies via tax benefits and other incentives. Emerging Asia led the performance, while Latin America lagged. China was the best market, followed by Peru. The worst markets were Egypt, South Africa and the Czech Republic. All EM sectors finished positively in February. Consumer discretionary, industrials and information technology were the best-performing sectors, while materials, consumer staples and energy posted the lowest gains. Oil prices increased modestly by 2.5%, while natural gas prices continued to fall by 11%. Both the precious and industrial metal indices were down again.
Performance explanation
Based on closing GAV, the fund's return was 6.29%. The fund outperformed the benchmark (MSCI EM) in February, mainly driven by stock selection, while country allocation made a neutral contribution. With regard to country allocation, the negative contribution primarily came from the overweight positions in Mexico, Brazil and South Africa in combination with the underweight position in Saudi Arabia. In terms of stock selection, positive attribution came particularly from selection in Brazil, South Korea and Taiwan. In Brazil, financial Nubank did relatively well, while CSN Mineração underperformed. In South Korea, the selection in consumer discretionary and financials added nicely to performance, as a number of companies in the portfolio are benefiting from the South Korean 'value-up' theme. In Taiwan, TSMC and the bike manufacturing companies Giant and Merida outperformed the benchmark. Negative attribution came mainly from the stock selection in China and Poland.
Expectation of fund manager
Dimitri Chatzoudis
Wim-Hein Pals
Jaap van der Hart
Cornelis Vlooswijk
The environment is still challenging for global equity markets, as interest rates have risen significantly in 2023. On the positive side, inflation has come down, and we may have seen the peak in the main bond yields. Emerging markets seem relatively well positioned, with lower inflation in many countries and there is more room for interest rate cuts due to a more aggressive hiking cycle in the past years. Brazil and some other Latin American countries have already started to cut rates. Growth in emerging markets is holding up relatively well. In China, although the property sector remains weak, the economy is still growing above 4%. 2024 will be an important political year with elections in countries like Taiwan, India, South Africa, Mexico and Indonesia. By and large, we do not expect a major change in policy direction in these countries. Emerging equity markets are attractively valued relative to developed markets, with discounts of around 30% based on earnings multiples. Earnings growth has disappointed in 2023, but should recover in 2024, with 18% growth expected.