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Robeco Institutioneel Emerging Markets Fonds

Index: MSCI Emerging Markets Index (Net Return, EUR)
ISIN: NL0000275915
  • Invests in emerging economies
  • Active top-down management and a high concentration on growth funds
  • Over 65 years of experience in emerging markets
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

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.

Price development

No performance data available

Price development

Robeco Institutioneel Emerging Markets Fonds

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 closing GAV, the fund's return was -2.44%. The fund underperformed the benchmark in September. Both country allocation and stock selection made a small negative contribution to the relative performance. In country allocation, positive contributions came mainly from the positions in Russia and Indonesia. Negative country contributions came primarily from the allocation to Saudi Arabia and South Korea.Stock selection made a small negative contribution. Stock selection in South Africa, Taiwan and India made a negative contribution to performance. Stock selection in Brazil and South Korea was the main positive driver for the contribution.In South Africa Naspers/Prosus underperformed the benchmark. In Taiwan, the selection in the IT and consumer discretionary sectors made a small negative contribution. In India, the selection in energy (no Reliance) and financials was disappointing. In Brazil, positive contributions came primarily from the selection in staples (Marfrig) and financials. In South Korea, the selection in communication services and materials added nicely to the relative performance.

Statistics

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Dividend paying history

Date Amount
Download dividend history

Market development

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In September, the MSCI Emerging Markets Index fell by 2.2% in euro terms, marginally better than the 2.4% decline for developed markets. Important developments were the rise in US bond yields following a more aggressive tapering timeline by the Fed, and rising oil and gas prices. As a consequence, oil and gas exporting countries such as Russia, Colombia and the Middle Eastern countries were among the best-performing countries in September. Brazil was the worst-performing country, affected by a larger-than-expected 1% interest rate hike, political uncertainty and potential weaker commodity demand from China. Several other emerging countries, including Russia, Mexico, Hungary and Peru also hiked interest rates, but to lesser degree. Within China, several regions had to impose power cuts, and the large and highly leveraged property developer Evergrande is facing a potential default. This has raised general concerns on systematic risks to the financial and property sector, but China is likely to manage any potential default or restructuring in a controlled manner. The Chinese stock market only slightly lagged the overall emerging market index.

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.

Dividend policy

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.

ESG Integration policy

Robeco Institutional Emerging Markets Fund 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.

Investment 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 ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to 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).

Risk policy

Active. The risk management system continually monitors the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.

Sustainability profile

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Exclusions

Full ESG Integration

Voting & Engagement

ESG integration policy

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Robeco Institutional Emerging Markets Fund 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.

Expectation of fund manager

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In the developed world, the rollout of coronavirus vaccines has progressed well, and the global economy is recovering, while monetary and fiscal policy remains very supportive. This is also reflected in positive earnings developments, both in terms of reported numbers and in upgrades of earnings estimates. Within emerging markets, vaccinations are taking place, but the pace has only recently started to catch up. This will result in improved consumption numbers in the coming months. Inflation has started to increase, but is mainly driven by transitory factors. Several countries have started to hike rates as a pre-emptive move. For China, we expect stable growth and economic development, but also risk from the geopolitical side and from increased regulation in the internet space. Given the 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, trading at around 30% discount based on earnings, while the earnings outlook is still improving. And with continued loose monetary policies, high valuations can be sustained for longer.

Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Cornelis Vlooswijk
Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Cornelis Vlooswijk

Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Cornelis Vlooswijk

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.

Details

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ISINNL0000275915
BloombergRIEMEF NA
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WKN
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1st quotation date760579200000
Close financial year31-12
Legal status
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Morningstar
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Cost of this fund

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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.

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