Robeco Institutioneel Emerging Markets Fonds
- 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
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
|---|---|---|
| 1 month | ||
| 3 months | ||
| YTD | ||
| 1 year | ||
| 2 years | ||
| 3 years | ||
| 5 years | ||
| 10 years | ||
| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
|---|---|---|---|
| Tracking error ex-post (%) |
|
||
| Information ratio | |||
| Sharpe ratio | |||
| Alpha (%) | |||
| Beta |
|
||
| Standard deviation |
|
||
| Max. monthly gain (%) |
|
||
| Max. monthly loss (%) |
|
| 3 years | 5 years | ||
|---|---|---|---|
| Months outperformance | |||
| Hit ratio (%) | |||
| Months Bull market | |||
| Months outperformance Bull | |||
| Hit ratio Bull (%) | |||
| Months Bear market | |||
| Months outperformance Bear | |||
| Hit ratio Bear (%) |
| Fund | Reference index | ||
|---|---|---|---|
| Rating | |||
| Option Adjusted Modified Duration (years) | |||
| Maturity (years) | |||
| Yield to Worst (%) |
Dividend paying history
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Date | Amount |
|---|---|
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The strong recovery continued in June with emerging equity markets up 6.3% (in EUR), thereby outperforming developed markets which were up 1.7%. EM equities rose driven by larger than expected policy support – both monetary and fiscal – and better economic recovery than forecast. Commodities bounced, led by energy prices with Brent up another 17%, on renewed demand. Precious metals and industrial metals also climbed, with copper prices, a barometer of global growth, up 12%.The worst region was EMEA with Russia and Hungary both down, and Greece the market performing worst, -4%. Emerging Asia was the best performing region, up 7%, thanks to the relatively strong performance of China and Taiwan (both +8.1%) and South Korea (+7.1%). China recouped the losses from the prior month. This was partly owing to the less harsh reaction of the West to the new national security law for Hong Kong and the sustained expansion of the Chinese economy. Tech-heavy Korea and Taiwan reflected the sharp rebound in semiconductor trade, while India rose despite border skirmishes with China.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
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 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 100-120 companies. Risk management is fully integrated in the investment process to ensure that positions meet predefined guidelines and the portfolio is well diversified. The fund can protect investors from negative currency developments through active currency hedging. The fund aims to be fully invested. Robeco Institutional Emerging Markets Equities aims to outperform the MSCI Emerging Markets Index over a full market cycle.
Risk policy
Active. The risk management system continually monitors the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The outlook for this year has been impacted dramatically by the global outbreak of the coronavirus. There will be significant contraction in large parts of the global economy, and earnings for many companies will come down. Massive support from governments and central banks will ease the economic pain and limit bankruptcies, but will not avoid contraction due to the standstills. In the emerging world, China, South Korea and Taiwan have been able to contain the spread of the virus relatively well. Other emerging countries are more severely affected. At the same time, markets have already corrected significantly, and the pandemic will be temporary in nature. It is hard to predict, though, how long lockdown measures and social distancing will be needed to contain the spread of the virus. Therefore, we will see negative economic numbers and significant downward earnings revisions this year, yet we believe there will also be good opportunities for long-term investors. Emerging markets remain attractively valued compared to developed markets and more than half of the emerging world (i.e. China, Taiwan and South Korea) has been able to contain the virus spread relatively well.
Dimitri Chatzoudis, Wim-Hein Pals, Jaap van der Hart, Fabiana Fedeli
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. 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.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | NL0000275915 |
| Bloomberg | RIEMEF NA |
| Valoren | |
| WKN | |
| Availability | |
| 1st quotation date | 760579200000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Morningstar |
|
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
|
|---|---|
| This fund deducts ongoing charges of |
| These charges comprise | ||
|---|---|---|
| Management fee | ||
| Service fee | ||
Transaction costs |
|
|---|---|
| The expected transaction costs are |
Performance fee |
|
|---|---|
| This fund may also deduct a performance fee of |
Extra fees
| max entry fee | ||
| Max exit fee | ||
| Max sub fee | ||
| Max switch fee |
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.
