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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.

Statistics

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Dividend paying history

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Download dividend history

Market development

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In April, the MSCI Emerging Markets Index was flat in euro terms, lagging developed markets, which were up 2.2%. Best emerging countries were Poland, Taiwan, Argentina and Greece, while Chile, Colombia and Peru were the worst performers. Vaccinations are helping the US and Europe to gradually open up, yet the coronavirus still remains an issue for several emerging countries, with rising infections in India and ongoing high infection rates in most South American countries. At the same time, the earnings outlook is actually improving across the board, with analysts estimating upgrades and many companies reporting better-than-expected Q1 numbers. Commodity prices were rising in April, with the iron ore price up 14% and the oil price up 7%. In Peru, presidential elections were held, but did not lead to a clear winner. The final outcome will be determined in June in a run-off between the left-wing candidate Castillo and the more market-friendly candidate Keiko Fujimori.

Fund allocation

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Name Sector Weight
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Fund Classification

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Voting
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ESG integration
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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 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.

Expectation of fund manager

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With the global rollout of vaccines, the outlook for economic recovery in 2021 has improved. The other major change in 2021 is that Joe Biden has started as the new US president and has launched a big stimulus program. For now, a very supportive monetary and fiscal policy has helped growth to rebound and the earnings outlook to improve. However, with the rise in US Treasury yields, more attention may go to the need to reduce fiscal deficits in several emerging countries. Given the rebound in 2020, 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 a 27% discount, based on earnings. In addition, China, South Korea and Taiwan, which account for two-thirds of the emerging equity universe nowadays, have coped well with the coronavirus and are showing relatively high economic and earnings growth.

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

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

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.

Details

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Management company
Fund capital
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Outstanding shares
ISINNL0000275915
BloombergRIEMEF NA
Valoren
WKN
Availability
1st quotation date760579200000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
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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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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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