Robeco Sustainable Emerging Stars Equities F USD
High conviction in the most attractive emerging countries
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
F-USD
D-EUR
D-USD
F-EUR
I-EUR
I-USD
IE-GBP
IEL-GBP
IL-GBP
X-USD
XH-USD
Y-USD
YH-USD
Class and codes
Asset class:
Equities
ISIN:
LU2035183313
Bloomberg:
ROESTEF LX
Index
MSCI Emerging Markets Index (Net Return, USD)
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
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (28/02)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Concentrated portfolio
- Focuses on the most attractive emerging countries
- Improved environmental footprint, generates a positive ESG impact.
About this fund
Robeco Sustainable Emerging Stars Equities is an actively managed fund that invests in equities in emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio and selects investments based on a combination of top-down country analysis and bottom-up stock ideas. The focus is on companies with a sound business model, solid growth prospects and reasonable valuation. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.
Key facts
Total size of fund
$ 56,046,709
Size of share class
$ 32,054
Inception date share class
05-09-2019
1-year performance
5.73%
Dividend paying
No
Fund manager
Jaap van der Hart
Karnail Sangha
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. Karnail Sangha is a Portfolio Manager within the Emerging Markets Equity team and provides analytical research coverage on India. He is Co-Portfolio Manager for the Emerging Stars and Sustainable Emerging Stars Equity strategies. Prior to joining Robeco in 2000, Karnail was a Risk Manager/Controller at Aegon Asset Management where he started his career in the industry in 1999. He holds a Master's in Economics from Erasmus University Rotterdam and is a CFA® charterholder. Karnail is also fluent in Hindi and Punjabi.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
4.79%
4.76%
3 months
4.56%
3.80%
YTD
-0.44%
-0.11%
1 year
5.73%
8.73%
2 years
-3.42%
-4.02%
3 years
-6.24%
-6.30%
Since inception 09/2019
3.90%
2.77%
2023
10.49%
9.83%
2022
-17.94%
-20.09%
2021
-2.33%
-2.54%
2020
19.70%
18.31%
2021-2023
-3.97%
-5.08%
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.
5.17
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.
0.31
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.
-0.37
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..
3.11
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.
1.12
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).
20.31
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
16.88
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-13.09
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
19
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
52.8
Months Bull market
Number of months of positive benchmark performance in the underlying period.
16
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
62.5
Months Bear market
Number of months of negative benchmark performance in the underlying period.
20
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
9
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
45
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.
1.05%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.80%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.20%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.67%
Performance fee
A performance fee is a cost that is only deducted when the fund realizes a certain result over a specified period. For more information on the performance fee deducted over the last financial year, please refer to the Key Investor Information, the prospectus or the annual report.
15.00%
Fiscal product treatment
The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.
Fiscal treatment of investor
The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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
To reduce any possibility of large currency deviations relative to the benchmark which heighten the level of risk, the fund may bring exposure into line with the currency weights of the benchmark by carrying out currency forward transactions.
In principle the fund does not intend to distribute dividend and so both the income earned by the fund and its overall performance are reflected in its share price.
Robeco Sustainable Emerging Stars Equities is an actively managed fund that invests in equities in emerging countries across the world. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund has a concentrated portfolio and selects investments based on a combination of top-down country analysis and bottom-up stock ideas. The focus is on companies with a sound business model, solid growth prospects and reasonable valuation. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund integrates ESG (Environmental, Social and Governance) factors 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 aims for an improved environmental footprint. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on VaR Ratio) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Febelfin
Febelfin
The fact that the sub-fund has obtained this label does not mean that it meets your personal sustainability goals or that the label is in line with requirements arising from any future national or European rules. The label obtained is valid for one year and subject to annual reappraisal. More information on this label.
Sustainability profile
ESG score target
Above Index
Footprint target
20% better than index
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 via exclusions, ESG integration, ESG and environmental footprint targets, 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 fundamental investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. 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, USD).
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 transaction prices, the fund's return was 4.79%. In February, the fund outperformed the MSCI Emerging Markets Index. The outperformance was driven by stock selection, while country allocation was negative. Negative country allocation was driven by Brazil, Hungary, South Africa (all overweight) and Saudi Arabia (underweight). Positive country allocation came from India (underweight) and South Korea (overweight). Stocks in the fund that outperformed were to be found in China, where Vipshop (online retailer), IQIYI (online video platform), PICC P&C (general insurance) and Xinyi Solar (solar panels) did relatively well. Stock selection was further aided by not owning Tencent (online related services) and Meituan (food delivery) in China. In South Korea, Hana Financial (bank), Hyundai Motor and Kia Motor (both car producers) outperformed. In Taiwan, Taiwan Semiconductor Manufacturing Co. (TSMC) also had a good month in February. Stocks that lagged in February included the Brazilian Petrobras (oil e&p), Grupo Banorte (Mexican bank) and Naspers (South Africa-based EM internet holding company). In China, internet search engine Baidu and gas distributor Kunlun Energy lagged as well in February.
Expectation of fund manager
Jaap van der Hart
Karnail Sangha
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 by around 5%. Emerging equity markets are attractively valued relative to developed markets, with discounts of around 30% based on earnings multiples. Earnings growth this year has disappointed, but should recover next year, with 18% growth expected. 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.