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Robeco Sustainable Emerging Stars Equities IL GBP

Index: MSCI Emerging Markets Index (Net Return, GBP)
ISIN: LU2100417026
  • Concentrated portfolio
  • Focuses on the most attractive emerging countries
  • Improved environmental footprint, generates a positive ESG impact.
Asset class
Current price ()
Performance YTD ()
Currency GBP
Total size of fund ()
Dividend payingNo

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.

Price development

No performance data available

Price development

Robeco Sustainable Emerging Stars Equities IL GBP

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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Market development

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In February, the MSCI Emerging Markets Index rose by 0.9% in euro terms, lagging developed markets, which were up 2.7%. The month started well, with support from progress on vaccinations and prospects of US stimulus. However, this was reverted following the rise in US Treasury yields. Commodity prices continued to rise, with Brent oil rising to USD 64. Brazil was the worst-performing emerging country, as President Bolsonaro replaced the CEO of Petrobras, leading to fears of price intervention by the government. A couple of smaller countries, namely Argentina, Chile, Peru and Greece, were the best-performing countries, while India and Taiwan also did well. Positive for Taiwan is the strong demand for technology products, leading to rising prices. Finally, the rise in US Treasury yields lead to a correction for growth stocks, in particular for the Chinese internet companies.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
Screening
Integration
Sustainability Themed Fund

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

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.

ESG Integration policy

Robeco Sustainable Emerging Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze 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 risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.

Investment policy

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 aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating 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, while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to proxy voting and engagement. The fund also aims for an improved environmental footprint compared to the Benchmark.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 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 policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

Exclusions+

Full ESG Integration

Voting & Engagement

ESG Target

ESG score target Footprint target Exclusion based on negative screening
↑Above Index ↓20% ≥20%

ESG Score

The portfolio ESG score (and E,S and G score) is calculated by multiplying the RobecoSAM Smart ESG Score of each holding by its respective portfolio or index weight. The same methodology is applied in calculating the key ESG Criterion scores. The scores of the portfolio are provided alongside the scores of the index, highlighting the portfolio’s relative sustainability. The colors indicate the score of the portfolio, whilst theshading shows the index.

CGF SES_20210228-CGF SES_20210228-smartESGScoreTotal.png CGF SES_20210228-CGF SES_20210228-smartESGScoreDimensions.png CGF SES_20210228-CGF SES_20210228-keySmartESGCriteria.png

Environmental Footprint

The RobecoSAM footprint ownership of the portfolio expresses the total resource consumption the portfolio finances. Each company's footprint is calculated by normalizing resources consumed by the company's enterprise value. Multiplying these values by the dollar amount invested in each company yields the aggregate footprint ownership figures. The selected index's footprint (for an equivalent $ amount invested in corporates) is provided alongside. The portfolios score is shown in blue and the index in grey.

CGF SES_20210228-CGF SES_20210228-footprintOwnershipCo2.png CGF SES_20210228-CGF SES_20210228-footprintOwnershipWaste.png CGF SES_20210228-CGF SES_20210228-footprintOwnershipWater.png

ESG integration policy

Robeco Sustainable Emerging Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze 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 risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.

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. We can expect a more constructive China policy and in closer cooperation with US allies. For now, a very supportive monetary and fiscal policy has helped growth to rebound and the earnings outlook to improve. 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 30% 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.

Jaap van der Hart, Fabiana Fedeli
Jaap van der Hart, Fabiana Fedeli

Jaap van der Hart, Fabiana Fedeli

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

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU2100417026
BloombergROESILG LX
Valoren52188840
WKN
Availability
1st quotation date1579564800000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
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Transaction costs

The expected transaction costs are

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This fund may also deduct a performance fee of

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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 0.01% 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

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. 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, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. 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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