Robeco Next Digital Billion S USD
Emerging Markets Trend solution with high-growth technology companies and tech-enablers
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.
S-USD
D-EUR
D-USD
F-EUR
F-USD
I-EUR
I-USD
M2-EUR
S-CHF
S-EUR
Class and codes
Asset class:
Equities
ISIN:
LU2388484409
Bloomberg:
RONDBSU 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
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- This new strategy is a combination of our Emerging Markets and our Trends Investing capabilities and it is the world’s first Emerging Market Technology trend fund that focuses on a new generation of internet users
- Identifies companies that have the potential to be long-term winners in trends like payments, ecommerce, software solutions, fintech, etc
- Evident focus on information technology and consumer discretionary
About this fund
Robeco Next Digital Billion is an actively managed fund that invests in companies in emerging markets. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than that of the index.The fund selects companies with high growth potential that aim to cater to the previous and next billion internet users. Many of the targeted emerging countries now have a critical mass in internet penetration and coupled with the absence of traditional economic infrastructure, this can lead to the emergence of the next wave of technology companies and value creation.
Key facts
Total size of fund
$ 8,635,393
Size of share class
$ 15,158
Inception date share class
28-09-2021
1-year performance
5.25%
Dividend paying
No
Fund manager
Michiel van Voorst CFA
Michiel van Voorst is Co-Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech/next digital billion. In 2019, Michiel rejoined Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. Prior to that, Michiel spent 12 years at Robeco in several senior positions including senior portfolio manager Rolinco Global Growth fund and Robeco Asian Stars. Prior to joining Robeco in 2005, Michiel was Portfolio Manager US Equity at PGGM and Economist with Rabobank Netherlands. Michiel started his career in the investment industry in 1996. Michiel van Voorst holds a Master’s in Economics from University of Utrecht and is a CFA® charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
2.81%
4.76%
3 months
3.14%
3.80%
YTD
-1.87%
-0.11%
1 year
5.25%
8.73%
2 years
-8.78%
-4.02%
Since inception 09/2021
-23.69%
-6.02%
2023
9.93%
9.83%
2022
-43.14%
-20.09%
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.
0.65%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.40%
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.
0.08%
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
Currency
Sector
Top 10
- Asset
- Currency
- Sector
- Top 10
Policies
The fund can engage in currency hedging transactions. Typically currency hedging is not applied.
The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
Robeco Next Digital Billion is an actively managed fund that invests in companies in emerging markets. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than that of the index.The fund selects companies with high growth potential that aim to cater to the previous and next billion internet users. Many of the targeted emerging countries now have a critical mass in internet penetration and coupled with the absence of traditional economic infrastructure, this can lead to the emergence of the next wave of technology companies and value creation. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks 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 engagement. The investment policy is not constrained by a Benchmark but the fund may use a benchmark for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from 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
Sustainability profile
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 through exclusions, ESG integration, engagement 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 investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. 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
The Chinese New Year Holiday led to a boost in consumption-related areas such as domestic travel and cinema visits. The 5-year loan prime rate local banks use as reference for mortgages has been cut by 25 bps to 3.95%, the biggest cut since the benchmark's introduction in 2019. Clearly, a new attempt to 'ease' the economy has been initiated, by allowing State-Owned Enterprises to issue bonds, whose proceeds would be used to refund Local Government Financing Vehicles. If this works, we might finally be looking at proper quantitative easing unfolding in the country.
Performance explanation
Based on transaction prices, the fund's return was 2.81%. In February, the MSCI Emerging Markets Index increased 5.2% in EUR, while the Next Digital Billion Fund lagged the performance of the index somewhat. For our portfolio, this was not driven by weakness across the board, but rather by strong market reactions on a couple of holdings reporting below-consensus results.
Expectation of fund manager
Michiel van Voorst CFA
The portfolio is diversified across core sectors including internet platforms, fintech, B2B/enterprise, mobility/e-logistics, ICT & enablers and online consumer & media. In the internet platforms segment, MercadoLibre saw a 9% increase, while Chinese companies Baidu and Alibaba Group experienced declines, attributed to weak macro conditions. Fintech companies like Russian TCS and Brazilian Nu Holdings and PagSeguro continued to perform well, while Linklogis faced a 29% drop. In B2B/enterprise, Globant was a standout, contrasting with the decline of Venustech. Mobility/e-logistics saw Karooooo rise 3% and Grab decline by 9%. ICT & enablers had a negative impact, with PLDT performing better than Airtel Africa. Online consumer & media was negatively influenced by Chinese companies but positively impacted by Zomato's growth in India.
A provision for exchange rate fluctuation when representations are made in foreign currencies (i.e. Any representations made which are not denominated in HKD/ USD/ EUR) may expose investors to exchange rate fluctuations.
Investment involves risks. Past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. This web page is published by Robeco Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.
Positive distribution yield does not imply positive return. Investors should not make any investment decision solely based on information contained in the table. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
Annualized yield is calculated with the following formula: Sum of the monthly dividends over a period of 12 months / average of the applicable prices of the first business day of these 12 months * 100%
Where a reference is made to the frequency of dividend distributions, this frequency is an aim and not a guarantee. The fund may at its discretion pay dividend out from capital. Dividend yield is not guaranteed, and is not indicative the return of the Fund. The yield figure is for reference only. The fund may at its discretion to pay dividend out from capital. Distributions out of capital may result in the reduction of an investor’s original capital invested in the Sub-fund or from any capital gains attributable to that original investment of the Sub-fund. Also, any distributions involving the capital and/or capital gains may result in an immediate reduction of the net asset value per share of the relevant class. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. If there is a change of distribution policy of the Sub-fund, the Management Company will seek the prior approval of the Securities and Futures Commission in Hong Kong ('SFC') and provide at least one month’s prior notice to affected Shareholders.