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Robeco Next Digital Billion M2 EUR

Index: MSCI Emerging Markets Index (Net Return, EUR)
ISIN: LU2400459074
  • 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
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

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.

Price development

No performance data available

Price development

Robeco Next Digital Billion M2 EUR

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.

Performance explanation

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Based on transaction prices, the fund's return was -5.96%. Internet platforms contributed negatively to performance in October, compared to a positive contribution in September. The fintech portion of our portfolio contributed most positively to returns in October, continuing its positive contribution from the previous month. The largest positive contributor was our holding B3 SA in Brazil, which was up 19% during the month. The B2B/enterprise-focused portion of the portfolio made a slight positive contribution to performance this month. The mobility/e-logistics portion of the portfolio made the largest negative contribution to the fund's performance in October. Mobility holding ESR Group was down 32% during the month, as its China exposure appeared to spook investors during the October China-related sell-off. Overall, ICT & enabler companies contributed negatively to the fund's results in October. The online consumer & media portion of the portfolio made a negative contribution to returns in October, continuing the negative returns from September. The largest positive contributor in this category was Magazine Luiza.

Statistics

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Market development

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We see the negative market reaction in Chinese equities (particularly offshore equities) as overdone. The additional perceived geopolitical risk premium is still undefined and based on assumptions that are likely unrealistic (such as nationalization of specific companies). Chinese equities in the technology sector are now trading at rock-bottom prices, but unfortunately the willingness of the marginal non-specialist investor to reinvest in these stocks is also correspondingly low. Prices for several assets reflect scenarios of little-to-zero top-line growth for the coming years or declining fundamentals, which we deem unlikely. In the emerging market context, continued capital flight out of Chinese equities due to the incrementally negative geopolitical perceptions should benefit other geographies such as India, and potentially Brazil. Going forward and with this dynamic in mind, we are thinking critically about how our Chinese holdings will trade in a 'post-Congress' world.

Fund allocation

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Name Sector Weight
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Currency policy

The fund can engage in currency hedging transactions. Typically currency hedging is not applied.

Dividend policy

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.

ESG Integration policy

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.

Investment policy

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 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 companies with high growth potential that aim to cater to the previous and next billion internet users by improving access to technology and innovating with digital solutions in local communities.

Risk policy

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

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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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.

Expectation of fund manager

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Many stocks in our portfolio suffer from negative price momentum. With the overall market still experiencing bearish sentiment, we expect continued volatility for the coming months. Quarterly results reported by our portfolio holdings highlight that long-term trends are intact and fundamentals are strong. Individual company's operational performance remains robust, and we are cautiously positioning the portfolio to benefit from a rebound in the future.

Michiel van Voorst CFA, Bryan Satterly
Michiel van Voorst CFA, Bryan Satterly

Michiel van Voorst CFA, Bryan Satterly

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. Besides this role, Michiel is a Board member of a Hong Kong based Fintech startup offering regulated software services (SaaS) for Independent ?nancial advisors globally. 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. Bryan Satterly is Portfolio Manager Next Digital Billion and a member of the Robeco Trends Equities team. Prior to this role, Bryan was an investment manager for Robeco’s Private Equity group where he was responsible for group exposures in emerging markets, venture capital and co-investments. He joined Robeco in 2018. Before that he was an investment analyst in Washington D.C. for the Venture Capital Group at IFC, the World Bank Group’s private sector investment arm, investing into technology companies across emerging markets. He started his career in 2013 as an investment banking analyst at BMO Capital Markets in New York, working on a variety of equity, debt and M&A transactions in the Healthcare and Real Estate sectors. Bryan holds a Bachelor’s degree in Foreign Service from Georgetown University in Washington D.C.

Details

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Management company
Fund capital
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ISINLU2400459074
BloombergRONDBME LX
Valoren114564265
WKN
Availability
1st quotation date1635206400000
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

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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 0.05% 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.

All documents have been registered with the Monetary Authority of Singapore (“MAS”).

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