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Based on transaction prices, the fund's return was 5.33%. Based on net asset value, the fund underperformed the benchmark by 1.64%. Stock selection in financials and consumer discretionary negatively impacted portfolio performance, while sector allocation in energy and industrials impacted positively.
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MSCI India (USD) rose 8.5% in November, underperforming its peers MSCI EM (+9.2%) and MSCI APxJ (+9.0%). The INR appreciated by 0.1%, ending the month at 74.05/USD. For the month, financials, consumer discretionary, utilities and industrials outperformed, while energy, IT, healthcare and consumer staples were laggards. FIIs recorded the highest-ever monthly inflows of USD 8.3 bln into equities.FY21Q2 GDP contracted 7.5% (vs. a 23.9% decline in FY21Q1), which was better than the consensus estimates of -8.2%.Daily new Covid-19 cases averaged ~43,000 in November vs. ~60,000 in October. The mortality rate has been trending lower at ~1.5%, while the recovery rate continues to pick up at ~94% (vs. 91% at end-Sept). The Finance Minister announced a third set of supply side reforms to aid economic recovery, which included more production-linked incentives, enhancing and extending the credit guarantee scheme, etc. The RBI kept key policy rates unchanged and continued with its accommodative stance in the MPC meeting held on 4 December 2020.
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Sustainability Themed Fund |
The fund is allowed to pursue an active currency policy to generate extra returns.
The fund does not distribute dividend; any income earned is reinvested.
Robeco Indian Equities 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.
The fund has a predominant focus on large caps with select high-conviction mid-cap ideas. The fund follows an active, predominantly bottom-up investment approach with a focus on fundamentally sound companies which are likely to deliver superior capital appreciation over the investment horizon. The fund seeks to be fully invested and has an active currency policy. Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times.
Monitored by an independent department in Rotterdam, risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
India saw one of the sharpest earnings upgrades along with select ASEAN markets amid strong FY21Q2 results. Corporate commentary was positive on the demand side. MSCI India valuations at 22.7x 1yr fwd PE look higher than the long-term average of 18x, while earnings are expected to grow at ~20% CAGR over the next three years. Going into 2021, we expect the economic recovery to gain momentum. However, considering the sharp run-up witnessed by Indian equity markets in the past ten months, we expect markets to take a breather in the short term.
The Asia-Pacific Equities investment team consists of five investment professionals with an average experience of 13 years, combining complementary skills and worldwide investment backgrounds. The team's portfolio managers place local insights into the context of a wider regional and global perspective. The experience of the Asia-Pacific Equities investment team is strengthened by the local expertise of the Indian Investment Advisor, Canara Robeco.
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ISIN | LU0491217419 |
Bloomberg | ROBINED LX |
Valoren | 10252939 |
WKN | A1C43D |
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1st quotation date | 1282521600000 |
Close financial year | 31-12 |
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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.
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.
Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.
The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
In the UK, Robeco Institutional Asset Management B.V. (“ROBECO”) only markets its funds to institutional clients and professional investors. Private investors seeking information about ROBECO should visit our corporate website www.robeco.com or contact their financial adviser. ROBECO will not be liable for any damages or losses suffered by private investors accessing these areas.
In the UK, ROBECO Funds has marketing approval for the funds listed on this website, all of which are UCITS funds. ROBECO is authorized by the AFM and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.
Many of the protections provided by the United Kingdom regulatory framework may not apply to investments in ROBECO Funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. No representation, warranty or undertaking is given as to the accuracy or completeness of the information on this website.
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