Robeco Emerging Stars Equities D EUR

Investing in emerging economies based on top-down country analysis and bottom-up stock selection

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.

Class and codes

Asset class
Equities
ISIN
LU0254836850
Bloomberg
RGCEMST LX

Asset class

Equities

ISIN

LU0254836850

Bloomberg

RGCEMST LX

Index

MSCI Emerging Markets Index (Net Return, EUR)

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

( 31-08 )

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Invests flexibly and dynamically
Focuses on the most attractive emerging countries
Concentrated portfolio of about 35 to 50 stocks

About this fund

Robeco Emerging Stars Equities is an actively managed fund that invests in emerging countries equities all over world. The selection of these shares is based on a fundamental analysis. The fund's objective is to achieve a better return than the index. The fund selects investments based on a combination of top-down country analysis and bottom-up stock selection. We focus on companies that have both a healthy and solid business model growth prospects as a reasonable valuation. The fund has a focused, concentrated portfolio with a small number of larger bets.

Key facts

Per 31-08-2025

Total size of fund	EUR 2,509,754,141.84
Size of share class	EUR 113,569,828.39
Inception date share class	2006-11-02
1-year performance	17.92%
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.

Per period	Fund	Reference index
1 month	1.26%	-0.96%
3 months	10.66%	6.17%
YTD	14.55%	5.29%
1 year	17.92%	10.46%
2 years	13.22%	11.64%
3 years	8.96%	5.35%
5 years	8.03%	5.66%
10 years	6.90%	6.45%
Since inception 11/2006	6.28%	5.24%

Statistics	3 years	5 Years
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.	4.69	4.97
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.	1.08	0.85
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.	0.47	0.57
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..	4.78	3.75
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.	1.11	1.11
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).	16.14	14.72
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	12.65	12.65
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-10.74	-10.74

Cost of this fund	Percentage
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.	1.76%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.50%
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.	0.07%

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.

Profile

Per 31-08-2025

ESG IntegrationVoting & Engagement

Sustainability

Per 31-08-2025

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.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, EUR).

Market development

Per 31-08-2025

In August, emerging markets equities declined 0.96% (EUR), lagging developed markets which rose 0.33% (EUR). Global equity markets showed overall stability and modest gains, supported by resilient global economic activity and controlled inflation. For emerging markets, the main developments in August included a 90-day extension of China tariffs, boosting the Chinese equity market. India faced an increase in tariffs to 50% as they continued to purchase Russian oil, while Brazil got hit by the same due to unfair trade policies and political tensions. Nevertheless, the Brazilian equity market managed to overcome this negative development and outperformed in August. Other markets that did well in August were Chile, Colombia, Peru and South Africa. Markets that lagged in August were India, South Korea, Poland, Taiwan and Thailand. The weaker oil price also subdued performance of some Middle-Eastern countries in August.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was 1.26%. In August, the fund outperformed the MSCI EM Index. The outperformance was driven by country allocation, while stock selection was more neutral. Positive country allocation was driven by the overweight position Brazil and South Africa. The underweight position in India and Taiwan also contributed positively. Negative country allocation came from China (underweight) and South Korea (overweight). From a stock selection perspective, the Brazilian stocks TIM (telecom operator) and Itaú Unibanco (private bank) did well. In China, Vipshop (online retailer), iQIYI (online video platform), PICC P&C (general insurance) and CATL (EV batteries) outperformed. Other stocks that outperformed were Bank Rakyat (Indonesia), Vinhomes (Vietnamese developer) and Naspers (South African based EM internet holding company). Stocks that underperformed in August were the Indian private sector banks HDFC Bank and ICICI Bank. In South Korea, Hana Financial (bank), Hyundai Rotem (military tanks) and SK Square (holding company) lagged. Other stocks that lagged were Asustek (Taiwan PCs & AI servers) and Emaar development (UAE-based developer).

Expectation of fund manager

Jaap van der Hart
Karnail Sangha

The US remains a source of uncertainty in today's global economy, with rising fiscal deficits following the Big Beautiful Bill and the still outstanding threat of higher US import tariffs. Coming month, we will likely see more clarity on the import tariffs, which may lead to lower US demand for global goods. However, as the majority of earnings from emerging companies is domestically focused, we think the US itself will be most impacted. Global investors seem likely to diversify away from the US, which so far has resulted in a weaker US dollar. With the current America First focus, emerging markets are having to rely more on their own domestic policies and growth opportunities. Emerging equity markets' valuations have become very attractive relative to developed markets, with discounts of around 35% based on earnings multiples. At the same time, expected earnings growth for this year is 12%, well above the 7% expected growth for developed markets.

Robeco Emerging Stars Equities D EUR

Investing in emerging economies based on top-down country analysis and bottom-up stock selection

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Profile

Sustainability

Market development

Performance explanation

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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