Indian Equities D EUR - LU0491217419

Key points

Focused investment in Indian equities
Disciplined fundamental approach to benefit from Indian growth story driven by trends such as rising domestic consumption and infrastructure expansion.
Combining local market expertise with international asset-manager strength.

About this fund

Robeco Indian Equities is an actively managed fund that invests in stocks listed on the major Indian stock exchanges. 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 focuses on largecap stocks, supplemented by select high-conviction midcap stocks. Managed by our Asia-Pacific team in Hong Kong, the fund combines the market expertise of local Indian investment adviser Canara Robeco (Mumbai) with Robeco's operational strength as an international asset manager.

Key facts

Per 31-08-2025

Total size of fund	EUR 552,485,982.50
Size of share class	EUR 262,415,989.00
Inception date share class	2010-08-23
1-year performance	-13.16%
Dividend paying	No

Fund manager

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.

Per period	Fund	Reference index
1 month	-2.98%	-5.28%
3 months	-4.60%	-8.12%
YTD	-11.68%	-13.79%
1 year	-13.16%	-16.56%
2 years	7.59%	6.92%
3 years	4.68%	2.39%
5 years	15.70%	13.61%
10 years	10.57%	8.61%
Since inception 08/2010	8.62%	6.65%

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.	4.24	5.14
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.	0.93	0.83
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.	0.27	1.21
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..	3.71	5.74
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.	0.86	0.83
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).	12.61	13.47
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	10.54	10.54
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-7.72	-7.72

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.	1.91%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.60%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.26%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.16%

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.

Policies

Per 31-08-2025

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 India Index (Net Return, EUR).

Market development

Per 31-08-2025

The MSCI India underperformed versus both the MSCI EM and the MXAPJ by 3.6% and 3.8% respectively in August. YTD, the MSCI India has underperformed versus the MSCI EM by 19.1%, on anemic corporate earnings in India and strong performance in other Asian and EM peer markets. Domestic equity inflows remained robust at UDS 8.7 bln in August. Foreigners were net sellers of equities (USD 2.6 bln). MXIN now trades at 22.2x forward earnings. But more importantly, India's Premium to the MXAPJ has compressed sharply to 49% (vs 59% 5-year avg). At its peak, this premium was 92% in October 2022. The sharp compression in India's valuation premium strongly indicates that the market may be looking for catalysts and may react asymmetrically to the emergence of near and medium-term catalysts. The GST rationalization may emerge as a near-term catalyst for markets, and a much-needed inflection point for corporate earnings growth, ending an almost one-year cycle of downward earnings revisions.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was -2.98%. Based on net asset value, the fund outperformed the benchmark by 1.10%. Stock selection in financials and consumer staples impacted positively during the month, while healthcare and materials impacted negatively. Sector allocation in consumer discretionary impacted positively, while sector allocation in healthcare impacted negatively during the month.

Expectation of fund manager

AT7.8%, FY26Q1 GDP growth surpassed all expectations with strong and broad-based growth. GST collections slowed to INR 1.86 trn in August, growing 6.5% YoY, vs 7.5% in July. Manufacturing PMI rose to 59.3 in August, driven by a strong sales pipeline while services PMI rose to 62.9, the highest since June 2010, led by demand buoyancy, efficiency gains and greater inflows of new business. Power demand recovered to a 5-month high of 4.3% YoY in August, from 2.1% in July. GST rationalization remains the single biggest catalyst for markets and has the potential to offset the negative impact of Trump's tariffs.

Robeco Indian Equities D EUR

Investing in stocks benefiting from the Indian growth story

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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