Robeco Sustainable Emerging Stars Equities XH USD

High conviction in the most attractive emerging countries

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
LU2723533365
Bloomberg
ROBEMXH LX

Asset class

Equities

ISIN

LU2723533365

Bloomberg

ROBEMXH LX

Index

MSCI Emerging Markets Index (Hedged to, 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

Key points

Concentrated portfolio
Focuses on the most attractive emerging countries
Improved environmental footprint, generates a positive ESG impact.

About this fund

Robeco Sustainable Emerging Stars Equities is an actively managed fund that invests in equities in emerging countries across the world. 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 has a concentrated portfolio and selects investments based on a combination of top-down country analysis and bottom-up stock ideas. The focus is on companies with a sound business model, solid growth prospects and reasonable valuation. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.

Key facts

Per 31-08-2025

Total size of fund	USD 281,289,622.03
Size of share class	USD 36,127.94
Inception date share class	2023-12-19
1-year performance	24.71%
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	3.59%	1.45%
3 months	13.92%	10.18%
YTD	24.57%	16.22%
1 year	24.71%	17.42%
Since inception 12/2023	18.15%	18.94%

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.	0.89%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	0.64%
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.	0.18%

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

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 3.59%. In August, the fund outperformed the MSCI EM Index. The outperformance was driven by country allocation, while stock selection was also positive. Positive country allocation was driven by the overweight positions in Brazil, Vietnam 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), Yadea (electric scooters), PICC P&C (general insurance), Haier Smart Home (appliances) and CATL (EV batteries) outperformed. Other stocks that outperformed were Bank Rakyat (Indonesia), Hyundai Mobis (car parts), 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 Bandhan Bank. In South Korea, Hana Financial (bank) and LG Chem (chemicals & EV batteries) lagged. Other stocks that lagged were Asustek (Taiwan PCs & AI servers) and JD.com (Chinese e-commerce).

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 Sustainable Emerging Stars Equities XH USD

High conviction in the most attractive emerging countries

Key points

About this fund

Key facts

Fund manager

Performance

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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