Robeco Afrika Fonds – EUR E

Taking advantage of growth across Africa

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
NL0006238131
Bloomberg
RAFRI NA

Asset class

Equities

ISIN

NL0006238131

Bloomberg

RAFRI NA

Reference index

50% MSCI EFM Africa ex South Africa (Net Return) + 50% MSCI South Africa (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

Per period	Fund	Reference index
1 month	1.21%	3.23%
3 months	8.16%	10.58%
YTD	19.26%	24.15%
1 year	38.38%	28.96%
2 years	21.69%	20.19%
3 years	9.26%	10.39%
5 years	12.53%	11.02%
10 years	3.41%	3.95%
Since inception 06/2008	3.69%	-

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.	9.93	8.68
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.	0.03	0.48
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.	0.64	1.27
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..	2.98	7.18
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.	0.65	0.66
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).	12.20	10.80
Max. monthly gain (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	9.02	9.02
Max. monthly loss (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-5.41	-5.41

Date	Amount
21/07/2025	EUR 0.42
30/06/2025	EUR 2.38
01/07/2024	EUR 4.80
28/06/2023	EUR 2.80

Download dividend history

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.	2.01%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.75%
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.	0.06%

Fiscal product treatment

The fund is established in the Netherlands. The fund is managed as a 'naamloze vennootschap' (public limited company). The fund has the status of 'fiscal investment institution' in the sense of article 28 of the Dutch Corporate-Income Tax Act 1969, and, as such, is taxed at a corporate-income tax rate of 0%.The fund is obliged to pay out the realized current income in the form of dividend within 8 months after the end of the financial year. From 1 January 2007 the fund withholds Dutch dividend tax at a rate of 15% from these dividend payments. The fund can in principle use the Dutch treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

For a private investor residing in the Netherlands, the actual received interest, dividends or capital gains are not relevant for tax purposes. For Dutch tax-resident private investors, their holdings fall under Box 3. Investors pay annual tax on a fixed yield calculated based on the value of their assets as of 1 January. The return depends on the pro-rata allocation of assets to different categories, namely savings, debts or other assets. The holdings qualify as other assets for which the return rate is set at 6.04% (as of 1/1/2024; 6.17% as of 1/1/2023). The return rate is adjusted annually based on historical returns from previous years. The balance of the different asset categories is referred to as the return base. The effective return rate is then calculated by dividing the return by the return base. This effective return rate is applied to the savings and investments base to calculate the benefit from savings and investments. The savings and investments base is equal to the return base minus the tax-free amount. Investors pay income tax (36% in 2024; 32% in 2023) on this calculated benefit from savings and investments. The withheld Dutch dividend tax (15% as of 1/1/2024) is creditable against the income tax payable for investors residing in the Netherlands. Investors who are not subject to (exempt from) Dutch corporate tax (including Dutch pension funds) are not taxed on the result obtained. Dutch exempt entities can fully reclaim the 15% dividend tax withheld on dividends.Investors subject to Dutch corporate tax may be taxed on the result obtained from their investment in the fund, including dividend income and capital gains. Dutch corporate taxpayers can, in principle, credit the withheld dividend tax (15% as of 1/1/2024) against corporate tax and, under certain conditions, credit the excess in later years. For investors outside the Netherlands, their own national tax legislation applies to foreign investment funds. Shareholders who are not subject to tax in the Netherlands and reside in countries that have a double taxation treaty with the Netherlands may, depending on the treaty, reclaim (a portion of) the Dutch dividend tax from the Dutch tax authorities. A pension fund located in another EU member state or a country that has entered into an information exchange agreement with the Netherlands and is similar to a Dutch pension fund is also entitled to a refund of Dutch dividend tax. The above is based on current Dutch tax legislation.

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 (long-term) 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.

Market development

Per 31-08-2025

Most South African economic indicators disclosed in August were better than expected. Manufacturing production surprised positively with 1.9% growth in June, while mining production was 2.4% higher in June than a year earlier. Vehicles sales rose 15.6% year-on-year in July. Private sector credit growth and the trade surplus were also stronger than most economists had predicted. Inflation ticked up in July to 3.5%, but that was exactly in line with expectations. The only big disappointment was that retail sales in June grew only by 1.6% year-on-year and that was significantly lower than the 3.7% consensus estimate. In Egypt, urban inflation continued its downward trend since the Sep-2023 peak and dropped from 14.9% in June to 13.9% in July. Core inflation was 11.6% in July. Recognizing the broader disinflationary trend, Egypt's central bank cut its lending rate from 25% to 23%.

Performance explanation

Per 31-08-2025

Based on transaction prices, the fund's return was 1.21%. In August, the fund's value per share decreased by 0.69% in euro terms, underperforming versus the reference index, which increased by 3.23%. The fund's performance was behind the developed markets index (+0.2%) but exceeded that of the emerging markets index (-1.1%). Zambia led the positive performers with a 9.2% gain, followed by Kenya at +7.8% and South Africa, which posted a gain of 4.2%. Egypt rose by 2.5%, Morocco increased by 0.8%, Mauritius by 0.6%, and Tunisia by 0.2%. Senegal remained flat. Nigeria posted a loss of 1.6%. Ghana was the weakest market, declining by 7.3% as the local currency reversed part of its gains from earlier in the year.

Expectation of fund manager

Cornelis Vlooswijk

The long-term prospects for the African region are good. Firstly, commodity demand from China and other countries is likely to grow in the long run. This should result in higher tax income and employment, which in turn should boost demand by local consumers. Secondly, the business climate is improving. In an international context, most African countries currently do not score well, but governments are actively trying to reduce bureaucracy. Thirdly, investments in infrastructure are reducing logistics problems, which should boost economic growth and company earnings. Lastly, many companies now trade at low price/earnings multiples and have high dividend yields compared to other regions.

Total size of fund	EUR 24,325,576.23
Size of share class	EUR 4,312,475.76
Inception date share class	2008-06-09
1-year performance	38.38%
Dividend paying	Yes

Robeco Afrika Fonds – EUR E

Taking advantage of growth across Africa

Key points

About this fund

Key facts

Fund manager

Performance

Statistics

Dividend paying history

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

Press releases

Announcements

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