Rob Schellekens is Lead Portfolio Manager of the Emerging Markets ex-China fund. On the research side he provides coverage of Russia, South America ex-Brazil and the Middle East. Prior to joining Robeco in 2005, Rob was an Analyst at Integra in Peru and at RBC Global Investment Management in Canada where he started his career in the industry in 2004. He holds a Bachelor's Honors in Economics from the Queen's University in Canada. Wim-Hein Pals is Head of the Robeco Emerging Markets Equity team and Lead Portfolio Manager of the Global Emerging Markets Core strategy. Previously, he was Portfolio Manager Emerging European and African equities and Portfolio Manager Emerging Asian equities. Wim-Hein started his career in the investment industry at Robeco in 1990. He holds a Master's in Industrial Engineering and Management Sciences from Eindhoven University of Technology and a Master's in Business Economics from Tilburg University. Sejung Seo is Portfolio Manager EM ex-China with a research focus on the Technology sector. Prior to joining Robeco in 2020, he was a Research Analyst at Candriam in Brussels, covering emerging markets technology stocks. Sejung started his career in 2007 at Mirae Asset Management in Seoul. He holds a Master’s in Finance from London Business School and he is a CFA® charterholder. Sejung is also a native Korean speaker. Cornelis Vlooswijk is Lead Portfolio Manager and Research Analyst African Equities. Previously, he worked for Robeco as an investment strategist focusing on North America and Emerging Markets since 2005. Before joining Robeco in 2005, he worked for Credit Suisse First Boston as an Investment Banking Analyst, focusing on the transport and logistics sector. He started his career in the financial industry in 1998. Cornelis holds a Master’s in Economics from Erasmus University Rotterdam and is a CFA® charterholder.

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.

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 MSCI EM ex China Index increased 1.51% in January, outperforming the MSCI EM Index which was up 1.39%, but underperforming versus the MSCI World Index which gained 3.13% (all in euro). Latin America and EMEA (Emerging Europe, Middle East & Africa) outperformed while EM Asia lagged. In Latam, Brazil showed a strong reversal from a very weak December. January was a positive month for risky assets, despite the announcement of tariffs (and postponement) on Canada and Mexico of 25% and China with an additional 10% at month-end. A rejig in AI sentiment followed the release of DeepSeek's R1 model. Most EM currencies strengthened against the US dollar, with Brazil's real appreciating nearly 6%. Only the Indian rupee, Indonesian rupiah and Turkish lira depreciated a bit. The best-performing sectors in January were IT, financials, materials and energy, while real estate, utilities, healthcare and consumer staples underperformed the most. EM equities recorded outflows in January of USD 8 billion, exacerbating the sell-off in 2024 that amounted to minus USD 33 billion.

Based on transaction prices, the fund's return was 0.36%. The fund outperformed the benchmark (MSCI EM ex China) in January, country allocation was strong while stock selection detracted from performance. Positive country allocation came from the overweight in South Korea, Greece and Hungary, as well as our underweight in India. Positive stock selection came from our overweight in Brazilian financial Itaúsa, Greek banks Alpha Services and the National Bank of Greece, as well as South Korean water and air purifier company Coway and memory chip company SK hynix. Negative stock selection came mainly from India where our overweights in car manufacturer Mahindra & Mahindra, and financials ICICI Bank and Axis Bank detracted from performance.

The Trump victory in the presidential elections sets a new reality for the US and also for emerging markets. One potential consequence is higher fiscal deficits in the US, potentially leading to higher short-term growth but also higher inflation and interest rates. Higher import tariffs also seem likely, particularly toward China, which could lead to higher US inflation. And in turn to lower US import demand. It is more likely that we will see a continuation of the trend whereby exports from China are replaced by other emerging countries. We may see less policy predictability and higher geopolitical risks. Although we have to wait for the actual policies, the overall net effect will likely be higher US interest rates and higher trade tariffs. With an America First focus, emerging markets will have 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 more than 35% based on earnings multiples. Earnings growth recovered in 2024 to 20% growth and is expected to continue to grow by 15% next year, slightly ahead of developed markets.