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Robeco Emerging Markets ex China Equities D EUR
Capturing a more balanced EM opportunity set, through 30 years of EM investing experience.
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.
D-EUR
D-USD
F-EUR
F-USD
I-EUR
I-USD
Class and codes
Asset class:
Equities
ISIN:
LU2701588621
Bloomberg:
ROBMARD LX
Index
MSCI Emerging Markets ex China 10/40 index
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
Overview
Key points
- Invests in non-China emerging markets such as Korea, Taiwan, Poland and Brazil
- Actively managed EM portfolio with a value tilt, embedded sustainability, and long investment horizon.
- Selects attractively valued companies with mispriced earning upside combined with country analysis.
About this fund
Robeco Emerging Markets ex China Equities is an actively managed fund that invests in stocks in emerging countries across the world with the exception of China. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. Given that emerging economies are growing faster than developed countries and have stronger balance sheets for governments, companies and households. The fund selects investments based on 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.
Key facts
Total size of fund
€ 3,535,605
Size of share class
€ 27,809
Inception date share class
30-11-2023
1-year performance
7.12%
Dividend paying
No
Fund manager

Rob Schellekens

Wim-Hein Pals

Sejung Seo

Cornelis Vlooswijk
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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
0.36%
1.51%
3 months
1.46%
1.33%
YTD
0.36%
1.51%
1 year
7.12%
11.96%
Since inception 12/2023
9.55%
14.13%
2024
5.79%
9.38%
Costs
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.
1.75%
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.
0.12%
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.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns.
The fund does not distribute dividend. The income earned by the fund is reflected in its share price. The fund's entire result is thus reflected in its share price development.
Robeco Emerging Markets ex China Equities is an actively managed fund that invests in stocks in emerging countries across the world with the exception of China. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. Given that emerging economies are growing faster than developed countries and have stronger balance sheets for governments, companies and households. The fund selects investments based on 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 promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
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.
Sustainability metrics
Sustainalytics ESG Risk Rating
Sustainalytics ESG Risk Rating
Environmental Footprint
SDG Impact Alignment
Exclusions
Engagement
- Sustainalytics ESG Risk Rating
- Environmental Footprint
- SDG Impact Alignment
- Exclusions
- Engagement
Sustainalytics ESG Risk Rating
Sustainalytics ESG Risk Rating
Environmental Footprint
SDG Impact Alignment
Exclusions
Engagement
Sustainalytics ESG Risk Rating
Per 31-01-2025Source: Copyright ©2024 Sustainalytics. All rights reserved.
Source: Copyright ©2024 Sustainalytics. All rights reserved.
The Portfolio Sustainalytics ESG Risk Rating chart displays the portfolio's ESG Risk Rating. This is calculated by multiplying each portfolio component's Sustainalytics ESG Risk Rating by its respective portfolio weight. The Distribution across Sustainalytics ESG Risk levels chart shows the portfolio allocations broken into Sustainalytics' five ESG risk levels: negligible (0-10), low (10-20), medium (20-30), high (30-40) and severe (40+), providing an overview of portfolio exposure to the different ESG risk levels. Index scores are provided alongside the portfolio scores, highlighting the portfolio's ESG risk level compared to the index. Only holdings mapped as corporates are included in the figures.
Environmental Footprint
Per 31-01-2025Source: Robeco data based on Trucost data. *
Robeco data based on Trucost data*
Robeco data based on Trucost data*
* Source: S&P Trucost Limited © Trucost 2024. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, not its affliates, nor its licensors accept any liability or any errors, omissions, or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent.
Environmental footprint expresses the total resource consumption of the portfolio per mUSD invested. Each assessed company's footprint is calculated by normalizing resources consumed by the company's enterprise value including cash (EVIC). We aggregate these figures to portfolio level using a weighted average, multiplying each assessed portfolio constituent's footprint by its respective position weight. For comparison, index footprints are shown besides that of the portfolio. The equivalent factors that are used for comparison between the portfolio and index represent European averages and are based on third-party sources combined with own estimates. As such, the figures presented are intended for illustrative purposes and are purely an indication. Only holdings mapped as corporates are included in the figures.
SDG Impact Alignment
Per 31-01-2025Source: Robeco. Data derived from internal processes.
This distribution across SDG scores shows the portfolio weight allocated to companies with a positive, negative and neutral impact alignment with the Sustainable Development Goals (SDG) based on Robeco’s SDG Framework. The framework utilizes a three-step approach to assess a company’s impact alignment with the relevant SDGs and assign a total SDG score. The score ranges from positive to negative impact alignment with levels from high, medium or low impact alignment. This results in a 7-step scale from -3 to +3. For comparison, index figures are provided alongside that of the portfolio. Only holdings mapped as corporates are included in the figures.
Exclusions
Per 31-01-2025Source: We use several data sources such as Sustainalytics, RSPO (Roundtable on Sustainable Palm Oil), World Bank, Freedom House, Fund for Peace and International Sanctions; further policy document available Exclusion Policy.
Source: We use several data sources such as Sustainalytics, RSPO (Roundtable on Sustainable Palm Oil), World Bank, Freedom House, Fund for Peace and International Sanctions; further policy document available Exclusion Policy.
Engagement
Per 31-01-2025Source: Robeco. Data derived from internal processes.
Robeco distinguishes between three types of engagement.
Value Engagement focuses on long-term issues that are financially material and/or are causing adverse sustainability impacts. The themes can be broken into Environmental, Social, Governance, or Voting-related. SDG Engagement aims to drive a clear and measurable improvement in a company’s SDG contribution. Enhanced engagement is triggered by misconduct and focuses on companies severely breaching internationals standards. The report is based on all companies in the portfolio for which engagement activities have taken place during the past 12 months. Note that companies may be under engagement in multiple categories simultaneously. While the total portfolio exposure excludes double counting, it may not equal the sum of individual category exposures.
Market development
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.
Performance explanation
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.
Expectation of fund manager

Rob Schellekens

Wim-Hein Pals

Sejung Seo

Cornelis Vlooswijk
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.