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Alex Neve Robeco Bank De opkomende markten. Emerging Markets: Beleggen in de toekomst! Alex Neve, Hoofd Investment Specialists Zellik, 18 november 2006.

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Presentatie over: "Alex Neve Robeco Bank De opkomende markten. Emerging Markets: Beleggen in de toekomst! Alex Neve, Hoofd Investment Specialists Zellik, 18 november 2006."— Transcript van de presentatie:

1 Alex Neve Robeco Bank De opkomende markten

2 Emerging Markets: Beleggen in de toekomst! Alex Neve, Hoofd Investment Specialists Zellik, 18 november 2006

3 –Emerging Markets: een duurzame verschuiving –Hoe te profiteren van ontwikkelingen in Emerging Markets? –Robeco Emerging Market Funds: het plaatsen van de juiste accenten Agenda

4 Opkomend beleggen vs 'normaal' beleggen: een duurzame verschuiving Opkomend beleggen: –85% van de wereldbevolking –15% van de beurs wereldwijd –Exporteur ‘Normaal’ beleggen’: – 15% van de wereldbevolking – 85% van de beurs wereldwijd – Importeur Population global emerging markets 200m150m100m50m0 100m 150m 200m MaleFemale Population G7-countries 30m20m10m0 20m 30m MaleFemale

5 Opkomend beleggen: monetair beleid sterk verbeterd Vergeleken met eigen verleden en met "ontwikkelde" economieën –Overschot op lopende rekening –Grote valuta reserves –Lagere overheidstekorten –Laag inflatie niveau BRIC consumer price inflation %

6 Opkomend beleggen: BRIC landen halen de G6 landen in Bron: Goldman Sachs

7 –Emerging Markets: een duurzame verschuiving en –Hoe te profiteren van ontwikkelingen in Emerging Markets? –Robeco Emerging Market Funds: het plaatsen van de juiste accenten Agenda

8 Emerging Markets: aandelenmarkt houdt gelijke tred met hoge winstgroei Bron: MSCI, IBES

9 Bron MSCI, IBES, Robeco Emerging Markets: een laag gewaardeerde aandelenmarkt Door hogere groei is het verschil in waardering nog hoog (20-25%) en dus zouden Emerging Markets nog beter kunnen blijven renderen!

10 Hoe te profiteren van de ontwikkelingen in Emerging Markets? –Hoge groei binnenlandse vraag –Onderwaardering van munteenheid –Sterke toename van outsourcing –Veel vraag naar grondstoffen US consumption as % of GDP and inflation

11 –Emerging Markets: een duurzame verschuiving –Hoe te profiteren van ontwikkelingen in Emerging Markets? –Robeco Emerging Market Funds: het plaatsen van de juiste accenten Agenda

12 Robeco Emerging Markets Een traditie in het betreden van nieuwe markten –Robeco: pionier in Global Emerging Markets –Eerste "Emerging Markets" belegging in 1930 –Global Emerging Markets equity team sinds 1994 South Africa 1935 Indonesia 1939 Japan 1964 Hong Kong 1968 Turkey/East.Europe 1994 Singapore 1973 Brazil 1975 India 1991 Philippines 1976 Peru 1930 Egypt 1998 ROBECO PRESENCE IN LOCAL MARKETS

13 Beleggingsteam PAUL VAN HOMELEN, CFA South America, Turkey – Experience in managing quantitative products – Final responsibility country and currency allocation – Background in Econometrics / Quantitative research – Manager of institutional Emerging Markets fund – Years of experience 10, Years with Robeco 10 JAAP VAN DER HART Mexico, Africa – Quantitative background – Strong top-down capabilities – Final responsibility country and currency allocation – Background in Econometrics / Quantitative research – Years of experience 11, Years with Robeco 11 WIM-HEIN PALS (LEAD MANAGER) Korea, Malaysia – Strong thematic thinker, focus on growth – Final responsibility country and currency allocation – Background in Business Economics / Ind. Engineering – Manager of retail Emerging Markets fund – Years of experience 15, Years with Robeco 15 KARNAIL SANGHA, CFA India, Indonesia, Thailand, Philippines – Native speaker of Hindi and Punjabi languages – Fundamental analyst – Background in Business Economics – Years of experience 6, Years with Robeco 5 ROB SCHELLEKENS Israel, Russia, Czech Rep., Hungary, Poland – Experience in Robeco’s Global Industrials team – Background in Business Economics – Years of experience 3, Years with Robeco 1 SEBASTIAAN DE BONT, CFA China, Taiwan – Fund Manager Robeco Chinese Equities – Background in Business Economics – Years of experience 5, Years with Robeco 5 VICTORA MIO, CFA CPA Research analyst Asia – Native speaker of Cantonese language – Focus on fundamental research – Experience in company valuation – Background in Corporate Finance / Financial Control – Years of experience 14, Years with Robeco 1

14 Beleggingsfilosofie Profiteer van de locale markt sentimenten in emerging markets door een gedisciplineerd en op lange termijn gericht beleggingsproces! Strategieën om van lokale markt tendensen te profiteren Markt tendensen Robeco Emerging Markets strategie Locale belegger focus op eigen land Actieve landen allocatie Geruchten cultuur en kudde gedrag Gedisciplineerde fundamentele analyse Sterke korte termijn gerichtheid Consistente focus op lange termijn “Behavioral biases” Gebruik van kwantitatieve modellen

15 Beleggingsproces Een beleggingsproces in 2 stappen: - Fundamentele analyse - Kwantitatieve analyse - Thema’s uit de top-down analyse - Fundamenteel raamwerk - Kwantitatieve rangschikking PORTFOLIO STOCK SELECTION COUNTRY AND CURRENCY ALLOCATION STEP 1STEP 2

16 Gemiddelde Jaarrendementen Institutional Emerging Markets Fund, Gross of fees, based on Net Asset Value; All figures in EUR; Annual performance approximately 25 basis points from securities lending Stabiel trackrecord in zeer uiteenlopende marktomstandigheden…. ANNUALIZED RETURNS (%) As of YTD 1 Year 2 Year 3 Year 5 Year 10 Year Febru ary 1994 Robeco Emerging Markets Equities* S&P IFC Composite OUTPERFORM ANCE INFORMATION RATIO TRACKING ERROR

17 Rendementsattributie Attribution of performance drivers to Robeco Emerging Markets Equities Part of excess return attributed by: Calend ar Year Fund Return Outperfor mance To benchmar k Country Allocation Stock Selection Currency Positionin g %1.41%0.89%-0.47%0.99% %5.63%3.40%2.43%-0.20% %13.48%8.67%2.69%2.12% %-7.36%0.87%-8.05%-0.18% %1.10%8.74%-7.25%-0.39% %2.23%2.72%-0.60%0.11% %0.11%0.40%-0.73%0.44% %-1.20%0.07%-1.34%0.07% %4.40%0.41%1.90%2.09% %-0.09%-1.95%1.63%0.22% %5.54%1.20%5.71%-1.36% %-1.63%0.29%-1.77%-0.18% …. met name gedreven door uitstekende landenallocatie

18 Robeco Emerging Markets: het plaatsen van de juiste accenten Regionale verdeling Emerging Azië 58% Emerging Latijns America 19% Emerging Europa/Afrika 23% Zes grootste landen China & Taiwan 26% Korea23% Brazilië13% Rusland13% Zuid Afrika7% India7% Emerging Latijns Amerika 19% Emerging Europa/Afrika 23% Emerging Azië 58%

19 Korea - consumenten aandeel –Betaalbare hoogwaardige consumenten-elektronica –Groeiend marktaandeel in de wereld –Eén van de wereldspelers in mobieltjes (top 3) –Wereldleider in geheugenchips en TFT-LCDs –K/W’05 = 12,4 en ROE > 20%

20 Brazilie - aandeel in ijzererts –Grootste ijzerertsproducent in de wereld –Lage delvingskosten –Sterke vraag naar ijzererts uit o.a. China –K/W’05 = 8,5 en verwachte winstgroei 2006 van > 10%

21 Conclusie –Duurzaam bovengemiddelde groei in Emerging Markets –Relatief lage waardering Emerging Markets –Robeco Emerging Markets Equities: belangrijk om in de juiste trends en regio's te beleggen

22 IMPORTANT INFORMATION This presentation is prepared solely for securities institutions. This presentation is private and confidential and solely for the exclusive use of the person to whom it has been delivered by Robeco Institutional Asset Management B.V. (“Robeco”). This presentation is prepared for information purposes only and may not be distributed, reproduced or published in whole or in part to any third party, without the prior written consent of Robeco. This term sheet is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The information contained herein is indicative and remains subject to change and does not purport to be complete. Robeco makes no representation or warranty relating to the accuracy or completeness of the information herein. This presentation does not deal with the risks associated with investing in any financial instrument and may not be relied upon in evaluating the merits of investing in any financial instrument. The content of this material should not be construed as investment, financial, strategic, legal, regulatory, accounting or tax advice. You must obtain your own independent investment, financial, strategic, legal, regulatory, accounting and tax advice with respect to any financial instrument discussed or described herein. Any offer or solicitation for the sale or purchase of any financial instrument, and any decision to invest therein, can and may only be based upon the information contained in any final prospectus relating to such financial instrument in accordance with the terms and selling restrictions set forth therein and only in a jurisdiction where such offer, solicitation or purchase is authorized under applicable laws. If the information contained in this presentation results in the publication of a prospectus, the prospectus will be made general available at None of the entities referred to herein will be bound to issue any financial instrument discussed or described herein or publish a related prospectus. This presentation is prepared by Robeco. Robeco or any of its affiliates accepts no liability for any direct, indirect or consequential loss or expense which you may incur as a result of acting or omitting to act in reliance on this presentation. Robeco is registered with the Netherlands Authority for the Financial Markets. Disclaimer


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