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Robeco Asia-Pacific Equities D USD

Index: MSCI AC Asia Pacific Index (Net Return, USD)
ISIN: LU0487305319
  • Focused investing in Asia-Pacific equities
  • Concentrated portfolio driven by bottom-up selection targeting approximately 90 positions
  • Risk allocation over performance drivers
Assets class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Asia-Pacific Equities invests in stocks in developed and emerging Asian-Pacific countries. The selection of these stocks is based on fundamental analysis. The fund focuses on stock selection. Country allocation is a less important performance driver, implemented via country and currency overlays. Voting, Engagement, ESG Integration and Robeco's exclusion policy are part of the investment policy.

Price development

No performance data available

Price development

Robeco Asia-Pacific Equities D USD

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Statistics

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Market development

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August was greeted with a new salvo in the trade war and markets duly fell. China retaliated with tariffs on US goods but more importantly by allowing the currency to slide below 7 to the USD and also 2-3% versus the basket. Australian bond yields fell below 1% for the first time ever. Japanese 10-year yields fell to -0.28%, well below the ‘around zero’-zone as defined by the BoJ. Rates in most countries are lower than in 2016, even though inflation is quite a bit higher. Real and absolute interest rates are going negative in many countries and markets seem to think that is normal and sustainable. Is deflation really upon us in Asia? We don't think so. HK protests became more persistent and violent in August. Tourist arrivals have fallen off a cliff and retail landlords were hit. Hong Kong stocks fell 8%. Capital outflows from the territory remain relatively benign suggesting things could quickly recover if parties find mutual ground.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
Screening
Integration
Sustainability Themed Fund

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns.

Dividend policy

The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

ESG Integration policy

Robeco Asia-Pacific Equities integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.

Investment policy

Robeco Asia-Pacific Equities provides a balance between diversified exposure and a more concentrated portfolio to offer exposure to some of the world's fastest-growing economies. The portfolio managers make use of both bottom-up and top-down analysis. Bottom-up stock analysis is a primary driver for stock selection. Top-down opportunities and country selection are based on five-factor country analysis, i.e. using macroeconomics, earnings, technical analysis, valuation and sentiment. The fund makes use of an active currency overlay driven by quantitative models and technical analysis. The fund makes use of risk budgeting to allocate risk against the different performance drivers. Risk is allocated between stock selection, country allocation and currency bets. This Sub-fund may invest in China A-shares via the QFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.

Risk policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

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Asian markets have been captive to trade war and cyclical fears. Taking a long-term perspective, we believe that lower rates and increasing fiscal spending will support regional economies. Corporate earnings growth will be sluggish this year but recover after that. Meanwhile, there are still high returns to be had in Asian equity. Valuations remain low and 20% cheaper than global markets. In Japan, we find many cheap stocks and expect companies with more generous shareholder return policies in particular to be rewarded. China has many pockets of value too. In both countries the gap between cheap and expensive is record high. Value stocks have gone through a long period of weakness that is bound to mean-revert. The fund's portfolio (80 stocks) is extremely good value at 10.6x forward earnings, 5.0x cash flow, 0.9x book and a 3.4% dividend yield.

Arnout van Rijn
Arnout van Rijn

Arnout van Rijn

Mr. van Rijn is CIO Asia-Pacific, Co-Head of the Asia-Pacific team and Lead Portfolio Manager of Robeco Asia-Pacific Equities. From 2003 to 2007 he was the Lead Portfolio Manager of Rolinco, one of Robeco's flagship equity products. Before that Arnout held several positions within the Robeco Equity department covering European, Asian and American markets. From its inception in 1994 until 2000, he was Portfolio Manager of Robeco's Emerging Markets Equities fund. From 2000 to 2002, Arnout worked in Hong Kong as head of the Fund Desk at Rabo Investment Management. He started his career in the investment industry in 1990. Arnout van Rijn holds a Master's degree in Business Economics from Erasmus University Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0487305319
BloombergRGASPUD LX
Valoren3250362
WKNA1J7SW
Availability
1st quotation date1266451200000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

Important legal information

The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.

The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.

Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/RobecoSAM AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/RobecoSAM AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.

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