Robeco Asia-Pacific Equities F USD

Bond yields rose in most countries except China, where they flatlined, as macro data have pointed towards weaker growth since May. Most central bankers see inflation as transitory, but in September energy prices rose strongly and will contribute to prolonging the 'temporary' phase. In China, the situation was aggravated by government officials trying to stay within emission budgets. Many factories suffered outages. China was also in the headlines because of the impending collapse of the heavily indebted property developer Evergrande. Foreigners that have always been skeptical of China's property boom cried victory, but it seems the fallout will be contained. Even so, other highly levered property stocks fell strongly in sympathy. China's handling of the precarious situation will be watched closely. The Japanese market got a temporary boost from the unexpected resignation of PM Suga, who had become deeply unpopular. When his successor turned out to be Kishida, the market sold off, as he is seen as status quo. Earnings revisions remain very strong in Japan. Its economy will get a boost from the reopening of the economy, as the state of emergency was lifted on 30 September.

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

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.

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.

Robeco Asia-Pacific Equities is an actively managed fund that invests in stocks in developed and emerging Asian-Pacific countries. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, next to voting and engaging. The fund focuses on stocks of companies incorporated in Asia, Australia or New Zealand or those companies that exercise major part of economic activity from these regions. Country allocation is a less important performance driver, implemented via country and currency overlays. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

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