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Markets became quite positive in October. Some friendlier words on the trade war and signs of stabilization in the Chinese economy fueled the notion that the worst is behind us for the economic environment. Many remarks from technology companies confirmed that clients have started to order again. The more cyclical markets like Japan and Taiwan outperformed. Japan also saw the second consumption tax hike to 10%. Fears of a negative fallout on the economy so far have proven to be exaggerated. Even after a massive typhoon hit the Tokyo area in the middle of the month, government support measures to promote electronic payments kept retail sales fairly strong. Hong Kong was more seriously hurt. Retail sales fell more than 20% in September and October now that Chinese no longer want or dare to visit the Special Administrative Region. Calls for landlords to cut rents are becoming widespread.
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Sustainability Themed Fund |
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 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 management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
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 the markets are 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 11.5x forward earnings, 5.2x cash flow, 1.0x book and a 3.3% dividend yield.
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.
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ISIN | LU1278322265 |
Bloomberg | RAPAEFU LX |
Valoren | 29268647 |
WKN | A14ZPB |
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1st quotation date | 1440633600000 |
Close financial year | 31-12 |
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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.
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