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Robeco Asia-Pacific Equities F USD

Index: MSCI AC Asia Pacific Index (Net Return, USD)
ISIN: LU1278322265
  • Focused investing in Asia-Pacific equities
  • Concentrated portfolio driven by bottom-up selection targeting approximately 90 positions
  • Risk allocation over performance drivers
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

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 analysisThe fund's objective is to achieve a better return than the index. 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.

Price development

No performance data available

Price development

Robeco Asia-Pacific Equities F 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.

Performance explanation

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Based on transaction prices, the fund's return was 3.32%. The portfolio outperformed its benchmark by 1.1% based on NAV. Stock selection in Japan contributed most to the relative return. Industrial technology companies like Hitachi and Rohm rose 11% and 18% resp., supported by healthy earnings and good free cash flow forecasts. On the other hand, Japanese life insurer T&D Holdings fell 12%. The company is deeply underpriced, but lags behind peers in using some of its reserve buffer to buy back shares. Internet platform Z Holdings (-17%) also disappointed investors when it stated that in its new fiscal year it would once again invest billions in its successful payment system. The pot of gold is always at the end of the next rainbow, it seems. Chinese oil and hydrogen major Sinopec paid its dividend in May, and the current yield is nearly 15%. One bird in the hand, is better than ten in the sky, as the Dutch saying goes. The value of the position rose 7% in May. The fund benefited from its heavy underweight in the Indian market. India underperformed on the hawkish surprise delivered by the Reserve Bank and risk of rising inflation. We are happy to report that our fund has been able to contain the damage in a tough year for global equity markets.

Statistics

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Market development

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Asia-Pacific markets traded mixed in May. Many Asia-Pacific central banks decided to follow the US Fed and raise interest rates driven by higher inflation to support their currencies. We saw hikes in Australia, South Korea, India, Hong Kong, the Philippines and New Zealand. China cut interest rates to support an economy mostly hurt by its own Covid restrictions. As a result, China was the best performer in May, up 4%. The whole world has to deal with rising food and resource prices, but Asian inflation looks to be capped. Few Asian governments pumped as much money into their economies during the pandemic as the US and Europe did, without the demand pull inflation and numbers staying benign. Most Japanese companies are loath to hike local prices, afraid of a consumer backlash. The weak yen gives a boost to many bottom lines and the Japanese earnings season resulted in positive surprises and a record announcement of stock buybacks. Anthony Albanese was elected as new Australian PM, with a focus on his attitude to the environment and relations with China. 'Bong-Bong' Marcos, the son of a dictator and kleptocrat that fled the country only 36 years ago, won the Philippine presidential election.

Fund allocation

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Name Sector Weight
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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

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.

Investment policy

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 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. 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 policy

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

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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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.

Expectation of fund manager

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Asia-Pacific markets should come back into favor as soon as China stabilizes. Asia is no longer as sensitive to US rate hikes as it used to be, because its fundamental balances are much healthier. Multiples in Asia Pacific, and especially in our portfolio, offer a lot of support while earnings growth is looking healthy; especially in Japan and Australia. Also in Asia, monetary policy does not need to tighten as much as in the West while inflation largely stays at bay. In fact, China should see some easier policies to support growth. Of course, further warfare resulting in even higher oil prices, further supply chain disruptions and slower global growth are risks for Asia too. In Japan and South Korea, consumption should pick up as Covid measures are lifted. The domestic economy of China has downside risk from property. Strong tech demand remains a driver for South Korea, Taiwan and Japan. For EPS growth in 2022, we expect a modest 8% and are monitoring closely how input prices can be passed on. Valuations are 20% cheaper than global markets. The fund's portfolio (83 stocks) is excellent value at 10x earnings, 1.0x book, 8.6% forward free cash flow yield and a 3.6% dividend yield. The active share stands at 80% and beta is 1.01.

Arnout van Rijn
Arnout van Rijn

Arnout van Rijn

Arnout van Rijn is CIO Asia Pacific, Co-Head of the Asia Pacific team and Lead Portfolio Manager of Robeco Asia Pacific Equities. Previously, he was Lead Portfolio Manager of Rolinco, one of Robeco's flagship global 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. He started his career in the investment industry in 1990. Arnout holds a Master's in Business Economics from Erasmus University Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1278322265
BloombergRAPAEFU LX
Valoren29268647
WKNA14ZPB
Availability
1st quotation date1440633600000
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.

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Disclaimer Robeco Switzerland Ltd.

The information contained on these pages is for marketing purposes and solely intended for Qualified Investors in accordance with the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”) domiciled in Switzerland, Professional Clients in accordance with Annex II of the Markets in Financial Instruments Directive II (“MiFID II”) domiciled in the European Union und European Economic Area with a license to distribute / promote financial instruments in such capacity or herewith requesting respective information on products and services in their capacity as Professional Clients. 

The Funds are domiciled in Luxembourg and The Netherlands. ACOLIN Fund Services AG, postal address: Affolternstrasse 56, 8050 Zürich, acts as the Swiss representative of the Fund(s). UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich, postal address: Europastrasse 2, P.O. Box, CH-8152 Opfikon, acts as the Swiss paying agent. The prospectus, the Key Investor Information Documents (KIIDs), the articles of association, the annual and semi-annual reports of the Fund(s) may be obtained, on simple request and free of charge, at the office of the Swiss representative ACOLIN Fund Services AG. The prospectuses are also available via the website www.robeco.ch. Some funds about which information is shown on these pages may fall outside the scope of the Swiss Collective Investment Schemes Act of 26 June 2006 (“CISA”) and therefore do not (need to) have a license from or registration with the Swiss Financial Market Supervisory Authority (FINMA). 

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