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Robeco Asian Stars Equities D USD

Index: MSCI AC Asia ex Japan Index (Net Return, USD)
ISIN: LU0591060586
  • Flexible and dynamic investing
  • Targets the most attractive Asian markets
  • Concentrated portfolio of 30 and 40 stocks
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

Robeco Asian Stars Equities is an actively managed fund that invests in stocks of the most attractive companies in Asia. The selection of these stocks is based on fundamental analysis. The fund's focus is on the high-growth developing countries in the region. The fund focuses on stock selection and has a concentrated portfolio.

Price development

No performance data available

Price development

Robeco Asian Stars 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.

Performance explanation

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Based on transaction prices, the fund's return was -4.95%. The portfolio underperformed its benchmark driven by stock selection. While stock selection in industrials and real estate contributed positively last month, that was not enough to offset detractions from our underweight in Chinese internet and regional financials weakness due to recession fears. On the positive side, Chinese gypsum board maker Beijing New Building Materials staged a rally as a beneficiary of the anticipated recovery in property. China Overseas Land is considered a consolidator with a strong balance sheet amid property recovery. PICC P&C rebounded as a reopening play with auto and auto insurance sales resuming. On the other side, KB Financial in South Korea suffered after the South Korean FSS (Financial Supervisory Service) regulator pressured South Korean banks to lower their loan pricing and increase provisions. Weak sentiment in global semiconductors hurt our favorite exposure in Asia: SK hynix and GlobalWafers. Earnings remain solid for this segment, where companies are trading at steep discounts to their intrinsic values. We believe once the panic is over, these stocks will rebound.

Statistics

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Market development

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In June, Asian markets dropped 5.1%, outperforming global equities, which dropped 8.6%, and concluded the worst half-year performance since 1987 at -20.9%. Inflation kept central banks glued to their hawkish stance, with the Federal Reserve delivering its biggest hike (75 bps) since 1994. China (+5.7%) and Hong Kong (+0.9%) delivered a positive return last month, as investors welcomed the signs of reopening, policy easing and messages of internet sector policy easing in China. South Korea (-17.3%) and Taiwan (-15.2%) were deep in the red, with the tech sell-off picking up pace in the region on order cuts in semiconductors (-19.4%). Meanwhile, foreign outflows persisted in India (-6.8%), pushing down the rupee (-1.7%). ASEAN (-8.8%) was also weak in June, led by Indonesia (-9.7%) and the Philippines (-13.6%).

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 dividends

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 Asian Stars Equities is an actively managed fund that invests in stocks of the most attractive companies in Asia. 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's focus is on the high-growth developing countries in the region. The fund focuses on stock selection and has a concentrated portfolio.The majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark index may be selected too. The fund can deviate substanitally 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 VaR Ratio) 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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Asian markets fell less in 2022 compared to developed markets and should come back into favor now that China is stabilizing. 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 and especially in our portfolio offer a lot of support, while earnings growth is looking healthy as many regional economies are still in the reopening phase post Covid. 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, our markets are negatively impacted by ever higher energy prices and a recession in the West will hurt Asia too, especially if demand for semiconductors, that has been a key driver for the region, crumbles. Asia-Pacific should however hold up much better, as the region has pent-up demand. Consensus expects earnings in Asia to be flat in 2022, slowing from 26% in 2021. Valuations remain low in Asia and 30% cheaper than the global markets. The fund's portfolio (43 stocks) is good value at 8.9x forward earnings, 5.3x cash flow, 1.0x book, 14.2% ROE and 4.2% dividend yield.

Vicki Chi, Joshua Crabb
Vicki Chi, Joshua Crabb

Vicki Chi, Joshua Crabb

Vicki Chi is Portfolio Manager in the Asia Pacific team with a focus on Taiwan and China. Prior to joining this team in 2014, she was an Analyst in the Robeco Emerging Markets team where she covered Chinese stocks in the telecom and banking sector. Vicki started her career in 2006 at Robeco. She is a native speaker of Mandarin Chinese and holds a Master’s in Business Administration from Erasmus University Rotterdam. She also is a CFA® charterholder. Joshua Crabb is Portfolio Manager in the Asia Pacific team, responsible for the management of multiple institutional mandates. Before joining Robeco in 2018, Joshua was Head of Asian Equities at Old Mutual and Portfolio Manager at BlackRock and Prudential in Hong Kong. He started his career in the investment industry as Sector Analyst at BT Financial Group in 1996. Joshua holds a Bachelor's with Honors in Finance from the University of Western Australia and he is a CFA® charterholder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0591060586
BloombergRASTEDU LX
Valoren12465561
WKN
Availability
1st quotation date1391558400000
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
Service fee

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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