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Robeco Asian Stars Equities F GBP

Index: MSCI AC Asia ex Japan Index (Net Return, GBP)
ISIN: LU1408525381
  • Flexible and dynamic investing
  • Targets the most attractive Asian markets
  • Concentrated portfolio of 30 and 40 stocks
Asset class
Current price ()
Performance YTD ()
Currency GBP
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 F GBP

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 -0.55%. The portfolio outperformed its benchmark driven by stock selection. Stock selection in China, Vietnam and Singapore did particularly well. In terms of sectors, communication services, industrials and IT contributed positively. On the positive side, Vietnam IT services and telecom company FPT rebounded on healthy earnings. Singapore conglomerate Jardine Cycle & Carriage performed well on its Indonesian exposure and attractive valuation. Not owning Tencent continued to contribute positively last month. Chinese wind power utility Longyuan Power performed well on good earnings visibility in a high oil price environment. Bank Mandiri rallied as investor interest returned to Indonesia. On the other side, Chinese noodles and beverage giant Tingyi was hit with a food safety scandal on national TV. Chinese medical equipment and consumables maker Shandong Weigao reported good results, but the market ignored them as negative sentiment swept through Chinese healthcare stocks. Chinese home appliance brand Midea dropped on concerns of higher commodity prices. Not owning Reliance Industries in India detracted, although the company continued to report muted earnings.

Statistics

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Market development

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Asian equities retraced 2.9% in March against an advance of 1.9% for global equities. China (-8.0%) was the main detractor as a resurgence of Covid-19 led to lockdowns in various cities across the country, including Shanghai and Shenzhen. The already fragile consumer sentiment turned even weaker, while production and logistics faced challenges. China's growth target for 2022 was set at 5.5%, but few people believe this can be achieved when both exports and domestic consumption are likely to be slow. There was also an enormous whipsaw in prices of China shares listed in the US. As a group they fell by 25% on the threat of de-listing, to recover all on some rapprochement between China and US regulators later on. Technology sector weakness and outflows weighed on Taiwan (-2.4%). The Indian market responded positively (+3.6%) to state elections voting in favor of the ruling BJP, indicating policy continuity going forward. Indonesia also performed well (+2.1%) with positive flows into the market.

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 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'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 should come back into favor as soon as China stabilizes. Asia is no longer as sensitive to US rate hikes as earlier, 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. In Asia, monetary policy does not need to tighten as much as in the West, while inflation largely stays at bay. In fact, China can see some easier policies to support growth. Valuation is attractive in ASEAN countries, while the economies reopen and activities recover. India's high valuation indicates that a private corporate capex upcycle is already happening, while in reality it is unproven. Indonesia is better positioned for higher commodity prices for sure. Consensus expects earnings in Asia to grow 5.5% in 2022, slowing from 26% in 2021. Revisions are plateauing. Valuations remain low in Asia and 30% cheaper than the global markets. The fund's portfolio (43 stocks) is good value at 9.3x forward earnings, 5.5x cash flow, 1.1x book, 14.2% ROE and 3.8% 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
ISINLU1408525381
BloombergROASEFG LX
Valoren32537574
WKN
Availability
1st quotation date1462838400000
Close financial year01-12
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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