Robeco Asian Stars Equities I USD
- Flexible and dynamic investing
- Targets the most attractive Asian markets
- Concentrated portfolio of 30 and 40 stocks
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Asian markets rallied 3.4% in January, continuing the outperformance over the global index by 3.9% into 2021. The new year started with a risk-on mode and enthusiasm around global reflation. The additional fiscal stimulus package proposed by the new US administration and the positive progress of mass vaccination across countries were reasons to be optimistic on global growth. Fund flows have been strong (GEM: USD 13 bln; AxJ funds: USD 10.8 bln). The outgoing Trump administration banned US persons from investing in certain Chinese stocks related to the military. Southbound investors (mainland funds investing in Hong Kong) quickly picked up the bargains and have become a powerful force in offshore Chinese stocks. ASEAN countries underperformed the regional index last month, as Covid cases increased and most ASEAN countries only expect to receive a limited number of vaccines in the near term. Inflation remains the big debate. Consumer prices stayed low in most countries, but bond markets have started to price in an increase ever since the low point in March 2020. The reflation trade that started after the Biden election continued into January, but faded towards the end of the month.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Fund Classification
| Yes | No | N/A | ||
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| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Sustainability Themed Fund |
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
Robeco Asian Stars 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.
Investment policy
Robeco Asian Stars: Invest in Asia's best. The focus is on the most attractive investments in an exciting growth region. The fund leverages on Robeco's local resources in China and India. The fund will have a high-conviction, high-alpha portfolio with around 30-60 stocks. 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 policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}With the strong price recovery, Asia-Pacific stocks are preferred over other investment vehicles such as bonds or property. We are bullish on Asian markets: 1) Asia has (IT) infrastructure demands that the world needs; 2) fund flows have begun to return, while Western central banks will continue to inflate asset prices; 3) valuations are well below global averages, while the earnings outlook is improving quickly. We are bullish on Asian markets, expecting a recovery in earnings in 2021. Following negative fund flows in the first three quarters of 2020, we have recently begun to see positive flows. The tech-heavy and Covid-light markets China, South Korea and Taiwan are most popular. We expect more positive flows to support the markets. Low valuations and structural growth are good reasons to move money to Asia. We do believe lower rates and increased fiscal spending will support regional economies, and we are starting to see the pieces fall into place for a value bottom. Valuations remain low in Asia and are 20% cheaper than global markets. The fund's portfolio (40 stocks) is good value at 14x forward earnings, 6.7x cash flow, 1.3x book, 15% ROE and 2.7% dividend yield.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1113137688 |
| Bloomberg | RASTEIU LX |
| Valoren | 25487427 |
| WKN | A2PV5D |
| Availability | |
| 1st quotation date | 1411603200000 |
| Close financial year | 31-12 |
| Legal status | |
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| Morningstar |
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Cost of this fund
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Transaction costs |
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Performance fee |
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Extra fees
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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 0.01% 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
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.
