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Robeco Asian Stars Equities IL USD

Index: MSCI AC Asia ex Japan Index (Net Return, USD)
ISIN: LU0963031652
  • 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 IL 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 2.73%. The portfolio outperformed its benchmark, driven by stock selection and country allocation. Low exposure to India contributed positively last month. Stock selection in China and Taiwan did particularly well. In terms of sectors, energy, communication services and utilities contributed positively. On the positive side, China Petroleum reported good results and saw its share price rally. The stock is still trading on 15% dividend yield and is great value in our view. Taiwanese semiconductor wafer company GlobalWafers also reported strong results and outlook, benefiting in May from improving sentiment in technology. China Oilfield Services' improving outlook in both its domestic and international businesses sent its share price up. Chinese wind power utility Longyuan dusted off weak Q1 results, as it will receive the government subsidy owed to it, further improving its growth outlook. On the other hand, Bank Mandiri saw profit-taking along with the Indonesian market. China Overseas Land faced weaker sentiment in Chinese property, as investors question whether the supportive policies of the government have been sufficient to lift demand. DBS saw some profit-taking after strong Q1 results.

Statistics

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Market development

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Asian markets registered the first positive monthly return for the year, led by the recovery in North Asian markets. In May, Asian markets (+0.2%) outperformed global markets (-0.1%) once again. Inflationary pressure remains high. The Federal Reserve delivered the first 50 bps rate hike in 22 years and announced plans for balance sheet tightening to tackle rising prices. Many Asian central banks decided to follow the Fed. In May, we saw hikes in South Korea, India, Hong Kong and the Philippines. Meanwhile, the Covid lockdown impact on the Chinese economy has become increasingly taxing. China announced a 15 bps cut in its 5-year LPR, followed by more policy support to the economy from its State Council. After a lockdown of over 60 days, Shanghai citizens were finally allowed out on the streets by 1 June. Taiwan rebounded (+3.6%) in May, with a strong earnings season and improved sentiment in tech. Foreign outflows picked up in India (-6%) on an underwhelming earnings season, while ASEAN (-1.9%) was dragged down by notable losses in Singapore (-3.6%), Indonesia (-3.6%) and Malaysia (-2.5%).

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 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. Also in Asia, monetary policy does not need to tighten as much as in the West while inflation largely stays at bay. Consensus expects earnings in Asia to be flat in 2022, slowing from 26% in 2021. Revisions have been dragged down by China's lockdowns. Valuations remain low in Asia and 30% cheaper than the global markets. We continue to focus on bottom-up stock picking and on companies that have solid cash flow generation, trade at good prices, have positive earnings and have a positive price momentum. The fund's portfolio (43 stocks) is good value at 9.2x forward earnings, 5.4x cash flow, 1.1x book, 14.3% ROE and 3.8% dividend yield.

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
ISINLU0963031652
BloombergROBASIL LX
Valoren22117969
WKN
Availability
1st quotation date1377129600000
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 0.01% 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.

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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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