Robeco Asian Stars Equities I USD
Concentrated and unconstrained investment in Asia's brightest stars
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
I-USD
D-EUR
D-USD
DL-USD
E-EUR
F-EUR
F-GBP
IL-USD
ML-USD
Class and codes
Asset class:
Equities
ISIN:
LU1113137688
Bloomberg:
RASTEIU LX
Index
MSCI AC Asia ex Japan Index (Net Return, USD)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (28/02)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Flexible and dynamic investing
- Targets the most attractive Asian markets
- Concentrated portfolio of 30 and 40 stocks
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.
Key facts
Total size of fund
$ 34,687,965
Size of share class
$ 5,734,913
Inception date fund
25-09-2014
1-year performance
-9.14%
Dividend paying
No
Fund manager
Vicki Chi
Joshua Crabb
Vicki Chi is Portfolio Manager in the Asia Pacific team with a focus on the Philippines. 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 Lead Portfolio Manager and Head of Asia Pacific Equities. In the emerging markets universe he covers Thailand and Vietnam. 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.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
-4.71%
-6.82%
3 months
3.70%
0.64%
YTD
3.44%
0.83%
1 year
-9.14%
-14.40%
2 years
-5.86%
-14.42%
3 years
8.22%
1.30%
5 years
2.05%
-0.91%
Since inception 09/2014
4.38%
3.09%
2022
-13.66%
-19.67%
2021
8.20%
-4.72%
2020
20.11%
25.02%
2019
18.92%
18.17%
2018
-18.51%
-14.37%
2020-2022
3.91%
-1.46%
2018-2022
1.69%
-0.64%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
6.25
5.63
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
1.34
0.69
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
0.42
0.08
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
8.33
3.71
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
0.91
0.92
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
20.65
18.60
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
14.64
14.64
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-15.33
-15.33
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
25
35
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
69.4
58.3
Months Bull market
Number of months of positive benchmark performance in the underlying period.
17
29
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
14
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
58.8
48.3
Months Bear market
Number of months of negative benchmark performance in the underlying period.
19
31
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
15
21
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
78.9
67.7
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
0.87%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.70%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.16%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.26%
Performance fee
A performance fee is a cost that is only deducted when the fund realizes a certain result over a specified period. For more information on the performance fee deducted over the last financial year, please refer to the Key Investor Information, the prospectus or the annual report.
15.00%
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.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns.
The fund does not distribute dividends.
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 management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Full sustainability-related disclosures
Download full reportSummary sustainability-related disclosures
Download summarySustainability profile
Sustainability
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.
Market development
After a roaring start of the year, Asian markets dropped back (-6.8%) in February more than global equities (-3%), shifting from China's reopening optimism to focus on a longer tightening interest rate cycle with higher peak rates in the US. The 2-year US Treasury yield reached 4.83%, the highest level since 2007, pulling risk assets lower. China and Hong Kong were the worst-performing markets (-10.4% and -7.1% respectively), but A-shares notably outperformed (CSI300 -4.7%). China saw the re-surfacing of geopolitical risks with the US on the 'spy balloon' incident, as well as regulatory risks. Most Chinese earnings previews for 2022 were weaker than expected. Although given that the reopening only happened in November and Covid spread through the country in December, 2022 earnings are in the rear-view mirror. Indonesia (-0.8%) outperformed on a better-than-expected trade surplus and flat deadline inflation in January. Taiwan (-1.4%) led South Korea (-6.6%) in tech sector gains. In India (-4.7%), further declines in Adani Group stocks were offset by better performance in financials and staples.
Performance explanation
Based on transaction prices, the fund's return was -4.71%. The portfolio outperformed its benchmark driven by stock selection. Stock picks in China and Indonesia worked well in February. In a semiconductor rebound favoring Taiwan, our stock selection in Taiwan and South Korea detracted this month. On the positive side, Indian financials rebounded from weak sentiment last month, benefiting our holding ICICI Bank. China Resources Pharmaceutical outperformed in China as a defensive exposure with an improving earnings trend. Bank Mandiri in Indonesia outperformed on improving sentiment in the country. Chinese recycling gypsum board maker Beijing New Building Material rallied on further supportive policies for the property sector. On the other side, Alibaba and Ping An dropped back after a very strong rebound in January. Regulatory risks rose in South Korea as President Yoon Suk-yeol attempted to improve his popularity. Our holdings KB Financial and KT Corp dropped on less hope for shareholder returns in the short term. A further retreat of oil prices in February led to a weaker performance of China Oilfield Services.
Expectation of fund manager
Vicki Chi
Joshua Crabb
Asian markets came back into favor as China abandoned its zero-Covid policy. After the first rally off the low, it is a great time for global investors to allocate to Asia. We focus on companies with a solid business model that can deliver stronger earnings recovery into next year. Although with global growth slowing there will be mounting earnings risks, the sounder fiscal and monetary policy that has been adopted in Asia should make markets more resilient than in the past. A trip to ASEAN recently confirmed that investment and growth continue to be robust, despite some inflationary pressures, especially in Indonesia. Concerns over growth are likely to remain in cyclical sectors such as tech hardware, but asset-based valuations are getting closer to a trough and this should provide a floor. The recent market rout surrounding Adani Group companies highlights the importance of incorporating corporate governance analysis into valuations of emerging market companies. India is a good long-term story, but we remain selective and disciplined with our value approach.