Robeco Chinese Equities M USD

Investing in the new emerging economy of China

Clase de acción Clase de acción 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.

Clase y códigos

Clase de activos
Equities
ISIN
LU1124238343
Bloomberg
ROBCEMU LX

Clase de activos

Equities

ISIN

LU1124238343

Bloomberg

ROBCEMU LX

Índice

MSCI China 10/40 Index (Net Return, USD)

Información sobre sostenibilidad
Información sobre sostenibilidad
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.

Artículo 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

( 30-06 )

Visión general Rentabilidad & costes Cartera de valores Sostenibilidad Comentario Documentos

Puntos clave

Focused investing in Chinese equities, benefiting from on-the-ground research in China
Identify long-term structural growth themes in China and select structural winners within the themes
Concentrated portfolio of 30-50 positions

Acerca de este fondo

Robeco Chinese Equities is an actively managed fund that invests in listed stocks of leading Chinese companies. 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 identifies attractive macro-economic themes and selects fundamentally sound companies. Both offshore (Hong Kong and US listed) and, to a limited extent, domestic Chinese stocks are selected.

Hechos clave

A 30-06-2026

Tamaño del fondo	USD 135,243,773
Tamaño de la clase de acción	USD 793,664
Fecha de creación de la clase de acciones	23-10-2014
Rendimiento de 1 año	2.37%
Pago de dividendos	No

Gestor del fondo

Jie Lu
Team China

Mr. Lu is the Head of Investments China. He is responsible for Robeco’s overall investments and research activities in China. Before joining Robeco in Nov 2015, Mr. Lu worked as a Portfolio Manager at Norges Bank Investment Management in Shanghai from 2011 to 2015, and as an analyst in Hong Kong from 2009 to 2011. Prior to that, he worked at the M&A department of Morgan Stanley Asia Ltd. Mr. Lu started his career as an engineer at Motorola, Inc. in 2000 and subsequently held several managerial positions. Mr. Lu is a native Mandarin Chinese speaker. He holds an MBA with Distinction in Finance and Marketing from the Kellogg School of Management at Northwestern University in the US. He also holds a Master’s degree in Electrical Engineering and Computer Science from the University of Illinois in the US and a Bachelor's degree in Biochemistry from Fudan University in China. The Chinese Equities investment team consists of five investment professionals with an average experience of 10 years, combining complementary skills and worldwide investment backgrounds. The team’s portfolio managers place local insights into the context of a wider regional and global perspective. Local presence in Hong Kong and Shanghai allows for optimal coverage of both off- and onshore markets, respectively.

Por periodo	Fondo	Index
1 mes	-6.06%	-7.11%
3 meses	-4.44%	-5.82%
YTD	-8.13%	-12.59%
1 año	2.37%	-3.24%
2 años	14.59%	14.04%
3 años	5.77%	8.18%
5 años	-10.59%	-6.03%
10 años	3.69%	4.79%
Desde inicio 22-10-2014	2.53%	3.43%

Estadísticas	3 años	5 años
Error de seguimiento 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.	3.98	4.91
Ratio de información 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.	0.18	-0.49
Ratio de Sharpe 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.	0.18	-0.46
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..	0.74	-3.17
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.	1.01	0.94
Desviación estándar 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).	23.73	26.67
Máx. ganancia mensual (%) The maximum (i.e. highest) absolute positive monthly performance in the underlying period.	24.60	24.60
Máx. pérdida mensual (%) The maximum (i.e. highest) absolute negative monthly performance in the underlying period.	-11.10	-15.71

Coste de este fondo	Porcentaje
Gastos corrientes 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.	2.26%
Comisión de gestión incluida A fee paid by the fund to the asset management company for the professional management of the fund.	2.00%
Comisión de servicio incluida This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.20%
Gastos transaccionales The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.90%

Tratamiento fiscal del producto

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.

Tratamiento fiscal del inversor

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.

Evolución del mercado

A 30-06-2026

China's manufacturing sector showed encouraging stabilization in June, with the PMI returning to expansionary territory at 50.3. This uptick was largely driven by a de-escalation of tensions in the Middle East and improving US-China trade relations, which helped bolster corporate confidence and lifted new export orders. However, the underlying recovery remains distinctly K-shaped. High-tech and equipment manufacturing continue to outperform, fueled by Beijing's push for innovation and supply chain upgrades, while traditional, energy-intensive industries lag behind. Fortunately, a recent drop in global oil prices has provided much-needed relief to midstream and downstream manufacturers by narrowing the gap between input costs and output prices, easing the severe profit margin squeeze these firms have been facing.

Explicación del rendimiento

A 30-06-2026

Based on transaction prices, the fund's return was -6.06%. Robeco Chinese Equities outperformed the benchmark in June. At the sector level, information technology, healthcare and energy contributed positively. Financials and materials detracted. At the stock level, the main contributors were GigaDevice Semiconductor, WuXi AppTec Co., and L&K Engineering (Suzhou) Co. The top detractors were Kingboard Laminates, Hua Hong Grace Semiconductor, and Tianshan Aluminum Group.

Expectativas del gestor del fondo

Jie Lu
Team China

China enters 2026 following a strong equity market rally in 2025, driven by renewed confidence in innovation and a moderation in US-China trade tensions. Policymakers are now prioritizing stability, execution quality, and longer-term economic rebalancing rather than aggressive reflation. Against this backdrop, the equity market is transitioning from a valuation-led recovery to a more earnings-driven phase. China's National People's Congress (NPC) has set a 2026 GDP growth target of 4.5 to 5%, signaling a preference for incremental easing and calibrated support rather than large-scale stimulus. While fiscal and monetary tools remain available, they are being deployed more selectively, with greater emphasis on addressing domestic frictions such as overcapacity, weak pricing power, and inefficient competition, while advancing priorities including anti-involution, market unification, and innovation led upgrading.

Robeco Chinese Equities M USD