Asia-Pacific Equities D SGD - LU3392758747

Key points

Contrarian biased strategy in Asia Pacific equities, targeting an active share in excess of 80%
Value with a future: Unique blend of value style and momentum awareness
Concentrated portfolio driven by bottom-up selection targeting approximately 60-90 positions

About this fund

Robeco Asia-Pacific Equities is an actively managed fund that invests in stocks in developed and emerging Asian-Pacific countries. 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 focuses on stocks of companies incorporated in Asia, Australia or New Zealand or those companies that exercise major part of economic activity from these regions. Country allocation is a less important performance driver, implemented via country and currency overlays.

Key facts

Per 31-05-2026

Inception date share class	16-06-2026
Dividend paying	No

Fund manager

Joshua Crabb
Harfun Ven

Joshua Crabb is Lead Portfolio Manager and Head of Asia Pacific Equities. 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. Harfun Ven is Portfolio Manager in the Asia Pacific team with a focus on cyclical sectors. Prior to joining Robeco in 2008, he was Portfolio Manager Japanese Equities at Alliance Trust. Harfun also managed Premier Alliance Trust Japan Equity, a top quartile ranked fund. Before that, he spent six years with Bowen Capital Management, managing both Japan-only and Asia-Pacific funds. He started his career in the investment industry in 1998. Having grown up in Japan, he fluently speaks Japanese, Cantonese and English. Harfun holds an MBA from Boston University and a Bachelor's from the University of Massachusetts.

The performance data for this fund is either unavailable or restricted by the MIFID legislation, which prevents us from reporting performance data for funds with less than a 12-month track record.

Cost of this fund	Percentage
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.	1.75%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.50%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.20%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.07%

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.

Market development

Per 31-05-2026

Asia outperformed strongly, with MSCI Asia Pacific +8.5%, reaching new highs and beating US and Europe. The rally broadened after early rate volatility, but remained firmly AI/IT-led. Leadership & dispersion: South Korea (+35%) and Taiwan (+16%) led on strong earnings and upgrades, with Japan also positive. In contrast, China (-3%) lagged on weak consumption, Hong Kong softened on liquidity concerns, and India drifted amid IT disruption fears. ASEAN was flat, lacking AI exposure. Earnings momentum: Upward earnings revisions concentrated in South Korea, Taiwan and Japan, led by tech. China saw isolated improvement (e.g., real estate), while India faced notable downgrades (staples). Valuations & positioning: South Korea remains cheap despite outperformance, while Taiwan screens expensive on a cyclical peak. Indonesia also looks deeply discounted. China and India are broadly in line with history.

Expectation of fund manager

Joshua Crabb
Harfun Ven

Asia Pacific equity markets have continued to new highs after the rebound last month and continue to outperform US and EU markets. Performance continues to be narrow, concentrated in AI-exposed IT leaders in South Korea, Taiwan and, Japan. Encouragingly, capex and order momentum across the AI ecosystem continues to support earnings growth, particularly within semiconductors and related supply chains. We previously viewed the Iran-related sell-off as an attractive entry point given resilient fundamentals and the valuation reset at that time – a view that has been validated by the subsequent rebound.