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Robeco Chinese Equities E EUR

Investing in the new emerging economy of China

Contact us

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.

E-EUR

D-EUR

D-USD

F-EUR

I-EUR

I-USD

M-USD

Class and codes

Asset class:

Equities

ISIN:

LU0440072071

Bloomberg:

RCGEQEE LX

Index

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

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 (30/04)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
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Fund topics

Overview
Performance & costs
Portfolio
Sustainability
Commentary
Documents
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MISSING: fund.detail.tabs.

Key points

  • 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

About this fund

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.

Key facts

Per 30-04-2025

Total size of fund

€ 119,640,071

Size of share class

€ 2,253,108

Inception date share class

26-11-2014

1-year performance

9.98%

Dividend paying

Yes

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Performances are net of fees and based on transaction prices.

Fund manager

Jie Lu

Jie Lu

Team China

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.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 30-04-2025
Per period Fund Index

1 month

-10.05%

-8.96%

3 months 

-1.41%

-1.14%

YTD

-0.77%

-0.23%

1 year

9.98%

17.80%

2 years

-0.30%

6.23%

3 years

-6.43%

0.70%

5 years

-2.51%

-0.68%

10 years

-0.78%

0.56%

Since inception 11/2014

2.83%

4.13%

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2024

17.41%

26.15%

2023

-22.01%

-13.99%

2022

-26.09%

-16.39%

2021

-11.56%

-14.08%

2020

48.72%

19.95%

2022-2024

-12.20%

-3.19%

2020-2024

-2.30%

-1.33%

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

  • Statistics
  • Hit-ratio
Per 30-04-2025
Statistics 3 years 5 Years

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.

4.71

6.00

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.

-1.27

-0.06

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.

-0.28

-0.10

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..

-6.25

-0.42

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.

0.92

0.95

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).

27.90

24.51

Max. monthly gain (%)

The maximum (i.e. highest) absolute positive monthly performance in the underlying period.

23.57

23.57

Max. monthly loss (%)

The maximum (i.e. highest) absolute negative monthly performance in the underlying period.

-16.45

-16.45

Above mentioned ratios are based on gross of fees returns.
Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

15

31

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

41.7

51.7

Months Bull market

Number of months of positive benchmark performance in the underlying period.

17

28

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

7

15

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

41.2

53.6

Months Bear market

Number of months of negative benchmark performance in the underlying period.

19

32

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

8

16

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

42.1

50

Above mentioned ratios are based on gross of fees returns.

Dividend paying history

Per 30-04-2025
Date Amount

23-04-2025

€ 0.44

24-04-2024

€ 0.02

27-04-2023

€ 0.02

28-04-2022

€ 0.15

Costs

Per 30-04-2025
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.

1.87%

Included management fee

A fee paid by the fund to the asset management company for the professional management of the fund.

1.60%

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.

0.99%

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.

Performance
Price development
Statistics
Dividend history
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Asset

Country

Sector

Top 10

  • Asset
  • Country
  • Sector
  • Top 10
Per 30-04-2025

Policies

  • The fund is allowed to pursue an active currency policy to generate extra returns.

  • The fund distributes a dividend on an annual basis.

  • 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. 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.

  • Active. Risk management systems continually monitor the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.

Fund allocation
Policies

Sustainability-related disclosures

  • Summary sustainability-related disclosures
  • Full sustainability-related disclosures

Sustainability profile

Per 30-04-2025
ESG Integration
Voting & Engagement

ESG Important Information

The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.

Sustainability

Per 30-04-2025

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.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI China 10/40 Index (Net Return, EUR).

Sustainability-related disclosures
Profile
ESG Important Information
Sustainability
Sustainability metrics

Market development

Per 30-04-2025

China's markets experienced significant volatility in April, driven by the overwhelming tariff headlines. While market anxiety peaked in early April, it moderated slightly as hopes grew for domestic stimulus and potential tariff negotiations. In China, manufacturing activity contracted notably, with the NBS Manufacturing PMI declining by 1.5 percentage points to 49 in April. New export orders fell sharply by 4.3 percentage points to 44.7, reflecting declines in high-tech manufacturing, equipment exports, and basic raw materials. Deflationary pressures also mounted, with April's PPI expected to fall by 0.3 percentage points year-over-year to -2.8%. Many exporters have halted production and shipments to the US due to the uncertainty surrounding tariffs.

Performance explanation

Per 30-04-2025

Based on transaction prices, the fund's return was -10.05%. Robeco Chinese Equities outperformed the benchmark in April. At the sector level, there was positive contribution from consumer discretionary, consumer staples and information technology. There was negative contribution from industrials, healthcare and financials. At the stock level, the main contributors were Hesai, Pop Mart International, and Giant Biogene. The main detractors were JD.com, KPC Pharmaceuticals, and Lenovo.

Expectation of fund manager

Jie Lu

Jie Lu

Team China

Team China

China enters 2025 with a renewed focus on growth, as policymakers deploy fiscal and monetary tools to address significant economic challenges. In the March NPC meeting, the government raised its augmented fiscal deficit, primarily through an increase in the official budget deficit, expanded quotas for special long-term treasury bonds, and local government special bonds (LGSBs). Local governments will be encouraged to use these bond quotas to stabilize the property market by repurchasing land, reducing inventory, and providing financial support to developers. Stimulating domestic consumption remains central to China's growth strategy, with the 'internal circulation' initiative aimed at boosting consumer spending to rebalance the economy.

Market development
Performance explanation
Expectation of fund manager

Important information

Past performance is no indication of current or future performance. This is not a buy, sell or hold recommendation for any particular security. No representation is made that these examples are past or current recommendations, that they should be bought or sold, nor whether they were successful or not.​

Any opinion or estimate contained in this website is made on a general basis and is not to be relied on by the reader as advice. Robeco reserves the right to make changes and corrections to its opinions expressed here, this website and the associated materials and links at any time, without notice.

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Investment involves risks. Past performance is not indicative of future performance. This information is for informational purposes only and should not be construed as an offer to sell or an invitation to buy any securities or products, nor as investment advice or recommendation. The contents of this document have not been reviewed by the Monetary Authority of Singapore (“MAS”). Robeco Singapore Private Limited holds a capital markets services licence for fund management issued by the MAS and is subject to certain clientele restrictions under such licence. An investment will involve a high degree of risk, and you should consider carefully whether an investment is suitable for you.