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Robeco Sustainable Asian Stars Equities DL USD

High conviction in the most attractive Asian markets

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.

DL-USD

DL-EUR

S-EUR

S-USD

Class and codes

Asset class:

Equities

ISIN:

LU2133221171

Bloomberg:

ROASEDU 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 (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

  • Concentrated portfolio
  • Targets the most attractive Asian markets
  • Improved environmental footprint, generates a positive ESG impact.

About this fund

Robeco Sustainable 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 selects investments based on a combination of top-down country analysis and bottom-up stock ideas. The reference to "Stars" in the name of the fund refers to an approach whereby only the most attractive companies (in terms of actual and/or potential capital gains and/or generation of income and/or growth) are selected. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints.

Key facts

Per 30-04-2023

Total size of fund

$ 15,300,067

Size of share class

$ 1,460,473

Inception date fund

30-03-2020

1-year performance

-4.30%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.

Fund manager

Vicki Chi

Vicki Chi

Joshua Crabb

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.

Key points
About the fund
Key facts
Fund manager

Performance

Per 30-04-2023
Per period Fund Index

1 month

1.19%

-2.08%

3 months 

-3.52%

-5.58%

YTD

4.97%

2.17%

1 year

-4.30%

-5.94%

2 years

-10.68%

-13.80%

3 years

5.82%

3.21%

Since inception 03/2020

8.21%

6.76%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
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 30-04-2023
Statistics 3 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.

6.15

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.

0.64

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.

0.31

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..

3.98

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.

0.89

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).

18.69

Max. monthly gain (%)

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

16.15

Max. monthly loss (%)

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

-11.29

Hit-ratio 3 years

Months out performance

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

22

Hit ratio (%)

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

61.1

Months Bull market

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

17

Months outperformance Bull

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

8

Hit ratio Bull (%)

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

47.1

Months Bear market

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

19

Months outperformance Bear

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

14

Hit ratio Bear (%)

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

73.7

Above mentioned ratios are based on gross of fees returns.

Costs

Per 30-04-2023
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.

0.23%

MISSING: fund.detail.tabs.performance-costs.costs.disclaimer

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
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Asset

Country

Currency

Sector

Top 10

  • Asset
  • Country
  • Currency
  • Sector
  • Top 10
Per 30-04-2023

Policies

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

  • The fund does not distribute dividends

  • Robeco Sustainable 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 aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to voting and engaging. The fund also aims for an improved environmental footprint compared to the Benchmark.The fund selects investments based on a combination of top-down country analysis and bottom-up stock ideas. The reference to "Stars" in the name of the fund refers to an approach whereby only the most attractive companies (in terms of actual and/or potential capital gains and/or generation of income and/or growth) are selected. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. 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 substantially from the weightings of the Benchmark. The fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk in the underlying markets 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.

Fund allocation
Policies

Sustainability-related disclosures

Full sustainability-related disclosures
Download full report
Summary sustainability-related disclosures
Download summary

Sustainability profile

Per 30-04-2023
Exclusions +
ESG Integration
Voting

Environmental footprint

Per 30-04-2023

Environmental footprint expresses the total resource consumption of the portfolio per mUSD invested. Each assessed company's footprint is calculated by normalizing resources consumed by the company's enterprise value including cash (EVIC). We aggregate these figures to portfolio level using a weighted average, multiplying each assessed portfolio constituent's footprint by its respective position weight. Sovereign and cash positions have no impact on the calculation. If an index is selected, its aggregate footprint is shown besides that of the portfolio. The equivalent factors that are used for comparison between the portfolio and index represent European averages and are based on third-party sources combined with own estimates. As such, the figures presented are intended for illustrative purposes and are purely an indication. Figures only include corporates The reported waste generation by companies in the portfolio and index can include Incinerated Waste, Landfill Waste, Nuclear Waste, Recycled Waste and Mining Tailing Waste. While these types of waste have different environmental impacts, in the comparison all types of waste are aggregated and expressed as total weight. The difference in tonnes/mUSD invested between portfolio and index is expressed as ‘equivalent to the annual waste generation of # people’, based on the average tonnes of household waste generated per European.

CGF SAS_20230430-CGF_SAS_20230430-footprintOwnershipCo2.png
Robeco data based on Trucost data. *
CGF SAS_20230430-CGF_SAS_20230430-footprintOwnershipWaste.png
Robeco data based on Trucost data*
CGF SAS_20230430-CGF_SAS_20230430-footprintOwnershipWater.png
Robeco data based on Trucost data*
*Source: S&P Trucost Limited © Trucost 2021. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, not its affliates, nor its licensors accept any liability for any errors, omissions, or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent.

Sustainalytics ESG Risk Rating

Per 30-04-2023

The Portfolio Sustainalytics ESG Risk Rating chart displays the portfolio's ESG Risk Rating. This is calculated by multiplying each portfolio component's Sustainalytics ESG Risk Rating by its respective portfolio weight. If an index has been selected, those scores are provided alongside the portfolio scores, highlighting the portfolio's ESG risk level compared to the index. The Distribution across Sustainalytics ESG Risk levels chart shows the portfolio allocations broken into Sustainalytics' five ESG risk levels: negligible (0-10), low (10-20), medium (20-30), high (30-40) and severe (40+), providing an overview of portfolio exposure to the different ESG risk levels. If an index has been selected, the same information is shown for the index. Only holdings mapped as corporates are included in the figures.

CGF SAS_20230430-CGF_SAS_20230430-sustainalyticsESGRiskTotal.pngCGF SAS_20230430-CGF_SAS_20230430-sustainalyticsESGRiskScoreDistribution.pngCGF SAS_20230430-CGF_SAS_20230430-sustainalyticsESGRiskScoreDistributionTable.png
Source: Copyright 2022 © Sustainalytics. All rights reserved.
The information, methodologies, data and opinions contained or reflected herein are proprietary of Sustainalytics and/or third parties, intended for internal, non-commercial use, and may not be copied, distributed or used in any way, including via citation, unless otherwise explicitly agreed in writing. They are provided for informational purposes only and (1) do not constitute investment advice; (2) cannot be interpreted as an offer or indication to buy or sell securities, to select a project or make any kind of business transactions; (3) do not represent an assessment of the issuer’s economic performance, financial obligations nor of its creditworthiness; (4) are not a substitute for a professional advice; (5) past performance is no guarantee of future results. These are based on information made available by third parties, subject to continuous change and therefore are not warranted as to their merchantability, completeness, accuracy or fitness for a particular purpose. The information and data are provided “as is” and reflect Sustainalytics’ opinion at the date of their elaboration and publication. Sustainalytics nor any of its third-party suppliers accept any liability for damage arising from the use of the information, data or opinions contained herein, in any manner whatsoever, except where explicitly required by law. Any reference to third party names is for appropriate acknowledgement of their ownership and does not constitute a sponsorship or endorsement by such owner. Insofar as applicable, researched companies referred herein may have a relationship with different Sustainalytics’ business units. Sustainalytics has put in place adequate measures to safeguard the objectivity and independence of its opinions. For more information, contact compliance@sustainalytics.com.

Sustainability

Per 30-04-2023

The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, 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 fundamental investment analysis to assess existing and potential (long-term) ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.

Information
Profile
Environmental footprint
ESG Risk Score
Sustainability

Market development

Per 30-04-2023

In April, Asian markets lost 2.1% after the rebound in March. South Asia delivered the best performance: Indonesia (+6.5%) and India (+4.2%) enjoyed low valuations, a peaking inflation and rate cycle as well as good earnings reports. Renewed concerns over US-China tensions and fear of a slower-than-expected economic recovery led to sell-downs of Chinese internet stocks and made China (-5.2%) the worst-performing market. Taiwan declined (-4.1%) due to profit-taking in semiconductor stocks. In South Korea (-0.8%), investors switched out of battery material into auto and memory stocks. Energy was again the top-performing sector, driven by better-than-expected earnings from big energy companies and a surprise output cut by OPEC+ in early April. On the ESG front, the Hong Kong stock exchange plans to make it mandatory for HK-listed companies to make climate-related disclosures, which is an upgrade from the current 'comply or explain' regime. EVs dominated the Shanghai Auto Show in April and will likely make up a third of China's auto sales in 2023. This compares to 2% in Japan, 6% in the US and 15% in Europe in 2022.

Performance explanation

Per 30-04-2023

Based on transaction prices, the fund's return was 1.19%. In April, Robeco Sustainable Asian Stars outperformed the index, driven by stock selection. China, Indonesia and South Korea all contributed positively, while our underweight in India detracted. In terms of sectors, financials, IT and materials drove the outperformance, and our underweight in industrials and energy detracted. On the positive side, LG Chem reported strong results. On the back of that, our holding in LG Chem Pref also saw a narrowing of the discount to common shares. Huatai Securities reported good results and the market appreciated its growth in asset management. ICICI Bank recovered in line with the Indian market. Shandong Weigao was considered a defensive stock in a month in which the Chinese market was weak. Meanwhile, Alibaba dropped in line with the weak sentiment on Chinese internet stocks. Not owning AIA detracted, as the stock bounced back from earlier sell-offs. Not owning Reliance Industries detracted, as it reported good results, benefiting from the lower cost of Russian oil. Sino-American Silicon reported stronger-than-expected results and a positive outlook on its solar business, but a cautious view on the semiconductor wafer market dragged the stock down.

Expectation of fund manager

Vicki Chi

Vicki Chi

Joshua Crabb

Joshua Crabb

Excitement returned to Asian markets last month on China's reopening, but disappointment around earnings and guidance saw that market retrace. Combined with concerns around SVB and banking contagion, this added to a risk-off mood. 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. 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. Asian markets still offer good value for investors, despite the large move in equity markets. Volatility could increase as the market navigates through this earnings season. Asian markets are still 30% cheaper than global markets. Now that earnings revisions show signs of bottoming out, it is timely to allocate to Asia for global investors. We focus on bottom-up stock picking and on companies with a good sustainability profile, solid cash flow generation, trading at a good price and having positive momentum.

Market development
Performance explanation
Expectation of fund manager

Fund documents

  • Factsheet
  • Product sheet
  • Portfolio Manager's Update
  • Prospectus
  • Articles of association
  • Key Investor Information (KIID)
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2022
  • Annual report 2021
  • Annual report 2020
  • Semi-annual report 2022
  • Semi-annual report 2021
  • Semi-annual report 2020

Announcements

  • Publication Semi-annual reports 2022 (31-08-2022)
  • Semi-annual 2021 available (31-08-2021)
Fund documents
Reports
Announcements

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Important information This disclaimer applies to any documents and the verbal or written comments of any person in presentations or webinars on this website and taken together is referred to herein as the “Information”. The services to which the Information relate are NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws and must not be relied or acted upon by any other persons. This Information does not constitute an offer to sell, or a solicitation of an offer to buy, any financial product, and may not be relied upon in connection with the purchase or sale of any financial product. You are cautioned against using this Information as the basis for making a decision to purchase any financial product. To the extent that you rely on the Information in connection with any investment decision, you do so at your own risk. The Information does not purport to be complete on any topic addressed. The Information may contain data or analysis prepared by third parties and no representation or warranty about the accuracy of such data or analysis is provided.

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