globalen
Image

Robeco Asia-Pacific Equities D EUR

Index: MSCI AC Asia Pacific Index (Net Return, EUR)
ISIN: LU0084617165
  • Focused investing in Asia-Pacific equities
  • Concentrated portfolio driven by bottom-up selection targeting approximately 90 positions
  • Risk allocation over performance drivers
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

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 analysisThe 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.

Price development

No performance data available

Price development

Robeco Asia-Pacific Equities D EUR

Performance

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}
Fund Index
1 month
3 months
YTD
1 year
2 years
3 years
5 years
10 years
{{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}}
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

Based on transaction prices, the fund's return was 3.81%. The rate reversal and growth scare that started in June continued into July and put pressure on several of our holdings with more cyclical exposure. Several of the growth names that had been under pressure rebounded. The majority of the headwind came from our underweight in India, which rallied on lower rates and declining commodity prices. Australia also contributed negatively, given the rebound in the banking sector, where we are underweight, and large-cap growth favorite CSL, which we do not own. Japan was similar, with a strong relative performance from Keyance and Recruit. There was some offset from a rebound in our South Korean names along with ASEAN positioning and stock selection in China. The lack of support for the property sector in China saw profit-taking in exposed names, with our positioning in Beijing New Building Materials, China Overseas Land and Midea detracting. Growth proxy Keyence, which we do not own, performed well, hurting performance. There was some offset from our position in Indian bank ICICI, out of favor Z Holdings and South Korean tech hardware.

Statistics

{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}
3 years 5 years
Tracking error ex-post (%)
Information ratio
Sharpe ratio
Alpha (%)
Beta
Standard deviation
Max. monthly gain (%)
Max. monthly loss (%)
Above mentioned ratios are based on gross of fees returns
3 years 5 years
Months outperformance
Hit ratio (%)
Months Bull market
Months outperformance Bull
Hit ratio Bull (%)
Months Bear market
Months outperformance Bear
Hit ratio Bear (%)
Above mentioned ratios are based on gross of fees returns
Fund Reference index
Rating
Option Adjusted Modified Duration (years)
Maturity (years)
Yield to Worst (%)
Green Bonds (%)

Market development

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}

The most notable development over the month has been the shift in market sentiment from inflation concerns to growth concerns, with a peak in the Fed funds rate and easing in 23Q1 now implied. This has seen the US 10-year decline from a peak of 3.47% on 14 June to 2.65% on 31 July, and the MSCI US moved up 9.3%, led by growth outperforming value by 7.5%. In contrast, the MSCI Asia Pacific was only up 1.7%, but growth outperformed value stocks by 3%. Inflationary pressures will decline, but the real question is to what level, given the tight labor market, supply chain issues and underinvestment in commodities. The flip side of rates coming down is the potential demand destruction that could reduce earnings outlooks. Lockdowns in China have subsided somewhat and some small measures with regard to the housing market have been announced. The economy continues to be weak and we still expect further support in the coming quarters. ASEAN continues to have structural tailwinds and with the pause in US rates, the focus is returning to the strong fundamentals. The rapid decline in the JPY has abated with US rate expectations, and the earnings season will become the primary driver of the market.

Fund allocation

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}
Name Sector Weight
{{fund.fundInvestmentExplanations.top10}}

Currency policy

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

Dividend policy

The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

ESG Integration policy

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.

Investment policy

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 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 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. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark 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 through the applications of limits (on countries and sectors) 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 policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

Exclusions

ESG Integration

Voting & Engagement

Sustainability

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

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.

Expectation of fund manager

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}

With the battle between inflation, recession and Goldilocks ongoing and data driven, equity markets will likely remain volatile. Clearly, indicators are pointing to a slowing economy from both a consumer sentiment and housing demand perspective, and China's economic woes are not helping. Negative earnings revisions are likely to continue and identify who has pricing power and demand inelasticity and who has not. ASEAN continues to look good with a hedge on commodity inflation, the benefit of reopening, FDI for supply chain diversification and already high interest rates. We continue to see select opportunities in Japan and South Korea and watch China for signs of bottoming out in the economy to add further.

Joshua Crabb, Harfun Ven
Joshua Crabb, Harfun Ven

Joshua Crabb, Harfun Ven

Joshua Crabb is Portfolio Manager in the Asia Pacific team, responsible for the management of multiple institutional mandates. 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 Japanese, Australian and Korean stocks. 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.

Details

{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0084617165
BloombergRGCGAPA LX
Valoren888999
WKN988149
Availability
1st quotation date893030400000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
Service fee

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
Max exit fee
Max sub fee
Max switch fee

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.

Logo

Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

The funds shown on this website may not be available in your country. Please select your country website (top right corner) to view the products that are available in your country.

Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.

By clicking Proceed I confirm that I am a professional investor and that I have read, understood and accept the terms of use for this website.

Decline