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Robeco Asia-Pacific Equities F EUR

Index: MSCI AC Asia Pacific Index (Net Return, EUR)
ISIN: LU0871827209
  • 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 F EUR

Performance

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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

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Based on transaction prices, the fund's return was -0.30%. The portfolio outperformed its benchmark by 1.6% based on NAV. Most regional markets dropped significantly, especially when expressed in US dollars. Equity from China and India held up relatively better, but the only market to be up was Indonesia (+5% local and +4% in USD). Relative contributions for the fund were positive from Japan, Singapore, South Korea and Indonesia. The two biggest contributors in April operate in Indonesia. Bank Mandiri rose 13% after it reported strong earnings growth. Jardine Cycle & Carriage rallied 16% and offers a discounted entry to the consumer segment in Indonesia. In Japan, the earnings season has shown good results so far and a willingness to boost shareholder returns. Nikon reported healthy earnings, a strong outlook for its semicap equipment and a generous buyback. The stock rallied 12%. China's attempts to stabilize the property market will play into the hands of players with a strong balance sheet like China Overseas Land (+3%). As global interest rates rise further, value continues to outperform growth in Asia-Pacific markets. The fund's value tilt is another driver of relatively strong returns.

Statistics

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Market development

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While markets sold off on a weaker economic outlook, currencies took the limelight in April. The Bank of Japan faced a lot of pressure to abandon Yield Curve Control (YCC) on its bond market. However, Governor Kuroda came out several times to confirm its low interest rate policy and bought up a lot of Japanese Government Bonds at 0.25% to keep YCC in place. All eyes are now on whether inflation will stay low in Japan. Currently, the real yield on the JGB is -0.7%. There is a tail risk of Japanese inflation jumping out of hand as the BoJ leaves rates too low for too long. It wasn't only the yen that was weak, the Chinese yuan depreciated 4% versus the dollar in late April. Clearly, the PBOC is trying to support economic growth. Reserve requirement ratios were cut and many property market restrictions were lifted, but China did not cut interest rates as many had hoped. At the same time, the lockdowns around the country and especially in the main trading hub of Shanghai will put a big dampener on growth and buyers' sentiment. The dynamic zero-Covid policy has become increasingly disruptive and may well become untenable.

Fund allocation

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Name Sector Weight
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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

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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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

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Asia-Pacific markets should come back into favor as soon as China stabilizes. Asia is no longer as sensitive to US rate hikes as earlier, because its fundamental balances are much healthier. Multiples in Asia-Pacific, and especially in our portfolio, offer a lot of support while earnings growth is looking healthy. Also in Asia, monetary policy does not need to tighten as much as in the West while inflation largely stays at bay. In fact, China should see some easier policies to support growth. Of course, further warfare resulting in even higher oil prices and slower global growth is a risk for Asia too. In Japan and South Korea, consumption should pick up as Covid measures are lifted. The domestic economy of China has residual risk coming from property and still has to deal with Covid lockdowns. Strong tech demand remains a driver for South Korea, Taiwan and Japan. Last year's Asia-Pacific earnings grew by a whopping 40%. Margins in some sectors may face pressure from commodity prices and supply chain issues. The fund's portfolio (81 stocks) is excellent value at 10x earnings, 1.0x book, 8.6% forward free cash flow yield and a 3.4% dividend yield. The active share stands at 80% and beta is 1.01.

Arnout van Rijn
Arnout van Rijn

Arnout van Rijn

Mr. van Rijn is CIO Asia-Pacific, Co-Head of the Asia-Pacific team and Lead Portfolio Manager of Robeco Asia-Pacific Equities. From 2003 to 2007 he was the Lead Portfolio Manager of Rolinco, one of Robeco's flagship equity products. Before that Arnout held several positions within the Robeco Equity department covering European, Asian and American markets. From its inception in 1994 until 2000, he was Portfolio Manager of Robeco's Emerging Markets Equities fund. From 2000 to 2002, Arnout worked in Hong Kong as head of the Fund Desk at Rabo Investment Management. He started his career in the investment industry in 1990. Arnout van Rijn holds a Master's degree in Business Economics from Erasmus University Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0871827209
BloombergROAPEFE LX
Valoren20354079
WKNA1XDVE
Availability
1st quotation date1358726400000
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
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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.

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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).

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