Robeco Asia-Pacific Equities I EUR
- Focused investing in Asia-Pacific equities
- Concentrated portfolio driven by bottom-up selection targeting approximately 90 positions
- Risk allocation over performance drivers
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The 'Trade War' continued to dominate headlines in June with the market moving more to the view that a short-term deal was unlikely. The Osaka G20 saw a meeting between Trump and Xi which resulted in neither an escalation nor a deal, rather a commitment to keep talking and postpone tariff increases. This led to some short-term relief in markets but does not remove the uncertainty and we are likely to see continued volatility on statements / tweets made. China PMIs weakened over the period and the perceived failing of a small bank created some concern in the wholesale financing markets. From a positive perspective there was strength in the construction element of the China PMI, suggesting infrastructure investment continues. Positive signs also continue in Japanese corporate governance. As of mid-June, total shareholder buyback announcement reached JPY 7 trillion, 9% above all of last year. Lixil’s AGM (Annual General Meeting) is also a landmark case, where 16 directors were proposed. All eight from the shareholder proposal’s slate were selected. This clearly sends a very strong message to the boards and managements of corporate Japan.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
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| Screening | ||||
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| Sustainability Themed Fund |
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
Robeco Asia-Pacific Equities integrates ESG factors into its investment process by analyzing the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential (long-term) risks and opportunities of a company. The impact of material ESG factors can be positive or negative, reflecting risks or opportunities, that ensue from a company’s ESG analysis. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. In addition to ESG integration, Robeco also has an exclusion policy and conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile.
Investment policy
Robeco Asia-Pacific Equities provides a balance between diversified exposure and a more concentrated portfolio to offer exposure to some of the world's fastest-growing economies. The portfolio managers make use of both bottom-up and top-down analysis. Bottom-up stock analysis is a primary driver for stock selection. Top-down opportunities and country selection are based on five-factor country analysis, i.e. using macroeconomics, earnings, technical analysis, valuation and sentiment. The fund makes use of an active currency overlay driven by quantitative models and technical analysis. The fund makes use of risk budgeting to allocate risk against the different performance drivers. Risk is allocated between stock selection, country allocation and currency bets. This Sub-fund may invest in China A-shares via the QFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.
Risk policy
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Asian markets have been captive to trade war fears and post G20, there is a reprieve but no certainty. We take a long-term perspective and believe that lower rates and increasing fiscal spending will support regional economies. Corporate earnings growth will be sluggish this year and bond markets flag the potential for a recession. However, in Asia valuations remain low and 20% cheaper than global markets and reflect some of this risk. In Japan, we find many cheap stocks and expect companies with more generous shareholder return policies in particular to be rewarded. Korea is a good market for patient value investors, especially now that chaebols show positive changes under government and shareholders pressure. The fund's portfolio (79 stocks) is extremely good value at 11.1x forward earnings, 5.2x cash flow, 1.0x book and a 3.2% dividend yield.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1493701376 |
| Bloomberg | RAPAEIE LX |
| Valoren | 34048345 |
| WKN | A2ASEW |
| Availability | |
| 1st quotation date | 1474588800000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
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Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
Extra fees
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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 0.01% 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
Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. We advise individual 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.
