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 | Reference 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') ]}}In November, Asian markets stabilized after the October declines. Markets in China, Hong Kong and India led a recovery. Asian currencies clawed back some of the losses from earlier this year (in particular the Indian rupee and Indonesian rupiah). The Japanese market languished, driven by investor worries over the growth outlook. Domestic investors focused on low-risk sectors and cyclicals remained weak. NTT DoCoMo’s announcement that it would cut mobile tariffs next year was widely seen as political intervention in the free market and thus taken negatively. The arrest of Nissan chairman Carlos Ghosn looked like a personal revenge of ‘Old Japan’ over his leadership rather than the official charge of tax fraud. This is all bad news for the ‘New Japan’ that we believe in, with more focus on shareholder returns. Finally, oil prices fell dramatically on fears over too much supply. This helped importing countries like India but obviously hurt prices of energy stocks.
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
For Robeco Asia-Pacific Equities, our focus regarding ESG integration is on corporate governance, and in our fundamental assessment of companies we analyze the factor 'management and corporate governance'. We look at the historical behavior of the company vis-a-vis the protection of minority-shareholder interests. Also we investigate the composition of the board and appreciate a higher content of truly independent board members. Finally, we will assess the quality of the audit committee as it is a first protection against fraud. In the quantitative ranking that we use, one of the factors is the RobecoSAM Company score.
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 lagged global markets this year on fears of a trade war and slower growth in general. We have seen these fears reflected in earnings estimates coming down recently. We believe fears are overdone and see good bottom-up opportunities. For Japan we expect an end to quantitative easing next year with moderately higher rates actually helping corporate earnings. Companies with more generous shareholder return policies will also be rewarded. Korea is a good market for patient value investors, especially now that chaebol show positive changes under government pressure. The regional earnings outlook remains positive (8% for 2018 and 7% in 2019). The fund's portfolio (78 stocks) is extremely good value after the correction at 10.8x forward earnings, 5.8x cash flow, 0.9x book and a 3.1% 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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| This fund deducts ongoing charges of |
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| Management fee | ||
| Service fee | ||
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
| 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 0.01% 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.
