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Robeco Asia-Pacific Equities I EUR

Index: MSCI AC Asia Pacific Index (Net Return, EUR)
ISIN: LU1493701376
  • 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 I 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 1.58%. The portfolio underperformed its benchmark by 0.6% based on NAV. However, year-to-date, the fund is more than 7% ahead of its benchmark. Stock selection in China was the culprit of the weak relative return. As the Chinese market recovered in October, our holdings of deep value stocks did not participate in full. Assuming that the worst of the regulatory clampdown is behind us, investors bought leading internet companies. Alibaba finally rebounded 15% and NetEase rose 17%. We remain underweight the sector and sold out of NetEase during the month. We think multiples are likely to stay depressed with regulatory overhang. In Australia, service provider Worley rose 9%, as it announced a few more contract wins in the renewable energy segment. Indian bank ICICI rallied 12% on a strong earnings report, as bad loans are shrinking. We suffered from weakness in building material companies BNBM (-12%) and Lixil (-10%) due to the input price driven margin squeeze and lots of uncertainty over the Chinese residential market, with a few developers close to bankruptcy. Pharmaceutical Takeda dropped 13% on the announcement that one of its pipeline drugs has shown a safety problem.

Statistics

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Market development

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Asian markets finished the month nearly unchanged in October, while equity markets in the US and Europe rallied 5-7%. Weak currencies in Japan (-4% vs USD) and South Korea (-3%) eroded returns. Anticipation of rate hikes in the US has a negative impact on Asia. There is fear of lower growth having an impact on cyclical markets. China only grew 3.9% in Q3 and 3% in industrial production in September. However, the Chinese equity market recovered 3% after a heavy loss in Q3. Inflation continues to be in the spotlight, but is still at an early stage in Asia: Japan CPI came in at 0.2%. Though the impact of government forced mobile phone tariff cuts depressed the number by >1%. China CPI was just 0.7%. In both countries, the producer prices are up sharply: 6.3% in Japan and in China as much as 10.7%! Thus in their earnings releases, we saw quite a few companies there report margin pressure from input price increases. A few Asia-Pacific countries relaxed anti-Covid measures, as case numbers continued to come down. Remarkable is that in countries like Indonesia and India, cases continue to fall sharply, even though vaccination rates are still lower than 25%. Sentiment has improved sharply in both developing nations.

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

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 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 ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates 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, next to voting and engaging. 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

Full ESG Integration

Voting & Engagement

ESG integration policy

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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.

Expectation of fund manager

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Our outlook for Asia-Pacific markets remains bright, though we do see some clouds building. On the one hand, liquidity is still abundant in our main markets of Japan and China. On the other hand, recent input price inflation will have an impact on margins, depressing the earnings outlook for certain sectors going into 2022. We do see pricing power persist in technology and materials and thus stay overweight here. The Japanese economy will get a boost from the relaxation of Covid measures. The domestic economy of China has started to fade, while tech demand remains a strong driver for Taiwan and South Korea. Very strong earnings growth for 2021 is a certainty, the question is whether this can be sustained going into 2022. Consensus sees 38% EPS growth in Asia-Pacific for 2021, slowing to 8% in 2022. Revisions appear to be rolling over. Valuations are 20% cheaper than global markets. The fund's portfolio (80 stocks) is excellent value at 10.9x earnings, 1.1x book, 6.0% free cash flow yield and a 3.2% 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
ISINLU1493701376
BloombergRAPAEIE LX
Valoren34048345
WKNA2ASEW
Availability
1st quotation date1474588800000
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 0.01% 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.

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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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