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Robeco Asia-Pacific Equities I USD

Index: MSCI AC Asia Pacific Index (Net Return, USD)
ISIN: LU0875837915
  • 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 USD
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 USD

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 -0.11%. The portfolio outperformed its benchmark by 1.0% based on NAV. The fund has no direct exposure to the conflict in Ukraine and very little indirect impact on the portfolio. Stock selection from Japan, South Korea and China contributed positively. The top contributor in March was the defensive exposure to Australian gold miner Newcrest Mining. The stock rallied 15% on a 6% higher gold price. A positive contribution also came from South Korea-listed sports brand Fila Holdings. The stock trades at 8x P/E and rallied 21% on a strategic plan to move the payout ratio towards 50% in 5 years after pressure from investors like us. The strong underweight in Chinese internet stocks also contributed positively after another 'request' to lower tariffs to protect small businesses took delivery leader Meituan down 17%. We still see no value here and the measure will further slow its path to profitability. Consumer sentiment remains negative in China and our portfolio suffered through its position in white goods maker Midea (-9%). China and Japan both have 9% producer price inflation, but only 1% consumer price inflation. A tough environment for companies to navigate and deliver earnings.

Statistics

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Market development

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Asia Pacific equity markets retraced a little further in March, mainly due to weakness in China. Japanese equity saw a rise in local terms, but the yen dropped 6% on BoJ actions to defend the negative interest rate policy and yield curve control. Granted, headline inflation in Japan is still quite low, but prices are definitely increasing here too and such a stubborn policy is seen as a longer-term risk for the financial health of Asia's second biggest economy. In China, already fragile consumer sentiment turned even weaker over its anti-Covid policy. Local city outbreaks were met with the usual hard responses of mass testing and lockdowns. China's growth target for 2022 was set at 5.5%, but few people believe this can be achieved when both exports and domestic consumption are likely to be slow. To support growth, homebuyer restrictions have been eased in many cities, but the 'prices-can-only-go-up' mentality seems to have broken, so buyer interest remains muted. Prices of China shares listed in the US were seesawing. As a group they fell by 25% on the threat of de-listing, to recover all on some rapprochement between China and US regulators later on.

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 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

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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Our outlook for Asia-Pacific markets remains relatively bright. Multiples in Asia-Pacific and especially in our portfolio offer a lot of support. In Asia, monetary policy does not need to tighten as much as in the West, while inflation largely stays at bay. China should see easier policies to support growth. Of course, further warfare resulting in even higher oil prices and slower global growth is a risk for Asia. In Japan and South Korea, consumption should pick up as Covid measures are lifted slowly. The domestic economy of China has residual risk coming from property and may still have 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. We see pricing power persist in semiconductors and commodities. We expect an 8% growth in 2022 and are monitoring closely how input prices can be passed on. Valuations are 20% cheaper than global markets. The fund's portfolio (82 stocks) is excellent value at 10.1x earnings, 1.0x book, 6.0% free cash flow yield and a 3.2% dividend yield. The active share stands at 80% and beta is 1.02.

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
ISINLU0875837915
BloombergROAPEIU LX
Valoren3250382
WKNA1XDD8
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
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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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