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Robeco Asia-Pacific Equities Z EUR

Index: MSCI AC Asia Pacific Index (Net Return, EUR)
ISIN: LU0834378712
  • 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 Z 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 2.80%. The portfolio outperformed its benchmark by 2.6% based on NAV. Year-to-date, the fund did more than 10% better than its benchmark. Relative returns in December were boosted by value stocks doing 1.3% better than the broad index. Especially in China, high-growth stocks were sold off in e-commerce, healthcare and battery/EVs. The fund has very little exposure there, as the valuations include too much fantasy. The relative return from the China part of the portfolio was 1.9%, with out-of-favor and cheap holdings like Beijing New Building Materials rebounding strongly (+31%) on hopes of government support for the ailing property sector and more money to go into infrastructure. The fund also benefited from its large positions in semiconductor/chipset producers like Samsung Electronics (+10%), SK hynix (+15%) and MediaTek (+18%). The demand dip we have seen in the last few months seems to be over and prices have started to recover. Stock picks in Japan contributed -0.4%, as this market continued to favor quality growth companies at high multiples. Our big holding in Hitachi also corrected 7%, as the company announced issues around product testing in the auto parts business.

Statistics

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Market development

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Asia-Pacific markets recovered some 2% in December, which has been quite disappointing for regional investors. Chinese equities were weak in 2021 over regulatory threats. Also, Japan hardly rose in USD terms. Australia rose about 10%, but the best markets were Taiwan, India and Vietnam (up 25-27%). Even those could hardly keep up with the roaring US market. While inflation is a big problem in the US and Europe, it somehow has not reared its ugly head in Asia. Japan reported weak growth in Q3 and low inflation of 0.6%, albeit rising. China sees continued high trade surpluses and weaker domestic growth, while inflation is contained at 2.3%. Earnings expectations remain solid, especially in Japan, but the market expresses conservatism on next fiscal year's earnings growth outlook (+8%) after a bumper year in 2021 (+37%). Foreign investors have been actively selling Japan in December, so net flows have turned negative in 21H2. Remarkably, most of the flows into Asia are going into China, especially into the onshore market. With Fed hikes on the horizon that have historically not been good for flows into the region, there is definitely a sense of gloom overhanging Asia-Pacific markets.

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 is relatively bright and we think too many worries are priced in on many fronts. Liquidity is still abundant in our main market of Japan and may even increase further in China. 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 semiconductors 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 now in the bag, the question is whether this can be sustained going into 2022. Consensus sees 39% EPS growth in Asia-Pacific for 2021, slowing to 8% in 2022. Revisions have faded but are still better to the upside. Valuations are 20% cheaper than global markets. The fund's portfolio (81 stocks) is excellent value at 10.9x earnings, 1.1x book, 5.3% free cash flow yield and a 3.3% 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
ISINLU0834378712
BloombergRCGRAZE LX
Valoren3250371
WKN
Availability
1st quotation date1349827200000
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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