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Robeco Asian Stars Equities E EUR

Index: MSCI AC Asia ex Japan Index (Net Return, EUR)
ISIN: LU1143725288
  • Flexible and dynamic investing
  • Targets the most attractive Asian markets
  • Concentrated portfolio of 30 and 40 stocks
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingYes

About this fund

Robeco Asian Stars Equities is an actively managed fund that invests in stocks of the most attractive companies in Asia. The selection of these stocks is based on fundamental analysis. The fund's focus is on the high-growth developing countries in the region. The fund focuses on stock selection and has a concentrated portfolio.

Price development

No performance data available

Price development

Robeco Asian Stars Equities E 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 0.36%. The portfolio performed in line with its benchmark, driven by stock selection and country allocation. Our good stock selection in Indonesia, the Philippines and China was offset by the low weight in India, which rallied on lower rates and declining commodity prices. Stock selection in financials and communication services contributed positively in July, but detracted in utilities and industrials. On the positive side, not owning Tencent and a low weight in Alibaba worked well in the month, as both stocks retreated on regulatory overhang. ICICI Bank in India delivered a strong set of results and saw its share price rally. Bank Mandiri in Indonesia also reported positive earnings surprises, with ROE reaching a multi-year high of 18.4% in 22H1. On the other side, China's low conviction measures in supporting the property market impacted property-related stocks in our portfolio in July, from SOE developer China Overseas Land and supplier to developers Beijing New Building Materials to home appliance makers Midea and Haier Smart Home. Our base case scenario continues to be one in which the government would provide enough support to the property sector to stabilize it.

Statistics

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Dividend paying history

Date Amount
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Market development

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In July, against the strongest rally in global equities since November 2020 (+6.9%), Asia was the only region registering a loss (-1.7%). Market sentiment shifted from inflation concerns to growth concerns, with a peak in the Fed funds rate and easing in 23Q1 in the US now implied. China (-10%) slumped to its worst monthly loss in a year, struggling with supporting its property market, Covid spreading throughout the country and regulatory overhang on Alibaba. The Politburo meeting did not provide any respite, with no signs of much-needed policy easing in the near future. Taiwan (+1.6%) and South Korea (+5.8%) leveraged the global tech rally that boosted their respective heavyweight semis (+5.0%) and tech hardware (+7.8%) sectors. India (+9.2%) benefited from new measures introduced to augment foreign investment inflows and stem the depreciation of the rupee. ASEAN (+2.8%) extended its lead in the region.

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 distributes a dividend on an annual basis.

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 Asian Stars Equities is an actively managed fund that invests in stocks of the most attractive companies in Asia. 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 E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The fund's focus is on the high-growth developing countries in the region. The fund focuses on stock selection and has a concentrated portfolio.The majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark index may be selected too. The fund can deviate substanitally 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 VaR Ratio) 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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Asian markets should come back into favor once China stabilizes. Asia is no longer as sensitive to US rate hikes as it used to be, because its fundamental balances are much healthier. Multiples in Asia and especially in our portfolio offer a lot of support with potential earnings upgrades. Also in Asia, monetary policy does not need to tighten as much as in the West, while inflation largely stays at bay. In fact, China should see some easier policies to support growth. Of course, our markets are negatively impacted by ever higher energy prices and a recession in the West will hurt Asia too, especially if demand for semiconductors, that has been a key driver for the region, crumbles. Asia should however hold up much better, as the region has pent-up demand. The domestic economy of China has residual risk coming from property and still has to find a way out of Covid lockdowns. Weaker demand for semiconductors has been more than priced in. Valuation is attractive in ASEAN countries, while the economies reopen and activities recover. The fund's portfolio (43 stocks) is good value at 9.8x forward earnings, 5.3x cash flow, 1.0x book, 14.5% ROE and 4.2% dividend yield.

Vicki Chi, Joshua Crabb
Vicki Chi, Joshua Crabb

Vicki Chi, Joshua Crabb

Vicki Chi is Portfolio Manager in the Asia Pacific team with a focus on Taiwan and China. Prior to joining this team in 2014, she was an Analyst in the Robeco Emerging Markets team where she covered Chinese stocks in the telecom and banking sector. Vicki started her career in 2006 at Robeco. She is a native speaker of Mandarin Chinese and holds a Master’s in Business Administration from Erasmus University Rotterdam. She also is a CFA® charterholder. Joshua Crabb is Portfolio Manager in the Asia Pacific team, responsible for the management of multiple institutional mandates. Before joining Robeco in 2018, Joshua was Head of Asian Equities at Old Mutual and Portfolio Manager at BlackRock and Prudential in Hong Kong. He started his career in the investment industry as Sector Analyst at BT Financial Group in 1996. Joshua holds a Bachelor's with Honors in Finance from the University of Western Australia and he is a CFA® charterholder.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU1143725288
BloombergRASSEEE LX
Valoren26162799
WKN
Availability
1st quotation date1416960000000
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 0.05% 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

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise 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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