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Robeco Asian Stars Equities F EUR

Index: MSCI AC Asia ex Japan Index (Net Return, EUR)
ISIN: LU0940005217
  • 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 payingNo

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 F 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 0.82%. The portfolio outperformed its benchmark, driven by stock selection and country allocation. Low exposure to India contributed positively last month. Stock selection in China and Taiwan did particularly well. In terms of sectors, energy, communication services and utilities contributed positively. On the positive side, China Petroleum reported good results and saw its share price rally. The stock is still trading on 15% dividend yield and is great value in our view. Taiwanese semiconductor wafer company GlobalWafers also reported strong results and outlook, benefiting in May from improving sentiment in technology. China Oilfield Services' improving outlook in both its domestic and international businesses sent its share price up. Chinese wind power utility Longyuan dusted off weak Q1 results, as it will receive the government subsidy owed to it, further improving its growth outlook. On the other hand, Bank Mandiri saw profit-taking along with the Indonesian market. China Overseas Land faced weaker sentiment in Chinese property, as investors question whether the supportive policies of the government have been sufficient to lift demand. DBS saw some profit-taking after strong Q1 results.

Statistics

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Market development

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Asian markets registered the first positive monthly return for the year, led by the recovery in North Asian markets. In May, Asian markets (+0.2%) outperformed global markets (-0.1%) once again. Inflationary pressure remains high. The Federal Reserve delivered the first 50 bps rate hike in 22 years and announced plans for balance sheet tightening to tackle rising prices. Many Asian central banks decided to follow the Fed. In May, we saw hikes in South Korea, India, Hong Kong and the Philippines. Meanwhile, the Covid lockdown impact on the Chinese economy has become increasingly taxing. China announced a 15 bps cut in its 5-year LPR, followed by more policy support to the economy from its State Council. After a lockdown of over 60 days, Shanghai citizens were finally allowed out on the streets by 1 June. Taiwan rebounded (+3.6%) in May, with a strong earnings season and improved sentiment in tech. Foreign outflows picked up in India (-6%) on an underwhelming earnings season, while ASEAN (-1.9%) was dragged down by notable losses in Singapore (-3.6%), Indonesia (-3.6%) and Malaysia (-2.5%).

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 dividends

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 fell less in 2022 compared to developed markets and should come back into favor as soon as China stabilizes. Asia is no longer as sensitive to US rate hikes as earlier, because its fundamental balances are much healthier. Multiples in Asia and especially in our portfolio offer a lot of support, while earnings growth is looking healthy as many regional economies are still in the reopening phase post Covid. Also in Asia, monetary policy does not need to tighten as much as in the West while inflation largely stays at bay. Consensus expects earnings in Asia to be flat in 2022, slowing from 26% in 2021. Revisions have been dragged down by China's lockdowns. Valuations remain low in Asia and 30% cheaper than the global markets. We continue to focus on bottom-up stock picking and on companies that have solid cash flow generation, trade at good prices, have positive earnings and have a positive price momentum. The fund's portfolio (43 stocks) is good value at 9.2x forward earnings, 5.4x cash flow, 1.1x book, 14.3% ROE and 3.8% 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
ISINLU0940005217
BloombergROBASFE LX
Valoren21528177
WKN
Availability
1st quotation date1378166400000
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 0.05% 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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