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Robeco Asian Stars Equities I USD

Index: MSCI AC Asia ex Japan Index (Net Return, USD)
ISIN: LU1113137688
  • Flexible and dynamic investing
  • Targets the most attractive Asian markets
  • Concentrated portfolio of 30 and 40 stocks
Asset class
Current price ()
Performance YTD ()
Currency USD
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 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 0.82%. The portfolio underperformed its benchmark driven by stock selection. While our stock selection was strong in China, our stocks in South Korea lagged behind. In terms of sectors, utility stocks in the portfolio outperformed, while consumer discretionary stocks lagged. On the positive side, Chinese natural gas distributor Kunlun Energy reported strong results and raised the dividend payout ratio, which the market welcomed. Indian IT services company HCL Technologies rallied after reporting strong order backlogs. Our underweight position in Alibaba contributed positively last month, as the company continued to suffer from regulatory scrutiny. Chinese wind farm operator Longyuan reported better-than-expected revenue growth, while the market was no longer worried about its lengthening receivable days. On the other side, auto dealer China Yongda reported strong results, but the market was worried about auto supply shortages and auto brands trying out a direct sales model in China. Korean sportwear brand Fila reported an expected weak set of results, and we believe this brand is still on a recovery path. Chinese internet game developer NetEase was impacted by the regulations on limiting minors' time spent on games.

Statistics

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Market development

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Asian markets rose 2.1% in August, trailing global equities. Some countries still suffer from high Covid cases, but more countries suffered from their zero-Covid-cases target. For instance, China saw a big dip in the service sector in August because of a small Covid outbreak that was met with a severe policy response. Investors in Chinese stocks were taught a new term in August: 'common prosperity'. Xi Jinping wants a more balanced wealth distribution in a country where inequality has grown rapidly over the past few decades. Some companies decided to put shareholders' money into a special fund to restore balance in the country. Obviously this did not go down well with foreign shareholders, but it may be the cost of doing business in China. Meanwhile, property developer Evergrande's debt woes continued and its unwind will be a big test for the solidity of Chinese financial markets. China (-0.1%) and Hong Kong (-1%) were both weak. Taiwan (+3.9%) benefited from the semiconductor rally. The Bank of Korea surprised the market with a rate increase from 0.5% to 0.75%. The equity market underperformed (-1.6%), witnessing steep foreign outflows especially from the tech sector (-2.8%).

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

Robeco Asian Stars 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 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 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'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

Full ESG Integration

Voting & Engagement

ESG integration policy

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Robeco Asian Stars 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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After the strong rally, we must monitor whether high and rising expectations for earnings growth can be met in Asia. With inflation expectations continuing to rise, we see pricing power in technology commodities alongside traditional commodities. That points to a continuing lead for value over growth. China's recent regulatory actions belong to a major social movement: they have put the 'Social' of the ESG analysis in the spotlight. It has never been so prominently displayed in Asia before. This bigger picture consists of addressing the widening wealth gap, limiting monopolistic platforms, a more social education and property system and confidence in near-term strength of the post-Covid economic recovery. Earnings estimates for 2021 have turned up aggressively. Consensus expects earnings in Asia to grow 30% in 2021. We believe that lower rates and increased fiscal spending will support regional economies and we are starting to see the pieces fall into place for a longer-term value rebound. The fund's portfolio (43 stocks) is good value at 10.8x forward earnings, 6.4x cash flow, 1.2x book, 13.9% ROE and 3.0% dividend yield.

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
ISINLU1113137688
BloombergRASTEIU LX
Valoren25487427
WKNA2PV5D
Availability
1st quotation date1411603200000
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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