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Robeco Asian Stars Equities ML USD

Index: MSCI AC Asia ex Japan Index (Net Return, USD)
ISIN: LU1117476876
  • 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 ML 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.

Statistics

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Market development

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Asian markets rose 2.4% in April, helped by renewed weakness in the US dollar, driven mainly by North Asia (Taiwan +7.7%, Hong Kong +3.1%, South Korea +3%, China +1.3%). Commodity prices have been firm and input prices are rising everywhere: China PPI came in at 4.4% and Indian Wholesale Prices rose 7.4%. The question now is whether higher inflation is transitory or the beginning of a new inflationary trend. Some of the macro data are heavily affected by the anniversary effects of the first lockdowns, China GDP e.g. grew 18.3% YoY in 21Q1 but only 6.5% vs the fourth quarter. We believe this inflation is for real and expect rates to rise further. A clearer picture will emerge this summer. The Taiwanese market shone brightly again, with a 5.4% local return plus a strengthening currency after the US warned it would mark the country as a currency manipulator. Chinese markets rose, but mostly the domestic A-shares, while the offshore-listed internet segment continued to suffer from regulatory attacks. India held up remarkably well considering the very bad news around the massive spread of Covid, Modi's decline in popularity plus rising inflation and oil prices.

Fund allocation

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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/A 
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Sustainability Themed Fund

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.

Expectation of fund manager

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Further upside for Asia needs to be supported by earnings strength. We are bullish on Asian markets: 1) Asia has (IT) infrastructure demands that the world needs; 2) fund flows have begun to return, while Western central banks will continue to inflate asset prices; 3) valuations are well below global averages, while the earnings outlook is improving quickly. Asia is home to many global technology leaders that benefit from the digitalization trend and trade at reasonable valuations. For internet leaders, multiples have become frothy and assume blue sky. We may see borders opening in summer 2021 upon the broad rollout of vaccinations. Earnings estimates for 2021 have turned up aggressively. Consensus expects earnings in Asia-Pacific to grow 25%-30% in 2021. We expect more positive flows to support the markets. We believe lower rates and increased fiscal spending will support regional economies and we are starting to see the pieces fall into place for a value bottom. Valuations remain low in Asia and 20% cheaper than the global markets. The fund's portfolio (41 stocks) is good value at 12.1x forward earnings, 7.1x cash flow, 1.3x book, 13.5% ROE and 2.6% 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
ISINLU1117476876
BloombergRASEMLU LX
Valoren25594120
WKN
Availability
1st quotation date1412726400000
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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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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