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Robeco Chinese A-share Equities F EUR

Reference index: MSCI China A International Index (Net Return, EUR)
ISIN: LU1664415285
  • Focused investing in Chinese A-share equities, benefiting from the Robeco access to RQFII quota
  • Market developments in China are reflected in the fund's price development
  • Concentrated portfolio of 30 to 50 stocks
Assets class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco Chinese A-share Equities invests in Chinese A-shares. The selection of these stocks is based on fundamental analysis. The fund identifies attractive macro-economic themes and selects fundamentally sound companies. The fund selects primarily domestic Chinese stocks (A-shares).

Performance

No performance data available

Performance

Robeco Chinese A-share Equities F EUR

Performance

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Statistics

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Subject 3 years 5 years
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Market development

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Macroeconomic data released in August showed signs of slowdown  manufacturing PMI (51.3), industrial production (6.6%), retail sales (9.3%), exports (6.0%), imports (20.9%), investment (5.5%), CPI (2.3%), PPI (4.6%), M2 (8.5%). August manufacturing PMI edged up from 51.2 to 51.3, with new orders and new export orders cooling, while production sub-indices were rebounding. Raw material inventory edged down as the quantity of purchases improved. Input prices and output prices both jumped. On the other hand, the NBS non-manufacturing PMI edged up from 54 to 54.2, of which retail, railway & aviation transport, telecom, IT & software, tourism grew strongly, while brokerage, insurance, logistics stayed below 50. August CPI inflation rose slightly more than expected to 2.3% from 2.1% in July, due mainly to higher pork and fruit prices. PPI inflation fell by a significant 0.5 pp to 4.1%. These weaker PPI signals further decelerated domestic demand.

Fund Classification

DescriptionYesNoN/A 
Voting
Engagement
ESG integration
Exclusion
DescriptionYesNoN/A 
Screening
Integration
Sustainability Themed Fund

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

For Robeco Chinese A-share Equities, our focus regarding ESG integration is on corporate governance and in our fundamental assessment of companies we analyze the factor 'management and corporate governance'. We look at the historical behavior of the company vis-a-vis the protection of minority-shareholder interests. Also we investigate the composition of the board and appreciate a higher content of truly independent board members. Finally, we will assess the quality of the audit committee as it is a first protection against fraud. In the quantitative ranking that we use, one of the factors is the RobecoSAM Company score.

Investment policy

Robeco Chinese A-share Equities invests in Chinese A-shares: shares of companies of the People's Republic of China, listed in China. The fund is managed by Victoria Mio and advised by the Robeco Research Team in Shanghai, led by Jie Lu. The fund identifies attractive macro-economic themes and selects fundamentally sound companies. The return of the country fund reflects the market development in the relevant country. The portfolio is actively managed. Exchange-rate changes are reflected in the fund's price development. Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times. The fund is normally fully invested. This Sub-fund invests in China A-shares via the RQFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.

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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A-share companies reported stable 18H1 earnings growth. Earnings of non-financial companies grew 22.9% YoY in 18H1. The net margin and ROE of listed companies showed a positive trend, but leverage increased, capex growth slowed slightly and effective tax rates rose. We believe economic growth in 18H2 and 2019 will face challenges from tightening financial conditions, prolonged trade frictions between China and the US, and structural problems. Share turnover and valuations in China’s A-share market are at very low levels. Sentiment remains depressed, despite positives such as a decline in short-term interest rates and policy finetuning, including looser monetary policy and more expansionary fiscal policy. After the inclusion of Chinese A-shares in the MSCI Emerging Markets Index, long-term investor participation has been increasing with continued inflows of overseas funds and possible net inflows of insurance and pension funds.

Victoria Mio
Victoria Mio

Victoria Mio

Ms. Mio is the Lead Portfolio Manager of Robeco Chinese Equities. She is a Senior Portfolio Manager and a member of the Asia-Pacific team. Her Mandarin and Cantonese language skills, Certified Public Accountant in the USA and Financial Risk Manager are very beneficial to accomplishing this task. Prior to joining Robeco in 2006, Victoria worked for seven years in the U.S.A. and five years in China and held senior positions in several financial institutions including JPMorgan Chase & Co, Asterion Capital LLC, and Banco Nacional Ultramarino SA. She started her career in the financial services industry in 1992. Victoria Mio obtained an MBA in Finance from the Wharton School of University of Pennsylvania in the USA as well as a Bachelor's degree in Accounting and Finance from the University of Macau in China. Ms. Mio is a CFA charterholder.

Details

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Management companyRobeco Luxembourg S.A.
Fund capital
Outstanding shares
ISINLU1664415285
BloombergROCAEFE LX
Valoren37873574
WKN
AvailabilityIE, LU, NL, SG, CH, GB
1st quotation date1502928000000
Close financial year31-12
Legal statusInvestment company with variable capital incorporated under Luxembourg law (SICAV)
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.

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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