Robeco Chinese A-share Equities I USD
- 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
About this fund
Performance
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Subject | Fund | Reference index |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundFacts.inceptionDate,'LL') ]}} |
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{{fund.fundPerformances.returnType}} (return before costs)
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{{fund.fundPerformances.returnType}} (value of holdings in the fund at which they are traded)
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{{fund.fundPerformancePeriods.returnType}} (return net of costs)
{{fund.fundPerformancePeriods.returnType}} (value of holdings in the fund at which they are traded)
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundStatistics.date,'llll') ]}}| Subject | 3 years | 5 years | |
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| Subject | Fund | Reference index | |
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}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
| Description | Yes | No | N/A | |
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Description | Yes | No | N/A | |
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| Sustainability Themed Fund |
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}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
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | Robeco Luxembourg S.A. |
| Fund capital | |
| Outstanding shares | |
| ISIN | LU1529950328 |
| Bloomberg | ROCAEIU LX |
| Valoren | 34854074 |
| WKN | |
| Availability | FR, LU, SG, CH |
| 1st quotation date | 1487894400000 |
| Close financial year | 31-12 |
| Legal status | Investment company with variable capital incorporated under Luxembourg law (SICAV) |
| Reference index |
Cost of this fund
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| These charges comprise | ||
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| Management fee | ||
| Service fee | ||
Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
Extra fees
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| Max exit fee | ||
| Max sub fee | ||
| Max switch fee |
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.
