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
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
|---|---|---|
| 1 month | ||
| 3 months | ||
| YTD | ||
| 1 year | ||
| 2 years | ||
| 3 years | ||
| 5 years | ||
| 10 years | ||
| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
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 | |
|---|---|---|
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
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
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| Tracking error ex-post (%) |
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| Alpha (%) | |||
| Beta |
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| Standard deviation |
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| Max. monthly gain (%) |
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| Max. monthly loss (%) |
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| 3 years | 5 years | ||
|---|---|---|---|
| Months outperformance | |||
| Hit ratio (%) | |||
| Months Bull market | |||
| Months outperformance Bull | |||
| Hit ratio Bull (%) | |||
| Months Bear market | |||
| Months outperformance Bear | |||
| Hit ratio Bear (%) |
| Fund | Reference index | ||
|---|---|---|---|
| Rating | |||
| Option Adjusted Modified Duration (years) | |||
| Maturity (years) | |||
| Yield to Worst (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}The macroeconomic data released in October was generally below market expectations: manufacturing PMI came in at 49.3, exports at -0.7%, imports at -6.2%, CPI at 3.0%, PPI at -1.2% and M2 at 8.4%.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
|---|---|---|
Fund Classification
| Yes | No | N/A | ||
|---|---|---|---|---|
| Voting | ||||
| Engagement | ||||
| ESG integration | ||||
| Exclusion |
| Yes | No | N/A | ||
|---|---|---|---|---|
| Screening | ||||
| Integration | ||||
| 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 dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.
ESG Integration policy
Robeco Chinese A-share 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 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') ]}}We believe economic growth in 2019 will face challenges from a slowdown in demand, prolonged trade friction between China and the US and structural problems. Downward earnings revisions pressure will remain, given the escalation of the trade war. On a positive note, valuations are still attractive. At the same time, long-term investor participation is increasing, with inflows from overseas funds continuing during the course of inclusion of Chinese A-shares in the MSCI Emerging Markets Index, and possible net inflows from domestic insurance and pension funds. We believe the market outlook will remain positive in the long run. However, an extended trade war escalation will impose downside risk on China’s growth and labor market. Therefore, we expect policymakers to step up fiscal easing, with the additional stimulus focused more on direct public spending, and to continue monetary easing to facilitate a re-acceleration of government bond issuance. We expect that China will also accelerate domestic reforms to cope with structural challenges and mitigate growth headwinds.
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 | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU1529950328 |
| Bloomberg | ROCAEIU LX |
| Valoren | 34854074 |
| WKN | |
| Availability | |
| 1st quotation date | 1487894400000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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| This fund deducts ongoing charges of |
| 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
| max entry fee | ||
| 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.
