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In December, the MSCI China 1040 Index lost 5.98% in US dollar terms and 6.88% in euro terms. The A-share market declined 5.10% in renminbi terms, with the currency going up 0.07% against the US dollar. The macroeconomic data released in December was generally below market expectations – manufacturing PMI (49.4), industrial production (6.3%), retail sales (9.1%), exports (10.2%), imports (7.8%), investment (5.9%), CPI (2.2%), PPI (2.7%) and M2 (8.0%).
Name | Sector | Weight |
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Sustainability Themed Fund |
The fund is allowed to pursue an active currency policy to generate extra returns.
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.
For Robeco Chinese 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.
Robeco Chinese Equities invests in leading listed Chinese or China-related companies. The country-fund return reflects market developments in the country concerned. Your portfolio is actively managed. Exchange-rate changes are reflected in the fund's price. 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 may invest in China A-shares via the QFII and/or a Stock Connect Programme which may entail additional clearing and settlement, regulatory, operational and counterparty risks.
Active. Risk management systems continually monitor the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.
China's economic growth is in a downturn and we believe it might get worse before it can get better, considering the time lag of policy transmission and pressure from external demands due to trade tariffs on top of already moderating domestic discretionary consumptions, industrial activities and property sales/investments. China’s economy is expected to grow 6.3%-6.5% in 2019 as China struggles with challenges relating to trade and structural reform. However, we also expect to see heightened volatility, as many external and internal risk factors may play out. Corporate earnings will see a downward revision, as the economy slows down, while valuation is at a historical low and selective opportunities are emerging in the consumer, technology and service sectors, which will continue to drive the economy and gradually represent a larger share. We remain vigilant on the medium-term market outlook.
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.
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ISIN | LU0440072238 |
Bloomberg | RGCIEUR LX |
Valoren | 3250945 |
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1st quotation date | 1513209600000 |
Close financial year | 31-12 |
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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.
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.
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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Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at this website and at the Robeco offices in each country where Robeco has a presence.
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