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The portfolio outperformed its benchmark over the month. Strong stock selection in Japan, South Korea and the Philippines, along with the underweight in Taiwan were the primary drivers. A strong rebound in stocks with weaker fundamentals continued in China to an extent based on reopening, so we saw a slight detraction there in a strongly performing market. Singapore also dragged, with Singtel seeing some relative profit taking over the month. From a sector perspective financials lead the way, primarily driven by our belief and positioning that the BoJ would tone down its zero rate rhetoric, which was hinted at over the month. Stock selection in materials and healthcare helped, but an underweight in Tencent saw communications services drag and poor operational performance at Downer saw the stock sold off.
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After the strong move in November, Asian equities were flat in December, consolidating the gains and outperforming global (-4%) and US (-3%) peers. With the holiday season there was limited economic surprise over the month, with an expected move from the Fed leaving the US 10-year flat, ending the period at 3.9%. China, with Hong Kong following, continued to unwind the severe Covid restrictions following the rest of the world, validating the strong equity market moves we saw in November. Reflecting on the full year, the market was down 17%, in line with the world index (-18%) and slightly better than the US market (-20%). 2022 was a tough year for all asset classes, with correlations much higher than usual given the normalization from QE and negative rates.
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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.
The fund incorporates sustainability in the investment process through exclusions, ESG integration, engagement and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.
Robeco Asia-Pacific Equities is an actively managed fund that invests in stocks in developed and emerging Asian-Pacific countries. 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 E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The fund focuses on stocks of companies incorporated in Asia, Australia or New Zealand or those companies that exercise major part of economic activity from these regions. Country allocation is a less important performance driver, implemented via country and currency overlays. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially 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 countries and sectors) 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 management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
If we think of the past year, there have been two primary drivers. The US hiking rates more aggressively than the market predicted on the back of higher inflation, and distorted and reduced demand on the back of long-lasting Covid lockdown measures in China. Both of these have been negative for asset prices, and have hurt market sentiment, especially in Asia. We have noted the cheapness in Asia for some time, reflecting quite a negative outlook on Asian markets. However, with now both a more normal level of rates and a dramatic reversal of Covid policies in China, we expect the headwinds Asia has faced to reduce significantly and potentially turn to tailwinds for the region given the fiscal flexibility and the reopening demand impulse. We should be clear that this will not be a straight line and there is likely to be contradictory data on both inflation and reopening demand, and even resurgent Covid cases. But selecting good companies with reasonable valuations should prove to be rewarding over the medium term. The portfolio's metrics still represent good value despite market moves at 10.1x forward earnings, 5.4x cash flow, 0.91x book, 11% ROE and 3.6% dividend yield.
Joshua Crabb is Lead Portfolio Manager and Head of Asia Pacific Equities. Before joining Robeco in 2018, Joshua was Head of Asian Equities at Old Mutual and Portfolio Manager at BlackRock and Prudential in Hong Kong. He started his career in the investment industry as Sector Analyst at BT Financial Group in 1996. Joshua holds a Bachelor's with Honors in Finance from the University of Western Australia and he is a CFA® charterholder. Harfun Ven is Portfolio Manager in the Asia Pacific team with a focus on Japanese, Australian and Korean stocks. Prior to joining Robeco in 2008, he was Portfolio Manager Japanese Equities at Alliance Trust. Harfun also managed Premier Alliance Trust Japan Equity, a top quartile ranked fund. Before that, he spent six years with Bowen Capital Management, managing both Japan-only and Asia-Pacific funds. He started his career in the investment industry in 1998. Having grown up in Japan, he fluently speaks Japanese, Cantonese and English. Harfun holds an MBA from Boston University and a Bachelor's from the University of Massachusetts.
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ISIN | LU0875837915 |
Bloomberg | ROAPEIU LX |
Valoren | 3250382 |
WKN | A1XDD8 |
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1st quotation date | 1358726400000 |
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 Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.