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Robeco Asia-Pacific Equities D USD

Index: MSCI AC Asia Pacific Index (Net Return, USD)
ISIN: LU0487305319
  • Focused investing in Asia-Pacific equities
  • Concentrated portfolio driven by bottom-up selection targeting approximately 90 positions
  • Risk allocation over performance drivers
Asset class
Current price ()
Performance YTD ()
Currency USD
Total size of fund ()
Dividend payingNo

About this fund

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 analysisThe fund's objective is to achieve a better return than the index. 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.

Price development

No performance data available

Price development

Robeco Asia-Pacific Equities D USD

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year)
Initial charges or eventual custody charges which intermediaries might apply are not included.
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.

Performance explanation

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Based on transaction prices, the fund's return was -9.18%. The portfolio underperformed its benchmark by 1.2% based on NAV. In the first half, the fund outperformed its benchmark by well over 5%, shielding investors from the sharp decline in the regional index (-17% in USD and -10% in EUR). Global bond yields reached an intermediate peak in the first half of the month, but came down in the second half. Current positions in the fund do relatively well when bond rates are on the rise. The moves in June led to a pullback in financial stocks and a relief rally for growth stocks. Semiconductor and commodities exposure suffered from recession fears. In the fund, Samsung Electronics (-15%, memory chips and mobile phones), Renesas (-19%, chips for cars) and GlobalWafers (-27%) all fell strongly. The underweight in TSMC (-15%) contributed positively when even this bellwether succumbed to selling pressure. Gold miner Newcrest Mining fell 17%, while gold fell just 2%, but its byproduct copper dropped 15% in the spot market. The rally in China also caused some headwind for the fund, as we remain underweight the large Chinese internet stocks. The fund did benefit though from the support by Chinese policymakers for the property sector.

Statistics

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Market development

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Global recession worries in June caused another down leg in Asian markets. This was most visible in the performance of Asian hardware tech stocks, where prices fell 15-20% and forward earnings multiples have come down to levels of only 5-8x. We believe, the dip will be short-lived and supply discipline after decades of consolidation will protect longer-term profitability for the sector. There was also a lot of focus on the BoJ's 'widow-maker trade', i.e. shorting the government bond. While other major central banks are hiking rates, the BoJ insists it will keep the bond yield at a maximum of 0.25%. This has resulted in the bank now owning about 50% of the Japanese government bond market. The resulting weakness of its currency is being monitored, but the bank feels no need to defend it through intervention. China's market stood out with a liquidity driven rally in its equity markets. Many actions suggest that the Chinese government wants to open up and be less restrictive in its 'zero-Covid policies', though the talk remains steadfast. After a very weak second quarter for growth, supportive measures have been announced. China treads carefully as it does not want to load up on debt again.

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

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.

Investment 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 policy

Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Sustainability profile

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Exclusions

ESG Integration

Voting & Engagement

Sustainability

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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.

Expectation of fund manager

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Asia-Pacific markets should come back into favor quickly now that China is stabilizing. Asia is no longer as sensitive to US rate hikes as it used to be, because its fundamental balances are much healthier. Multiples in Asia-Pacific, and especially in our portfolio, offer a lot of support while earnings growth is looking healthy. Also in Asia, monetary policy does not need to tighten as much as in the West, while inflation largely stays at bay. In fact, China should see some easier policies to support growth. Of course, our markets are negatively impacted by ever higher energy prices and a recession in the West will hurt Asia too, especially if demand for semiconductors, that has been a key driver for the region, crumbles. Asia-Pacific should however hold up much better, as the region has pent-up demand. In Japan and South Korea, consumption is picking up as Covid measures are lifted. The domestic economy of China has residual downside risk from property and still has to find a way out of Covid lockdowns. The fund's portfolio (82 stocks) is excellent value at 9x earnings, 0.9x book, 8% forward free cash flow yield and a 3.9% dividend yield. The active share stands at 80% and beta is 0.99.

Joshua Crabb, Harfun Ven
Joshua Crabb, Harfun Ven

Joshua Crabb, Harfun Ven

Joshua Crabb is Portfolio Manager in the Asia Pacific team, responsible for the management of multiple institutional mandates. 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.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0487305319
BloombergRGASPUD LX
Valoren3250362
WKNA1J7SW
Availability
1st quotation date1266451200000
Close financial year31-12
Legal status
Tracking error limit (%)
Morningstar
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
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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.

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Disclaimer

Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.

The information contained in the Website is NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws. The value of the investments may fluctuate. Past performance is no guarantee of future results. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

In the UK, Robeco Institutional Asset Management B.V. (“ROBECO”) only markets its funds to institutional clients and professional investors. Private investors seeking information about ROBECO should visit our corporate website www.robeco.com or contact their financial adviser. ROBECO will not be liable for any damages or losses suffered by private investors accessing these areas.

In the UK, ROBECO Funds has marketing approval for the funds listed on this website, all of which are UCITS funds. ROBECO is authorized by the AFM and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

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