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Robeco Asia-Pacific Equities F EUR

ISIN: LU0871827209
  • 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 EUR
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 analysis. The fund focuses on stock selection. Country allocation is a less important performance driver, implemented via country and currency overlays. Voting, Engagement, ESG Integration and Robeco's exclusion policy are part of the investment policy.

Price development

No performance data available

Price development

Robeco Asia-Pacific Equities F EUR

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 8.32%. The portfolio outperformed its benchmark by 1.3% based on NAV. The Asia Pacific markets rose 10.2% in local currencies. There was a certain turn towards value visible in most markets and this gave performance a nice tailwind. Japan, where quality continued to be the main driving factor, was an exception. Country allocation contributed positively, thanks to our overweight in Japan and South Korea. Stock selection helped in China and Japan too. The fund's top holding, Samsung Electronics (+22%), seems to have finally started the rerating it deserves. At twelve times forward earnings it remains the cheapest key player in the global digitalization trend. Japanese drugstore operator Matsumotokiyoshi (+27%) and athletics company Asics (+45%) rose strongly in anticipation of better sales from global buyers that are keen on beauty and health. Relative returns for the fund were hurt by the executive order from Trump to ban American investors from certain Chinese stocks that have a link to the military. China Mobile (-2%), China Overseas Land (-3%) and China Communication Services (-8%) all traded weakishly under the fear of a sizable supply overhang. We think this is unlikely to happen.

Statistics

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Market development

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Consumer price inflation numbers were very low at -0.4% in Japan and +0.5% in China. However, stock price inflation continued unabatedly in November. The markets were exuberant over the news of the first western Covid-19 vaccine being available soon. The fact that the US elections were over was more important than the outcome. Money had been waiting on the sidelines and was deployed after 3 November. The tone of the market clearly leaned more towards cyclical stocks and beneficiaries of higher bond rates. South Korea and Japan, generally seen as offering more cyclical exposure, were amongst the leading markets. Chinese fintech Ant Group saw its largest ever IPO pulled as the regulator decided it would ask lending intermediaries to take more risk on their books. China announced it would look into the monopoly powers of big internet platforms. This highlighted the regulatory risk and put a lid on the rally of mega-cap stocks such as Alibaba, Tencent and Meituan. Trade tensions flared up between China and Australia, and many export products from Down Under will find it harder and more expensive to enter China. There is still some friendship left, as fifteen Asia Pacific nations signed a free trade pact under the name ‘RCEP’.

Fund allocation

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Name Sector Weight
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Fund Classification

YesNoN/A 
Voting
Engagement
ESG integration
Exclusion
YesNoN/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 Asia-Pacific 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 Asia-Pacific Equities provides a balance between diversified exposure and a more concentrated portfolio to offer exposure to some of the world's fastest-growing economies. The portfolio managers make use of both bottom-up and top-down analysis. Bottom-up stock analysis is a primary driver for stock selection. Top-down opportunities and country selection are based on five-factor country analysis, i.e. using macroeconomics, earnings, technical analysis, valuation and sentiment. The fund makes use of an active currency overlay driven by quantitative models and technical analysis. The fund makes use of risk budgeting to allocate risk against the different performance drivers. Risk is allocated between stock selection, country allocation and currency bets. 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.

Risk policy

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

Expectation of fund manager

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We are bullish on Asian markets with strong support from liquidity and a recovery in earnings. Asia is home to many global technology leaders that benefit from the digitalization trend and still trade at reasonable valuations. However, for the internet leaders, multiples have become frothy and assume blue sky. Until the broad rollout of vaccinations, travel restrictions will remain and we may see borders opening in 21Q2. After a bad year in 2020, next year looks a lot better. Earnings estimates have started to turn up aggressively. Consensus expects earnings to fall by 3% in Asia Pacific in 2020 and to then bounce back by 12% in 2021. Valuations are 15-20% cheaper than global markets. After negative fund flows in the first three quarters, we have recently seen positive flows. Technology-heavy and Covid-light markets China, South Korea and Taiwan are most popular. We expect more positive flows to support the markets. With the strong price recovery, stocks are preferred. While bond yields are <1.5% for Asia Pacific, our dividend yield of 2.8% looks appealing. The fund's portfolio (76 stocks) is excellent value at 13x forward earnings, 1.0x book, 5.0% free cash flow yield and a 2.8% dividend yield.

Arnout van Rijn
Arnout van Rijn

Arnout van Rijn

Mr. van Rijn is CIO Asia-Pacific, Co-Head of the Asia-Pacific team and Lead Portfolio Manager of Robeco Asia-Pacific Equities. From 2003 to 2007 he was the Lead Portfolio Manager of Rolinco, one of Robeco's flagship equity products. Before that Arnout held several positions within the Robeco Equity department covering European, Asian and American markets. From its inception in 1994 until 2000, he was Portfolio Manager of Robeco's Emerging Markets Equities fund. From 2000 to 2002, Arnout worked in Hong Kong as head of the Fund Desk at Rabo Investment Management. He started his career in the investment industry in 1990. Arnout van Rijn holds a Master's degree in Business Economics from Erasmus University Rotterdam.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0871827209
BloombergROAPEFE LX
Valoren20354079
WKNA1XDVE
Availability
1st quotation date1358726400000
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
Service fee

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.

Many of the protections provided by the United Kingdom regulatory framework may not apply to investments in ROBECO Funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. No representation, warranty or undertaking is given as to the accuracy or completeness of the information on this website.

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