Robeco Asian Stars Equities D EUR
- Flexible and dynamic investing
- Targets the most attractive Asian markets
- Concentrated portfolio of 30 and 40 stocks
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Reference index | |
|---|---|---|
| 1m | ||
| 3m | ||
| 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)
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 | |
|---|---|---|
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.
Statistics
{{'fund.detail.general.perDate' | labelize:[ fundDate( (fund.fundStatistics.date?fund.fundStatistics.date:fund.fundCharacteristics.date) ,'llll') ]}}| 3 years | 5 years | ||
|---|---|---|---|
| Standard deviation |
|
||
| Max. monthly gain (%) |
|
||
| Tracking error ex-post (%) |
|
||
| Alpha | |||
| Beta |
|
||
| Sharpe ratio | |||
| Information ratio | |||
| Max. monthly loss (%) |
|
| 3 years | 5 years | ||
|---|---|---|---|
| Hit ratio (%) | |||
| Hit ratio Bear (%) | |||
| Hit ratio Bull (%) | |||
| Months Bear market | |||
| Months Bull market | |||
| Months outperformance | |||
| Months outperformance Bear | |||
| Months outperformance Bull |
| Fund | Reference index | ||
|---|---|---|---|
| Option Adjusted Modified Duration (years) | |||
| Maturity (years) | |||
| Rating | |||
| Yield to Worst (%) |
Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Outperforming global markets (+1%), Asia was the only region in emerging markets to advance in March. Asian markets rose 1.6%, driven by China (+2.4%) and India (+9.1%). Most countries saw negative earnings revisions, the largest being Korea, Indonesia and Taiwan. Weak equity markets late last year have pushed central banks to sound more dovish than ever. In March, long bond yields fell quickly in the US, Japan (well below zero again) and Australia (new lows at 1.8%). The further dovish rate outlook fueled equity markets higher. In China, sentiment turned more bullish as the government stimulus is now likely to fabricate a soft landing for the economy. China A-shares led regional markets with a rise of 7%. Chinese property stocks charged higher, supported by accelerating sales and low valuations. In India, the market gained 6% on polls showing better chances for Modi to be re-elected. The cyclical Korean market also lagged (-2%) as investors look at weak earnings only and do not yet believe that lower rates will re-ignite growth. ASEAN (-0.7%) was weak, dragged down by Malaysia (-3.6%) and Thailand (-2.2%).
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 dividends
ESG Integration policy
For Robeco Asian Stars 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.
Investment policy
Robeco Asian Stars: Invest in Asia's best. The focus is on the most attractive investments in an exciting growth region. The fund leverages on Robeco's local resources in China and India. The fund will have a high-conviction, high-alpha portfolio with around 30-60 stocks. 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Asian markets staged a flying start in 2019, with trade war fears fading into the background as global central banks reversed back to quantitative easing, led by the Fed. Regional earnings revisions have been negative, expected EPS growth for the region in 2019 is only 1.2% now and we see limited downside from here. China's economy is showing initial signs of recovery after the government started monetary and fiscal loosening. Korea is a good market for patient value investors especially now that the chaebols show positive changes under government pressure. We continue to focus on bottom-up stock picking and on companies with solid cash flow generation trading at a good price. The fund's portfolio (45 stocks) is good value at 11x forward earnings, 5.8x cash flow, 1x book and 3.2% dividend yield.
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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0591059224 |
| Bloomberg | ROBASEQ LX |
| Valoren | 12465560 |
| WKN | A1JGUS |
| Availability | |
| 1st quotation date | 1300406400000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Morningstar |
|
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}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 | ||
| 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 0.05% 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.
