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Robeco Asian Stars Equities F GBP

ISIN: LU1408525381
  • Flexible and dynamic investing
  • Targets the most attractive Asian markets
  • Concentrated portfolio of 30 and 40 stocks
Asset class
Current price ()
Performance YTD ()
Currency GBP
Total size of fund ()
Dividend payingNo

About this fund

Robeco Asian Stars Equities is an actively managed fund that invests in stocks of the most attractive companies in Asia. The selection of these stocks is based on fundamental analysis. The fund's focus is on the high-growth developing countries in the region. The fund focuses on stock selection and has a concentrated portfolio.

Price development

No performance data available

Price development

Robeco Asian Stars Equities F GBP

Performance

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Fund Reference index
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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 7.26%. The portfolio outperformed the benchmark last month. We noticed a turn towards value last month in the region and that benefited our portfolio. Our stock picks worked well in China, South Korea and Taiwan, but not having any stocks in Thailand detracted. On the positive side, Samsung Electronics pref-shares outperformed common shares on the positive outlook of memory prices. Not owning Tencent contributed positively last month, as investors worried about the potential negative impact from China's anti-monopoly announcements. Taiwanese semiconductor wafer company GlobalWafers reported better-than-expected results and gave a positive outlook on wafer prices into 2021. Chinese home appliance brand Haier Electronics is going ahead with merging back into its parents company Qingdao Haier. We saw share price discounts relative to the announced share swap ratio narrow to below 5% from over 30% in one month. On the other hand, our stocks that are considered safe in the Covid-19 environment, saw share price pull-back, as investors crowded into cyclical recovery stocks. Indian IT outsourcing company HCL Technologies, Chinese noodle and beverage brand Tingyi and Chinese pharmaceutical company Livzon are examples of that.

Statistics

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Market development

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Global markets had another good month in November, with Asian markets up 8%. The markets were exuberant over the news of the first western Covid-19 vaccine being available soon. The tone of the market clearly leaned more towards cyclical stocks and beneficiaries of higher bond rates. Thailand rose the most last month (+25%) in anticipation of a normalization of travel. Singapore (+19%) and Indonesia (+15%) did well, as international flows returned to these markets. China lagged the rally, while 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 and Tencent. 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. The dollar continued to weaken and most Asian currencies rose against the greenback, especially those from countries that had been hurt most by the pandemic, such as the Indonesian rupiah and the Thai baht.

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 dividends

ESG Integration policy

Robeco Asian Stars 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 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

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After a collective attempt to lock down, Asia has started to see some recovery of activity and optimism. North Asia has started to see a recovery of activity and optimism, while for South Asia, any recovery remains very preliminary. Until the broad rollout of vaccinations, travel restrictions will remain and we may see borders opening in 21Q2. We are bullish on Asian markets, expecting a recovery in earnings in 2021. After a bad year in 2020 for obvious reasons, next year looks a lot better. Following negative fund flows in the first three quarters of 2020, we have recently begun to see positive flows. Low valuations and structural growth are good reasons to move money to Asia. Valuations remain low and the markets are 30% cheaper than the global markets. We need confirmation that earnings have been cut sufficiently. In October and November we had earnings revisions back up after the slight cut in September. We believe that lower rates and increased fiscal spending will support regional economies and also value stocks. The fund's portfolio (39 stocks) is good value at 14.4x forward earnings, 6.7x cash flow, 1.3x book and 2.7% 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
ISINLU1408525381
BloombergROASEFG LX
Valoren32537574
WKN
Availability
1st quotation date1462838400000
Close financial year01-12
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.

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