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Based on transaction prices, the fund's return was 2.55%. The portfolio underperformed the benchmark in November. The largest positive contributor was the underweight in communication services. Main detractors last month were our heavy underweight in financials and overweight in healthcare. From a stock perspective, our picks in healthcare, consumer discretionary and materials were the main detractors from performance.
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The macroeconomic data released in November was generally in line with market expectations: manufacturing PMI came in at 52.1%, exports at 7.6%, imports at 0.9%, CPI at 0.5%, PPI at -2.1% and M2 at 10.5%.
Name | Sector | Weight |
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Sustainability Themed Fund |
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.
Robeco Chinese 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.
Robeco Chinese Equities invests in leading listed Chinese or China-related companies. The country-fund return reflects market developments in the country concerned. Your portfolio is actively managed. Exchange-rate changes are reflected in the fund's price. Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times. The fund is normally fully invested. 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.
Active. Risk management systems continually monitor the portfolio's divergence from the benchmark. In this way, extreme positions are avoided.
On the Chinese market outlook, we remain constructive for 2020, although the US-China tension re-escalation does make us more cautious in the near term, particularly about the technology and export sectors and ADRs. We are positive on the domestic demand driven sectors, as work resumption is progressing every week, with most of the Covid-19 control measures gradually being lifted across the country. We anticipated that Covid-19 prevention measures (such as wearing masks in public, temperature taking and Covid-19 testing for special situations) will become the new normal, allowing life to get back to normal. During the National People's Congress, more significant stimulus measures were announced. As expected, China is continuing its domestic reforms, including the modernization of state-owned enterprises (SOEs) to ensure that they become more efficient, and the support of private sectors after the coronavirus outbreak. Our focus in the coming period is on the effectiveness of policy support, the domestic demand driven by infrastructure spending and consumption recovery, and the technology and innovation driven by 5G and new energy investments.
The Chinese Equities investment team consists of five investment professionals with an average experience of 10 years, combining complementary skills and worldwide investment backgrounds. The team’s portfolio managers place local insights into the context of a wider regional and global perspective. Local presence in Hong Kong and Shanghai allows for optimal coverage of both off- and onshore markets, respectively.
Management company | |
Fund capital | |
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Outstanding shares | |
ISIN | LU0440072238 |
Bloomberg | RGCIEUR LX |
Valoren | 3250945 |
WKN | A0YFGK |
Availability | |
1st quotation date | 1513209600000 |
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.
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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