Robeco Sustainable Asian Stars Equities DL EUR
- Concentrated portfolio
- Targets the most attractive Asian markets
- Improved environmental footprint, generates a positive ESG impact.
About this fund
Price development
Performance
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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.
Performance explanation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Based on transaction prices, the fund's return was 3.02%. In October, the portfolio delivered a positive relative and absolute performance. As the China market recovered in October, investors bought leading internet companies. Alibaba finally rebounded 15%, Meituan 10% and NetEase 17%. We remain underweight the sector and believe multiples are likely to stay depressed with regulatory overhang. On the positive side, ICICI Bank in India reported better-than-expected results and continues to enjoy very strong momentum. Bank Rakyat in Indonesia went up on improving economic activities as Covid cases declined. Chinese power grid equipment maker Nari Technologies reported strong results and enjoyed positive sentiment surrounding renewable energy stocks in China. China Yongda is a clear value case and outperformed along with better sentiment in the Chinese auto sector. On the other side, Indian IT services company HCL Technologies saw downward pressure after its earnings growth failed to meet high expectations. China gypsum board maker Beijing New Building Materials fell on weak sentiment lingering in the Chinese property sector. Chinese drug maker Livzon suffered from investors rotating out of the Chinese healthcare sector.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}Asian markets delivered a positive performance (+1.3%) in October, but lagged US & European markets, which rallied 5-7%). Anticipation of rate hikes in the US has a negative impact on Asia. There is also fear of lower growth having an impact on cyclical markets. Global Covid cases continue to decline and mobility restrictions continue to be eased – with Singapore announcing new travel easing, and Thailand allowing international travel. Remarkable is that in countries like Indonesia and India, cases continue to fall sharply, even though vaccination rates are still lower than 25%. On the ESG front, the UN Climate Change Conference (COP26) taking place in Glasgow captured major headlines. Four Asian countries made fresh carbon neutral commitments at this conference: Vietnam by 2050, India by 2070, Nepal by 2045 and Thailand by 2050. Indian Prime Minister Modi also asked for USD 1 trillion in climate finance from the developed world. In China, Ma Jun, a former PBoC MPC member, called for China to introduce obligatory climate disclosures as part of a concerted effort to boost private capital flows into sustainable investments.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| 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 dividends
ESG Integration policy
Robeco Sustainable Asian Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze 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 risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.
Investment policy
Robeco Sustainable 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 objective is to achieve a better return than the index. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process. In addition, the fund applies an exclusion list on the basis of controversial behavior, products (including controversial weapons, tobacco, palm oil and fossil fuel) and countries, while avoiding investment in thermal coal, weapons, military contracting and companies that severely violate labor conditions, next to voting and engaging. The fund also aims for an improved environmental footprint compared to the Benchmark.The fund selects investments based on a combination of top-down country analysis and bottom-up stock ideas. The reference to "Stars" in the name of the fund refers to an approach whereby only the most attractive companies (in terms of actual and/or potential capital gains and/or generation of income and/or growth) are selected. The fund aims at selecting stocks with relatively low environmental footprints compared to stocks with high environmental footprints. The majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark index 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 in the underlying markets 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
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}
| ESG score target | Footprint target | Exclusion based on negative screening |
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| ↑Above Index | ↓20% | ≥20% |
ESG Score
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The portfolio ESG score (and E,S and G score) is calculated by multiplying the RobecoSAM Smart ESG Score of each holding by its respective portfolio or index weight. The same methodology is applied in calculating the key ESG Criterion scores. The scores of the portfolio are provided alongside the scores of the index, highlighting the portfolio’s relative sustainability. The colors indicate the score of the portfolio, whilst the shading shows the index.
Environmental Footprint
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}The RobecoSAM footprint ownership of the portfolio expresses the total resource consumption the portfolio finances. Each company's footprint is calculated by normalizing resources consumed by the company's enterprise value. Multiplying these values by the dollar amount invested in each company yields the aggregate footprint ownership figures. The selected index's footprint (for an equivalent $ amount invested in corporates) is provided alongside. The portfolios score is shown in blue and the index in grey.
ESG integration policy
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Robeco Sustainable Asian Stars Equities integrates ESG at every stage of the investment process. We use sustainability performance rankings as a first indication of a company’s sustainability profile. In addition we use it to exclude the worst 20% scoring stocks from the investable universe. We then analyze 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 risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis may impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, water use and waste generation, with the aim of realizing at least 20% better levels than the index. In addition to ESG integration, Robeco’s dedicated active ownership team conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil, nuclear power, thermal coal, arctic drilling and oil sands, according to strict revenue thresholds.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}Our outlook for Asian markets remains bright, though we do see some clouds building. On the one hand, liquidity is still abundant. On the other hand, recent input price inflation will have an impact on margins, depressing the earnings outlook for certain sectors going into 2022. With inflation expectations continuing to rise, we see pricing power in technology commodities alongside traditional commodities. That points to a continuing lead for value over growth. Semiconductors and the sustainability thematic remain attractive long-term opportunities in Asia. Very strong earnings growth for 2021 is a certainty, the question is whether this can be sustained going into 2022. Consensus expects earnings in Asia to grow 28% in 2021, slowing to 10% in 2022. Revisions are plateauing. We believe that lower rates and increased fiscal spending will support regional economies and we are starting to see the pieces fall into place for a longer-term value rebound. Valuations remain low in Asia and 30% cheaper than the global markets. We focus on bottom-up stock picking and on companies with a good sustainability profile, solid cash flow generation, trading at a good price and having positive momentum.
Vicki Chi, Arnout van Rijn
Vicki Chi is Portfolio Manager in the Asia Pacific team with a focus on Taiwan and China. Prior to joining this team in 2014, she was an Analyst in the Robeco Emerging Markets team where she covered Chinese stocks in the telecom and banking sector. Vicki started her career in 2006 at Robeco. She is a native speaker of Mandarin Chinese and holds a Master’s in Business Administration from Erasmus University Rotterdam. She also is a CFA® charterholder. 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 | LU2133220793 |
| Bloomberg | ROASEDE LX |
| Valoren | 53579848 |
| WKN | A2P63K |
| Availability | |
| 1st quotation date | 1585526400000 |
| Close financial year | 31-12 |
| Legal status | |
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Cost of this fund
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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.
