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Robeco Sustainable Asian Stars Equities DL EUR
High conviction in the most attractive Asian markets
Share classes
Share classes
Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.
DL-EUR
DL-USD
FL-USD
IL-EUR
IL-USD
S-EUR
S-GBP
S-USD
Class and codes
Asset class:
Equities
ISIN:
LU2133220793
Bloomberg:
ROASEDE LX
Index
MSCI AC Asia ex Japan Index (Net Return, EUR)
Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.
Article 8
Morningstar
Morningstar
Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.
Rating (29/06)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- Concentrated portfolio
- Targets the most attractive Asian markets
- Improved environmental footprint, generates a positive ESG impact.
About this fund
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 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.
Key facts
Total size of fund
€ 16,549,110
Size of share class
€ 6,132,627
Inception date share class
30-03-2020
1-year performance
8.67%
Dividend paying
No
Fund manager
![Vicki Chi](https://images.ctfassets.net/tl4x668xzide/6Kadyg3Tk8GI2nNRPRhFJ5/2be748571538761efa38f97cfd089788/vicky-chi-500x500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Vicki Chi
![Joshua Crabb](https://images.ctfassets.net/tl4x668xzide/3hLKgNo01HQjNCHfmHClIN/3cbe9c978335ca29764cf278e8a1a41d/joshua-crabb-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Joshua Crabb
Vicki Chi is Portfolio Manager in the Asia Pacific team with a focus on defensive sectors. 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. Joshua Crabb is Lead Portfolio Manager and Head of Asia Pacific Equities. Before joining Robeco in 2018, Joshua was Head of Asian Equities at Old Mutual and Portfolio Manager at BlackRock and Prudential in Hong Kong. He started his career in the investment industry as Sector Analyst at BT Financial Group in 1996. Joshua holds a Bachelor's with Honors in Finance from the University of Western Australia and he is a CFA® charterholder.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
4.98%
5.60%
3 months
5.15%
8.02%
YTD
10.43%
13.11%
1 year
8.67%
14.92%
2 years
3.22%
4.33%
3 years
-0.76%
-2.54%
Since inception 03/2020
8.75%
8.83%
2023
2.97%
2.39%
2022
-13.48%
-14.41%
2021
8.23%
2.52%
2021-2023
-1.21%
-3.51%
Statistics
Statistics
Hit-ratio
- Statistics
- Hit-ratio
Tracking error ex-post (%)
The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.
5.66
Information ratio
This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.
0.61
Sharpe ratio
This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.
-0.05
Alpha (%)
Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..
2.95
Beta
Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.
0.87
Standard deviation
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).
14.60
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
11.49
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-8.95
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
23
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
63.9
Months Bull market
Number of months of positive benchmark performance in the underlying period.
19
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
10
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
52.6
Months Bear market
Number of months of negative benchmark performance in the underlying period.
17
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
13
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
76.5
Costs
Ongoing charges
Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.
1.75%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
1.50%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.20%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.20%
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.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
The fund is allowed to pursue an active currency policy to generate extra returns.
The fund does not distribute dividends
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 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 fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and aims for an improved environmental footprint. The Sub-fund is actively managed. The securities selected for the Sub-fund's investment universe may be components of the Benchmark, but securities outside the Benchmark may be selected too. The Sub-fund can deviate substantially from the weightings of the Benchmark. The Portfolio Manager has discretion over the composition of the portfolio subject to the investment objectives. The Sub-fund aims to outperform the Benchmark over the long run, whilst still controlling relative risk through the applications of limits (on VaR Ratio) 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 environmental, social and governance characteristics promoted by the Sub-fund.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
ESG Important Information
The sustainability information below can help investors integrate sustainability considerations in their process. This information is for informational purposes only. The reported sustainability information may not at all be used in relation to binding elements for this fund. A decision to invest should take into account all characteristics or objectives of the fund as described in the prospectus.
Sustainability
The fund incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential (long-term) ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon footprint compared to the reference index. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI AC Asia ex Japan Index (Net Return, EUR).
Market development
Asian markets gained 4.3% in June, outperforming developed markets (+1.9%) on the back of an AI-driven tech rally (Taiwan, South Korea) and post-election strength in India. Across the region, AI was the biggest driver of share price performance. Taiwan (+12.2%) was the biggest beneficiary followed by South Korea (+8.3%). Despite Mr Modi securing less of a majority in the election than anticipated by the market, he was able to secure an alliance and move forward with his new government. India’s bull market continued (+7.0%) as investors welcome policy continuity while awaiting the July budget. Indonesia (+2.5%) rebounded from its mid-June trough. On the other hand, HK (-6.5%) and China (-1.9%) dropped back from the rally in May, as expectations reset ahead of the third plenum in July. On the ESG front, China issued draft corporate sustainability disclosure guidelines to promote and regulate sustainability-related disclosures. Malaysia held its first auction for carbon credits from the Kuamut Rainforest Conservation Project. The EU’s anti-subsidy investigations on Chinese EV makers and announced tariffs made these companies more eager to build factories in the EU.
Performance explanation
Based on transaction prices, the fund's return was 4.98%. In June, Robeco Sustainable Asian Stars outperformed the index. Stock selection was good in South Korea and India but detracted in China and Taiwan. In terms of sectors, IT and utilities outperformed, while financials and healthcare detracted. On the positive side, AI has been the biggest driver of outperformance this month. SK hynix benefited from its strong position in HBM, and Chroma ATE from its equipment exposure to the NVIDIA supply chain. Mahanagar Gas saw a strong share price performance after reiterating volume growth guidance. On the other side, our underweight in TSMC detracted this month. Many China stocks struggled. Shandong Weigao continued to experience very weak sentiment along with China healthcare stocks. TravelSky dropped back after recovery last month.
Expectation of fund manager
![Vicki Chi](https://images.ctfassets.net/tl4x668xzide/6Kadyg3Tk8GI2nNRPRhFJ5/2be748571538761efa38f97cfd089788/vicky-chi-500x500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Vicki Chi
![Joshua Crabb](https://images.ctfassets.net/tl4x668xzide/3hLKgNo01HQjNCHfmHClIN/3cbe9c978335ca29764cf278e8a1a41d/joshua-crabb-500px.jpg?fit=fill&w=162&h=162&f=center&fm=webp)
Joshua Crabb
The Indian election results have been surprising, as the Modi-led BJP failed to secure a majority despite strong exit polls. Although the BJP was quick to form a coalition government, implementing their reform agenda could still prove to be more difficult than before and a shift towards more rural-friendly policies could be expected, potentially impacting state-owned companies. Meanwhile, the AI industry continues to grow, and the significant valuation differences between the US and Asia are attracting global investors. However, valuations for many companies are looking stretched. The US presidential race has been focused on domestic legal issues, with less attention on international relations, which could pose a risk in the coming months. China continues to be complicated, but valuations are very subdued. Intrinsic growth opportunities (India & ASEAN), and balance sheet unlocking (South Korea) are some of the exiting idiosyncratic opportunities that exist in Asia.