Robeco BP US Select Opportunities Equities DH EUR
- Mid-cap value fund
- Selects the best investment candidate with a market capitalization of USD 750 million or more.
- Investment discipline based on bottom-up fundamental research
About this fund
Price development
Performance
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundPerformances.date,'llll') ]}}| Fund | Index | |
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| {{'fund.detail.performance.period.sinceInception' | labelize:[ fundDate(fund.fundPerformances.sinceStart.startDate,'MM-YYYY') ]}} |
Annualized (for periods longer than one year).
Cumulized (total amount of return).
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).
Cumulized (total amount of return).
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 -3.00%. Robeco BP US Select Opportunities outperformed the Russell Mid Cap Value Index in September, with both stock selection and sector allocation adding value. Areas of strength to stock picking mainly came in the consumer discretionary, healthcare and financial sectors of the market. Within consumer discretionary, specialty auto parts retailer AutoZone had a strong month, while in the hotels, restaurants and leisure industry several holdings did well, as people have begun to return to 'normal day' routines and travel has picked up. This included Expedia, International Game Technology, Marriott International and Wyndham Hotels & Resorts. In healthcare, off-benchmark holdings Avantor and ICON were both in positive territory in what was a negative month for the index. Bank holdings Fifth Third, KeyCorp, Truist Financial, Huntington and East West led the way in the financials sector, while insurers AIG and Aon were also additive. The contribution to sector allocation was most prominent from the fund's overweight exposure to energy, while the underweight exposures to utilities and materials and the overweight in financials were also beneficial.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}US equities changed course in September, ending up in negative territory. The S&P 500 Index returned -4.65%, while value outperformed growth across the different market capitalization indices. Small caps declined the least, falling -2% as measured by the Russell 2000 Value Index. Large caps and mid caps were pretty much in line, falling -3.48% and -3.68% respectively as measured by their Russell value benchmarks. The energy sector led the way in the month, convincingly outperforming all the other sectors.
Fund allocation
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundAllocations.date,'llll') ]}}| Name | Sector | Weight |
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Currency policy
Investments are predominantly made in securities denominated in US dollars. The subfund is denominated in euros. The subfund also uses derivatives to hedge to the euro.
Dividend policy
No dividend is distributed. All returns are reinvested and translated into price gains.
Investment policy
The fund's broad definition of value looks beyond traditional value characteristics such as low price/earnings and price-to-book ratios, and includes analysis of long-term business fundamentals and short-term business momentum. The fund's investment objective is to participate in rising markets and preserve capital in falling markets through diligent risk management.
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') ]}}The fund does not promote any environmental or social characteristics and is classified under Article 6 of SFDR.
Expectation of fund manager
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}US equity markets traded off in September, as investors worried over decisions made by the Federal Reserve, the rise in Covid cases and concerns over a global supply chain backlog drove returns. The push and pull surrounding the high-profile themes in the market continues to get more aggressive, fitting with the heightened uncertainty/volatility. Some of the key debates revolve around whether inflation will be transitory, central bank policy shifts vs continued balance sheet expansion, fiscal cliff vs pent-up savings and record job openings, and input price pressures vs pricing power and operating leverage. We will continue to focus at a company-by-company level and as always, the fund remains well positioned with holdings that reflect Boston Partners' three circle characteristics – attractive valuations, solid business fundamentals and identifiable catalysts.
Steven L. Pollack, CFA
Mr. Pollack is the equity portfolio manager for Boston Partners Mid Cap Value Equity product. He is in his fifteenth year with the firm. He joined the firm from Hughes Investments where he spent twelve years as an equity portfolio manager, managing value equity across the market capitalization spectrum. He also oversaw the outside investment managers who manage assets for Hughes' pension plan. He began his career at Hughes as an Investment Analyst where he spent four years covering a variety of industries and sectors. Prior to that, he was with Remington, Inc., and Arthur Anderson & Co. Mr. Pollack is a graduate from Georgia Institute of Technology and holds an M.B.A. from The Anderson School of Management at the University of California at Los Angeles. He holds the Chartered Financial Analyst® designation. He has thirty-one years of investment experience.
Details
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundFacts.date,'llll') ]}}| Management company | |
| Fund capital | |
| Size of share class | |
| Outstanding shares | |
| ISIN | LU0674140040 |
| Bloomberg | RUSODHE LX |
| Valoren | 13762374 |
| WKN | A1JKVL |
| Availability | |
| 1st quotation date | 1316476800000 |
| Close financial year | 31-12 |
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Cost of this fund
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Transaction costs |
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Extra fees
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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.
