Robeco BP US Select Opportunities Equities IH 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 1.09%. Robeco BP US Select Opportunities trailed the Russell Mid Cap Value Index in August, with stock selection and sector allocation detracting from relative performance. Stock selection in the materials and healthcare sectors of the market weighed on returns. Within materials, the fund's chemical holdings lagged, including FMC Corporation, DuPont de Nemours and Ingevity. This was despite FMC's earnings and revenues surpassing estimates in Q2. In healthcare, providers and services businesses had a lackluster month, with Humana, Centene and Universal Health Services all lower. On a positive note, stock picking in the financials sector was strong, with the fund's bank and insurance holdings adding most value. Huntington Bancshares, Fifth Third Bancorp, AIG and Aon all performed well and contributed to performance. Sector allocation was pretty mixed, with the overweight exposure to financials contributing the most to the relative performance, while the overweight exposure to consumer discretionary was the largest detractor.
Statistics
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Market development
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundInvestmentExplanations.date,'llll') ]}}US equities gained for a seventh straight month in August, the longest winning streak since January 2018, despite a number of headwinds such as the spread of the Delta variant. The S&P 500 climbed 3.04% in the month, while large-cap growth stocks led the way, rising 3.74% as measured by the Russell 1000 Growth Index. The value indices saw small caps and mid caps rising 2.68% and 2.14% respectively, while large-cap value gained 1.98% as measured by the Russell 1000 Value Index.
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 equities were higher in August on the back of the continued central bank liquidity tailwind and heightened skepticism about central banks' ability to meaningfully dial back the extraordinary policy accommodation unleashed in response to the pandemic. Stocks were also supported by the strong corporate profit backdrop evident during the Q2 earnings season and continued management confidence in protecting margins against input price pressures. 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 | LU0674139976 |
| Bloomberg | RUSOIHE LX |
| Valoren | 13762370 |
| WKN | A2DHH8 |
| Availability | |
| 1st quotation date | 1381104000000 |
| Close financial year | 31-12 |
| Legal status | |
| Tracking error limit (%) | |
| Reference index |
Cost of this fund
{{'fund.detail.general.perDate' | labelize:[ fundDate(fund.fundCosts.managementFees.date,'llll') ]}}Ongoing charges |
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Transaction costs |
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| The expected transaction costs are |
Performance fee |
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| This fund may also deduct a performance fee of |
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 0.01% 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.
Fiscal treatment of investor
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.
