Robeco Multi Asset Sustainable D EUR

With the rise in infections due to Omicron, lockdown intensity increased and this slowed macro-economic momentum somewhat. While the Chinese economy continued to recover, a slowing housing sector remains a risk, as it could dampen domestic consumption. In the US, economic activity remained robust. However, preliminary consumer data does show that consumers are becoming more cautious. Nonetheless, the US labor market continues to be very tight. The core PCE increased to 4.7% (YoY), the highest since 1989. In the Eurozone, tighter restrictions have weighed on Eurozone sentiment. In December, service activity in the Eurozone led the decline. Other near-term headwinds for the Eurozone economy are the ongoing energy crisis and increased tension between Russia and NATO. In December, several central banks either hiked rates or indicated that their asset purchase program will be wound down. Global equities rallied in December. The MSCI World increased 3.2% (unhedged in euro), delivering a return of 31.1% in 2021. Equities comfortably beat fixed income alternatives like high yield. With yields increasing, global sovereign bonds delivered negative returns. Commodities were the big winner in 2021.

This share class of the fund does not distribute dividend.

The fund invests a minimum of 80% in Robeco managed or externally managed funds which are classified as Article 8 or 9 under SFDR. For direct line investments with government and/or corporate exposure (credit or equity), the fund incorporates sustainability in its investment process as follows. For government bonds, the fund complies with Robeco's exclusion policy for countries. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption' and integrates ESG factors of countries to ensure that the fund's investments have a minimum average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate investments, the fund does not make investments 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 security analysis to assess the existing and potential ESG risks and opportunities of an issuer. The fund limits exposure to issuers with elevated sustainability risks in the portfolio construction. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.

Robeco Multi Asset Sustainable is an actively managed global multi asset fund. The fund's objective is to achieve a better return than the index. The fund promotes ESG (i.e. Environmental, Social and corporate Governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrates 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 invests in sustainable equity and bond funds of Robeco and RobecoSAM. The asset allocation strategy is subject to the investment restrictions and a limit on ex-ante volatility. The majority of investment instruments selected through this approach will be components of the Benchmark but investment instruments outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The investment policy is not constrained by a benchmark but the fund may use a benchmark for comparison purposes. The fund can take a substantial active risk. The fund can deviate substantially from the issuer, country and sector weightings of the Benchmark. There are no restrictions on the deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk management is fully embedded in the investment process to ensure that the fund's positions remain within set limits at all times.