Robeco BP US Select Opportunities Equities I USD
US mid-cap value approach with focus on 'characteristics that work': Valuation, Fundamentals and Momentum
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.
I-USD
D-EUR
D-USD
DH-CHF
DH-EUR
E-USD
F-EUR
F-USD
FH-CHF
FH-EUR
G-USD
I-EUR
IE-USD
IH-EUR
M-USD
Class and codes
Asset class:
Equities
ISIN:
LU0674140123
Bloomberg:
RUSOEIU LX
Index
Russell Mid Cap Value index (Gross Total Return, USD)
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 (30/03)
- Overview
- Performance & costs
- Portfolio
- Sustainability
- Commentary
- Documents
MISSING: fund.detail.tabs.
Key points
- 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
Robeco BP US Select Opportunities Equities is an actively managed fund that invests in mid-cap stocks in the United States. 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 is primarily composed of stocks with a market capitalization of more than USD 750 million. Its bottom-up stock-selection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion.
Key facts
Total size of fund
$ 740,186,655
Size of share class
$ 388,505,853
Inception date share class
20-09-2011
1-year performance
25.22%
Dividend paying
No
Fund manager
Steven Pollack CFA
Tim Collard 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. Mr. Collard is an equity analyst with Boston Partners, specializing in the aerospace & defense, transportation, housing and automobile sectors of the equity market. He joined the firm from Shellback Capital where he was a founding partner and equity analyst. Prior to that, Mr. Collard worked as a research analyst at Vinik Asset Management and Diamondback Capital Management. He began his career in investment banking, working for America’s Growth Capital. Mr. Collard holds a B.A. degree in American Studies from Middlebury College. He holds the Chartered Financial Analyst® designation. He has seventeen years of investment experience.
Performance
Per period
Per annum
- Per period
- Per annum
1 month
4.75%
5.18%
3 months
9.18%
8.23%
YTD
9.18%
8.23%
1 year
25.22%
20.40%
2 years
8.70%
4.55%
3 years
9.38%
6.80%
5 years
12.29%
9.94%
10 years
9.73%
8.57%
Since inception 09/2011
13.00%
11.67%
2023
16.20%
12.71%
2022
-7.49%
-12.03%
2021
26.58%
28.34%
2020
5.24%
4.96%
2019
30.93%
27.06%
2021-2023
10.81%
8.36%
2019-2023
13.40%
11.16%
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.
3.36
3.26
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.
1.04
1.00
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.
0.40
0.52
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..
3.45
3.20
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.
0.94
0.97
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).
18.51
21.41
Max. monthly gain (%)
The maximum (i.e. highest) absolute positive monthly performance in the underlying period.
11.53
15.62
Max. monthly loss (%)
The maximum (i.e. highest) absolute negative monthly performance in the underlying period.
-10.18
-20.92
Months out performance
Number of months in which the fund outperformed the benchmark in the underlying period.
21
33
Hit ratio (%)
This percentage indicates the number of months in which the fund outperformed in a given period.
58.3
55
Months Bull market
Number of months of positive benchmark performance in the underlying period.
19
36
Months outperformance Bull
Number of months in which the fund outperformed positive benchmark performance in the underlying period.
8
17
Hit ratio Bull (%)
This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.
42.1
47.2
Months Bear market
Number of months of negative benchmark performance in the underlying period.
17
24
Months outperformance Bear
Number of months in which the fund outperformed negative benchmark performance in the underlying period.
13
16
Hit ratio Bear (%)
This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.
76.5
66.7
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.
0.83%
Included management fee
A fee paid by the fund to the asset management company for the professional management of the fund.
0.70%
Included service fee
This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.
0.12%
Transaction costs
The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.
0.37%
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.
Fund allocation
Asset
Country
Currency
Sector
Top 10
- Asset
- Country
- Currency
- Sector
- Top 10
Policies
Investments are predominantly made in securities denominated in US dollars. The subfund is denominated in US dollars
No dividend is distributed. All returns are reinvested and translated into price gains.
Robeco BP US Select Opportunities Equities is an actively managed fund that invests in mid-cap stocks in the United States. 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 is primarily composed of stocks with a market capitalization of more than USD 750 million. Its bottom-up stock-selection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates 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 engagement. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one for comparison purposes. 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 integrated into the investment process to ensure that positions always meet predefined guidelines.
Sustainability-related disclosures
Sustainability profile
Footprint target
Below Index
Sustainability
The fund incorporates sustainability in the investment process via exclusions, ESG integration, a carbon target, engagement and voting. Through exclusions the fund avoids 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 investment analysis to assess the sustainability risk profile of companies. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a 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 engagement. 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 Russell Mid Cap Value index (Gross Total Return, USD).
Market development
Equity markets in the United States climbed higher in the last month of the first quarter, returning 3.22% as measured by the S&P 500 Index. Value took back leadership over growth in the month with mid caps rising 5.18%, followed by large caps and small caps which rose 5.00% and 4.38% respectively, as measured by their respective Russell Value Index.
Performance explanation
Based on transaction prices, the fund's return was 4.75%. Robeco BP US Select Opportunities slightly trailed the Russell Mid Cap Value Index in March with stock selection detracting from relative returns. Stock selection was mixed over the month with detraction coming in the industrials and consumer discretionary sectors and value being added in the information technology and materials sectors. Within industrials, Science Applications International declined as they missed quarterly expectations due to expenses tied to its CEO transition, while transportation company Norfolk Southern Corp and staffing agency Robert Half also had lackluster months. In consumer discretionary, discount retailer Ross Stores shares fell just over 1%, despite easily beating estimates and authorizing a new two-year stock repurchase program and raising the quarterly dividend. On a positive note, Dell Technologies continued to outperform in the information technology sector, rising close to 21% and hitting an all-time high as investors look toward the company's potential with artificial intelligence (AI). Finally, in the materials sector, mining company Freeport-McMoRan performed strongly following bullish copper forecasts.
Expectation of fund manager
Steven Pollack CFA
Tim Collard CFA
We have entered a period of inflation that will last longer than initially thought. Historically speaking, when inflation reaches 8% or higher, it generally takes eight to ten years to revert back to levels around 3%. Fortunately, these periods have been beneficial for value investors in the past, and this will be a key component for the market moving forward. As always, we remain focused on selecting companies from the bottom-up that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals, and identifiable catalysts.