Robeco BP US Select Opportunities Equities DH CHF

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.

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.

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.

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.

Markets in the United States as measured by the S&P 500 Index rallied to start the year, climbing 6.28% higher, as investor optimism has improved with signs of inflation slowing. Growth led value over the month, but all the Russell value indices produced positive gains, led by small caps, which rose 9.54% as measured by the Russell 2000 Value Index.

Based on transaction prices, the fund's return was 7.69%. Robeco BP US Select Opportunities outperformed the Russell Mid Cap Value Index in the first month of the year. Positive stock selection was led by energy, consumer staples and financials. In energy, positions in refiners Marathon Petroleum and Valero added value, as did avoiding Phillips 66 and Williams Companies. In consumer staples, avoiding underperforming food products companies added value, while in financials, our positioning in East West Bancorp and Ameriprise Financial benefited returns. Positive sector allocation was primarily due to the fund's overweight to consumer discretionary and underweight to utilities and consumer staples. Underweight exposure to communication services, real estate and materials reduced the relative performance during the month. Stock selection lagged in materials, consumer discretionary and industrials. In materials, not owning steel producer Nucor Corporation weighed on relative returns. In consumer discretionary, the fund's position in AutoZone detracted from performance. Within industrials, electrical equipment companies Eaton Corp and AMETEK did not keep pace during the month and reduced relative returns.

The Federal Reserve continues to face a dilemma: while CPI and PCE headline inflation readings are falling, largely due to goods disinflation, core inflation readings remain elevated and are showing only minor progress towards the Fed's 2% target as consumers swap from 'buying things' to 'having experiences', putting upward pressure on services inflation. With geopolitical risk rising and earnings expectations falling, one would expect the markets to take a more cautionary tone. The fund remains well positioned with holdings that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals and identifiable catalysts.