Robeco BP US Select Opportunities Equities G USD

Mr. Pollack is a Portfolio Manager of the Boston Partners Mid Cap Value Equity strategy. He joined Boston Partners in May 2000 from Hughes Investments where he spent 12 years as an equity portfolio manager, managing value equity across the market-cap spectrum. He also oversaw the outside investment managers who managed assets for Hughes' pension plan. Prior to assuming this role, he served as an investment analyst covering a variety of industries and sectors. Before that, he was with Remington, Inc., and Arthur Andersen & Co. Mr. Pollack is a graduate of Georgia Institute of Technology and earned 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. Mr. Pollack began his career in the investment industry in 1984. Mr. Collard is a Portfolio Manager of the Boston Partners Mid Cap Value strategy. Prior to this, he was an equity analyst with Boston Partners, specializing in the aerospace & defense, transportation, housing, and automobile sectors of the equity market. Mr. Collard joined the firm in April 2018 from Shellback Capital where he was a founding partner and equity analyst. Prior to that, he worked as a research analyst at Vinik Asset Management and Diamondback Capital Management. He began his career as an associate at the investment bank America's Growth Capital. Mr. Collard holds a B.A. in American Studies from Middlebury College. He began his career in the investment industry in 2005.

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.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).

Growth led value during October, with the largest disparity coming in the mid cap space, where all eleven sectors of the Russell Mid Cap Value Index lagged their growth counterparts leading into the US Election. The election drove returns with a projected (and now solidified) Trump victory, which boosted investor sentiment for growth stocks.

Based on transaction prices, the fund's return was -1.83%. Robeco BP US Select Opportunities underperformed the Russell Mid Cap Value Index during October, falling 1.80% (ex-cash) compared to a lesser decline of 1.26% for the index. Stock selection was the sole driver of the underperformance, as sector allocation helped offset the detraction. From a stock selection perspective, the top detracting sectors came in industrials, energy and materials. Within industrials, Huntington Ingalls Industries fell 30%, along with Textron, which declined 9%. Not holding United Airlines, which surged higher by over 37%, also weighed on the performance. In energy, not holding many strong performing index names weighed on the performance, namely Williams Companies and Kinder Morgan, both of which climbed over 12%. No fund holding detracted meaningfully during the month. Lastly, in materials, both Ball Corporation and Olin Corporation fell 14%. On a positive note, stock selection in financials was strong. From a sector allocation perspective, the fund's underweight exposure to healthcare contributed positively to the performance for the month.

US Equity markets favored growth in October with all but three sectors declining for the month, and growth leading value. Three positive sectors came in financials, communication services and energy, while every other sector fell at least 1%. While the year-to-date period has been a risk on environment, October saw a strong performance from lower-risk large capitalization stocks. 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.