Robeco BP US Premium Equities G USD

Mr. Ramallo is the Senior Portfolio Manager of the Boston Partners Premium Equity strategy. Previously, he was the assistant portfolio manager of the Boston Partners Small Cap Value strategies. Prior to his portfolio management roles, Mr. Ramallo was a research analyst for Boston Partners. He joined the firm in December 1995 from Deloitte & Touche L.L.P. where he spent three years, most recently at its Los Angeles office. Mr. Ramallo earned a B.A. in Economics/Business from the University of California at Los Angeles and an M.B.A. from the Anderson Graduate School of Management at UCLA. He holds the Chartered Financial Analyst® designation. He is also a Certified Public Accountant (inactive). Mr. Ramallo began his career in the investment industry in 1995.

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 3000 Value Index (Gross Total Return, USD).

Value stocks beat growth stocks across all capitalization ranges during July, with average outperformance across the three capitalization ranges of 5.42%, which is the best collective showing for the value style of investing versus growth since May 2022.

Based on transaction prices, the fund's return was 4.65%. Robeco BP US Premium Equities trailed the Russell 3000 Value Index in July, with stock selection having the biggest impact. From a stock selection standpoint, financials, communication services and consumer discretionary detracted more than what was contributed by strong selection in industrials and materials. Within financials, Visa and Shift4 Payments lagged, while insurer White Mountains was impacted by increased underwriting losses and lower-than-expected investment income. In communication services, Alphabet and Take-Two Interactive Software underperformed. Alphabet trailed due to concerns over increased Capex related to its artificial intelligence investments, while Take-Two shares were lower following a downward revision in earning estimates. Within consumer discretionary, Booking Holdings and Lululemon Athletica collectively detracted more than could be made up by strong performance from NVR. On a positive note, stock selection added value in industrials, across various industries, and materials. From a sector allocation perspective, overweight exposure to information technology and no exposure to real estate and utilities detracted.

For US equity markets, it was more of a "risk off" month in July rather than "risk on", except for the size factor and the outsized move of small-cap stocks represented by the Russell 2000 Index. Since WWII, August and September have been the only two months of the year that on average have failed to produce a positive rate of return, though the loss for August has been minor at just -0.04%. Time will tell whether this is just a bout of "garden variety" de-leveraging, or the beginning of something more sinister. Two important things to watch for the latter: increasing unemployment and wider high yield credit spreads. 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.