Robeco BP US Premium Equities I 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 0.01% 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.

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.

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.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).

US equity markets rebounded in May following a decline the prior month on the back of positive developments on tariffs and a stronger than expected earnings season finishing, sending investor sentiment into a risk-on mode. Markets were led by technology, industrials, consumer discretionary and other cyclical areas, while defensive segments such as utilities and staples lagged in May. Growth led value, erasing some of the year-to-date lag, with mid caps slightly ahead of small and large caps.

Based on transaction prices, the fund's return was 4.02%. Robeco BP US Premium Equities outperformed the Russell 3000 Value Index in May. Zooming in on stock selection, the fund added most value in the information technology and financials. Within information technology, off-benchmark software company Oracle performed well following strong Q1 earnings and expanding its multi-cloud strategy through partnerships with AWS, Microsoft, and Google. Elsewhere in the sector, Microchip Technology and Flex climbed higher by 27% and 23% respectively. In financials, capital markets holding LPL Financial's shares rose over 21%, following strong earnings and strategic acquisitions increasing its advisor headcount. Not owning Berkshire Hathaway was also beneficial, as the stock fell 5% for the period. From a sector allocation perspective, the fund's overweight exposure to information technology added most value, with the index sector climbing 8.2% higher. Having no exposure to the defensive sectors real estate and utilities, and underweight exposure to consumer staples also aided relative returns.

Markets responded well in the month of May, with a risk-on environment pushing all equity markets higher. High valuations in some areas of the market, geopolitical tensions, tariffs and concerns over US fiscal policy are some of the likely headwinds going forward. Value-oriented strategies look favorable as investors focus on what they are paying for the underlying fundamentals of a business. 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.