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Robeco BP US Select Opportunities Equities I USD

US mid-cap value approach with focus on 'characteristics that work': Valuation, Fundamentals and Momentum

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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 (31/05)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
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Fund topics

Overview
Performance & costs
Portfolio
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Commentary
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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

The Robeco BP US Select Opportunities Equities fund is an actively managed, Mid Cap Value fund investing in value stocks in the United States. The fund follows a singular process and philosophy, focused on attractive valuation, fundamentals and business momentum, constructing portfolios from the bottom up through fundamental analysis. The portfolio is primarily comprised of stocks with a market capitalization between $2 billion and $53 billion. The fund’s objective is to outperform the Russell Mid Cap Value index over a full market cycle.

Key facts

Per 31-05-2025

Total size of fund

$ 870,168,139

Size of share class

$ 441,118,326

Inception date share class

20-09-2011

1-year performance

4.91%

Dividend paying

No

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Performances are net of fees and based on transaction prices.

Fund manager

Steven Pollack CFA

Steven Pollack CFA

Tim Collard

Tim Collard

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.

Key points
About the fund
Key facts
Fund manager

Performance

Per period

Per annum

  • Per period
  • Per annum
Per 31-05-2025
Per period Fund Index

1 month

6.24%

4.36%

3 months 

-0.52%

-1.97%

YTD

1.56%

-0.37%

1 year

4.91%

6.03%

2 years

14.94%

14.51%

3 years

7.87%

5.87%

5 years

14.15%

13.18%

10 years

8.41%

7.74%

Since inception 09/2011

12.00%

10.95%

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.
Per annum Fund Index

2024

9.76%

13.07%

2023

16.20%

12.71%

2022

-7.49%

-12.03%

2021

26.58%

28.34%

2020

5.24%

4.96%

2022-2024

5.67%

3.88%

2020-2024

9.47%

8.59%

Past performance is no guarantee of future results. The value of the investments may fluctuate.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

  • Statistics
  • Hit-ratio
Per 31-05-2025
Statistics 3 years 5 Years

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.

2.82

3.16

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.

1.03

0.60

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.

0.21

0.67

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..

2.75

1.91

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.

0.97

0.98

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).

19.41

18.08

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

-10.18

Above mentioned ratios are based on gross of fees returns.
Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

18

30

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

50

50

Months Bull market

Number of months of positive benchmark performance in the underlying period.

18

34

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

7

15

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

38.9

44.1

Months Bear market

Number of months of negative benchmark performance in the underlying period.

18

26

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

11

15

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

61.1

57.7

Above mentioned ratios are based on gross of fees returns.

Costs

Per 31-05-2025
Cost of this fund Percentage

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.

0.32%

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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Asset

Country

Currency

Sector

Top 10

  • Asset
  • Country
  • Currency
  • Sector
  • Top 10
Per 31-05-2025

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.

  • The Robeco BP US Select Opportunities Equities fund is an actively managed, Mid Cap Value fund investing in value stocks in the United States. The fund follows a singular process and philosophy, focused on attractive valuation, fundamentals and business momentum, constructing portfolios from the bottom up through fundamental analysis. The portfolio is primarily comprised of stocks with a market capitalization between $2 billion and $53 billion. The fund’s objective is to outperform the Russell Mid Cap Value index over a full market cycle. 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.

  • Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Fund allocation
Policies

Sustainability-related disclosures

  • Summary sustainability-related disclosures
  • Full sustainability-related disclosures

Sustainability profile

Per 31-05-2025
ESG Integration
Voting & Engagement

Sustainability

Per 31-05-2025

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 Mid Cap Value index (Gross Total Return, USD).

Sustainability-related disclosures
Profile
Sustainability

Market development

Per 31-05-2025

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.

Performance explanation

Per 31-05-2025

Based on transaction prices, the fund's return was 6.24%. Robeco BP US Select Opportunities strongly outperformed the Russell Mid Cap Value Index with stock selection driving relative returns. Stock selection was strong across several sectors, led by information technology and financials. Holdings Dell Technologies, Microchip Technologies, Flex and Zebra Technologies were top contributors in the information technology sector, while in financials, capital markets exposure drove the relative success, with LPL Financial gaining 21%, while other positions in Carlyle Group, Evercore and Ameriprise also added notably in a rising market. From a sector allocation perspective, the fund saw positive effects in every single sector. Overweight exposure to industrials, consumer discretionary, and information technology all added value. Underweight exposure to utilities, healthcare, real estate and communication services also aided returns.

Expectation of fund manager

Steven Pollack CFA

Steven Pollack CFA

Tim Collard

Tim Collard

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.

Market development
Performance explanation
Expectation of fund manager

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