Robeco BP US Select Opportunities Equities I 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 0.01% 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 Mid Cap 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 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.

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.