Robeco BP US Large Cap Equities E USD

Mr. Donovan is a Senior Portfolio Manager of the Boston Partners Large Cap Value strategy, a role he has held since the firm's inception in 1995. During his tenure, he served 11 years as Co-Chief Executive Officer, responsible for strategic and tactical operating decisions affecting the firm. Mr. Donovan was one of the founding partners of the firm, joining from The Boston Company where he was Senior Vice President and an equity portfolio manager. Before this, he spent five years as a consulting associate with Kaplan, Smith & Associates and two years as a securities analyst for Value Line, Inc. For 10 years, Mr. Donovan was a trustee at St. Sebastian's School where he served on the Investment and Long Range Planning Committees. He holds a B.S. in Management from Rensselaer Polytechnic Institute and the Chartered Financial Analyst® designation. Mr. Donovan began his career in the investment industry in 1981. Mr. Pyle is a Portfolio Manager of the Boston Partners Large Cap Value strategy. Prior to assuming this role, he was a research analyst covering the utility, insurance, leisure & lodging, packaging, publishing, and computer equipment & services sectors. Mr. Pyle joined the firm in January 2000 from State Street Research where he was a research analyst and associate portfolio manager in its equity value group. Prior to that, he spent five years with Price Waterhouse. Mr. Pyle earned a B.S. in Business Administration from California State University, Chico, and an M.B.A. from the Kenan-Flagler Business School at the University of North Carolina. He holds the Chartered Financial Analyst® designation. Mr. Pyle began his career in the investment industry in 1995. Mr. Cohen is a Portfolio Manager of the Boston Partners Large Cap Value strategy. His experience at the firm includes managing a portion of the Boston Partners Long/Short Research strategy, focusing on security selection within the energy sector as well as the engineering & construction and metals & mining industries. Prior to his current role, Mr. Cohen served as an equity analyst covering these same industries. He has deep experience analyzing and understanding capital-intensive commodity-oriented businesses. Mr. Cohen joined the firm in June 2016 from Loomis Sayles where he had over eight years of experience as a portfolio manager of its research fund and in running a global energy hedge fund. As an equity analyst, he covered the energy, materials, and industrials sectors. Prior to joining Loomis Sayles, Mr. Cohen was in consultant relations at MFS Investment Management. He earned a B.A. from the University of Michigan and an M.S. in Finance from Brandeis University. He holds the Chartered Financial Analyst® designation. Mr. Cohen began his career in the investment industry in 2004. Mr. White is a Portfolio Manager of the Boston Partners Large Cap Value strategy. His experience at the firm includes managing a portion of the Boston Partners Long/Short Research strategy while covering multiple economic sectors including basic industries, consumer durables, and capital goods. Mr. White was also a portfolio manager of the Boston Partners Global Equity and Boston Partners International Equity strategies and, before that, he was a global generalist providing fundamental research on global equities. He joined the firm in November 2006. Mr. White holds a B.A. in Mathematics from Middlebury College and the Chartered Financial Analyst® designation. He began his career in the investment industry in 2006.

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 1000 Value Index (Gross Total Return, USD).

Value stocks beat growth stocks across nearly all capitalization ranges during August, with the only market cap segment to lag the growth counterpart coming in small cap. Large-cap value outperformed large-cap growth by nearly a full percent in August.

Based on transaction prices, the fund's return was 1.47%. Robeco BP US Large Cap Equities trailed the Russell 1000 Value Index in August. The fund climbed higher by 1.83% (ex-cash) versus a higher rise of 2.68% for the index. Stock selection was the primary driver of underperformance, while sector allocation also detracted. Within stock selection, healthcare and information technology were the two primary detractors. Within healthcare, providers and services companies lagged, namely McKesson Corporation, as the stock declined 9% in August. Additionally, not holding Johnson & Johnson weighed on returns, as the stock climbed 6% higher. Within information technology, semiconductor-related businesses struggled during the month, led by Micron Technology, down 12% and Microchip Technology Inc, which declined 7%. Also weighing on returns was applied materials, which also fell 7%. On a positive note, stock selection in consumer staples was positive, with the top contributing stock for the month being Walmart, which climbed higher by 13%. Sector allocation was also a challenge during the month, as the fund's overweight to information technology and underweight to real estate proved costly.

US equity markets was more of a “risk-off" month in August rather than “risk-on" with large-cap and mid-cap value names outperforming growth, and small-cap names lagging growth. The month continued to move closer toward a September rate cut as employment figures continue on a downward trend. We enter September keeping in mind that this is the month that has produced the weakest returns in the S&P 500 since WWII. However, as always, we remain focused on selecting companies from the bottom up that reflect the three circle characteristics of Boston Partners: attractive valuations, solid business fundamentals, and identifiable catalysts.