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The Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor or the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any U.S. Person (within the meaning of Regulation S promulgated under the Securities Act of 1933, as amended (the “Securities Act”)). Furthermore, Robeco Institutional Asset Management B.V. (Robeco) does not provide investment advisory services, or hold itself out as providing investment advisory services, in the United States or to any U.S. Person (within the meaning of Regulation S promulgated under the Securities Act).

This website is intended for use only by non-U.S. Persons outside of the United States (within the meaning of Regulation S promulgated under the Securities Act who are professional investors, or professional fiduciaries representing such non-U.S. Person investors. By clicking “I Agree” on our website disclaimer and accessing the information on this website, including any subdomain thereof, you are certifying and agreeing to the following: (i) you have read, understood and agree to this disclaimer, (ii) you have informed yourself of any applicable legal restrictions and represent that by accessing the information contained on this website, you are not in violation of, and will not be causing Robeco or any of its affiliated entities or issuers to violate, any applicable laws and, as a result, you are legally authorized to access such information on behalf of yourself and any underlying investment advisory client, (iii) you understand and acknowledge that certain information presented herein relates to securities that have not been registered under the Securities Act, and may be offered or sold only outside the United States and only to, or for the account or benefit of, non-U.S. Persons (within the meaning of Regulation S under the Securities Act), (iv) you are, or are a discretionary investment adviser representing, a non-U.S. Person (within the meaning of Regulation S under the Securities Act) located outside of the United States and (v) you are, or are a discretionary investment adviser representing, a professional non-retail investor. Access to this website has been limited so that it shall not constitute directed selling efforts (as defined in Regulation S under the Securities Act) in the United States and so that it shall not be deemed to constitute Robeco holding itself out generally to the public in the U.S. as an investment adviser. Nothing contained herein constitutes an offer to sell securities or solicitation of an offer to purchase any securities in any jurisdiction. We reserve the right to deny access to any visitor, including, but not limited to, those visitors with IP addresses residing in the United States.

This website has been carefully prepared by Robeco. The information contained in this publication is based upon sources of information believed to be reliable. Robeco is not answerable for the accuracy or completeness of the facts, opinions, expectations and results referred to therein. Whilst every care has been taken in the preparation of this website, we do not accept any responsibility for damage of any kind resulting from incorrect or incomplete information. This website is subject to change without notice. The value of the investments may fluctuate. Past performance is no guarantee of future results. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. For investment professional use only. Not for use by the general public.

I Disagree

06-30-2025 · Quarterly outlook

Equity outlook: Through the maelstrom

Global equity markets have finished the first half of 2025 in positive territory and despite ongoing macroeconomic and policy uncertainty, there could be more to come.

Read the full Outlook


    Authors

  • Kees Verbaas - Global Head of Fundamental Equity

    Kees Verbaas

    Global Head of Fundamental Equity

  • Audrey Kaplan - Portfolio Manager

    Audrey Kaplan

    Portfolio Manager

  • Wim-Hein Pals - Head of Emerging Markets team

    Wim-Hein Pals

    Head of Emerging Markets team

Summary

  1. US exceptionalism will persist

  2. Macro uncertainty remains elevated

  3. European and Asian equities well-positioned

Twice a year we organize Equity Day at Robeco, bringing together more than 100 analysts and portfolio managers from our Fundamental, Quant and Thematic teams. During last week’s event in Rotterdam, we discussed many investment ideas across the different regions, next to new quant tools and process improvements. One of the topics examined was a question we often get asked by clients: has US exceptionalism come to an end? Not yet in our view. Strong global companies in banking, defense, software and technology maintain market leading positions and continue to generate high returns on invested capital. In global trade, the US dollar remains the currency of choice for large transactions. As an example, Saudi Arabia alone generates more than USD 1 billion a day from oil exports. There are no real substitutes to the US dollar for settling such large transactions and to US Treasury bills for parking the proceeds. Initiatives to create alternatives will take years to gain depth.

With all-time highs for the S&P 500 in mind, the current policy uncertainty makes us cautious. There are three related challenges to macroeconomic stability currently manifesting themselves: trade risk from the US with President Trump promising another round of unilateral tariff pronouncements as his 90-day pause expires in early July; macro risk as the impact of the tariffs and related uncertainty starts to feed through to economic data; and rate risk as the bond market contemplates a rapidly worsening US fiscal position. The tax initiatives in the ‘big beautiful bill’ threaten to worsen rather than improve the situation.

As a result, we keep our global strategies positioned somewhat defensively even as we have ridden the recent recovery in US stocks, and tech in particular. Europe and Asia offer interesting opportunities and we have shifted our portfolios accordingly. The release of the ‘Schuldenbremse’ in Germany, an extensive European investment agenda aimed at creating less dependence on US companies for defense and technology infrastructure, increases the region’s attractiveness and our European team has many good stock ideas.

Several countries in Asia are benefiting from the current shifts in global trade and in this Quarterly we describe some of our preferences. A dollar gradually drifting lower combined with rising earnings as corporates leverage AI, supported by low valuations could see a sustainable bull market for Asia re-emerge.

Amidst uncertainty, we optimistically keep finding opportunities. Happy summer!

Read the full Outlook


Related funds

Emerging Markets Equities D USD

performance ytd (06/30)
17.87%
Performance 3y (06/30)
11.60%
since inception (06/30)
4.41%
total size of fund (06/30)
1084mln
morningstar (06/30)
View the fund
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.

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Important information
The Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor or the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any U.S. Person (within the meaning of Regulation S promulgated under the Securities Act of 1933, as amended (the “Securities Act”)). Furthermore, Robeco Institutional Asset Management B.V. (Robeco) does not provide investment advisory services, or hold itself out as providing investment advisory services, in the United States or to any U.S. Person (within the meaning of Regulation S promulgated under the Securities Act).
This website is intended for use only by non-U.S. Persons outside of the United States (within the meaning of Regulation S promulgated under the Securities Act who are professional investors, or professional fiduciaries representing such non-U.S. Person investors. By clicking “I Agree” on our website disclaimer and accessing the information on this website, including any subdomain thereof, you are certifying and agreeing to the following: (i) you have read, understood and agree to this disclaimer, (ii) you have informed yourself of any applicable legal restrictions and represent that by accessing the information contained on this website, you are not in violation of, and will not be causing Robeco or any of its affiliated entities or issuers to violate, any applicable laws and, as a result, you are legally authorized to access such information on behalf of yourself and any underlying investment advisory client, (iii) you understand and acknowledge that certain information presented herein relates to securities that have not been registered under the Securities Act, and may be offered or sold only outside the United States and only to, or for the account or benefit of, non-U.S. Persons (within the meaning of Regulation S under the Securities Act), (iv) you are, or are a discretionary investment adviser representing, a non-U.S. Person (within the meaning of Regulation S under the Securities Act) located outside of the United States and (v) you are, or are a discretionary investment adviser representing, a professional non-retail investor.


Access to this website has been limited so that it shall not constitute directed selling efforts (as defined in Regulation S under the Securities Act) in the United States and so that it shall not be deemed to constitute Robeco holding itself out generally to the public in the U.S. as an investment adviser. Nothing contained herein constitutes an offer to sell securities or solicitation of an offer to purchase any securities in any jurisdiction. We reserve the right to deny access to any visitor, including, but not limited to, those visitors with IP addresses residing in the United States. This website has been carefully prepared by Robeco. The information contained in this publication is based upon sources of information believed to be reliable. Robeco is not answerable for the accuracy or completeness of the facts, opinions, expectations and results referred to therein. Whilst every care has been taken in the preparation of this website, we do not accept any responsibility for damage of any kind resulting from incorrect or incomplete information. This website is subject to change without notice. The value of the investments may fluctuate. Past performance is no guarantee of future results. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. For investment professional use only. Not for use by the general public.