Robeco BP Global Premium Equities M USD

Mr. Hart is a senior portfolio manager for Boston Partners Global Equity and International Equity products. Prior to this, he was the portfolio manager for the Boston Partners International Small Cap Value product and before that, an assistant portfolio manager for the Boston Partners Small Cap Value products for three years. Previously, he was a research analyst and specialized in conglomerates, engineering and construction, building, machinery, aerospace & defense, and REITs sectors of the equity market. He joined the firm from Fidelity Investments where he was a research analyst. Mr. Hart holds a B.S. degree in finance, with a concentration in corporate finance from Clemson University. He holds the Chartered Financial Analyst® designation. He has more than 25 years of investment experience. Mr. Jones is a portfolio manager on Boston Partners Global and International products. Prior to this role, he was a research analyst specializing in the energy, metals and mining sectors of the equity market and was a global generalist. He joined the firm from Cambridge Associates where he was a consulting associate specializing in hedge fund clients. Mr. Jones holds a B.A. degree in economics from Bowdoin College. He holds the Chartered Financial Analyst® designation. He has eleven years of investment experience.

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.

Global markets as measured by the MSCI World Index declined -2.40% in the second month of 2023 (net/USD), while the MSCI World Value Index fell -2.92% (net/USD). Every sector, with the exception of technology which was flat, was in negative territory for the core MSCI World Index, led by real estate and materials, with both sectors down over -5%.

Based on transaction prices, the fund's return was -0.88%. Robeco BP Global Premium Equities strongly outperformed the core MSCI World Index in the month, with stock selection driving the outperformance. Fund returns were better in 8 of 10 invested sectors, driven by: industrials and consumer discretionary. In industrials, top ten holding Rexel gained 13% as an off-benchmark holding, driven by two acquisitions and a divestment. Other European holdings that added value included Siemens, Rheinmetall, Airbus and Eiffage. All contributed modestly with positive returns in a down-market. The second-largest impact came within consumer discretionary, where fund holdings were up 2%, more than 4% better than the index' sector result. JD Sports gained almost 10%, automaker Stellantis rose more than 12% and avoidance of benchmark mainstay Amazon were the three largest positives in a newsworthy sector, given consumer spending reports. Financials and consumer staples stock selection also did well. The only negative area of note from a stock picking lens was healthcare, where the US exposure was primarily impacted. Sector allocation was minimally impactful over the month.

Global equity markets saw the best returns across the European continent, with better relative earnings results than North American peers. With inflation levels coming in higher than expected in the US, a 'higher for longer' environment is now expected while Europe's lower valuations and relatively stronger earnings momentum finally resulted in a deserved period of outperformance. Emerging markets and Asian stocks trailed the market, driven by expectations of a more aggressive Fed, impacting local currencies. The fund remains well positioned with holdings that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals and identifiable catalysts.