Robeco BP US Large Cap Equities IE 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 0.01% 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.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 all capitalization ranges during July, with average outperformance across the three capitalization ranges of 5.42%, which is the best collective showing for the value style of investing versus growth since May 2022.

Based on transaction prices, the fund's return was 3.49%. Robeco BP US Large Cap Equities trailed the Russell 1000 Value Index in July. Stock selection detracted mainly in information technology, financials and communication services. Within information technology, the fund's semiconductor-related holdings lagged, including Advanced Micro Devices, Applied Materials, Micron, Microchip technology and Qualcomm. Elsewhere in the sector, top year-to-date performer Dell Technologies gave up some performance in the month, while off-benchmark Oracle also underperformed. In financials, it was a mixed bag with holdings LPL Financial, Charles Schwab and Wells Fargo collectively detracting more than was contributed by Huntington Bancshares, Goldman Sachs and American Express. Finally, in communication services, off-benchmark Alphabet was lower by close to 6% in July. On the positive side, industrials holdings Builders FirstSource, Masco, United Rentals and Norfolk Southern performed well, as did Avantor and Centene in the healthcare sector. Sector allocation detraction came mainly from an overweight in information technology, energy and communication services and underweight exposure to real estate and utilities.

For US equity markets, it was more of a "risk off" month in July rather than "risk on", except for the size factor and the outsized move of small-cap stocks represented by the Russell 2000 Index. Since WWII, August and September have been the only two months of the year that on average have failed to produce a positive rate of return, though the loss for August has been minor at just -0.04%. Time will tell whether this is just a bout of "garden variety" de-leveraging, or the beginning of something more sinister. Two important things to watch for the latter: increasing unemployment and wider high yield credit spreads. 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.