Robeco BP Global Premium Equities F GBP

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. 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.

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 MSCI World Index (Net Return, GBP).

Global markets as measured by the MSCI World Index fell -2.90% (net/USD) in the month of October, while the MSCI World Value Index declined -3.42% (net/USD). The core MSCI World Index saw every sector lower in the month, with the exception of utilities, which climbed marginally higher by +0.59%.

Based on transaction prices, the fund's return was -3.70%. Robeco BP Global Premium Equities trailed the core MSCI World Index in October, with stock selection and sector allocation detracting from relative returns. Detraction from stock selection came mainly in consumer discretionary, industrials and information technology. Sports apparel company JD Sports Fashion and distribution company Inchcape hurt performance in the consumer discretionary portion of the portfolio. Also, not owning index constituent Amazon led to further underperformance, as the share price rose nearly 5%. In industrials, Rexel SA, Compagnie de Saint-Gobain and airline company Ryanair collectively detracted, and in information technology, microchip manufacturers Renesas Electronics and STMicroelectronics lagged; however, the largest detractions came from not owning high-multiple mega-cap names Microsoft and Apple. On a positive note, stock selection added value in the energy and healthcare sectors. From a sector allocation perspective, the underweight exposure to information technology and overweight exposure to industrials, energy and financials caused the most detraction during the month.

A variety of factors have influenced the markets' return: the invasion of Israel by Hamas, turmoil in the House of Representatives as its majority speaker was ousted for the first time in history, above-average punishment for companies that missed Q3 sales and/or earnings estimates, a surge in US Treasury issuance to cover the surge in the government's fiscal deficit, good news becoming bad news as the economy continued to show its resilience to Fed rate hikes and Jerome Powell reiterating the Fed's 'higher for longer' stance on interest rates to combat inflation. 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.