Robeco BP US Premium Equities IH GBP

Mr. Ramallo is the senior portfolio manager for Boston Partners Premium Equity product.  Previously, Mr. Ramallo was the assistant portfolio manager for the Small Cap Value products.  Prior to his portfolio management role, Mr. Ramallo was a research analyst for Boston Partners.  He joined the firm from Deloitte & Touche L.L.P., where he spent three years, most recently in their Los Angeles office.  Mr. Ramallo holds a B.A. degree in economics/business from the University of California at Los Angeles and an M.B.A. from the Anderson Graduate School of Management at UCLA.  He holds the Chartered Financial Analyst® designation.  He is also a Certified Public Accountant (inactive).  He has twenty 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 0.01% 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 that are relevant 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 [Index name].

Equity markets in the United States as measured by the S&P 500 Index fell by over 1.5% in August, as a combination of high interest rates and the continued resilience of the US economy was taken with a 'good news is bad news' tone, prompting investors to grow weary. All of the different Russell market cap indices and styles declined during the month. Despite this decline, growth outperformed value and increased its lead on the value counterparts on a year-to-date basis. Despite growth's increased lead, in August, the Russell 1000 Growth officially reached the most concentrated levels in its history.

Based on transaction prices, the fund's return was -1.81%. Robeco BP US Premium Equities outperformed the Russell 3000 Value Index in August, driven by stock selection. Two sectors stood out in a significant way. In consumer discretionary, the fund's holdings held their ground with a flat result. This was nearly 6% better than the index, where hotel, household durables and retail companies struggled significantly. Fund positions in AutoZone, Tempur Sealy and Booking Holdings delivered positive results. Within finance, the fund did well within financial services and insurance to offset a difficult month for the banks. Payment businesses Global Payments, FLEETCOR and Visa were up 15%, 9% and 3% respectively. In the largest industry overweight within finance, the fund's insurance holdings Aflac, Aon, Markel, RenaissanceRe and White Mountains all added value, holding up well during a difficult month. From a sector allocation level, the relative performance was helped mostly due to the fund's continued avoidance of utilities.

US equities struggled in August after a run of rather robust strength. All but one sector (energy) in the S&P 500 declined during the month, as investors began to digest a reality that rates will remain higher for longer, following Fed Chair Jerome Powell's hawkish remarks at the Jackson Hole Summit along with a couple recession indicators inching higher. The market environment is beginning to turn slightly with the new backdrop, despite growth's continued triumph over value. The fund remains well positioned with holdings that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals, and identifiable catalysts.