Robeco, The Investments Engineers
United Kingdom
International
Europe
Belgique (FR)
België (NL)
Deutschland
España
France
Italia
Nederland
Schweiz (DE)
Switzerland (EN)
United Kingdom
Other countries
Asia-Pacific
Australia
上海 (CN)
Hong Kong (EN)
香港 (ZH)
日本 (JP)
Singapore
Americas
América Latina (ES)
Latin America (EN)
United States
Africa & Middle East
Africa
Middle East
blue circle
Robeco, The Investments Engineers
  • Insights
    • Latest
    • Top stories
    • Market view & outlook
    • Education
    • Webinars
  • Products
    • Funds
    • Strategies
    • Opportunities
  • Sustainable investing
    • Journey
    • Expertise
    • Influence
    • Climate & Biodiversity
    • SDGs
  • About us
    • Who we are
    • Key strengths
    • Diversity & inclusion
    • Contact
International
Global website
Europe
Belgique (FR)
België (NL)
Deutschland
España
France
Italia
Nederland
Schweiz (DE)
Switzerland (EN)
United Kingdom
Other countries
Asia-Pacific
Australia
上海 (CN)
Hong Kong (EN)
香港 (ZH)
日本 (JP)
Singapore
Americas
América Latina (ES)
Latin America (EN)
United States
Africa & Middle East
Africa
Middle East
loader
Contact us

Robeco QI Global Developed Multi-Factor Equities D EUR

Systematic approach to gain efficient, well-diversified exposure to multiple proven factors

Contact us

Share classes

Share classes

Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are:
a) D/DH shares, which are regular shares and available for all Investors;
b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority.
For more information on share classes please go to the prospectus.

D-EUR

Class and codes

Asset class:

Equities

ISIN:

LU1277577125

Bloomberg:

RGDFDEU LX

Index

MSCI World Index (Net Return, EUR)

Sustainability-related information

Sustainability-related information

Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.

Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.

Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.

Article 8

Morningstar

Morningstar

Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Download The Morningstar Rating for Funds (chapter: The Morningstar Rating: Three-, Five-, and 10-Year) on the Morningstar website.

Rating (28/02)

  • Overview
  • Performance & costs
  • Portfolio
  • Sustainability
  • Commentary
  • Documents
Switch funds

Fund topics

Overview
Performance & costs
Portfolio
Sustainability
Commentary
Documents
Switch funds

MISSING: fund.detail.tabs.

Key points

  • Invests in stocks that are attractive according to one or more quantitative factor strategies
  • Removes unrewarded risks, avoids going against proven factor premiums and limits unnecessary turnover
  • Part of Robeco's offering on factor premium strategies

About this fund

Robeco QI Global Developed Multi-Factor Equities is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on a quantitative model. The fund's objective is to achieve a better return than the index. The fund follows a bottom-up driven investment strategy to gain efficient, well-diversified exposure to the proven factors value, momentum, low-volatility and quality. The fund uses enhanced factor definitions to avoid unrewarded risk and unwanted and unintended factor tilts

Key facts

Per 28-02-2023

Total size of fund

€ 269,465,326

Size of share class

€ 70,148

Inception date fund

17-09-2015

1-year performance

1.72%

Dividend paying

No

The value of the investments may fluctuate. Past performance is no guarantee of future results.

Fund manager

Guido Baltussen

Daniel Haesen

Wouter Tilgenkamp

Jan Sytze Mosselaar

Pim van Vliet

Guido is Head of Robeco’s Factor Investing strategies and Co-head of the Quant Fixed Income team. He also holds a position as Professor of Behavioral Finance and Financial Markets at Erasmus University Rotterdam. Guido has published in top-ranked academic journals including the Journal of Financial Economics, the American Economic Review and Management Science. He started his career in the investment industry in 2004. Before joining Robeco in 2017, Guido was Head of Quantitative Research Fixed Income and Multi Asset at NN Investment Partners. He has worked together in research projects with the 2017 Nobel Prize laureate Richard Thaler. Guido holds a PhD and a Master's (cum laude) in Financial and Business Economics from Erasmus University Rotterdam. Daniel Haesen is Portfolio Manager Quantitative Equities and focuses on managing Factor Investing portfolios such as the Value-, Momentum-, Quality- and Multi-Factor portfolios. He specializes in factor research and portfolio management. Daniel joined Robeco in 2003 as a quantitative researcher, with a specific focus on quant selection research, working on both equity and corporate bond multi-factor selection models. He was also responsible for quantitative sustainability and quantitative allocation research. He has published in several academic journals, including the Journal of Banking and Finance. He holds a Master's degree in Econometrics and Quantitative Finance from Tilburg University in the Netherlands and is a CFA® charterholder. Wouter Tilgenkamp is Portfolio Manager Quantitative Equities and focuses on managing Factor Investing portfolios, such as the Value-, Momentum-, Quality- and Multi-Factor portfolios. Wouter joined Robeco in 2016 as a Data Scientist, with a specific focus on Equity Trading Research, automatization of portfolio processes, portfolio construction, and optimal execution of strategies. He started his financial career in 2014 as Derivative Trader at Optiver. He holds a Bachelor of Science in Applied Mathematics from Technical University of Delft and a master’s degree in Quantitative Finance. Jan Sytze Mosselaar is Portfolio Manager Quantitative Equities. He focuses on managing the wide range of regional and global Conservative Equities strategies, Robeco’s Low-volatility strategy, and the factor investing portfolios, such as Value-, Momentum-, Quality- and Multi-Factor portfolios. Jan Sytze is the author of ‘A Concise Financial History of Europe’, published by Robeco. He started his career in 2004 at Robeco and worked for ten years as a multi-asset portfolio manager, responsible for multi-asset funds, quant allocation funds and fiduciary pension mandates. He holds a Master’s in Business Economics with a specialization in Finance & Investments from the University of Groningen. He is a CFA® charterholder. Pim van Vliet is Head of Conservative Equities and Chief Quant Strategist. As Head of Conservative Equities, he is responsible for a wide range of global, regional, and sustainable low-volatility strategies. He specializes in low-volatility investing, asset pricing, and quantitative finance. He is the author of numerous academic research papers including publications in the Journal of Banking and Finance, Management Science, and the Journal of Portfolio Management. Pim is a guest lecturer at several universities, author of an investment book and speaker at international seminars. He became Portfolio Manager in 2010. Pim joined Robeco in 2005 as a Researcher with responsibility for asset allocation research. Pim holds a PhD and a Master's cum laude in Financial and Business Economics from Erasmus University Rotterdam.

Key points
About the fund
Key facts
Fund manager

Performance

Per 28-02-2023
Per period Fund Index

1 month

0.28%

-0.05%

3 months 

-3.59%

-2.85%

YTD

3.44%

5.17%

1 year

1.72%

-1.86%

2 years

10.55%

8.38%

3 years

10.65%

11.20%

5 years

6.75%

9.91%

Since inception 09/2015

7.47%

9.69%

The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Performances are net of fees and based on transaction prices.

Statistics

Statistics

Hit-ratio

  • Statistics
  • Hit-ratio
Per 28-02-2023
Statistics 3 years 5 Years

Tracking error ex-post (%)

The ex-post tracking error is defined as the volatility of the fund's achieved excess return over the index return. In fund management, most managers are subject to an ex-ante (pre-determined) tracking error, which defines the extent of the additional risk they may take when aspiring to outperform the fund's benchmark. The ex-post tracking error explains the distribution of past fund performances compared to those of its underlying benchmark. With a higher tracking error, the fund's returns deviate more from its index's returns, hence there is a greater chance that the fund may outperform. The wider the spread of returns relative to the benchmark, the more "actively" a fund has been managed. In contrast, a low tracking error indicates more "passive" management.

4.55

3.89

Information ratio

This ratio serves to evaluate the quality of the excess return a fund manager has achieved because it takes the active risk involved into account. The information ratio is defined as the excess return over the benchmark return divided by the fund's tracking error. The higher the information ratio, the better. For example, a fund with a tracking error of 4% and an excess return of 2% over benchmark has an information ratio of 0.5, which is quite good.

0.17

-0.50

Sharpe ratio

This ratio measures the risk-adjusted performance and allows the performance quality of different investments to be compared. It is calculated by subtracting the risk-free rate from the fund's returns and dividing the result by the fund's standard deviation (risk). So the Sharpe ratio tells us whether a fund's returns are the result of smart investment decisions or stem from taking extra risk. The higher the ratio, the better, meaning that a greater return is achieved per unit of risk. This ratio is named after its inventor, Nobel Laureate, William Sharpe.

0.67

0.50

Alpha (%)

Alpha measures the difference between a portfolio's actual return and its expected performance, given the level of risk, compared to the benchmark. A positive alpha figure indicates that the fund has performed better than expected, given the level of risk. Beta is used to calculate the level of risk compared to the benchmark..

1.14

-1.55

Beta

Beta is a measure of a portfolio's volatility, or systematic risk, in comparison to the benchmark. A beta of 1 indicates that the portfolio will move with the benchmark. A beta of less than 1 means that the portfolio will be less volatile than the benchmark. A beta of more than 1 indicates that the portfolio will be more volatile than the benchmark. For example, if a portfolio's beta is 1.2 it is theoretically 20% more volatile than the benchmark.

0.97

0.98

Standard deviation

Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread out the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk).

18.00

16.52

Max. monthly gain (%)

The maximum (i.e. highest) absolute positive monthly performance in the underlying period.

10.58

10.58

Max. monthly loss (%)

The maximum (i.e. highest) absolute negative monthly performance in the underlying period.

-17.43

-17.43

Hit-ratio 3 years 5 Years

Months out performance

Number of months in which the fund outperformed the benchmark in the underlying period.

19

24

Hit ratio (%)

This percentage indicates the number of months in which the fund outperformed in a given period.

52.8

40

Months Bull market

Number of months of positive benchmark performance in the underlying period.

20

37

Months outperformance Bull

Number of months in which the fund outperformed positive benchmark performance in the underlying period.

6

9

Hit ratio Bull (%)

This percentage indicates the number of months the fund outperformed a positive benchmark in an underlying period.

30

24.3

Months Bear market

Number of months of negative benchmark performance in the underlying period.

16

23

Months outperformance Bear

Number of months in which the fund outperformed negative benchmark performance in the underlying period.

13

15

Hit ratio Bear (%)

This percentage indicates the number of months the fund outperformed a negative benchmark performance in an underlying period.

81.3

65.2

Above mentioned ratios are based on gross of fees returns.

Costs

Per 28-02-2023
Cost of this fund Percentage

Ongoing charges

Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.

1.21%

Included management fee

A fee paid by the fund to the asset management company for the professional management of the fund.

1.00%

Included service fee

This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.

0.16%

Transaction costs

The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.

0.09%

Fiscal product treatment

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.

Fiscal treatment of investor

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.

Performance
Price development
Statistics
Cost of this fund
Fiscal: product
Fiscal: investor

Fund allocation

Asset

Country

Sector

Top 10

  • Asset
  • Country
  • Sector
  • Top 10
Per 28-02-2023

Policies

  • Currency risk will not be hedged. Exchange-rate fluctuations will therefore directly affect the fund's share price.

  • The fund aims to achieve optimum return on investments within predetermined risk limits.There is no active dividend policy.

  • Robeco QI Global Developed Multi-Factor Equities is an actively managed fund that invests in stocks in developed countries across the world. The selection of these stocks is based on a quantitative model. The fund's objective is to achieve a better return than the index. The fund aims for a better sustainability profile compared to the Benchmark by promoting E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The fund follows a bottom-up driven investment strategy to gain efficient, well-diversified exposure to the proven factors value, momentum, low-volatility and quality. The fund uses enhanced factor definitions to avoid unrewarded risk and unwanted and unintended factor tiltsThe majority of the stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The Management Company may use its discretion to invest in companies or sectors not included in the Benchmark based upon the outcome of a proprietary quantitative model. The fund can deviate substantially from the weightings of the Benchmark. The investment strategy aims to offer a better risk-adjusted return than the Benchmark over the long run whilst still controlling relative risk through the application of limits (on countries, sectors and issuers) to limit the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund.

  • Risk management is fully integrated in the investment process to ensure that positions always meet predefined guidelines.

Fund allocation
Policies

Sustainability-related disclosures

Full sustainability-related disclosures
Download full report
Summary sustainability-related disclosures
Download summary

Sustainability profile

Per 28-02-2023
Exclusions
ESG Integration
Voting & Engagement

Sustainability

Per 28-02-2023

The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets, engagement and voting. The fund does not invest in stocks issued by companies that are in breach of international norms or where its activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. 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.

Information
Profile
Sustainability

Performance explanation

Per 28-02-2023

Based on transaction prices, the fund's return was 0.28%. The fund aims to achieve higher risk-adjusted returns than both the broad market and generic factor indices over a full business cycle by building efficient, well-diversified exposure to enhanced proven factors. The value, momentum, low-volatility and quality factors have all shown to provide better risk-adjusted performance than the broader market on an individual basis – either by providing higher returns than the market with similar volatility, or by providing returns in line with the market but with reduced volatility.

Performance explanation

Fund documents

  • Factsheet
  • Prospectus
  • Articles of association
  • Key Investor Information (KIID)
  • Full sustainability-related disclosures
  • Summary sustainability-related disclosures

(Semi) annual reports

  • Annual report 2021
  • Annual report 2020
  • Annual report 2019
  • Semi-annual report 2022
  • Semi-annual report 2021
  • Semi-annual report 2020

Announcements

  • Publication Semi-annual reports 2022 (31-08-2022)
  • Semi-annual 2021 available (31-08-2021)
Fund documents
Reports
Announcements

Related insights

Read

01-03-2023 · Interview

'Machine learning models can spot interesting interactions'

Learn more

Read

27-02-2023 · Insight

Quant chart: taming momentum crashes

Learn more

Read

22-02-2023 · Interview

‘Factor investing across asset classes is the next El Dorado’

Learn more

Read

02-02-2023 · Insight

Guide to Conservative Investing

Learn more

16-01-2023 · Interview

‘The talent in an investment team makes the difference’

Learn more

Read

Read

12-01-2023 · Interview

‘The scope for portfolio customization is really wide’

Learn more

Read

01-12-2022 · Insight

Factors are an all-season phenomenon

Learn more

Read

25-11-2022 · Insight

When factors and behavioral biases meet

Learn more

Read

18-11-2022 · Insight

Short-sightedness, rates moves and a potential boost for Value

Learn more

Read

10-11-2022 · Insight

Quant chart: alternative peer groups

Learn more

Read

03-10-2022 · Research

Low Volatility portfolios cushion macroeconomic risks

Learn more

Read

01-04-2022 · Data sets

Data sets – Volatility-sorted portfolios

Learn more

Read

31-03-2022 · Insight

The Formula: Maximum drawdown

Learn more

Read

10-03-2022 · Insight

Fama-French 5-factor model: why more is not always better

Learn more

Read

09-03-2022 · Insight

Value could outperform for five years or more

Learn more

Read

04-02-2022 · Insight

Human instincts drive the Value premium

Learn more

Read

12-05-2021 · Insight

Spring has sprung for Value investing

Learn more

Read

25-03-2021 · Insight

The rising tide of Value won’t lift all boats equally

Learn more

Read

16-02-2021 · Research

The quant equity crisis of 2018-2020: Cornered by ‘big growth

Learn more

Read

01-02-2021 · Research

When equity factors drop their shorts

Learn more

Read

04-01-2021 · Insight

What’s up with Momentum?

Learn more

Read

27-03-2020 · Research

How to navigate the equity ‘factor zoo’

Learn more

Read

05-03-2020 · Insight

After a ‘terrific’ decade, what’s next for low-risk stocks?

Learn more

Read

04-02-2020 · Insight

Multiple expansion may put value investing back in favor

Learn more

Read

07-01-2020 · Research

The volatility effect revisited

Learn more

28-11-2019 · Insight

Factor investing debates: Could factor premiums disappear?

Learn more

Read

Read

23-09-2019 · From the field

CO₂ emissions and the pricing of climate risk

Learn more

12-09-2019 · Insight

The Essentials of factor investing

Learn more

Read

28-05-2019 · Insight

Looking for defensive European stocks? Follow the guide...

Learn more

Read

28-05-2019 · Insight

Guide to low volatility investing

Learn more

Read

10-12-2018 · Research

Crash testing the Fama-French factor model in emerging stock markets

Learn more

Read

Read

25-10-2018 · Insight

Achieving your investment goals with factors: get specific factor exposure

Learn more

01-06-2018 · Insight

Guide to factor investing in equity markets

Learn more

Read

Read

27-03-2018 · Research

Fama-French 5-factor model: five major concerns

Learn more

Read

20-03-2018 · Interview

Putting factor investing theory into practice

Learn more

Read

24-01-2018 · Research

Low turnover: a virtue of low volatility

Learn more

13-12-2017 · From the field

Next time, ask your fund manager what kind of car they drive

Learn more

Read

Read

12-10-2017 · Insight

Mixed versus integrated multi-factor portfolios

Learn more

Read

11-10-2017 · From the field

Investment lessons from the racetrack

Learn more

Read

25-09-2017 · Insight

Robeco’s factor investing indices: smarter than smart beta

Learn more

Read

11-09-2017 · Research

Research reveals why sin stocks outperform

Learn more

Read

06-09-2017 · Interview

Net alpha is not a measure of a manager’s skill

Learn more

Read

27-06-2017 · Research

Five concerns with low volatility index ETFs

Learn more

Read

31-05-2017 · Factor investing challenges

Factor investing challenges: underperforming the benchmark

Learn more

Read

05-05-2017 · Factor investing challenges

Factor investing challenges: limiting turnover

Learn more

Read

31-03-2017 · Factor investing challenges

Factor investing challenges: unintended sector biases

Learn more

Read

16-11-2016 · From the field

Is the relationship between risk and return positive or negative?

Learn more

Read

15-09-2016 · Insight

What is factor investing?

Learn more

08-09-2016 · Research

The profitability of low volatility

Learn more

Read

11-07-2016 · Research

Factor investing: defining quality

Learn more

Read

15-06-2016 · Insight

Robeco adds fourth factor Quality to its factor investing strategies

Learn more

Read

29-03-2016 · Interview

Making the most of Momentum

Learn more

Read

Read

15-02-2016 · Insight

Low-volatility evidence dating back to 1873

Learn more

14-08-2015 · Research

Is rebalancing the source of factor premiums?

Learn more

Read

Read

29-06-2015 · Interview

Ten key questions on factor investing

Learn more

Read

16-10-2014 · Research

What drives the value premium?

Learn more

Read

29-09-2014 · Video

What history teaches us: 7 lessons for factor investing

Learn more

19-09-2014 · Video

How factor investing fits into active vs passive

Learn more

Read

Read

30-04-2014 · Research

Why is there a volatility effect?

Learn more

Read

25-10-2013 · Insight

Robeco’s residual momentum: less risky and more sustainable

Learn more

Read

01-05-2013 · Research

Surprising results of lower volatility equities in emerging markets

Learn more

21-11-2012 · Video

Factor investing: from theory to practice

Learn more

Read

Read

15-06-2012 · Research

On the performance of fixed income exchange-traded funds

Learn more

Read

01-06-2012 · Research

Enhancing a low-volatility strategy is particularly helpful when generic low volatility is expensive

Learn more

Read

16-05-2012 · Insight

Case closed: high volatile stocks have lower returns

Learn more

Read

17-11-2011 · Research

Short-term residual reversal

Learn more

Let's keep the conversation going

Keep track of fast-moving events in sustainable and quantitative investing, trends and credits with our newsletters.

Stay updated
Robeco

Robeco aims to enable its clients to achieve their financial and sustainability goals by providing superior investment returns and solutions.

Key topics
Insights
Funds
Strategies
Opportunities
Sustainable investing
About us
Quick links
Contact
Glossary
Insurers
Advisor education
Expertise
Sustainable investing
Quantitative investing
Thematic investing
Emerging markets
Credit investing

Disclaimer Privacy and Cookie Statement Security Policies Modern slavery statement

Important information This disclaimer applies to any documents and the verbal or written comments of any person in presentations or webinars on this website and taken together is referred to herein as the “Information”. The services to which the Information relate are NOT FOR RETAIL CLIENTS - The information contained in the Website is solely intended for professional investors, defined as investors which (1) qualify as professional clients within the meaning of the Markets in Financial Instruments Directive (MiFID), (2) have requested to be treated as professional clients within the meaning of the MiFID or (3) are authorized to receive such information under any other applicable laws and must not be relied or acted upon by any other persons. This Information does not constitute an offer to sell, or a solicitation of an offer to buy, any financial product, and may not be relied upon in connection with the purchase or sale of any financial product. You are cautioned against using this Information as the basis for making a decision to purchase any financial product. To the extent that you rely on the Information in connection with any investment decision, you do so at your own risk. The Information does not purport to be complete on any topic addressed. The Information may contain data or analysis prepared by third parties and no representation or warranty about the accuracy of such data or analysis is provided.

In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. Investors may not get back the amount originally invested. Neither Robeco Institutional Asset Management B.V. nor any of its affiliates guarantees the performance or the future returns of any investments. 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. Robeco Institutional Asset Management B.V. (“Robeco”) expressly prohibits any redistribution of the Information without the prior written consent of Robeco. The Information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to law, rule or regulation. Certain information contained in the Information includes calculations or figures that have been prepared internally and have not been audited or verified by a third party. Use of different methods for preparing, calculating or presenting information may lead to different results. Robeco Institutional Asset Management B.V. is authorised as a manager of UCITS and AIFs by the Netherlands Authority for the Financial Markets and subject to limited regulation in the UK by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.