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Robeco BP US Select Opportunities Equities DH EUR

Index: Russell Mid Cap Value index (Gross Total Return, hedged into EUR)
ISIN: LU0674140040
  • Mid-cap value fund
  • Selects the best investment candidate with a market capitalization of USD 750 million or more.
  • Investment discipline based on bottom-up fundamental research
Asset class
Current price ()
Performance YTD ()
Currency EUR
Total size of fund ()
Dividend payingNo

About this fund

Robeco BP US Select Opportunities Equities is an actively managed fund that invests in mid-cap stocks in the United States. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund is primarily composed of stocks with a market capitalization of more than USD 750 million. Its bottom-up stock-selection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion.

Price development

No performance data available

Price development

Robeco BP US Select Opportunities Equities DH EUR

Performance

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The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.
Fund Reference index
The value of the investments may fluctuate. Past performance is no guarantee of future results.
Annualized (for periods longer than one year).
Cumulized (total amount of return).
Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.

Performances are net of fees and based on transaction prices.

Performance explanation

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Based on transaction prices, the fund's return was 6.54%. Robeco BP US Select Opportunities outperformed the Russell Mid Cap Value Index in December, aided by strong stock selection. Robust stock picking came in the consumer discretionary, healthcare, financials and industrials sectors. In consumer discretionary, auto parts retailer AutoZone climbed 15%, and a collection of leisure-related businesses also did well, including Wyndham Hotels & Resorts, Marriott International and Expedia. Top ten holding ICON plc and providers and services companies Centene, HCA, Cigna, Humana and AmerisourceBergen led the way in healthcare, while in the financials sector avoiding some of the laggards helped the relative performance. Within industrials, aerospace and defense company Howmet Aerospace and machinery business Dover Corp both gained over 10% for the month. Sector allocation was a detractor for the month, with underweight exposure to the 'bond proxy' sectors of real estate and utilities weighing on performance.

Statistics

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Market development

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US equities finished the year strongly, with the S&P 500 Index rising 4.9% in December. Value equities convincingly outperformed their growth counterparts across all market capitalizations. Large-cap value and mid-cap value were the best performers, with the Russell Large Cap Value Index and the Russell Mid Cap Value Index both up 6.3%, while small-cap value, as measured by the Russell 2000 Value Index posted gains of 4.1% to finish the month.

Fund allocation

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Name Sector Weight
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Currency policy

Investments are predominantly made in securities denominated in US dollars. The subfund is denominated in euros. The subfund also uses derivatives to hedge to the euro.

Dividend policy

No dividend is distributed. All returns are reinvested and translated into price gains.

ESG Integration policy

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.

Investment policy

Robeco BP US Select Opportunities Equities is an actively managed fund that invests in mid-cap stocks in the United States. The selection of these stocks is based on fundamental analysis. The fund's objective is to achieve a better return than the index. The fund promotes ESG (environmental, social and corporate governance) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation. In addition, the fund integrates ESG, applies Robeco’s Exclusion Policy (which is based on exclusion criteria for products including controversial weapons, tobacco, palm oil, and fossil fuel and uses proxy voting and engagement. The fund also aims for an improved carbon footprint compared to the benchmark. The fund is primarily composed of stocks with a market capitalization of more than USD 750 million. Its bottom-up stock-selection process seeks to find undervalued stocks and is guided by a disciplined value approach, intensive internal research and risk aversion. Benchmark: Russell Mid Cap Value index (Gross Total Return, EUR). The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the benchmark. There are no restrictions on the deviation from the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund.

Risk policy

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

Sustainability profile

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Exclusions

ESG Integration

Voting

Sustainability

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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.

Expectation of fund manager

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Markets in the United States as measured by the S&P 500 finished the year on a high note for the third straight positive year. The index achieved 70 record closes this year, which was the most since 1995 and displayed its best 3-year performance since 1999. While accelerating inflation and rising Covid cases have been a cause for concern, strong corporate earnings growth has helped investors look past these issues. We do not try to predict market, macro or other unknowable events. Instead our focus remains on selecting companies from the bottom-up and the fund is well positioned with holdings that reflect Boston Partners' three circle characteristics – attractive valuations, solid business fundamentals and identifiable catalysts.

Steven L. Pollack, CFA
Steven L. Pollack, CFA

Steven L. Pollack, CFA

Mr. Pollack is the equity portfolio manager for Boston Partners Mid Cap Value Equity product.  He is in his fifteenth year with the firm.  He joined the firm from Hughes Investments where he spent twelve years as an equity portfolio manager, managing value equity across the market capitalization spectrum.  He also oversaw the outside investment managers who manage assets for Hughes' pension plan.  He began his career at Hughes as an Investment Analyst where he spent four years covering a variety of industries and sectors.  Prior to that, he was with Remington, Inc., and Arthur Anderson & Co.  Mr. Pollack is a graduate from Georgia Institute of Technology and holds an M.B.A. from The Anderson School of Management at the University of California at Los Angeles.  He holds the Chartered Financial Analyst® designation.  He has thirty-one years of investment experience.

Details

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Management company
Fund capital
Size of share class
Outstanding shares
ISINLU0674140040
BloombergRUSODHE LX
Valoren13762374
WKNA1JKVL
Availability
1st quotation date1316476800000
Close financial year31-12
Legal status
Tracking error limit (%)
Reference index

Cost of this fund

Ongoing charges

This fund deducts ongoing charges of
These charges comprise
Management fee
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Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

max entry fee
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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.

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Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

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