Robeco BP US Premium Equities FH EUR

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 0.05% 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 Russell 3000 Value Index (Gross Total Return, hedged into EUR).

Equity markets in the United States climbed higher in the last month of the first quarter, returning 3.22% as measured by the S&P 500 Index. Value took back leadership over growth in the month with mid caps rising 5.18%, followed by large caps and small caps which rose 5.00% and 4.38% respectively, as measured by their respective Russell Value Index.

Based on transaction prices, the fund's return was 4.29%. Robeco BP US Premium Equities slightly trailed the Russell 3000 Value Index in July. Over 100% of the detraction to sector allocation came from two sectors: healthcare and energy. The fund's overweight exposure to healthcare provider and services companies weighed on performance as the outlook in the industry remains weaker following lack-luster revenue forecasts, while an underweight in energy weighed on relative results. From a stock selection perspective, healthcare and consumer discretionary added value. Not holding healthcare equipment company Abbott Laboratories added to relative returns, as the stock fell over 4% during the month. Additionally, AMN Healthcare Services, a healthcare staffing company and off-benchmark holding, contributed positively, as the stock climbed over 11% during March. Within consumer discretionary, motorcycle company Harley-Davidson has climbed higher in recent months, continuing this in March, rising 21%, as the company beat estimates during the fourth quarter and the outlook continues high.

We have entered a period of inflation that will last longer than initially thought. Historically speaking, when inflation reaches 8% or higher, it generally takes eight to ten years to revert back to levels around 3%. Fortunately, these periods have been beneficial for value investors in the past, and this will be a key component for the market moving forward. 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.