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Based on transaction prices, the fund's return was 15.53%. Robeco BP US Select Opportunities convincingly outperformed the Russell Mid Cap Value Index in November, helped by stock selection in a strong month for US markets. Stock picking in industrials and consumer discretionary led the way during the month. Within industrials, the fund's aerospace holdings Hexcel and Howmet Aerospace soared, as the industry benefited from a primary customer, Boeing, receiving approval to return the 737 Max plane into service. Industrial distributor HD Supply shares also gained close to 40%. In the consumer discretionary sector, the fund's hotel, restaurant and retail holdings all benefited from investor optimism that consumer spending would rebound after vaccination. Strong contributions came from holdings such as Expedia, Marriott and Wynn Resorts. Underweight exposure to the ‘expensive’ utilities and consumer staples sectors added most value to sector allocation.
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Markets in the United States and globally soared in November. They responded to four consecutive weeks of positive vaccine news from four different pharmaceutical companies and the completion of the US presidential elections. The S&P 500 climbed 10.95%, its strongest return since April 2020. Value continued to outperform growth, with small-cap value posting the highest returns (up 19.3%), followed by mid caps (up more than 14%) and large caps (up 13.45%), as measured by their respective Russell value indices.
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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.
No dividend is distributed. All returns are reinvested and translated into price gains.
For Robeco BP US Select Opportunities Equities, ESG factors are qualitatively considered on an individual basis in the fundamental analysis but are not structurally integrated in the investment process.
The fund's broad definition of value looks beyond traditional value characteristics such as low price/earnings and price-to-book ratios, and includes analysis of long-term business fundamentals and short-term business momentum. The fund's investment objective is to participate in rising markets and preserve capital in falling markets through diligent risk management.
Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.
Currently, the US stock market is exhibiting traits of a ‘split personality’. On one hand, a rarified 90% of the stocks in the S&P 500 are trading above their 200-day moving averages. On the other, the stock markets' ‘fear index’, the VIX Index of implied stock market volatility, has remained above 20 for 196 consecutive trading days and has averaged a reading of 30+ this year, both marks not seen since the global financial crisis.One should expect volatility to remain elevated, with an ongoing ‘push-and-pull’ between valuation skepticism and uncertainty surrounding vaccine availability and administration, offset by the Fed's monetary stimulus ‘bazooka’ and record lax financial conditions. As always, the fund will continue to remain focused on a bottom-up approach, investing in companies exhibiting attractive valuation, strong fundamentals and improving momentum.
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.
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ISIN | LU0674139976 |
Bloomberg | RUSOIHE LX |
Valoren | 13762370 |
WKN | A2DHH8 |
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1st quotation date | 1381104000000 |
Close financial year | 31-12 |
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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.
Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.
The information contained in the Website is 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. The value of the investments may fluctuate. Past performance is no guarantee of future results. 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.
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