Robeco BP US Select Opportunities Equities I USD

Mr. Pollack is a Portfolio Manager of the Boston Partners Mid Cap Value Equity strategy. He joined Boston Partners in May 2000 from Hughes Investments where he spent 12 years as an equity portfolio manager, managing value equity across the market-cap spectrum. He also oversaw the outside investment managers who managed assets for Hughes' pension plan. Prior to assuming this role, he served as an investment analyst covering a variety of industries and sectors. Before that, he was with Remington, Inc., and Arthur Andersen & Co. Mr. Pollack is a graduate of Georgia Institute of Technology and earned 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. Mr. Pollack began his career in the investment industry in 1984. Mr. Collard is a Portfolio Manager of the Boston Partners Mid Cap Value strategy. Prior to this, he was an equity analyst with Boston Partners, specializing in the aerospace & defense, transportation, housing, and automobile sectors of the equity market. Mr. Collard joined the firm in April 2018 from Shellback Capital where he was a founding partner and equity analyst. Prior to that, he worked as a research analyst at Vinik Asset Management and Diamondback Capital Management. He began his career as an associate at the investment bank America's Growth Capital. Mr. Collard holds a B.A. in American Studies from Middlebury College. He began his career in the investment industry in 2005.

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 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 Mid Cap Value index (Gross Total Return, USD).

US markets climbed higher in November, following the appointment of Donald Trump in the US Presidential election. Small and mid-cap companies have benefited since the re-election of the former president, with many investors expecting deregulation, onshoring to the US and a strong economy to benefit the growth prospect for these companies. Perhaps more importantly, many value-oriented characteristics have started to rotate back into favor, with market returns continuing to broaden, reducing the high concentration in high multiple, mega-cap tech stocks.

Based on transaction prices, the fund's return was 7.32%. Robeco BP US Select Opportunities was in line with the Russell Mid-Cap Value Index in November, with sector allocation being the primary driver during the month, where the fund added value in all but three sectors. The top contributor to relative returns was the fund's underweight exposure to healthcare, which was the most challenged sector for the index as investor sentiment has trended negatively following the announcement of Robert F. Kennedy Jr as the Director of Health and Human Services. From a stock selection perspective, results were mixed, despite detracting overall. Top areas of detraction came in information technology and energy. Within information technology, not holding MicroStrategy – which surged higher by 58% as investors flocked toward the company as it has been largely referred to as a Bitcoin ETF – detracted. Momentum was helped as Donald Trump has vowed to recognize cryptocurrency in a more formal manner during his upcoming term. In energy, Tidewater Inc had the largest impact, falling 14%. On a positive note, stock selection in materials was positive, with fund holdings convincingly outpacing the index.

The stock market reacted favorably to the results of the November elections in the United States, which brought a 'red wave' to Washington, with the Republican Party capturing the presidency and both chambers of Congress. Coming up, we have the Federal Open Market Committee of the Federal Reserve meeting on December 17th and 18th, to decide on whether to continue on its path to lowering interest rates. There has been discussion in the media that 'no cut' is a possibility, given the recent lack of progress on reducing the Core Personal Consumption Expenditure Price Index (Core PCE), the Fed's preferred inflation measure. 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.