Marco van Lent is Portfolio Manager Robeco Global Multi-Thematic (2024), Rolinco (2013), Portfolio Manager Robeco Digital Innovations (2017) and member of the Thematic Investing team. Before 2013, he managed Robeco Infrastructure Equities. Marco joined Robeco in October 2007 to co-manage two European equity funds. He worked at Van Lanschot Asset Management to manage the Van Lanschot European Equity Fund. After the acquisition of Kempen Capital Management by Van Lanschot, he worked at Kempen Capital Management for six months to manage European equity mandates. He was Portfolio Manager European equities at Philips Investment Management in the period 1999-2005 and in the period 1996-1999 he was Portfolio Manager at Van Spaendonck Asset Management. He started his investment career in 1985 as a sell-side analyst/strategist. Marco holds a Master's in Business Economics and Finance from Tilburg University. Steef Bergakker is Portfolio Manager Robeco Global Multi-Thematic (2024), Rolinco (2020), Portfolio Manager Robeco Digital Innovations (2019) and member of the Thematic Investing team. Previously, he was trends researcher and has authored several white papers. Before that, Steef was portfolio manager of Robeco Infrastructure Equities and Robeco Hollands Bezit. Prior to rejoining Robeco in 2008, Steef held different functions at IRIS (Institute for Research and Investment Services), the former research joint venture of Robeco and Rabobank. From 1998 through 2008 he served as head of IRIS Equity Research, and before that he worked as equity analyst for eight years. Steef started his career in the investment industry at Robeco in 1990 as an analyst. He holds a Master's in Monetary Economics and Finance and Investments from Erasmus University Rotterdam. Daniel Ernst is Portfolio Manager Digital Innovations, Technology Analyst and member of the Thematic Investing team. In his role as Technology Analyst, he is dedicated to the Global Consumer Trends strategy. He joined Robeco in 2020. Daniel has held several positions as analyst, consultant and director of research at various companies in New York over the past 25 years, and was most recently senior analyst at Purchase Park Capital. He started his career in the industry in 1995 as a Communications Sector Analyst. Daniel holds an M.A in Economics from George Washington University.

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 through exclusions, ESG integration, engagement and voting. The fund does not invest 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 existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. 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.

March proved to be a volatile and ultimately painful month for equity markets, shaped by mixed economic data, policy uncertainty, and shifting investor sentiment. US stocks, including the S&P 500 and Nasdaq, entered correction territory, falling over amid concerns about the Trump administration's unpredictable tariffs and weaker February jobs data. The unemployment rate rose to 4.1%, while the underperformance of the 'Magnificent 7' tech stocks suggested a potential shift in market leadership toward broader sectors. In contrast, European equities rallied mid-month on better-than-expected economic data and new fiscal spending plans. Digital Innovations suffered notably, as fears over corporate spending and potential overinvestment in AI infrastructure hit data center-related stocks. Despite near-term challenges, long-term growth prospects remain strong. This growth includes the build-out of AI infrastructure which is still in the early innings. As valuations and implied growth expectations have come down substantially after the recent sell-off, the investment case for our strategies has improved meaningfully, in our view.

Based on transaction prices, the fund's return was -12.19%. Robeco Digital Innovations declined in March. The fund declined across all three trends: Digital Enablers (-11.6%), Robotics & Automation (-13.0%), and Secure Digital Infrastructure (-12.0%). In Digital Enablers, losses were driven by concerns over slowing corporate software spending. Key detractors included MongoDB (-36.9%), ServiceNow (-17.6%), and Salesforce (-13.3%). Veeva Systems (-0.5%), Intuit (-3.7%), and Dassault Systèmes (-8.0%) were more resilient. Robotics & Automation fell hardest, with fears that data center capex may be in bubble territory and rising recession risks. Major laggards included NVIDIA (-16.5%), TSMC (-16.4%), and Intuitive Surgical (-16.8%), while Keyence (-4.2%) and ASML (-10.7%) limited losses. Secure Digital Infrastructure suffered from broad tech sell-offs and 'degrossing'. Amazon (-13.7%), Microsoft (-9.0%), CyberArk (-10.6%), and Palo Alto Networks (-13.7%) led declines. Only American Tower (+1.9%) posted gains. The top performers of the month were American Tower, Veeva Systems, and Intuit. The bottom-three stocks were NVIDIA, ServiceNow, and TSMC.

Recent developments in AI, drug discovery, nuclear fusion, and quantum computing show that innovation is accelerating. AI was the driving force behind technology innovation and earnings growth in 2024, a trend expected to continue in 2025. Capital spending on high-performance semiconductors and infrastructure is set to rise, with software sector revenue growth forecasted to accelerate. AI is also influencing robotics and reshoring manufacturing. Investment in US manufacturing has expanded, boosting robotics and automation. However, cybersecurity remains a concern, with AI enabling both defense and attacks. Cybersecurity spending is expected to grow modestly. In conclusion, we remain confident that the themes in this strategy will continue to deliver high growth and attractive long-term returns.