Mr. Lu is the Head of Investments China. He is responsible for Robeco’s overall investments and research activities in China. Before joining Robeco in Nov 2015, Mr. Lu worked as a Portfolio Manager at Norges Bank Investment Management in Shanghai from 2011 to 2015, and as an analyst in Hong Kong from 2009 to 2011. Prior to that, he worked at the M&A department of Morgan Stanley Asia Ltd. Mr. Lu started his career as an engineer at Motorola, Inc. in 2000 and subsequently held several managerial positions. Mr. Lu is a native Mandarin Chinese speaker. He holds an MBA with Distinction in Finance and Marketing from the Kellogg School of Management at Northwestern University in the US. He also holds a Master’s degree in Electrical Engineering and Computer Science from the University of Illinois in the US and a Bachelor's degree in Biochemistry from Fudan University in China. Mr. Lu advised the Team China from 17/02/2017 until 28/02/2023 for Robeco Chinese A-Share Equities. The Chinese Equities investment team consists of five investment professionals with an average experience of 10 years, combining complementary skills and worldwide investment backgrounds. The team’s portfolio managers place local insights into the context of a wider regional and global perspective. Local presence in Hong Kong and Shanghai allows for optimal coverage of both off- and onshore markets, respectively.

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 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. The fund targets at least 20% 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.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI China A International Index (Net Return, EUR).

February was a dynamic month for Chinese markets, starting with strong rallies driven by optimism around AI breakthroughs, such as DeepSeek's pre-Chinese New Year (CNY) success, and policy support. Optimism surrounding China's AI potential played a central role. Apple announced partnerships with Alibaba to bring Apple Intelligence to the Chinese market, while Tencent accelerated AI model development in response to DeepSeek's rapid rise. On 17 February, President Xi Jinping's meeting with leading entrepreneurs, including Jack Ma and other tech CEOs, signaled a renewed focus on boosting private sector confidence. Xi emphasized a balanced vision of "getting rich first and promoting common prosperity". Premier Li highlighted the importance of driving domestic consumption to rebalance the economy. Later in the month, IT stocks gained momentum as Alibaba increased investments in AI and cloud infrastructure, while robotics companies benefited from rising demand in advanced manufacturing.

Based on transaction prices, the fund's return was 0.83%. Robeco Chinese A-share Equities underperformed versus the benchmark in February. At the sector level, there was negative contribution from industrials, information technology and materials. There was positive contribution from consumer discretionary, energy and real estate. At the stock level, the main detractors were Sieyuan Electric, Neway Valve (Suzhou) and Bank of Jiangsu. The main contributors were BYD, Cambricon Technologies and Advanced Micro-Fabrication Equipment.

China enters 2025 with a renewed focus on growth, as policymakers deploy fiscal and monetary tools to address significant economic challenges. While the December 2024 Central Economic Work Conference outlined key policy directions, the National People's Congress (NPC) will emphasize executing these strategies. Investor sentiment has improved notably since September 2024, when the Politburo signaled the need for stronger policy support to reignite growth. The government is expected to raise its augmented fiscal deficit, primarily through an increase in the official budget deficit, expanded quotas for special long-term treasury bonds, and local government special bonds (LGSBs). Local governments will also be encouraged to use these bond quotas to stabilize the property market by repurchasing land, reducing inventory, and providing financial support to developers. Stimulating domestic consumption remains central to China's growth strategy, with the 'internal circulation' initiative aimed at boosting consumer spending to rebalance the economy.