David Thomas is Portfolio Manager of the Robeco Biodiversity Equities strategy and member of the Thematic Investing team. Prior to joining Robeco in 2022, he was a portfolio manager at Ellerston Capital, managing multiple strategies, including a fund for one of the world’s largest sovereign wealth asset owners. David brings 29 years of experience in financial markets having worked for global corporations, including Price Waterhouse Coopers, Macquarie Bank, Morgan Stanley and CLSA. His expertise in equity markets with special focus on the consumer and IT sectors has been honed over multiple roles, both in Sydney and London. David holds a Bachelor of Business from Swinburne University and successfully completed the leadership program at Harvard Business School.

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's sustainable investment objective is to support the sustainable use of natural resources and ecosystem services that help to reduce Biodiversity threats or restore natural habitats. This is achieved by incorporating sustainability considerations in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policyFor more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI World TRN Index.

Following a strong start to 2025, February maintained a similar trend. The MSCI World Index gave up some of January's strong gains, falling 0.8% for the month. European markets continued their impressive start to the year, with Germany soaring by more than 13% over the first two months, buoyed by a relatively smooth election outcome. France is up 10%, and the UK nearly 8%. Despite a strong finish to February, the US market ended the month in negative territory, with the S&P 500 falling by 1.5% and the NASDAQ 4%. In Asia, the situation was even more polarized. Japan's Nikkei slumped 6% while Hong Kong jumped 13%. The phrase 'May you live in interesting times', potentially a Chinese curse, has never felt more apt. The US, or more accurately President Trump, siding with Russia, Iran, and North Korea, caught the market by surprise. Sustainability is facing some of its biggest headwinds in a generation. However, we believe that pursuits aligned with biodiversity preservation will remain relatively unscathed. In an exciting development, the extended COP 16 conference announced the launch of the Cali Fund aiming to mobilize at least USD 200 billion annually by 2030.

Based on transaction prices, the fund's return was -2.50%. The fund's performance for the month was slightly behind the general market but in line with the investable universe. Our top-performing stocks for the month included Veolia Environnement, Kering, and Kimberly-Clark. Veolia reported solid results which reminded investors of the long-term upside in its operations. Improving financials and a healthy dividend are attractive. Kering bounced after changing its design director at Gucci and improved sales performance from its wider luxury brands. On the downside, Zebra, Agilent and Arcadis all failed to impress with relatively subdued outlook statements for earnings in 2025.

As we move further into 2025, the new Trump administration has begun to flex its muscles and market volatility is on the rise. Geopolitics are back high on the agenda and will require both patience and foresight to navigate over the next few months. We continue to pursue investments that meet our long-term criteria of defendable and sustainable competitive advantage with prudent financial exposure.