Mr. Ramallo is the Senior Portfolio Manager of the Boston Partners Premium Equity strategy. Previously, he was the assistant portfolio manager of the Boston Partners Small Cap Value strategies. Prior to his portfolio management roles, Mr. Ramallo was a research analyst for Boston Partners. He joined the firm in December 1995 from Deloitte & Touche L.L.P. where he spent three years, most recently at its Los Angeles office. Mr. Ramallo earned a B.A. in Economics/Business from the University of California at Los Angeles and an M.B.A. from the Anderson Graduate School of Management at UCLA. He holds the Chartered Financial Analyst® designation. He is also a Certified Public Accountant (inactive). Mr. Ramallo began his career in the investment industry in 1995.

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.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Russell 3000 Value Index (Gross Total Return, USD).

US equities sold off during March as continued volatility weighed on the market with trade concerns persisting. Investors sold riskier assets and sectors while many of the defensive market segments held up better. Value equities outperformed growth equities across the market cap spectrum, albeit everything was in negative territory.

Based on transaction prices, the fund's return was -3.05%. Robeco BP US Premium Equities performed in line with the Russell 3000 Value index in March. Stock selection was the sole contributor to relative performance during March, with the primary areas of strength coming in healthcare, industrials and consumer discretionary. Within healthcare, providers and services companies performed well during March, with off-benchmark position Cencora rising 10%, along with McKesson, Centene and Cigna all climbing over 4% during the month. Within pharmaceuticals and biotech, performance came from Sanofi (off-benchmark) along with Bristol-Myers Squibb and Zimmer Biomet, all of which climbed higher. In industrials, Beacon Roofing and Supply drove performance, with the stock climbing 7% during the month. Lastly, in consumer discretionary, AutoZone soared higher by 9% as the defensive nature of the stock attracted investor attention due to fiscal volatility stemming from the Trump administration. From a sector allocation perspective, the fund's overweight in information technology proved costly during March.

There is plenty more uncertainty to come regarding the tariff situation, and what we've learned so far clearly wasn't the news that the stock market was hoping for; the level of tariff retaliation by the countries that the US has targeted remains a substantial wildcard. Investors should not expect any significant reprieve from the heightened volatility that the markets are currently experiencing, at least not on a short to mid-term basis. Signs of any deterioration in economic activity (or not) will determine the next leg of both the global stock and bond markets. 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.