Robeco Gravis Digital Infrastructure Income C EUR

Matthew Norris is Portfolio Manager of the Robeco Gravis Digital Infrastructure Income fund. He is responsible for the oversight of the VT Gravis UK Listed Property Fund and the VT Gravis Digital Infrastructure Income Fund. Matthew has more than two decades investment management experience and has a specialist focus on real estate securities and digital infrastructure investments. He served as an Executive Director of Grosvenor Europe where he was responsible for global real estate securities strategies. He joined Grosvenor following roles managing equity funds at Fulcrum Asset Management and Buttonwood Capital Partners. He joined the industry in 1994. Matthew has a Bachelor of Artis in Economics & Politics from the University of York. He is a CFA® Charterholder and holds the Investment Management Certificate (IMC).

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 Federal Reserve approved a 25-basis point interest rate cut at the start of November, its second consecutive reduction, with Federal Reserve officials justifying the cut through support for the labor market. "This further recalibration of our policy stance will help maintain the strength of the economy and the labor market and will continue to enable further progress on inflation as we move toward a more neutral stance," Federal Reserve Chairman Jerome Powell said after the meeting. Meanwhile, President-elect Donald Trump has begun issuing cabinet appointments for his incoming presidency, with key economic positions continuing to be filled. Markets are expecting his policies to pose challenges for inflation, due to his stated intentions of implementing punitive tariffs and deportations for undocumented immigrants. However, the US 10-year Treasury yield ended the month slightly lower. This is reassuring for the valuation of digital infrastructure assets.

The fund manager maintains a positive outlook on the digital infrastructure sector as it is set to continue to grow, primarily due to the strong performance of underlying portfolio assets. During November, the data centers subsector had the best performance, delivering a total return of 8.0%. Within this subsector, SUNeVision Holdings (portfolio weight 3.2%), saw significant growth in the month. They reported revenue growth of 14% year-on-year, which was driven by price increases and new contracts in their data centers and IT facilities business. This further reiterates the growth inherent to the digital infrastructure sector.