Ernesto Sanichar is Portfolio Manager and member of the Sustainable Multi Asset team. He responsible for the Robeco Multi Asset funds, Robeco ONE and Defined contribution funds. His asset specialties are fixed income and FX. He has been part of Robeco's Investment Solutions department since 2005. Previously, he was Treasury Manager for four years. Prior to joining Robeco in 2001, Ernesto worked at ING Barings as a Product controller at the cash equities and derivatives desk for three years. Ernesto started his career in the investment industry in 1998. He holds a Master's in Financial Economics from Erasmus University Rotterdam. Mathieu van Roon is Portfolio Manager and member of the Sustainable Multi Asset team and is responsible for the Robeco Multi Asset funds, Robeco ONE and Defined contribution funds. He joined Robeco in 2011 within the Structured Investments department. Mathieu holds a Master’s in both Business Economics and Econometrics (cum Laude) from Erasmus University Rotterdam and is a Financial Risk Manager (FRM) charterholder.

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 Sub-fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, targets on investments in companies and countries based on ESG performance as well as engagement and a minimum allocation to ESG-labeled bonds. For government and government-related bonds, The Sub-fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures investments have a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, The Sub-fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. ESG factors are integrated in the bottom-up security analysis to assess the impact on the issuer's fundamental credit quality. In the credit selection The Sub-fund limits exposure to issuers with an elevated sustainability risk profile as well as excludes companies with high or medium negative SDG scores following Robeco's internally developed three-step SDG framework. Where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on 75% MSCI All Country World Index(USD) 25% Bloomberg Global Aggregate(hedged to EUR and denominated into USD).

The initial market euphoria following Trump's election win has now well and truly faded. It appears that investors have finally woken up and smelt the coffee, Trump's tariffs have arrived and mid-term US inflation is likely to be higher as a result. The likely butterfly effect is lower growth for the global economy. While the US labor market remains buoyant, weakening US consumer sentiment appears to have spooked some investors. This worsening outlook for the US has translated into one of the biggest factor rotations that we have seen since 2008, as demonstrated by the sharp sell-off in the Magnificent 7 stocks. Investors have turned their gaze to more unloved parts of the market and seemingly closed their underweights – namely the Eurozone and China. This more positive outlook on Europe has been encouraged by broadly positive surprises in economic data, combined with Germany's plans to increase defense spending by EUR 1 trillion over the next decade. The reaction in the bond market has been more muted, but spread widening in the lower quality (CCC) part of high yield indicates that broader risk appetite has fallen.

Based on transaction prices, the fund's return was -5.72%. The Sustainable Dynamic Allocation Fund was down 5.6% on the month, but encouragingly, this was still ahead of the benchmark. The strategy has navigated the choppy waters well so far in 2025 and is now only down 3.2% on the year, versus the benchmark return of negative 3.8%. The decision to cut the equity overweight to neutral at the end of February was a timely decision, given the sell-off in equity markets over March. More broadly, tactical asset allocation decisions continue to deliver strong alpha. For example, the UK Gilt vs German Bund compression position that we have held since late last year continues to pay off. In the UK, the fear around Rachel Reeves's budget plans have eased and yields also fell in reaction to a lower than expected inflation print. By contrast, German bond yields have risen in reaction to the removal of the German brake (a rule limiting structural budget deficits and government debt) – in order to create space for further defense spending. Security selection was mixed as quality-growth large-cap stocks suffered from the acute factor rotation. On the credit side, the overweight in Europe played out well again.

Trump's clarification on US tariffs reveals two key points: they are higher than expected and driven more by ideology than negotiation tactics. While this provides a starting point for trade discussions, it fails to restore confidence. With economic growth slowing and sticky inflation, concerns about stagflation are rising. Tariffs are likely to worsen these risks, making it unlikely the Fed will cut rates soon. Recession risks have increased, but a downturn is not imminent, as long as consumer spending – supported by strong employment and wage growth – remains resilient. However, prolonged uncertainty could dampen corporate investment and consumer behavior. US policymakers are acknowledging these risks and may introduce pro-growth measures such as tax relief. Meanwhile, China and Europe are adopting supportive policies such as infrastructure spending and fiscal stimulus to stabilize their economies. We remain neutral on equities, as valuations are not compelling and earnings revisions are weak. In fixed income, we see value in German bonds but less so in the US.