Marco van Lent is Portfolio Manager Robeco Global Multi-Thematic (2024), Rolinco (2013), Portfolio Manager Robeco Digital Innovations (2017) and member of the Thematic Investing team. Before 2013, he managed Robeco Infrastructure Equities. Marco joined Robeco in October 2007 to co-manage two European equity funds. He worked at Van Lanschot Asset Management to manage the Van Lanschot European Equity Fund. After the acquisition of Kempen Capital Management by Van Lanschot, he worked at Kempen Capital Management for six months to manage European equity mandates. He was Portfolio Manager European equities at Philips Investment Management in the period 1999-2005 and in the period 1996-1999 he was Portfolio Manager at Van Spaendonck Asset Management. He started his investment career in 1985 as a sell-side analyst/strategist. Marco holds a Master's in Business Economics and Finance from Tilburg University. Steef Bergakker is Portfolio Manager Robeco Global Multi-Thematic (2024), Rolinco (2020), Portfolio Manager Robeco Digital Innovations (2019) and member of the Thematic Investing team. Previously, he was trends researcher and has authored several white papers. Before that, Steef was portfolio manager of Robeco Infrastructure Equities and Robeco Hollands Bezit. Prior to rejoining Robeco in 2008, Steef held different functions at IRIS (Institute for Research and Investment Services), the former research joint venture of Robeco and Rabobank. From 1998 through 2008 he served as head of IRIS Equity Research, and before that he worked as equity analyst for eight years. Steef started his career in the investment industry at Robeco in 1990 as an analyst. He holds a Master's in Monetary Economics and Finance and Investments from Erasmus University Rotterdam. Daniel Ernst is Portfolio Manager Digital Innovations, Technology Analyst and member of the Thematic Investing team. In his role as Technology Analyst, he is dedicated to the Global Consumer Trends strategy. He joined Robeco in 2020. Daniel has held several positions as analyst, consultant and director of research at various companies in New York over the past 25 years, and was most recently senior analyst at Purchase Park Capital. He started his career in the industry in 1995 as a Communications Sector Analyst. Daniel holds an M.A in Economics from George Washington University.

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. 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.

Earnings reports took center stage against the noisy background of a flurry of policy initiatives from the new US administration, ranging from tariffs to DOGE shakeups at various federal departments. As most companies in our portfolio have now reported, a few key trends are emerging: most companies comfortably beat market expectations on profit margins, but had a much more difficult time in matching topline expectations. Forward-looking guidance tended to underwhelm in many cases, although that appears to be caused more by general caution about the economic and geopolitical environment. Recent macroeconomic data highlighted persistent inflation, prompting the Federal Reserve to signal its readiness to keep interest rates steady. Meanwhile, several US macroeconomic indicators, such as slowing GDP growth, a cooling labor market and declining personal consumption expenditures suggest some weakness. While destocking in many industries appears to have ran its course, important industries such as semiconductors, automotive and machinery are still experiencing pockets of weak demand as their customers work through excess inventory.

Based on transaction prices, the fund's return was -3.86%. Robeco Digital Innovations retreated 4.1% in EUR for the month of February (-4.1% in USD), while the MSCI ACWI Index shed 0.6% in EUR (-0.6% in USD). All our baskets, Digital Enablers, Robotics & Automation and Secure Digital Infrastructure, lagged the index. Digital Enablers (-7.7%) posted the biggest decline, as generally slightly lower-than-expected growth guidance outweighed strong reported earnings, leading to sharp share price corrections. Salesforce (-12.9%), PTC (-15.5%) and ServiceNow (-8.7%) all suffered this fate, detracting most from performance. On the positive side, Intuit (+2.0%), and Dassault Systèmes (+0.5%) benefited from slightly better-than-expected results, while Informa (+0.4%) was pulled along by a higher UK market.

Recent developments in AI, drug discovery, nuclear fusion, and quantum computing show that innovation is accelerating. AI was the driving force behind technology innovation and earnings growth in 2024, a trend expected to continue in 2025. Capital spending on high-performance semiconductors and infrastructure is set to rise, with software sector revenue growth forecasted to accelerate. AI is also influencing robotics and reshoring manufacturing. Investment in US manufacturing has expanded, boosting robotics and automation. However, cybersecurity remains a concern, with AI enabling both defense and attacks. Cybersecurity spending is expected to grow modestly. In conclusion, we remain confident that the themes in this strategy will continue to deliver high growth and attractive long-term returns.