Dora Buckulcikova is Lead Portfolio Manager of Robeco Fashion Engagement (2023), Portfolio Manager of Robeco Global Multi-Thematic (2024), Rolinco (2022) and member of the Thematic Investing Team. She joined Robeco in 2021. Dora holds experience as a buy-side research analyst and investment manager with Baillie Gifford for 6 years. Previously, she was a research consultant for a UK-based global impact fund, providing long-term fundamental and sustainability-focused investment research. Dora is a CFA® Charterholder and obtained her Master of Arts in Economics and Chinese from the University of Edinburgh. 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.

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 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.For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on MSCI All Country World Index (Net Return, EUR).

Global equity markets were off to a good start initially and the MSCI All Countries World Index set some new all-time highs with an intra-month increase of 2% in EUR. Markets were enjoying some support from interim results and initially treated President Trump's daily tariff announcements as a simple negotiating ploy. However, this all changed around the middle of the month when US data hit a soft patch, with uncertainty over tariffs and government layoffs (and thus the broader labor market) starting to affect consumer sentiment. This macro growth 'scare' also trickled down to worries around US Big Tech stocks, which were sold by investors as their earnings growth is coming down and EPS revisions are flattening. In addition, some cold water was poured over AI capex expectations. The Magnificent-7 stocks, which had been instrumental to the outperformance of US over non-US equities in recent years, went into reverse as a result and all but Meta are now down for the year.

Based on transaction prices, the fund's return was -3.48%. Robeco Global Multi-Thematic was down 3.8% (-3.7% in USD) for the month, basically leaving performance flat since the start of the year. All three trends lost ground in February, with only the more defensive Changing Sociodemographics keeping up with the broader index.

Thematic funds target three megatrends: Transforming Technologies, Changing Socio-demographics, and Preserving Earth. Robeco Global Multi-Thematic invests across all three, focusing on seven key secular growth drivers. In 2025, Smart Enterprise should benefit from easing macro uncertainty and digital transformation. Clean Energy remains supported by grid upgrades and growing power demand. Healthcare Solutions thrive on aging populations and AI-driven innovations. Next Gen Financials gain from FinTech expansion and digital payments. Digital Infrastructure sees strong growth from AI, IoT, and 5G adoption. The New Consumer embraces immersive experiences and digital ecosystems. Natural Resource Stewardship benefits from water treatment and infrastructure development.