Patrick Lemmens is Lead Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech. Prior to joining Robeco in 2008, he managed the ABN AMRO Financials fund from October 2003 to December 2007. Previously, he held the position of Analyst of Global Financials at ABN AMRO and was Global Sector Coordinator of the Financial Institutions Equities Group at ABN AMRO. Patrick Lemmens started his career in the investment industry in 1993. He holds a Master's in Business Economics from Erasmus University Rotterdam and is a Certified European Financial Analyst. Michiel van Voorst is Co-Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech/next digital billion. In 2019, Michiel rejoined Robeco from Union Bancaire Privée in Hong Kong where he was CIO Asian Equities. Prior to that, Michiel spent 12 years at Robeco in several senior positions including senior portfolio manager Rolinco Global Growth fund and Robeco Asian Stars. Prior to joining Robeco in 2005, Michiel was Portfolio Manager US Equity at PGGM and Economist with Rabobank Netherlands. Michiel started his career in the investment industry in 1996. Michiel van Voorst holds a Master’s in Economics from University of Utrecht and is a CFA® charterholder. Koos Burema is Co-Portfolio Manager within the Trends Equities team. He has a focus on financials/fintech. Koos was an Analyst with the Emerging Markets team covering Korea and technology in Taiwan and Mainland China. Besides this, he was responsible for the integration of ESG in the investment process. Before joining the team in January 2010, he worked as a Portfolio Manager for different sector teams within Robeco. He started his career in the industry in 2007. Koos holds a Master’s in Business Administration from the University of Groningen and is a CFA® 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 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. The fund targets at least 20% 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 MSCI All Country World Financials Index (Net Return, USD).

As the Trump government began its second term, the first weeks have generated plenty of headlines. Given the inherent contradictions in Trump's policy agenda there is a level of uncertainty that adds to volatility. Indeed, the global VIX index jumped from 14% in December to 20% by the end of February, as global equities retreated 0.6% in USD as measured by the MSCI AC World. The MSCI AC World Financials however actually gained 1.7%. Many 'Trump trades', so popular in November, gave up most or all of their gains. The US 10-year rate is lower today than on election day, and at 4.25%, 55 bps lower than the recent peak. Globally, the momentum style was a star performer in 2024, but this factor underperformed in February. This raises the question whether market leadership is changing. The uncertainty surrounding US tariffs supported the 'US exceptionalism' narrative, but interestingly European, Latin American and Asian banks are outperforming US banks this year. Combining earnings, price momentum with fundamental value, we still see a very strong setup for many segments of the financials index.

Based on transaction prices, the fund's return was -0.99%. Robeco New World Financials had a return lower than the benchmark as the fund returned -1.5% (gross euro fund returns if not stated otherwise) versus the index return of 1.7% during February. Over the last ten years, the annualized returns of the fund and the index are 10.6% and 9.3%, respectively. The best contributors to performance were Standard Chartered, Adyen, AIA Group, Banco Bilbao Vizcaya Argentaria, Fiserv, Barclays, Prudential and ASR. The biggest detractors to performance were PayPal, Block, Coinbase, Nu Holdings, EPAM and Endava. The industry group Consumer Finance, Broadline Retail and Interactive Media & Services made the best positive contribution to performance while Capital Markets, Financial Services and IT Services detracted the most.

Global equity markets in 2025 remain highly correlated with global liquidity indicators. Bond yields signal the onset of a new inflationary regime, driven by structural inflation from Covid-19-era stimulus and ongoing geopolitical risks. In Aging Finance, we are witnessing a shift of the retirement burden from the state or corporation to the individual. In emerging markets, policy uncertainty and the ability of central banks to lower rates are weighing on prospects for 2025. However, emerging market FX is notably cheaper today compared to the onset of Trump's first trade war in 2018. The outperformance of Digital Finance companies has largely flown under the radar in 2024. Digital wallets continue to grow transaction volumes, and AI agents are emerging as one of the most transformative trends of the year.