Robeco BP US Premium Equities I USD

Mr. Ramallo is the Senior Portfolio Manager of the Boston Partners Premium Equity strategy. Previously, he was the assistant portfolio manager of the Boston Partners Small Cap Value strategies. Prior to his portfolio management roles, Mr. Ramallo was a research analyst for Boston Partners. He joined the firm in December 1995 from Deloitte & Touche L.L.P. where he spent three years, most recently at its Los Angeles office. Mr. Ramallo earned a B.A. in Economics/Business from the University of California at Los Angeles and an M.B.A. from the Anderson Graduate School of Management at UCLA. He holds the Chartered Financial Analyst® designation. He is also a Certified Public Accountant (inactive). Mr. Ramallo began his career in the investment industry in 1995.

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 via exclusions, ESG integration, a carbon target, engagement and voting. Through exclusions the fund avoids investments 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 the sustainability risk profile of companies. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a 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.The following sections display the ESG-metrics for this fund along with short descriptions. For more information please visit the sustainability-related disclosures.The index used for all sustainability visuals is based on Russell 3000 Value Index (Gross Total Return, USD).

US markets climbed higher in November, following the appointment of Donald Trump in the US Presidential election. Small and mid-cap companies have benefited since the re-election of the former president, with many investors expecting deregulation, onshoring to the US and a strong economy to benefit the growth prospect for these companies. Perhaps more importantly, many value-oriented characteristics have started to rotate back into favor, with market returns continuing to broaden, reducing the high concentration in high multiple, mega-cap tech stocks.

Based on transaction prices, the fund's return was 4.90%. Robeco BP US Premium Equities trailed the Russell 3000 Value Index in November, with stock selection being the primary driver of relative underperformance, most notably in healthcare and information technology. Within healthcare, a combination of pharmaceutical, biotech and healthcare providers and services companies weighed on returns, as investor sentiment in the sector weakened amidst skepticism regarding the outlook due to Robert F. Kennedy Jr's nomination as the Director of Health Care and Human Services. Sanofi, AbbVie and Amgen were the top three detractors in the sector, all declining over 7%, representing 84% of the total detraction in the sector. In information technology, detraction was driven by two names in particular, Microchip Technology, which fell 6%, and not holding MicroStrategy Incorporated, which surged higher by 58%. Off-benchmark positions Flex Ltd and Oracle corporation both climbed higher by at least 10% during the month, adding to relative returns. Sector allocation helped offset some detraction from stock selection, adding value in 9 of 11 sectors.

The stock market reacted favorably to the results of the November elections in the United States, which brought a 'red wave' to Washington, with the Republican Party capturing the presidency and both chambers of Congress. Coming up, we have the Federal Open Market Committee of the Federal Reserve meeting on December 17th and 18th, to decide on whether to continue on its path to lowering interest rates. There has been discussion in the media that 'no cut' is a possibility, given the recent lack of progress on reducing the Core Personal Consumption Expenditure Price Index (Core PCE), the Fed's preferred inflation measure. As always, we remain focused on selecting companies from the bottom-up that reflect Boston Partners' three-circle characteristics – attractive valuations, solid business fundamentals, and identifiable catalysts.