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Unaudited Semi - Annual Report
1 January to 30 June 202 6
Société d’Investissement à Capital Variable Incorporated under Luxembourg law RCS B 58 959
Robeco Capital Growth Funds
202 6
Page 2
Contents
General Information 4
Report of the Board of Directors 6 General 6 Report of the investment manager 9 Investment results 1 1 Sustainable investing 5 0
Financial statements 5 2 Combined Statement of Net Assets 5 2 Combined Statement of Operations and Changes in Net Assets 7 6 Statistical Information 1 08
Notes to the financial statements as at 3 0 June 202 6 1 48
Schedule of Investments 23 0 Robeco BP Global Premium Equities 23 0 Robeco QI Global Conservative Equities 2 37 Robeco Global Stars Equities 2 45 Robeco Emerging Stars Equities 2 49 Robeco Emerging Markets Equities 253 Robeco QI Emerging Markets Active Equities 259 Robeco QI Global Momentum Equities 275 Robeco QI Global Developed 3D Enhanced Index Equities 282 Robeco QI Emerging Markets Enhanced Index Equities 294 Robeco QI Emerging Conservative Equities 312 Robeco QI Global Value Equities 320 Robeco QI Emerging Markets 3D Active Equities 330 Robeco QI Global Developed Conservative Equities 339 Robeco QI Global Developed Active Equities 347 Robeco QI Customized Emerging Markets Enhanced Index Equities I 357 Robeco QI Global Quality Equities 380 Robeco QI Global SDG & Climate Conservative Equities 386 Robeco QI Global Developed Enhanced Index Equities 393 Robeco Sustainable Emerging Stars Equities 410 Robeco QI Emerging Markets 3D Enhanced Index Equities 414 Robeco Global SDG Equities 426 Robeco Global Engagement Equities 429 Robeco QI Emerging Markets 3D Enhanced Index Equities II 434 Robeco Emerging Markets Ex China Equities 447 Robeco Quantum Market Neutral Equities 452 Robeco Emerging Markets Climate Transition Equities 474 Robeco QI Global Enhanced Index Equities 477 Robeco QI Emerging Markets Enhanced Index Equities Plus 492 Robeco Asia - Pacific Equities 502 Robeco European Stars Equities 507 Robeco QI European Conservative Equities 510 Robeco BP US Premium Equities 516 Robeco Chinese Equities 521 Robeco Indian Equities 524 Robeco Asian Stars Equities 526 Robeco Sustainable Asian Stars Equities 529 Robeco BP US Large Cap Equities 531 Robeco BP US Select Opportunities Equities 535 Robeco Chinese A - share Equities 540 Robeco QI Chinese A - share Active Equities 542 Robeco QI Chinese A - share Conservative Equities 550 Robeco QI European Value Equities 554 Robeco QI US SDG & Climate Beta Equities 561 Robeco QI European Active Equities 566 Robeco Transition Asian Equities 574 Robeco New World Financials 577 Robeco Sustainable Property Equities 583 Robeco Global Consumer Trends 587 Robeco Global Multi - Thematic 592
Robeco Capital Growth Funds 2
Page 3
Contents (continued)
Schedule of Investments (continued) Robeco Digital Innovations 596 Robeco FinTech 599 Robeco Circular Economy 603 Robeco Smart Energy 608 Robeco Smart Materials 613 Robeco Smart Mobility 617 Robeco Healthy Living 621 Robeco Sustainable Water 624 Robeco Biodiversity Equities 628 Robeco Global Climate Transition Equities 631 Robeco Gravis Digital Infrastructure Income 635 Robeco High Yield Bonds 637 Robeco Global Credits 657 Robeco QI Dynamic High Yield 673 Robeco QI Global Multi - Factor Credits 678 Robeco QI Global Multi - Factor Bonds 694 Robeco Global Credits – Short Maturity 708 Robeco Corporate Hybrid bonds 720 Robeco QI Global Multi - Factor High Yield 726 Robeco Credit Income 735 Robeco Global SDG Credits 753 Robeco SDG High Yield Bonds 769 Robeco Global Green Bonds 787 Robeco Climate Global Credits 798 Robeco Transition Emerging Credits 811 Robeco Climate Global High Yield Bonds 823 Robeco High Income Green Bonds 836 Robeco QI Global Dynamic Duration 843 Robeco Sustainable Global Bonds 849 Robeco Emerging Markets Bonds 873 Robeco Emerging Markets Bonds Local Currency 881 Robeco Global Investment Grade Credits 889 Robeco Euro Government Bonds 902 Robeco Euro Credit Bonds 910 Robeco All Strategy Euro Bonds 920 Robeco European High Yield Bonds 936 Robeco Transition Asian Bonds 947 Robeco Euro SDG Credits 953 Robeco Financial Institutions Bonds 963 Robeco Euro Short Duration Bonds 973 Robeco Sustainable Income Allocation 979 Robeco Sustainable Dynamic Allocation 1003 Robeco Sustainable Diversified Allocation 1040 Robeco Flexible Allocation 1081
Other data 1094
Note: In this report the abbreviated names of the Sub - fund s will be used, i.e. without the prefix 'Robeco Capital Growth Funds'.
Robeco Capital Growth Funds 3
Page 4
General Information
Robeco Capital Growth Funds
(hereafter the “ Company ” or the “ Fund ”) Undertaking for collective investment in transferable securities incorporated as a ‘Société d’Investissement à Capital Variable’ (“SICAV”) under Luxembourg law. The S ub - funds of the Fund are hereafter referred to as the “Sub - funds” and each of them are referred to as the “Sub - fund".
Register of the Company RCS Luxembourg B 58 959
Registered Office 6, route de Trèves L- 2633 Senningerberg Grand Duchy of Luxembourg
Board of Directors Mr. J.H. van den Akker (Director/Chairman) Mr. C.M.A. Hertz (Director) Mr. R.C. Vonk (Director, since 28 May 2026) Mr. P.F. van der Worp (Director) Mrs. J.F. Wilkinson (Director) Mr. I.R.M. Frielink (Director, until 28 May 2026)
Mr. J.H. van den Akker, Mr. I.R.M. Frielink, Mr. R.C. Vonk and Mr. P.F. van der Worp are employees of Robeco Nederland B.V. ( Affiliated Entity) Mr. C.M.A. Hertz and Mrs. J.F. Wilkinson are independent directors
Management Company Robeco Institutional Asset Management B.V. Weena 850 3014 DA Rotterdam The Netherlands
Cabinet de révision agréé (independent auditor) KPMG Audit S.à r.l. 39, Avenue John F. Kennedy L- 1855 Luxembourg Grand Duchy of Luxembourg
Depositary, Domiciliary and Paying Agent J.P. Morgan SE, Luxembourg Branch 6, route de Trèves L- 2633 Senningerberg Grand Duchy of Luxembourg
Administration Agent and Registrar J.P. Morgan SE, Luxembourg Branch 6, route de Trèves L- 2633 Senningerberg Grand Duchy of Luxembourg
Portfolio Manager Robeco Institutional Asset Management B.V. Weena 850 3014 DA Rotterdam The Netherlands
Robeco Capital Growth Funds 4
Page 5
General Information (continued)
Delegated Portfolio Managers Boston Partners Global Investors Inc. One Grand Central Place, 60 East 42nd Street, Suite 1550 New York, NY 10165 United States of America
Robeco Hong Kong Ltd 27/F, Man Yee Building, 68 Des Voeux Road Central, Hong Kong China
Robeco Schweiz AG Josefstrasse 218 CH - 8005 Z ü rich Switzerland
Robeco Singapore Private Ltd 7 Straits View Marina One East Tower 018936 Singapore Singapore
Gravis Capital Management Limited 24 Savile Row London, W1S 2ES United Kingdom
Robeco Institutional Asset Management UK Limited 30 Fenchurch Street, Part Level 8 London EC3M 3BD United Kingdom
Subscriptions and publications No subscription can be accepted on the basis of financial reports such as this report. Subscriptions may only be accepted on the basis of the current prospectus, supplemented by the Company’s latest annual report, and in the event that the Company’s annual report has been published more than eight months previously, its latest semi - annual report. Financial reports, the prospectus and Key Information Document are available on the website www.robeco.com and may be obtained free of charge at the Company’s registered office.
Representative and paying agent in Switzerland ACOLIN Fund Services AG, Maintower, Thurgauer strasse 36/38, CH - 8050 Zürich, is the Fund’s representative in Switzerland. Copies of the Key Information Document and prospectus, articles of incorporation, (semi) annual reports and a list of all purchases an d sales in the investment portfolio during the reporting period are available from the above address free of charge. UBS Switzerland A.G., B ahnhofstrasse 45, CH - 8001 Zurich (Postal address Badenerstrasse 574, Postfach, CH - 8098 Zürich) is the Company’s paying agent in Switzerland.
Information service in Germany Copies of the articles of incorporation, Key Information Document and prospectus and the annual and semi - annual reports may be obtained free of charge from the offices of the information service in Germany: Robeco Deutschland, Zweigniederlassung der Robeco Institutional Asset Management B.V., Taunusanlage 19 , D - 60325 Frankfurt am Main. The prices at which shares are issued and repurchased are published on www.robeco.de. A list of all purchases and sales in the Company’s investment portfolio during the reporting peri od is available at the paying agent/informat ion service in Germany free of charge.
Representative in Taiwan Taishin Securities Investment Trust Co Ltd, 1F, No. 9 - 1, Dehui St., Zhongshan Dist., Taipei City, 104 Taiwan.
Representative in Hong Kong Robeco Hong Kong Limited, 27/F Man Yee Building, 68 Des Voeux Road Central, Central, Hong Kong SAR, China.
Robeco Where reference is made to ‘Robeco’, it refers to ‘Robeco Institutional Asset Management B.V.’ (hereafter “Robeco” or “RIAM”), which includes the activities of the other entities which are in the scope of Robeco’s management. Robeco Capital Growth Funds 5
Page 6
Report of the Board of Directors
General
Website An information update on the Fund’s investment policies, returns and investment portfolio can be found on www.robeco.com/en/r iam.
Code of conduct The Board of Directors adheres to the 11 principles of the Association of the Luxembourg Fund Industry (“ALFI”) Code of Condu ct for Luxembourg investment funds and considers the Fund to be in compliance with the principles in all material respects.
New Sub - funds during the period
Sub - fund Effective date Robeco QI Global Enhanced Index Equities 03/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus 04/03/2026
New share classes during the period
Sub - fund Share class Effective date Robeco BP Global Premium Equities DH SGD 24/03/2026 Robeco Emerging Stars Equities K GBP 24/03/2026 Robeco Emerging Markets Equities IE CHF 20/01/2026 Robeco QI Emerging Markets Enhanced Index Equities Z USD 20/01/2026 Robeco QI Global Value Equities K2 EUR 24/03/2026 Robeco QI Emerging Markets 3D Active Equities D CHF 20/01/2026 Robeco QI Emerging Markets 3D Active Equities D SGD 16/06/2026 Robeco QI Emerging Markets 3D Active Equities D USD 20/01/2026 Robeco QI Emerging Markets 3D Active Equities F USD 20/01/2026 Robeco QI Emerging Markets 3D Active Equities K GBP 20/01/2026 Robeco QI Emerging Markets 3D Active Equities K USD 24/03/2026 Robeco QI Emerging Markets 3D Active Equities S EUR 24/02/2026 Robeco QI Global Developed Conservative Equities K EUR 19/05/2026 Robeco QI Global Developed Active Equities D SGD 16/06/2026 Robeco QI Global Developed Active Equities D USD 16/06/2026 Robeco QI Global Developed Active Equities F USD 24/03/2026 Robeco QI Global Developed Active Equities G GBP 24/03/2026 Robeco QI Global Developed Enhanced Index Equities G GBP 24/03/2026 Robeco QI Global Developed Enhanced Index Equities K3E EUR 24/03/2026 Robeco QI Global Developed Enhanced Index Equities Z USD 21/04/2026 Robeco Sustainable Emerging Stars Equities Z GBP 24/03/2026 Robeco Global Engagement Equities IH GBP 21/04/2026 Robeco Global Engagement Equities YH JPY 20/01/2026 Robeco Quantum Market Neutral Equities IH GBP 16/06/2026
New share classes during the period (continued)
Sub - fund Share class Effective date Robeco Quantum Market Neutral Equities IH USD 16/06/2026 Robeco QI Global Enhanced Index Equities D EUR 03/03/2026 Robeco QI Global Enhanced Index Equities D USD 03/03/2026 Robeco QI Global Enhanced Index Equities F EUR 03/03/2026 Robeco QI Global Enhanced Index Equities F USD 03/03/2026 Robeco QI Global Enhanced Index Equities I EUR 03/03/2026 Robeco QI Global Enhanced Index Equities I GBP 19/05/2026 Robeco QI Global Enhanced Index Equities I USD 03/03/2026 Robeco QI Global Enhanced Index Equities K EUR 03/03/2026 Robeco QI Global Enhanced Index Equities K USD 03/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus D EUR 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus D USD 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus F EUR 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus F USD 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus I EUR 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus I GBP 19/05/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus I USD 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus K EUR 04/03/2026 Robeco QI Emerging Markets Enhanced Index Equities Plus K USD 04/03/2026 Robeco Asia - Pacific Equities D HKD 16/06/2026 Robeco Asia - Pacific Equities D SGD 16/06/2026 Robeco BP US Premium Equities YH GBP 17/02/2026 Robeco QI European Active Equities K EUR 19/05/2026 Robeco Smart Energy D HKD 16/06/2026 Robeco Smart Energy DH SGD 16/06/2026 Robeco QI Dynamic High Yield BxH SGD 24/03/2026 Robeco Global Credits – Short Maturity BxH HKD 16/06/2026 Robeco Global Credits – Short Maturity BxH SGD 16/06/2026 Robeco Global Credits – Short Maturity BxH USD 16/06/2026
Robeco Capital Growth Funds 6
Page 7
Report of the Board of Directors (continued)
General (continued)
New share classes during the period (continued)
Sub - fund Share class Effective date Robeco Global Credits – Short Maturity K1H EUR 19/05/2026 Robeco Global Credits – Short Maturity K1H GBP 21/04/2026 Robeco Global Credits – Short Maturity K1H USD 19/05/2026 Robeco Credit Income Bx HKD 16/06/2026 Robeco Credit Income D USD 24/03/2026 Robeco Credit Income DH SGD 16/06/2026 Robeco Credit Income IH AUD 24/03/2026 Robeco Credit Income V1 USD 11/05/2026 Robeco Credit Income V1H HKD 11/05/2026 Robeco Credit Income V1H SGD 11/05/2026 Robeco Credit Income V2H SGD 11/05/2026 Robeco Emerging Markets Bonds SH GBP 24/03/2026 Robeco Emerging Markets Bonds Z EUR 17/02/2026 Robeco Emerging Markets Bonds Local Currency SH GBP 24/03/2026 Robeco Emerging Markets Bonds Local Currency Z USD 17/02/2026 Robeco Global Investment Grade Credits DH EUR 17/02/2026 Robeco Global Investment Grade Credits DH USD 17/02/2026 Robeco Global Investment Grade Credits FH EUR 17/02/2026 Robeco Global Investment Grade Credits FH USD 17/02/2026 Robeco Global Investment Grade Credits IH EUR 17/02/2026 Robeco Global Investment Grade Credits IH GBP 19/05/2026 Robeco Global Investment Grade Credits IH USD 17/02/2026
Liquidated Sub - funds during the period
Sub - fund Effective date Robeco QI Global SDG & Climate Beta Equities 17/03/2026 Robeco Emerging Markets Asia Select Equities 26/05/2026 Robeco Fashion Engagement 10/03/2026 Robeco US Green Bonds 10/03/2026
Share classes reactivated during the period
Sub - fund Share class Effective date Robeco QI Global SDG & Climate Conservative Equities Z EUR 24/03/2026 Robeco SDG High Yield Bonds FH USD 20/01/2026 Robeco High Income Green Bonds Z EUR 24/03/2026
Deactivated share classes during the period
Sub - fund Share class Effective date Robeco Global Stars Equities K2 USD 13/01/2026 Robeco Emerging Markets Equities I SEK 19/01/2026 Robeco QI Global SDG & Climate Conservative Equities DCo EUR 20/01/2026 Robeco QI Global SDG & Climate Conservative Equities FCo EUR 20/01/2026 Robeco QI Global SDG & Climate Conservative Equities ICo EUR 20/01/2026 Robeco Sustainable Emerging Stars Equities IEL GBP 20/01/2026 Robeco Sustainable Emerging Stars Equities X USD 20/01/2026 Robeco QI Global SDG & Climate Beta Equities I EUR 16/03/2026 Robeco QI Global SDG & Climate Beta Equities I USD 05/03/2026 Robeco QI Global SDG & Climate Beta Equities Z EUR 17/03/2026 Robeco QI Global SDG & Climate Beta Equities Z GBP 17/03/2026 Robeco Emerging Markets Asia Select Equities IL USD 26/05/2026 Robeco Emerging Markets Climate Transition Equities Z GBP 24/02/2026 Robeco Sustainable Asian Stars Equities S GBP 20/01/2026 Robeco QI US SDG & Climate Beta Equities Z EUR 26/05/2026 Robeco QI European Active Equities Z EUR 17/03/2026 Robeco Global Multi - Thematic D2 USD 20/01/2026 Robeco Global Multi - Thematic S EUR 20/01/2026 Robeco Circular Economy Z EUR 25/06/2026 Robeco Smart Energy Z GBP 24/02/2026 Robeco Smart Materials Z GBP 24/02/2026 Robeco Smart Mobility Z GBP 24/02/2026 Robeco Global Climate Transition Equities Z GBP 24/02/2026 Robeco Fashion Engagement D EUR 10/03/2026 Robeco Fashion Engagement D USD 10/03/2026 Robeco Fashion Engagement F EUR 10/03/2026 Robeco Fashion Engagement F USD 10/03/2026 Robeco Fashion Engagement I EUR 10/03/2026 Robeco Fashion Engagement I USD 10/03/2026 Robeco Corporate Hybrid bonds D2H USD 20/01/2026 Robeco Credit Income IBXH AUD 07/05/2026 Robeco SDG High Yield Bonds ZH GBP 24/02/2026 Robeco Global Green Bonds ZH GBP 24/02/2026 Robeco Climate Global Credits DHCo EUR 20/01/2026 Robeco Climate Global Credits IHCo EUR 20/01/2026 Robeco Climate Global Credits ZH GBP 24/02/2026 Robeco Climate Global High Yield Bonds ZH GBP 24/02/2026 Robeco High Income Green Bonds Z EUR 20/01/2026 Robeco QI Global Dynamic Duration FH GBP 16/04/2026
Robeco Capital Growth Funds 7
Page 8
Report of the Board of Directors (continued)
General (continued)
Deactivated share classes during the period (continued)
Sub - fund Share class Effective date Robeco QI Global Dynamic Duration IH USD 09/01/2026 Robeco Transition Asian Bonds BX USD 21/01/2026 Robeco US Green Bonds I USD 10/03/2026 Robeco US Green Bonds S USD 10/03/2026 Robeco US Green Bonds SEH EUR 10/03/2026 Robeco US Green Bonds SEH GBP 10/03/2026 Robeco US Green Bonds SH EUR 10/03/2026 Robeco US Green Bonds SH GBP 10/03/2026 Robeco Sustainable Diversified Allocation B EUR 11/06/2026
Deactivated share classes during the period (continued)
Sub - fund Share class Effective date Robeco Sustainable Diversified Allocation B EUR 11/06/2026 Robeco Sustainable Diversified Allocation C EUR 11/06/2026 Robeco Sustainable Diversified Allocation DH USD 11/06/2026 Robeco Sustainable Diversified Allocation E EUR 11/06/2026 Robeco Sustainable Diversified Allocation G EUR 11/06/2026 Robeco Sustainable Diversified Allocation IH GBP 11/06/2026 Robeco Sustainable Diversified Allocation IH USD 11/06/2026
Sub -fu fund name change during the year
Old S ub - fund name New S ub - fund name Effective date Robeco Sustainable European Stars Equities Robeco European Stars Equities 16 /0 1 /202 6
Robeco Capital Growth Funds 8
Page 9
Report of the Board of Directors (continued)
Report of the investment manager
Financial markets environment
The global economy demonstrated resilience during the first half of 2026 despite one of the largest oil price shocks in recent history and a challenging policy environment. Economic activity continued to be supported by solid household consumption, healthy labor markets and surging investment in digital infrastructure. According to the International Monetary Fund (IMF), global economic growth is p rojected to reach 3.0% in 2026, broadly consistent with long - term trends despite increasing geopolitical headwinds. These headwinds are gradually moving countries toward building economic resilience instead of maximizing efficiency.
Inflation continued to moderate compared with the elevated levels observed in recent years, although the pace of disinflation slowed. Global inflationary pressures were affected by a rise in energy prices following the escalation of tensions in the Middle East, with the effective closure of the Strait of Hormuz keeping around 20% of global oil flows locked in. However, the economic impact of t he conflict remained contained and energy markets stabilized toward the end of the reporting period. The IMF forecasts global inflation of 4.4% in 2026, with a further decline expected thereafter.
Economic performance differed across regions. Financial markets remained focused on the potential economic implications of ra pid developments in artificial intelligence and related investment activity. The United States continued to benefit from relative ly resilient consumer spending and strong business investment. Going into 2026, the euro area benefited from an improving global manufactu ring cycle, fading trade tensions and the lagged effects of past ECB easing. Yet, the escalation in the Middle East saw economic sentiment in the euro area take a hit in March. While emerging market economies remained an important engine of global growth, their perfo rmance became more uneven as higher energy prices affected countries with greater external and fiscal vulnerab abilities.
Entering 2026, G7 central banks adopted a cautious approach to monetary policy, keeping policy rates on hold after an extensi ve easing cycle that started in 2024. With inflation generally still above target, policymakers remained especially attentive to ri sks arising from second - round effects of the oil price spike. As a result, global monetary policy tightened somewhat toward the end of the reporting period, with several central banks, including the ECB, raising policy rates.
Overall, the global economy entered the second half of 2026 with moderate growth momentum. Nevertheless, geopolitical develop ments in the Middle East, the sustainability of the boom in AI - related capital expenditures, and fiscal sustainability concerns continue to represent important sources of uncertainty for the economic outlook.
Market developments
Global Equity Market Developments in the first half of 2026 Global equity markets delivered strong gains during the first half of 2026, supported by resilient economic growth, easing monetary policy and continued enthusiasm surrounding artificial intelligence (AI). Although investors faced bouts of volatility driven by trade negotiations, geopolitical tensions and policy uncertainty, risk appetite remained constructive as growth proved more durable than anticipa ted and inflation continued to moderate.
March, however, stood out negatively, as the Iran war weighed heavily on global markets. The MSCI Emerging Markets Index, for example, fell 13%, marking its worst month since the pandemic - driven sell - off in March 2020. The second quarter delivered strong r esults again.
AI remained the dominant investment theme, driving continued spending on semiconductors, data centers, networking infrastructure and power solutions. However, market leadership broadened beyond the mega - cap technology stocks that had dominated recent years. Investors became increasingly selective, rewarding companies with clear AI monetization opportunities while reassessing those facing disruption risks or slower adoption trends.
Semiconductor stocks soared, fueled by the accelerating AI infrastructure boom, while software names lagged sharply amid fears that AI could upend traditional licensing models. The launch of Claude Cowork in February sparked the so - called ‘SaaSpocalypse ’, erasing hundreds of billions in software market capitalization in just one week. Tied to the Software - versus - Silicon theme, EM Tech outperformed Developed Markets Tech, largely due to sector composition. Emerging Markets Tech’s top three constituents, TSMC, Samsung, and SK Hynix, are heavily focused on semiconductors, and the index has only limited exposure to software (mostly in India). In contr ast, Developed Markets Tech is more diversified, with a substantial weighting in software providers. Stocks in all parts of the AI value chain showed phenomenal returns, especially in Taiwan and Korea. Meanwhile, the Magnificent Seven Index lagged the strongest AI - related semiconductor names.
The AI investment boom has fundamentally reshaped the MSCI Emerging Markets Index. Chinese platform companies, once the domin ant force in the index, have largely given way to Taiwanese and Korean technology leaders. Today, Taiwan and Korea are the two la rg est country weights, and eight of the index's top 10 constituents are technology companies from those two markets. Furthermore, t he IT sector now accounts for a substantial 45% of the MSCI Emerging Markets Index.
Robeco Capital Growth Funds 9
Page 10
Report of the Board of Directors (continued)
Report of the investment manager (continued)
Market developments (continued)
Global Equity Market Developments in the first half of 2026 (continued) Regionally, Emerging Markets were the strongest performers, supported by a weaker U.S. dollar, improving domestic fundamentals and continued demand for AI - related growth opportunities. Performance was led by Korea and Taiwan, where semiconductor and techno logy companies benefited from accelerating AI infrastructure investment. U.S. equities delivered solid returns broadly in line wit h global markets, supported by resilient earnings growth and ongoing AI - driven investment. Japan also outperformed, benefiting from corporate governance reforms, improving shareholder returns and a supportive domestic backdrop. Small - cap equities generally outperformed as investor confidence improved and market leadership broadened. European equities advanced as well, supported by infrastructure and defence spending, but generally trailed global equity markets.
Sector performance reflected this broadening of leadership. Cyclical sectors linked to infrastructure, energy and industrial investment outperformed, supported by resilient economic activity, electrification trends, growing AI - related power demand and increased defence spending. In contrast, consumer - related sectors lagged, while parts of the software industry faced pressure as investors reassessed competitive positioning in an increasingly AI - driven environment. Health care also continued to contend with policy uncertainty and mixed earnings trends.
Fixed income market developments in the first half of 2026 Fixed income markets experienced elevated volatility during the first half of 2026, driven by geopolitical developments, energy price fluctuations and changing inflation expectations.
The period began with increased tensions in the Middle East, which initially supported government bonds through flight - to - quality demand. However, the subsequent escalation of the conflict between the United States and Iran and the temporary closure of the Strait of Hormuz led to a sharp rise in oil prices, reigniting inflation concerns and triggering a broad repricing of interest rate expectations. Government bond yields rose significantly across major markets during the first quarter, particularly in the United States and Europe, while credit spreads widened as risk sentiment deteriorated.
Market conditions improved during the second quarter as tensions in the Middle East gradually eased and oil prices declined. The reopening of the Strait of Hormuz reduced inflation concerns and supported a recovery across fixed income markets. Government b ond yields fell in most European markets, while US yields remained broadly stable. Despite the improvement in market sentiment, yields generally remained above the levels seen at the start of the year, reflecting ongoing concerns around inflation and expan sionary fiscal policies.
Central bank policy remained an important market driver. The European Central Bank raised its deposit facility rate by 25 bas is points in June, while the Federal Reserve kept interest rates unchanged. The Bank of Japan continued its gradual monetary policy normalization through a further rate increase.
Credit markets proved relatively resilient despite elevated geopolitical and macroeconomic uncertainty. Investment grade credit spreads recovered during the second quarter, supported by strong investor demand, attractive yield levels and robust issuance ac tivity. Overall, credit markets continued to reflect confidence in the broader economic environment, contributing to more stable market condit ions by the end of the period.
Market developments Multi - Asset strategies in the first half of 2026 The first half of 2026 was characterised by periods of market volatility but positive returns across most major asset classes . Global equities delivered solid gains despite several shifts in market leadership, supported by resilient economic growth and gen erally healthy corporate earnings. Government bond returns were mixed as inflation expectations and central bank policy continued to evolve, while corp rporate bond markets remained resilient, with credit spreads staying relatively tight despite heightened uncertainty. Commodities were more volatile, with energy prices briefly rising following geopolitical tensions in the Middle East before retracing as tensions eased.
On a regional basis, emerging market equities outperformed the US, supported by improving economic conditions, strong fundame ntals, attractive valuations and stronger investor sentiment. Within equity markets, leadership broadened beyond the largest US tec hnology companies, with industrials leading gains and financials performing well alongside other cyclical sectors. Investors increasi ngly looked to companies expected to benefit from higher levels of capital investment.
Although geopolitical tensions briefly increased demand for defensive sectors, resilient corporate earnings and easing tensions helped restore confidence. By the second quarter, growth sectors regained momentum as investment in artificial intelligence, dig ital infrastructure and electrification remained strong. The broader participation across regions, sectors and market capitalisations created a m ore supportive backdrop for diversified multi - asset portfolios, reinforcing the benefits of maintaining a balan ced approach across asset classes in a changing market environment.
Robeco Capital Growth Funds 10
Page 11
Report of the Board of Directors (continued)
Investment results
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Global Equity Sub - funds
Robeco BP Global Premium Equities B EUR shares 1 9.8 12.7 16.3 17.4 MSCI World Index (Net Return, EUR) C EUR shares 1 10.1 12.7 17.0 17.4 MSCI World Index (Net Return, EUR) D EUR shares 9.8 12.7 16.3 17.4 MSCI World Index (Net Return, EUR) D HKD shares 4 7.7 10.5 16.1 19.7 MSCI World Index (Net Return, HKD) D SGD shares 4 7.5 10.3 17.4 21.2 MSCI World Index (Net Return, SGD) D USD shares 6.9 9.7 18.1 19.2 MSCI World Index (Net Return, USD) DH EUR shares 7.9 9.5 16.3 17.6 MSCI World Index (Net Return, hedged into EUR) DH SGD shares 2,4 8.4 13.2 8.4 13.2 MSCI World Index (Net Return hedged into SGD) DH USD shares 9.1 10.8 18.7 20.0 MSCI World Index (Net Return, hedged into USD) E USD shares 1 6.9 9.7 18.1 19.2 MSCI World Index (Net Return, USD) F EUR shares 10.1 12.7 17.0 17.4 MSCI World Index (Net Return, EUR) F GBP shares 8.6 11.2 17.1 17.5 MSCI World Index (Net Return, GBP) F USD shares 7.2 9.7 18.8 19.2 MSCI World Index (Net Return, USD) FH EUR shares 8.3 9.5 17.0 17.6 MSCI World Index (Net Return, hedged into EUR) I EUR shares 10.1 12.7 17.0 17.4 MSCI World Index (Net Return, EUR) I GBP shares 8.7 11.2 17.2 17.5 MSCI World Index (Net Return, GBP) I USD shares 7.2 9.7 18.9 19.2 MSCI World Index (Net Return, USD) IB GBP shares 1 8.7 11.2 17.2 17.5 MSCI World Index (Net Return, GBP) IH EUR shares 8.3 9.5 17.1 17.6 MSCI World Index (Net Return, hedged into EUR) K EUR shares 4 10.2 12.7 11.4 13.9 MSCI World Index (Net Return, EUR) K USD shares 4 7.3 9.7 8.3 10.7 MSCI World Index (Net Return, USD) K3E GBP shares 1,4 8.8 11.2 19.1 21.9 MSCI World Index (Net Return, GBP) KE GBP shares 1 8.7 11.2 17.2 17.5 MSCI World Index (Net Return, GBP) KE USD shares 1 7.2 9.7 18.9 19.2 MSCI World Index (Net Return, USD) KH EUR shares 4 8.4 9.5 9.4 10.4 MSCI World Index (Net Return, hedged into EUR) M USD shares 6.3 9.7 16.9 19.2 MSCI World Index (Net Return, USD) M2 EUR shares 9.1 12.7 14.8 17.4 MSCI World Index (Net Return, EUR) M2H EUR shares 7.3 9.5 14.9 17.6 MSCI World Index (Net Return, hedged into EUR) Q4 EUR shares 4 10.2 12.7 11.4 13.9 MSCI World Index (Net Return, EUR) Q4 USD shares 4 7.3 9.7 8.2 10.7 MSCI World Index (Net Return, USD) Q4H EUR shares 4 8.4 9.5 9.4 10.4 MSCI World Index (Net Return, hedged into EUR) Z GBP shares 4 9.1 11.2 20.6 16.5 MSCI World Index (Net Return, GBP)
Robeco QI Global Conservative Equities B EUR shares 1 9.9 14.3 12.3 17.8 MSCI All Country World Index (Net Return, EUR) C EUR shares 1 10.1 14.3 12.8 17.8 MSCI All Country World Index (Net Return, EUR) D EUR shares 9.9 14.3 12.3 17.8 MSCI All Country World Index (Net Return, EUR) D USD shares 6.9 11.2 14.1 19.7 MSCI All Country World Index (Net Return, USD) F EUR shares 10.1 14.3 12.8 17.8 MSCI All Country World Index (Net Return, EUR) F GBP shares 8.6 12.7 12.9 18.0 MSCI All Country World Index (Net Return, GBP) I EUR shares 10.1 14.3 12.8 17.8 MSCI All Country World Index (Net Return, EUR) I USD shares 7.2 11.2 14.6 19.7 MSCI All Country World Index (Net Return, USD)
IH EUR shares 7.2 11.4 13.4 18.0 MSCI All Country World Index (Net Return, hedged into EUR) M2 EUR shares 9.3 14.3 11.3 17.8 MSCI All Country World Index (Net Return, EUR) Z USD shares 7.5 11.2 15.2 19.7 MSCI All Country World Index (Net Return, USD) Robeco Capital Growth Funds 11
Page 12
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
ZB EUR shares 1,4 10.4 14.3 20.4 35.6 MSCI All Country World Index (Net Return, EUR)
Robeco Global Stars Equities D EUR shares 11.2 12.7 15.5 17.4 MSCI World Index (Net Return, EUR) D2 USD shares 4 8.2 9.7 12.5 17.6 MSCI World Index (Net Return, USD) DL SGD shares 4 8.8 10.3 18.8 21.2 MSCI World Index (Net Return, SGD) DL USD shares 8.2 9.7 17.0 19.2 MSCI World Index (Net Return, USD) E EUR shares 1 11.2 12.7 15.5 17.4 MSCI World Index (Net Return, EUR) F EUR shares 11.6 12.7 16.2 17.4 MSCI World Index (Net Return, EUR) I USD shares 8.6 9.7 17.9 19.2 MSCI World Index (Net Return, USD) IBHL EUR shares 1,4 8.0 9.5 7.1 9.0 MSCI World Index (Net Return hedged into EUR) IL EUR shares 11.5 12.7 16.0 17.4 MSCI World Index (Net Return, EUR) IL GBP shares 10.0 11.2 16.1 17.5 MSCI World Index (Net Return, GBP) IL JPY shares 4 12.5 13.7 35.4 38.6 MSCI World Index (Net Return, JPY) IL USD shares 8.5 9.7 17.8 19.2 MSCI World Index (Net Return, USD) K2 EUR shares 4 11.7 12.7 6.7 11.5 MSCI World Index (Net Return, EUR) K2 USD shares 3,4 2.2 2.0 17.8 21.9 MSCI World Index (Net Return, USD) M2 EUR shares 10.6 12.7 14.0 17.4 MSCI World Index (Net Return, EUR) Z EUR shares 12.0 12.7 17.1 17.4 MSCI World Index (Net Return, EUR)
Robeco Emerging Stars Equities D EUR shares 31.3 27.2 23.5 21.1 MSCI Emerging Markets Index (Net Return, EUR) D USD shares 27.8 23.8 25.3 23.0 MSCI Emerging Markets Index (Net Return, USD) DL EUR shares 32.4 27.2 24.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) DL HKD shares 4 29.8 24.8 51.9 40.1 MSCI Emerging Markets Index (Net Return, HKD) DL SGD shares 4 29.6 24.6 53.6 41.8 MSCI Emerging Markets Index (Net Return, SGD) DL USD shares 28.9 23.8 26.0 23.0 MSCI Emerging Markets Index (Net Return, USD) E EUR shares 1 32.5 27.2 24.4 21.1 MSCI Emerging Markets Index (Net Return, EUR) F EUR shares 31.7 27.2 24.3 21.1 MSCI Emerging Markets Index (Net Return, EUR) F GBP shares 29.9 25.5 24.5 21.3 MSCI Emerging Markets Index (Net Return, GBP) F USD shares 28.2 23.8 26.3 23.0 MSCI Emerging Markets Index (Net Return, USD) FL EUR shares 32.9 27.2 25.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) FL USD shares 29.4 23.8 27.0 23.0 MSCI Emerging Markets Index (Net Return, USD) G EUR shares 1 31.7 27.2 24.5 21.1 MSCI Emerging Markets Index (Net Return, EUR) G GBP shares 1 29.9 25.5 24.6 21.3 MSCI Emerging Markets Index (Net Return, GBP) I EUR shares 31.7 27.2 24.4 21.1 MSCI Emerging Markets Index (Net Return, EUR) I USD shares 28.2 23.8 26.4 23.0 MSCI Emerging Markets Index (Net Return, USD) IE EUR shares 1 31.7 27.2 24.6 21.1 MSCI Emerging Markets Index (Net Return, EUR) IL EUR shares 32.9 27.2 25.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) IL GBP shares 31.1 25.5 25.3 21.3 MSCI Emerging Markets Index (Net Return, GBP) IL USD shares 29.4 23.8 27.1 23.0 MSCI Emerging Markets Index (Net Return, USD) K EUR shares 4 33.2 27.2 33.3 26.6 MSCI Emerging Markets Index (Net Return, EUR) K GBP shares 2,4 22.2 21.1 22.2 21.1 MSCI Emerging Markets Index (Net Return, GBP) K USD shares 4 29.7 23.8 36.3 29.5 MSCI Emerging Markets Index (Net Return, USD) K3E GBP shares 1,4 31.6 25.5 46.0 31.8 MSCI Emerging Markets Index (Net Return, GBP) KE EUR shares 1,4 33.2 27.2 33.3 26.6 MSCI Emerging Markets Index (Net Return, EUR) KE GBP shares 1 31.5 25.5 25.9 21.3 MSCI Emerging Markets Index (Net Return, GBP) KE USD shares 1 29.7 23.8 27.7 23.0 MSCI Emerging Markets Index (Net Return, USD) ML USD shares 28.7 23.8 25.7 23.0 MSCI Emerging Markets Index (Net Return, USD) Robeco Capital Growth Funds 12
Page 13
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Z EUR shares 33.7 27.2 26.6 21.1 MSCI Emerging Markets Index (Net Return, EUR)
Robeco Emerging Markets Equities D EUR shares 28.9 27.2 21.5 21.1 MSCI Emerging Markets Index (Net Return, EUR) D SEK shares 31.7 30.0 18.9 18.6 MSCI Emerging Markets Index (Net Return, SEK) D USD shares 25.4 23.8 23.4 23.0 MSCI Emerging Markets Index (Net Return, USD) F EUR shares 29.3 27.2 22.3 21.1 MSCI Emerging Markets Index (Net Return, EUR) F USD shares 25.9 23.8 24.2 23.0 MSCI Emerging Markets Index (Net Return, USD) I EUR shares 29.4 27.2 22.4 21.1 MSCI Emerging Markets Index (Net Return, EUR) I SEK shares 3 7.4 5.8 14.1 12.7 MSCI Emerging Markets Index (Net Return, SEK) I USD shares 25.9 23.8 24.3 23.0 MSCI Emerging Markets Index (Net Return, USD) IE CHF shares 2,4 20.8 19.9 20.8 19.9 MSCI Emerging Markets Index (Net Return, CHF) J USD shares 25.9 23.8 24.3 23.0 MSCI Emerging Markets Index (Net Return, USD) M EUR shares 28.5 27.2 20.9 21.1 MSCI Emerging Markets Index (Net Return, EUR) M USD shares 25.1 23.8 22.8 23.0 MSCI Emerging Markets Index (Net Return, USD) M2 EUR shares 28.2 27.2 20.3 21.1 MSCI Emerging Markets Index (Net Return, EUR)
Robeco QI Emerging Markets Active Equities D EUR shares 32.6 27.2 25.3 21.1 MSCI Emerging Markets Index (Net Return, EUR) D USD shares 29.0 23.8 27.3 23.0 MSCI Emerging Markets Index (Net Return, USD) E EUR shares 1 32.6 27.2 25.3 21.1 MSCI Emerging Markets Index (Net Return, EUR) F EUR shares 33.0 27.2 26.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) F2 EUR shares 4 33.1 27.2 28.8 26.7 MSCI Emerging Markets Index (Net Return, EUR) G EUR shares 1 33.0 27.2 26.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) I EUR shares 33.1 27.2 26.2 21.1 MSCI Emerging Markets Index (Net Return, EUR) I GBP shares 4 31.3 25.5 33.9 29.5 MSCI Emerging Markets Index (Net Return, GBP) I JPY shares 4 34.3 28.4 36.5 31.6 MSCI Emerging Markets Index (Net Return, JPY) I USD shares 29.5 23.8 28.2 23.0 MSCI Emerging Markets Index (Net Return, USD) IE EUR shares 1 33.0 27.2 26.2 21.1 MSCI Emerging Markets Index (Net Return, EUR) Z CAD shares 4 34.6 28.2 31.5 25.0 MSCI Emerging Markets Index (Net Return, CAD) Z USD shares 4 30.0 23.8 32.3 26.9 MSCI Emerging Markets Index (Net Return, USD)
Robeco QI Global Momentum Equities D EUR shares 27.8 14.3 23.9 17.8 MSCI All Country World Index (Net Return, EUR) F EUR shares 28.1 14.3 24.5 17.8 MSCI All Country World Index (Net Return, EUR) I EUR shares 28.2 14.3 24.6 17.8 MSCI All Country World Index (Net Return, EUR)
Robeco QI Global Developed 3D Enhanced Index Equities D EUR shares 11.9 12.7 17.9 17.4 MSCI World Index (Net Return, EUR) F EUR shares 12.0 12.7 18.2 17.4 MSCI World Index (Net Return, EUR) I EUR shares 12.0 12.7 18.3 17.4 MSCI World Index (Net Return, EUR) I GBP shares 4 10.5 11.2 13.6 12.1 MSCI World Index (Net Return, GBP) I NOK shares 4 7.0 7.6 7.3 7.7 MSCI World Index (Net Return, NOK) I USD shares 9.1 9.7 20.2 19.2 MSCI World Index (Net Return, USD) Z EUR shares 12.3 12.7 18.7 17.4 MSCI World Index (Net Return, EUR) ZB AUD shares 1 5.2 5.6 19.0 17.7 MSCI World Index (Net Return, AUD)
Robeco Capital Growth Funds 13
Page 14
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Robeco QI Emerging Markets Enhanced Index Equities D EUR shares 29.6 27.2 24.6 21.1 MSCI Emerging Markets Index (Net Return, EUR) F USD shares 4 26.4 23.8 32.2 29.5 MSCI Emerging Markets Index (Net Return, USD) F2 EUR shares 4 29.9 27.2 31.9 29.2 MSCI Emerging Markets Index (Net Return, EUR) I GBP shares 4 28.2 25.5 28.2 25.6 MSCI Emerging Markets Index (Net Return, GBP) I USD shares 26.5 23.8 27.1 23.0 MSCI Emerging Markets Index (Net Return, USD) IBx GBP shares 1,4 28.2 25.5 36.1 33.5 MSCI Emerging Markets Index (Net Return, GBP) IBx USD shares 1,4 26.5 23.8 41.3 38.6 MSCI Emerging Markets Index (Net Return, USD) K2 USD shares 4 26.5 23.8 33.3 30.1 MSCI Emerging Markets Index (Net Return, USD) Z EUR shares 30.2 27.2 25.8 21.1 MSCI Emerging Markets Index (Net Return, EUR) Z USD shares 2,4 19.8 17.4 19.8 17.4 MSCI Emerging Markets Index (Net Return, USD)
Robeco QI Emerging Conservative Equities B EUR shares 1 21.1 27.2 16.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) B USD shares 1 17.9 23.8 17.9 23.0 MSCI Emerging Markets Index (Net Return, USD) C EUR shares 1 21.5 27.2 16.8 21.1 MSCI Emerging Markets Index (Net Return, EUR) C USD shares 1 18.3 23.8 18.6 23.0 MSCI Emerging Markets Index (Net Return, USD) D EUR shares 21.1 27.2 16.1 21.1 MSCI Emerging Markets Index (Net Return, EUR) D GBP shares 19.5 25.5 16.2 21.3 MSCI Emerging Markets Index (Net Return, GBP) D USD shares 17.9 23.8 17.9 23.0 MSCI Emerging Markets Index (Net Return, USD) F EUR shares 21.5 27.2 16.8 21.1 MSCI Emerging Markets Index (Net Return, EUR) F GBP shares 19.9 25.5 16.9 21.3 MSCI Emerging Markets Index (Net Return, GBP) F USD shares 18.3 23.8 18.6 23.0 MSCI Emerging Markets Index (Net Return, USD) G GBP shares 1 19.9 25.5 16.9 21.3 MSCI Emerging Markets Index (Net Return, GBP) G USD shares 1 18.3 23.8 18.6 23.0 MSCI Emerging Markets Index (Net Return, USD) I EUR shares 21.5 27.2 16.8 21.1 MSCI Emerging Markets Index (Net Return, EUR) I GBP shares 19.9 25.5 17.0 21.3 MSCI Emerging Markets Index (Net Return, GBP) I USD shares 18.3 23.8 18.6 23.0 MSCI Emerging Markets Index (Net Return, USD) IE EUR shares 1 21.5 27.2 16.8 21.1 MSCI Emerging Markets Index (Net Return, EUR) Z CAD shares 23.0 28.2 22.5 25.9 MSCI Emerging Markets Index (Net Return, CAD) ZB AUD shares 1 14.4 19.2 18.1 21.4 MSCI Emerging Markets Index (Net Return, AUD) ZB GBP shares 1,4 20.4 25.5 33.2 50.5 MSCI Emerging Markets Index (Net Return, GBP)
Robeco QI Global Value Equities D EUR shares 15.2 14.3 19.3 17.8 MSCI All Country World Index (Net Return, EUR) F EUR shares 15.5 14.3 19.9 17.8 MSCI All Country World Index (Net Return, EUR) F GBP shares 13.9 12.7 20.1 18.0 MSCI All Country World Index (Net Return, GBP) I EUR shares 15.5 14.3 20.0 17.8 MSCI All Country World Index (Net Return, EUR) K2 EUR shares 2,4 11.4 15.7 11.4 15.7 MSCI All Country World Index (Net Return, EUR)
Robeco QI Emerging Markets 3D Active Equities D CHF shares 2,4 29.0 19.9 29.0 19.9 MSCI Emerging Markets Index (Net Return, CHF) D EUR shares 36.3 27.2 26.6 21.1 MSCI Emerging Markets Index (Net Return, EUR) D SGD shares 2,4 - 1.7 - 2.0 - 1.7 - 2.0 MSCI Emerging Markets Index (Net Return, SGD) D USD shares 2,4 26.4 17.4 26.4 17.4 MSCI Emerging Markets Index (Net Return, USD) D2 USD shares 4 32.5 23.8 59.5 52.0 MSCI Emerging Markets Index (Net Return, USD) F EUR shares 36.7 27.2 27.4 21.1 MSCI Emerging Markets Index (Net Return, EUR) F USD shares 2,4 26.7 17.4 26.7 17.4 MSCI Emerging Markets Index (Net Return, USD)
Robeco Capital Growth Funds 14
Page 15
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
I EUR shares 36.8 27.2 27.6 21.1 MSCI Emerging Markets Index (Net Return, EUR) I USD shares 33.2 23.8 29.6 23.0 MSCI Emerging Markets Index (Net Return, USD) K GBP shares 2,4 28.7 19.1 28.7 19.1 MSCI Emerging Markets Index (Net Return, GBP) K USD shares 2,4 25.3 20.1 25.3 20.1 MSCI Emerging Markets Index (Net Return, USD) S EUR shares 2,4 18.6 12.4 18.6 12.4 MSCI Emerging Markets Index (Net Return, EUR) Z EUR shares 37.3 27.2 28.5 21.1 MSCI Emerging Markets Index (Net Return, EUR)
Robeco QI Global Developed Conservative Equities B CAD shares 1 8.9 13.5 17.3 22.0 MSCI World Index (Net Return, CAD) D EUR shares 8.1 12.7 12.8 17.4 MSCI World Index (Net Return, EUR) D USD shares 5.2 9.7 14.6 19.2 MSCI World Index (Net Return, USD) I EUR shares 8.3 12.7 13.3 17.4 MSCI World Index (Net Return, EUR) I USD shares 5.5 9.7 15.1 19.2 MSCI World Index (Net Return, USD) IH EUR shares 5.6 9.5 13.9 17.6 MSCI World Index (Net Return, hedged into EUR) K EUR shares 2,4 1.2 3.9 1.2 3.9 MSCI World Index (Net Return, EUR) K1 EUR shares 4 8.4 12.7 19.4 33.6 MSCI World Index (Net Return, EUR) Z CAD shares 9.5 13.5 18.5 22.0 MSCI World Index (Net Return, CAD)
Robeco QI Global Developed Active Equities D EUR shares 4 15.8 12.7 40.2 33.6 MSCI World Index (Net Return, EUR) D SGD shares 2,4 0.1 0.6 0.1 0.6 MSCI World Index (Net Return, SGD) D USD shares 2,4 - 0.7 - 0.3 - 0.7 - 0.3 MSCI World Index (Net Return, USD) D2 USD shares 4 12.4 9.7 39.1 33.2 MSCI World Index (Net Return, USD) F EUR shares 4 16.1 12.7 16.5 11.8 MSCI World Index (Net Return, EUR) F USD shares 2,4 15.2 13.4 15.2 13.4 MSCI World Index (Net Return, USD) G GBP shares 2,4 16.2 14.4 16.2 14.4 MSCI World Index (Net Return, GBP) S EUR shares 16.2 12.7 21.7 17.4 MSCI World Index (Net Return, EUR) Z EUR shares 4 16.5 12.7 17.3 11.8 MSCI World Index (Net Return, EUR)
Robeco QI Customized Emerging Markets Enhanced Index Equities I Z USD shares 26.8 23.8 25.7 23.0 MSCI Emerging Markets Index (Net Return, USD)
Robeco QI Global Quality Equities F EUR shares 8.7 14.3 15.1 17.8 MSCI All Country World Index (Net Return, EUR) I EUR shares 8.7 14.3 15.2 17.8 MSCI All Country World Index (Net Return, EUR) I USD shares 5.8 11.2 17.0 19.7 MSCI All Country World Index (Net Return, USD)
Robeco QI Global SDG & Climate Conservative Equities D EUR shares 8.9 14.3 12.6 17.8 MSCI All Country World Index (Net Return, EUR) DCo EUR shares 3,4 0.1 0.9 11.5 17.0 MSCI All Country World Index (Net Return, EUR) F EUR shares 9.1 14.3 13.1 17.8 MSCI All Country World Index (Net Return, EUR) FCo EUR shares 3,4 0.1 0.9 11.9 17.0 MSCI All Country World Index (Net Return, EUR) I EUR shares 9.1 14.3 13.1 17.8 MSCI All Country World Index (Net Return, EUR) ICo EUR shares 3,4 0.1 0.9 12.0 17.0 MSCI All Country World Index (Net Return, EUR)
Robeco QI Global Developed Enhanced Index Equities D EUR shares 12.8 12.7 18.9 17.4 MSCI World Index (Net Return, EUR) D USD shares 9.8 9.7 20.8 19.2 MSCI World Index (Net Return, USD) F EUR shares 13.0 12.7 19.2 17.4 MSCI World Index (Net Return, EUR) Robeco Capital Growth Funds 15
Page 16
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
F USD shares 10.0 9.7 21.1 19.2 MSCI World Index (Net Return, USD) F2 EUR shares 4 13.0 12.7 13.3 11.7 MSCI World Index (Net Return, EUR) G GBP shares 2,4 14.2 14.4 14.2 14.4 MSCI World Index (Net Return, GBP) I EUR shares 13.0 12.7 19.3 17.4 MSCI World Index (Net Return, EUR) I GBP shares 4 11.5 11.2 22.9 21.9 MSCI World Index (Net Return, GBP) K3E EUR shares 2,4 14.8 14.9 14.8 14.9 MSCI World Index (Net Return, EUR) Z USD shares 2,4 5.2 5.2 5.2 5.2 MSCI World Index (Net Return, USD)
Robeco Sustainable Emerging Stars Equities D EUR shares 31.3 27.2 19.8 21.1 MSCI Emerging Markets Index (Net Return, EUR) D USD shares 27.7 23.8 21.6 23.0 MSCI Emerging Markets Index (Net Return, USD) DL EUR shares 4 33.1 27.2 37.5 29.7 MSCI Emerging Markets Index (Net Return, EUR) FL EUR shares 4 33.6 27.2 38.1 29.7 MSCI Emerging Markets Index (Net Return, EUR) I EUR shares 32.3 27.2 20.7 21.1 MSCI Emerging Markets Index (Net Return, EUR) I USD shares 28.8 23.8 22.6 23.0 MSCI Emerging Markets Index (Net Return, USD) IEL GBP shares 3,4 5.5 5.4 22.8 22.0 MSCI Emerging Markets Index (Net Return, GBP) IL EUR shares 4 33.7 27.2 38.2 29.7 MSCI Emerging Markets Index (Net Return, EUR) IL GBP shares 31.9 25.5 20.8 21.3 MSCI Emerging Markets Index (Net Return, GBP) SE GBP shares 1,4 32.0 25.5 32.2 27.4 MSCI Emerging Markets Index (Net Return, GBP) X USD shares 3,4 5.6 5.5 23.1 23.0 MSCI Emerging Markets Index (Net Return, USD) Y USD shares 4 30.4 23.8 29.6 26.9 MSCI Emerging Markets Index (Net Return, USD) YE GBP shares 1,4 32.2 25.5 44.0 34.1 MSCI Emerging Markets Index (Net Return, GBP) YE USD shares 1,4 30.4 23.8 39.8 30.4 MSCI Emerging Markets Index (Net Return, USD) Z GBP shares 2,4 24.5 21.1 24.5 21.1 MSCI Emerging Markets Index (Net Return, GBP)
Robeco QI Emerging Markets 3D Enhanced Index Equities I USD shares 29.1 23.8 27.1 23.0 MSCI Emerging Markets Index (Net Return, USD) Z CHF shares 31.8 26.1 23.4 18.9 MSCI Emerging Markets Index (Net Return, CHF)
Robeco Global SDG Equities B EUR shares 1,4 8.5 12.7 5.6 14.5 MSCI World Index (Net Return, EUR) D EUR shares 8.5 12.7 11.0 17.4 MSCI World Index (Net Return, EUR) D USD shares 5.6 9.7 12.7 19.2 MSCI World Index (Net Return, USD) F EUR shares 8.9 12.7 11.7 17.4 MSCI World Index (Net Return, EUR) F USD shares 4 6.0 9.7 19.0 33.2 MSCI World Index (Net Return, USD) I EUR shares 8.9 12.7 11.8 17.4 MSCI World Index (Net Return, EUR) I USD shares 6.0 9.7 13.6 19.2 MSCI World Index (Net Return, USD) IB EUR shares 1,4 8.9 12.7 11.7 22.9 MSCI World Index (Net Return, EUR) IE EUR shares 1,4 8.9 12.7 19.5 33.6 MSCI World Index (Net Return, EUR) IE GBP shares 1,4 7.4 11.2 19.9 34.1 MSCI World Index (Net Return, GBP) M2 EUR shares 7.9 12.7 9.7 17.4 MSCI World Index (Net Return, EUR) S EUR shares 9.0 12.7 12.0 17.4 MSCI World Index (Net Return, EUR)
Robeco Global Engagement Equities
DH CHF shares 11.6 9.7 12.0 15.2 MSCI All Country World Index (Net Return, hedged into CHF)
DH EUR shares 12.6 11.4 14.4 18.0 MSCI All Country World Index (Net Return, hedged into EUR) F EUR shares 15.8 14.3 14.9 17.8 MSCI All Country World Index (Net Return, EUR) Robeco Capital Growth Funds 16
Page 17
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
I EUR shares 15.8 14.3 15.0 17.8 MSCI All Country World Index (Net Return, EUR)
IH GBP shares 2,4 6.8 6.4 6.8 6.4 MSCI All Country World Index (Net Return, hedged into GBP)
XH USD shares 14.5 12.6 17.9 20.6 MSCI All Country World Index (Net Return, hedged into USD) YE CHF shares 1 15.0 13.3 13.2 15.6 MSCI All Country World Index (Net Return, CHF)
YEH CHF shares 1 12.3 9.7 13.3 15.2 MSCI All Country World Index (Net Return, hedged into CHF)
YH AUD shares 4 14.4 11.8 17.9 20.5 MSCI All Country World Index (Net Return, hedged into AUD)
YH CHF shares 12.2 9.7 13.3 15.2 MSCI All Country World Index (Net Return, hedged into CHF)
YH EUR shares 13.3 11.4 15.7 18.0 MSCI All Country World Index (Net Return, hedged into EUR)
YH GBP shares 14.3 12.2 17.5 20.1 MSCI All Country World Index (Net Return, hedged into GBP)
YH JPY shares 2,4 12.9 9.9 12.9 9.9 MSCI All Country World Index (Net Return, hedged into JPY)
YH USD shares 14.6 12.6 18.1 20.6 MSCI All Country World Index (Net Return, hedged into USD)
Robeco QI Emerging Markets 3D Enhanced Index Equities II I GBP shares 30.7 25.5 24.4 21.3 MSCI Emerging Markets Index (Net Return, GBP)
Robeco QI Global SDG & Climate Beta Equities I EUR shares 3 0.1 1.8 13.3 14.9 MSCI All Country World Index (Net Return, EUR) I USD shares 3 0.3 1.5 16.7 18.2 MSCI All Country World Index (Net Return, USD) Z EUR shares 3 0.2 2.0 13.7 15.0 MSCI All Country World Index (Net Return, EUR) Z GBP shares 3 1.9 3.3 15.5 16.7 MSCI All Country World Index (Net Return, GBP)
Robeco Emerging Markets ex China Equities
D EUR shares 4 42.2 40.6 30.2 28.3 MSCI Emerging Markets Ex China 10/40 Index (Net Return, EUR)
D USD shares 4 38.4 36.9 32.6 30.6 MSCI Emerging Markets Ex China 10/40 Index (Net Return, USD)
F EUR shares 4 42.7 40.6 31.2 28.3 MSCI Emerging Markets Ex China 10/40 Index (Net Return, EUR)
F USD shares 4 38.9 36.9 33.6 30.6 MSCI Emerging Markets Ex China 10/40 Index (Net Return, USD)
I EUR shares 4 42.7 40.6 31.2 28.3 MSCI Emerging Markets Ex China 10/40 Index (Net Return, EUR)
I USD shares 4 38.9 36.9 33.6 30.6 MSCI Emerging Markets Ex China 10/40 Index (Net Return, USD)
Robeco Emerging Markets Asia Select Equities
IL USD shares 3,4 40.5 40.0 37.1 41.0 MSCI Emerging Markets Asia ex China ex Thailand Index (Net Return, USD)
Robeco Capital Growth Funds 17
Page 18
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Robeco Quantum Market Neutral Equities F EUR shares 4 1.5 1.0 5.5 2.8 ICE BofA ESTR Overnight Rate Index (in EUR) IH GBP shares 2,4 - 0.4 0.1 - 0.4 0.1 ICE BofA SONIA Overnight Rate Index (in GBP) IH USD shares 2,4 - 0.4 0.1 - 0.4 0.1 ICE BofA SOFR Overnight Rate Index (in USD)
Robeco Emerging Markets Climate Transition Equities D EUR shares 4 24.7 27.2 24.9 24.6 MSCI Emerging Markets Index (Net Return, EUR) D USD shares 4 21.4 23.8 28.9 28.6 MSCI Emerging Markets Index (Net Return, USD) F EUR shares 4 25.1 27.2 25.8 24.6 MSCI Emerging Markets Index (Net Return, EUR) F USD shares 4 21.8 23.8 29.8 28.6 MSCI Emerging Markets Index (Net Return, USD) I EUR shares 4 25.1 27.2 25.9 24.6 MSCI Emerging Markets Index (Net Return, EUR) I USD shares 4 21.8 23.8 29.9 28.6 MSCI Emerging Markets Index (Net Return, USD) Z GBP shares 3,4 17.3 12.9 29.2 22.7 MSCI Emerging Markets Index (Net Return, GBP)
Robeco QI Global Enhanced Index Equities D EUR shares 2,4 11.4 10.8 11.4 10.8 MSCI All Country World Index (Net Return, EUR) D USD shares 2,4 10.0 9.5 10.0 9.5 MSCI All Country World Index (Net Return, USD) F EUR shares 2,4 11.5 10.8 11.5 10.8 MSCI All Country World Index (Net Return, EUR) F USD shares 2,4 10.1 9.5 10.1 9.5 MSCI All Country World Index (Net Return, USD) I EUR shares 2,4 11.5 10.8 11.5 10.8 MSCI All Country World Index (Net Return, EUR) I GBP shares 2,4 4.3 3.7 4.3 3.7 MSCI All Country World Index (Net Return, GBP) I USD shares 2,4 10.2 9.5 10.2 9.5 MSCI All Country World Index (Net Return, USD) K EUR shares 2,4 11.6 10.8 11.6 10.8 MSCI All Country World Index (Net Return, EUR) K USD shares 2,4 10.2 9.5 10.2 9.5 MSCI All Country World Index (Net Return, USD)
Robeco QI Emerging Markets Enhanced Index Equities Plus D EUR shares 2,4 24.4 20.1 24.4 20.1 MSCI Emerging Markets Index (Net Return, EUR) D USD shares 2,4 22.1 18.0 22.1 18.0 MSCI Emerging Markets Index (Net Return, USD) F EUR shares 2,4 24.5 20.1 24.5 20.1 MSCI Emerging Markets Index (Net Return, EUR) F USD shares 2,4 22.3 18.0 22.3 18.0 MSCI Emerging Markets Index (Net Return, USD) I EUR shares 2,4 24.5 20.1 24.5 20.1 MSCI Emerging Markets Index (Net Return, EUR) I GBP shares 2,4 8.4 6.4 8.4 6.4 MSCI Emerging Markets Index (Net Return, GBP) I USD shares 2,4 22.3 18.0 22.3 18.0 MSCI Emerging Markets Index (Net Return, USD) K EUR shares 2,4 24.6 20.1 24.6 20.1 MSCI Emerging Markets Index (Net Return, EUR) K USD shares 2,4 22.4 18.0 22.4 18.0 MSCI Emerging Markets Index (Net Return, USD)
Robeco Capital Growth Funds 18
Page 19
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Regional & Country Equity Sub - funds
Robeco Asia - Pacific Equities D EUR shares 28.9 24.8 23.0 19.5 MSCI AC Asia Pacific Index (Net Return, EUR) D HKD shares 2,4 - 3.4 - 2.3 - 3.4 - 2.3 MSCI AC Asia Pacific Index (Net Return, HKD) D SGD shares 2,4 - 2.7 - 1.5 - 2.7 - 1.5 MSCI AC Asia Pacific Index (Net Return, SGD) D USD shares 25.5 21.5 24.9 21.4 MSCI AC Asia Pacific Index (Net Return, USD) F EUR shares 29.4 24.8 23.9 19.5 MSCI AC Asia Pacific Index (Net Return, EUR) F USD shares 25.9 21.5 25.8 21.4 MSCI AC Asia Pacific Index (Net Return, USD) I EUR shares 29.4 24.8 23.9 19.5 MSCI AC Asia Pacific Index (Net Return, EUR) I USD shares 26.0 21.5 25.9 21.4 MSCI AC Asia Pacific Index (Net Return, USD) M USD shares 25.2 21.5 24.3 21.4 MSCI AC Asia Pacific Index (Net Return, USD) Z EUR shares 30.0 24.8 25.1 19.5 MSCI AC Asia Pacific Index (Net Return, EUR)
Robeco European Stars Equities D EUR shares 7.5 10.7 9.6 14.4 MSCI Europe Index (Net Return, EUR) D USD shares 4.7 7.8 11.3 16.2 MSCI Europe Index (Net Return, USD) E EUR shares 1 7.6 10.7 9.6 14.4 MSCI Europe Index (Net Return, EUR) F EUR shares 7.9 10.7 10.2 14.4 MSCI Europe Index (Net Return, EUR) G EUR shares 1 7.9 10.7 10.2 14.4 MSCI Europe Index (Net Return, EUR) I EUR shares 7.9 10.7 10.2 14.4 MSCI Europe Index (Net Return, EUR) I GBP shares 6.4 9.3 10.4 14.5 MSCI Europe Index (Net Return, GBP) I USD shares 5.0 7.8 12.0 16.2 MSCI Europe Index (Net Return, USD) M2 EUR shares 6.9 10.7 8.2 14.4 MSCI Europe Index (Net Return, EUR) Z EUR shares 8.3 10.7 11.2 14.4 MSCI Europe Index (Net Return, EUR)
Robeco QI European Conservative Equities B EUR shares 1 10.6 10.7 14.1 14.4 MSCI Europe Index (Net Return, EUR) B USD shares 1 7.7 7.8 15.9 16.2 MSCI Europe Index (Net Return, USD) C EUR shares 1 10.9 10.7 14.6 14.4 MSCI Europe Index (Net Return, EUR) C GBP shares 1 9.4 9.3 14.7 14.5 MSCI Europe Index (Net Return, GBP) D EUR shares 10.6 10.7 14.1 14.4 MSCI Europe Index (Net Return, EUR) D USD shares 7.7 7.8 15.9 16.2 MSCI Europe Index (Net Return, USD) DH USD shares 11.0 11.5 15.7 16.2 MSCI Europe Index (Net Return, hedged into USD) F EUR shares 10.8 10.7 14.6 14.4 MSCI Europe Index (Net Return, EUR) I EUR shares 10.9 10.7 14.6 14.4 MSCI Europe Index (Net Return, EUR) IH EUR shares 10.3 10.3 14.1 14.0 MSCI Europe Index (Net Return, hedged into EUR) IH USD shares 11.3 11.5 16.3 16.2 MSCI Europe Index (Net Return, hedged into USD) M USD shares 7.3 7.8 15.1 16.2 MSCI Europe Index (Net Return, USD)
Robeco BP US Premium Equities D EUR shares 14.5 19.7 12.5 16.0 Russell 3000 Value Index (Gross Total Return, EUR) D HKD shares 4 12.3 17.4 19.2 25.4 Russell 3000 Value Index (Gross Total Return, HKD) D SGD shares 4 12.2 17.2 20.6 26.9 Russell 3000 Value Index (Gross Total Return, SGD) D USD shares 11.5 16.6 14.3 17.8 Russell 3000 Value Index (Gross Total Return, USD)
Robeco Capital Growth Funds 19
Page 20
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
DH EUR shares 10.3 15.3 12.0 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
E USD shares 1 11.5 16.6 14.3 17.8 Russell 3000 Value Index (Gross Total Return, USD)
EH GBP shares 1 11.3 16.3 13.8 17.3 Russell 3000 Value Index (Gross Total Return, hedged into GBP)
F EUR shares 15.0 19.7 13.4 16.0 Russell 3000 Value Index (Gross Total Return, EUR) F USD shares 11.9 16.6 15.1 17.8 Russell 3000 Value Index (Gross Total Return, USD)
FH CHF shares 9.7 13.9 10.5 12.8 Russell 3000 Value Index (Gross Total Return, hedged into CHF)
FH EUR shares 10.7 15.3 12.9 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
G GBP shares 1 13.4 18.1 13.5 16.1 Russell 3000 Value Index (Gross Total Return, GBP) G USD shares 1 11.9 16.6 15.1 17.8 Russell 3000 Value Index (Gross Total Return, USD)
GH GBP shares 1 11.7 16.3 14.7 17.3 Russell 3000 Value Index (Gross Total Return, hedged into GBP)
I EUR shares 15.1 19.7 13.5 16.0 Russell 3000 Value Index (Gross Total Return, EUR) I USD shares 12.0 16.6 15.3 17.8 Russell 3000 Value Index (Gross Total Return, USD) IB USD shares 1 12.0 16.6 15.3 17.8 Russell 3000 Value Index (Gross Total Return, USD) IE GBP shares 1 13.5 18.1 13.6 16.1 Russell 3000 Value Index (Gross Total Return, GBP)
IEH EUR shares 1 10.8 15.3 13.0 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
IH EUR shares 10.8 15.3 13.0 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
IH GBP shares 11.8 16.3 14.8 17.3 Russell 3000 Value Index (Gross Total Return, hedged into GBP)
K USD shares 12.0 16.6 15.3 17.8 Russell 3000 Value Index (Gross Total Return, USD) M USD shares 11.2 16.6 13.7 17.8 Russell 3000 Value Index (Gross Total Return, USD)
MH EUR shares 10.0 15.3 11.5 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
X USD shares 12.0 16.6 15.3 17.8 Russell 3000 Value Index (Gross Total Return, USD)
XH EUR shares 10.8 15.3 13.0 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
Y USD shares 12.1 16.6 15.4 17.8 Russell 3000 Value Index (Gross Total Return, USD) YE USD shares 1 12.1 16.6 15.4 17.8 Russell 3000 Value Index (Gross Total Return, USD)
YH CHF shares 9.8 13.9 10.8 12.8 Russell 3000 Value Index (Gross Total Return, hedged into CHF)
YH EUR shares 10.8 15.3 13.1 15.5 Russell 3000 Value Index (Gross Total Return, hedged into EUR)
Robeco Capital Growth Funds 20
Page 21
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
YH GBP shares 2,4 9.3 9.4 9.3 9.4 Russell 3000 Value Index (Gross Total Return, hedged into GBP)
Z EUR shares 15.5 19.7 14.4 16.0 Russell 3000 Value Index (Gross Total Return, EUR)
Robeco Chinese Equities D EUR shares - 5.1 - 10.2 5.3 6.5 MSCI China 10/40 Index (Net Return, EUR) D USD shares - 7.6 - 12.6 6.9 8.2 MSCI China 10/40 Index (Net Return, USD) E EUR shares 1 - 5.1 - 10.2 5.3 6.5 MSCI China 10/40 Index (Net Return, EUR) F EUR shares - 4.7 - 10.2 6.1 6.5 MSCI China 10/40 Index (Net Return, EUR) I EUR shares - 4.7 - 10.2 6.1 6.5 MSCI China 10/40 Index (Net Return, EUR) I USD shares - 7.2 - 12.6 7.8 8.2 MSCI China 10/40 Index (Net Return, USD) M USD shares - 7.8 - 12.6 6.5 8.2 MSCI China 10/40 Index (Net Return, USD)
Robeco Indian Equities D EUR shares - 4.7 - 7.4 3.6 4.1 MSCI India Index (Net Return, EUR) D USD shares - 7.2 - 9.9 5.3 5.7 MSCI India Index (Net Return, USD) F EUR shares - 4.3 - 7.4 4.5 4.1 MSCI India Index (Net Return, EUR) F USD shares 4 - 6.8 - 9.9 6.3 5.9 MSCI India Index (Net Return, USD) Z USD shares 4 - 6.3 - 9.9 - 0.2 - 2.2 MSCI India Index (Net Return, USD)
Robeco Asian Stars Equities D EUR shares 29.2 29.6 18.7 22.4 MSCI AC Asia ex Japan Index (Net Return, EUR) D USD shares 25.7 26.2 20.5 24.3 MSCI AC Asia ex Japan Index (Net Return, USD) DL USD shares 25.6 26.2 20.2 24.3 MSCI AC Asia ex Japan Index (Net Return, USD) E EUR shares 1 29.2 29.6 18.7 22.4 MSCI AC Asia ex Japan Index (Net Return, EUR) F EUR shares 29.5 29.6 19.5 22.4 MSCI AC Asia ex Japan Index (Net Return, EUR) F GBP shares 27.8 27.9 19.6 22.6 MSCI AC Asia ex Japan Index (Net Return, GBP) I USD shares 26.1 26.2 21.4 24.3 MSCI AC Asia ex Japan Index (Net Return, USD) IL USD shares 26.0 26.2 21.0 24.3 MSCI AC Asia ex Japan Index (Net Return, USD)
Robeco Sustainable Asian Stars Equities DL EUR shares 32.2 29.6 20.4 22.4 MSCI AC Asia ex Japan Index (Net Return, EUR) DL USD shares 28.7 26.2 22.3 24.3 MSCI AC Asia ex Japan Index (Net Return, USD) FL USD shares 29.1 26.2 23.1 24.3 MSCI AC Asia ex Japan Index (Net Return, USD) IL EUR shares 32.7 29.6 21.2 22.4 MSCI AC Asia ex Japan Index (Net Return, EUR) IL USD shares 29.2 26.2 23.1 24.3 MSCI AC Asia ex Japan Index (Net Return, USD) S EUR shares 32.8 29.6 21.5 22.4 MSCI AC Asia ex Japan Index (Net Return, EUR) S GBP shares 3,4 5.8 5.0 16.9 19.1 MSCI AC Asia ex Japan Index (Net Return, GBP) S USD shares 29.3 26.2 23.4 24.3 MSCI AC Asia ex Japan Index (Net Return, USD)
Robeco BP US Large Cap Equities D EUR shares 20.6 19.4 17.0 16.0 Russell 1000 Value Index (Gross Total Return, EUR) D USD shares 17.4 16.3 18.8 17.8 Russell 1000 Value Index (Gross Total Return, USD)
DH EUR shares 16.0 15.0 16.5 15.5 Russell 1000 Value Index (Gross Total Return, hedged into EUR)
E EUR shares 1 20.6 19.4 17.0 16.0 Russell 1000 Value Index (Gross Total Return, EUR) Robeco Capital Growth Funds 21
Page 22
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
E USD shares 1 17.4 16.3 18.8 17.8 Russell 1000 Value Index (Gross Total Return, USD) F EUR shares 20.9 19.4 17.7 16.0 Russell 1000 Value Index (Gross Total Return, EUR) F GBP shares 19.3 17.8 17.9 16.1 Russell 1000 Value Index (Gross Total Return, GBP) F USD shares 17.7 16.3 19.6 17.8 Russell 1000 Value Index (Gross Total Return, USD)
FH EUR shares 16.4 15.0 17.3 15.5 Russell 1000 Value Index (Gross Total Return, hedged into EUR)
G GBP shares 1 19.3 17.8 17.9 16.1 Russell 1000 Value Index (Gross Total Return, GBP) I EUR shares 21.0 19.4 17.8 16.0 Russell 1000 Value Index (Gross Total Return, EUR) I USD shares 17.8 16.3 19.6 17.8 Russell 1000 Value Index (Gross Total Return, USD) IE GBP shares 1 19.3 17.8 17.9 16.1 Russell 1000 Value Index (Gross Total Return, GBP) IE USD shares 1 17.8 16.3 19.6 17.8 Russell 1000 Value Index (Gross Total Return, USD)
IH EUR shares 16.4 15.0 17.3 15.5 Russell 1000 Value Index (Gross Total Return, hedged into EUR)
M USD shares 16.9 16.3 17.9 17.8 Russell 1000 Value Index (Gross Total Return, USD) M2 USD shares 16.6 16.3 17.4 17.8 Russell 1000 Value Index (Gross Total Return, USD)
Robeco BP US Select Opportunities Equities
D EUR shares 13.1 20.8 10.5 14.7 Russell Mid Cap Value index (Gross Total Return, EUR)
D USD shares 10.1 17.6 12.2 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
DH CHF shares 7.9 15.0 7.7 11.5 Russell Mid Cap Value index (Gross Total Return, hedged into CHF)
DH EUR shares 8.9 16.4 10.0 14.2 Russell Mid Cap Value index (Gross Total Return, hedged into EUR)
E USD shares 1 10.1 17.6 12.2 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
F EUR shares 13.5 20.8 11.3 14.7 Russell Mid Cap Value index (Gross Total Return, EUR)
F USD shares 10.5 17.6 13.0 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
FH CHF shares 8.3 15.0 8.5 11.5 Russell Mid Cap Value index (Gross Total Return, hedged into CHF)
FH EUR shares 9.3 16.4 10.8 14.2 Russell Mid Cap Value index (Gross Total Return, hedged into EUR)
G USD shares 1 10.5 17.6 13.0 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
I EUR shares 13.6 20.8 11.4 14.7 Russell Mid Cap Value index (Gross Total Return, EUR)
I USD shares 10.5 17.6 13.2 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
Robeco Capital Growth Funds 22
Page 23
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
IE USD shares 1 10.5 17.6 13.2 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
IH EUR shares 9.4 16.4 11.0 14.2 Russell Mid Cap Value index (Gross Total Return, hedged into EUR)
M USD shares 9.8 17.6 11.6 16.5 Russell Mid Cap Value index (Gross Total Return, USD)
Robeco Chinese A - share Equities
D EUR shares 22.7 14.8 8.7 11.7 MSCI China A International Index (Net Return, EUR) D USD shares 19.5 11.7 10.4 13.4 MSCI China A International Index (Net Return, USD) F EUR shares 23.2 14.8 9.5 11.7 MSCI China A International Index (Net Return, EUR) I USD shares 19.9 11.7 11.3 13.4 MSCI China A International Index (Net Return, USD) IE EUR shares 1 23.2 14.8 9.6 11.7 MSCI China A International Index (Net return, EUR) M2 EUR shares 22.2 14.8 7.7 11.7 MSCI China A International Index (Net Return, EUR)
Robeco QI Chinese A - share Active Equities
I USD shares 15.2 11.7 16.3 13.4 MSCI China A International Index (Net Return, USD) Z EUR shares 18.9 14.8 15.6 11.7 MSCI China A International Index (Net Return, EUR)
Robeco QI Chinese A - share Conservative Equities D USD shares 4.6 11.7 10.2 13.4 MSCI China A International Index (Net Return, USD) Z EUR shares 8.3 14.8 10.2 11.7 MSCI China A International Index (Net Return, EUR)
Robeco QI European Value Equities F EUR shares 12.2 10.7 18.8 14.4 MSCI Europe Index (Net Return, EUR) I EUR shares 12.2 10.7 18.9 14.4 MSCI Europe Index (Net Return, EUR)
Robeco QI US SDG & Climate Beta Equities D EUR shares 9.8 12.9 14.7 18.4 MSCI USA Index (Net Return, EUR) D USD shares 6.9 9.9 16.5 20.2 MSCI USA Index (Net Return, USD) F EUR shares 9.9 12.9 15.0 18.4 MSCI USA Index (Net Return, EUR) I EUR shares 10.0 12.9 15.1 18.4 MSCI USA Index (Net Return, EUR) I USD shares 7.1 9.9 16.9 20.2 MSCI USA Index (Net Return, USD) SE USD shares 1 7.1 9.9 17.0 20.2 MSCI USA Index (Net Return, USD) SEH EUR shares 1 6.0 8.5 14.8 17.8 MSCI USA Index (Net Return, hedged into EUR) SEH GBP shares 1 6.9 9.4 16.5 19.6 MSCI USA Index (Net Return, hedged into GBP) Z EUR shares 3,4 7.3 11.1 13.3 22.9 MSCI USA Index (Net Return, EUR)
Robeco QI European Active Equities D EUR shares 13.9 10.7 17.5 14.4 MSCI Europe Index (Net Return, EUR) F EUR shares 14.2 10.7 18.1 14.4 MSCI Europe Index (Net Return, EUR) F2 EUR shares 4 14.4 10.7 24.8 19.4 MSCI Europe Index (Net Return, EUR) Robeco Capital Growth Funds 23
Page 24
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
I EUR shares 4 14.3 10.7 24.0 18.0 MSCI Europe Index (Net Return, EUR) K EUR shares 2,4 5.7 5.7 5.7 5.7 MSCI Europe Index (Net Return, EUR) Z EUR shares 3 4.1 2.3 16.9 12.7 MSCI Europe Index (Net Return, EUR)
Robeco Transition Asian Equities D EUR shares 4 29.9 29.6 22.2 26.4 MSCI AC Asia ex Japan Index (Net Return, EUR) D USD shares 4 26.5 26.2 26.1 30.4 MSCI AC Asia ex Japan Index (Net Return, USD) F EUR shares 4 30.4 29.6 23.1 26.4 MSCI AC Asia ex Japan Index (Net Return, EUR) F USD shares 4 26.9 26.2 27.0 30.4 MSCI AC Asia ex Japan Index (Net Return, USD) I EUR shares 4 30.4 29.6 23.1 26.4 MSCI AC Asia ex Japan Index (Net Return, EUR) I USD shares 4 27.0 26.2 27.1 30.4 MSCI AC Asia ex Japan Index (Net Return, USD)
Robeco Capital Growth Funds 24
Page 25
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Theme Equity Sub - funds
Robeco New World Financials
D EUR shares - 1.6 6.7 14.8 20.9 MSCI All Country World Financials Index (Net Return, EUR)
D USD shares - 4.2 3.8 16.6 22.8 MSCI All Country World Financials Index (Net Return, USD)
E EUR shares 1 - 1.6 6.7 14.8 20.9 MSCI All Country World Financials Index (Net Return, EUR)
F EUR shares - 1.3 6.7 15.6 20.9 MSCI All Country World Financials Index (Net Return, EUR)
F USD shares - 3.9 3.8 17.5 22.8 MSCI All Country World Financials Index (Net Return, USD)
FH EUR shares - 3.6 4.2 16.0 21.5 MSCI All Country World Financials Index (Net Return, hedged into EUR)
I EUR shares - 1.2 6.7 15.7 20.9 MSCI All Country World Financials Index (Net Return, EUR)
I USD shares - 3.9 3.8 17.5 22.8 MSCI All Country World Financials Index (Net Return, USD)
IE EUR shares 1 - 1.2 6.7 15.7 20.9 MSCI All Country World Financials Index (Net Return, EUR)
M USD shares - 4.5 3.8 16.0 22.8 MSCI All Country World Financials Index (Net Return, USD)
M2 EUR shares - 2.1 6.7 13.6 20.9 MSCI All Country World Financials Index (Net Return, EUR)
Z EUR shares - 0.8 6.7 1.4 2.0 MSCI All Country World Financials Index (Net Return, EUR)
Robeco Sustainable Property Equities B EUR shares 1 10.3 11.9 4.8 8.5 S&P Developed Property Index (Net Return, EUR) C EUR shares 1 10.7 11.9 5.5 8.5 S&P Developed Property Index (Net Return, EUR) D EUR shares 10.3 11.9 4.8 8.5 S&P Developed Property Index (Net Return, EUR) D USD shares 7.4 8.9 6.4 10.2 S&P Developed Property Index (Net Return, USD) F EUR shares 10.7 11.9 5.5 8.5 S&P Developed Property Index (Net Return, EUR) I EUR shares 10.7 11.9 5.5 8.5 S&P Developed Property Index (Net Return, EUR) I USD shares 7.8 8.9 7.2 10.2 S&P Developed Property Index (Net Return, USD) IE EUR shares 1 10.7 11.9 5.5 8.5 S&P Developed Property Index (Net Return, EUR)
IH EUR shares 7.4 8.6 5.9 8.9 S&P Developed Property Index (Net Return, hedged into EUR) M USD shares 7.1 8.9 5.8 10.2 S&P Developed Property Index (Net Return, USD)
Robeco Global Consumer Trends B USD shares 1 2.6 11.2 10.7 19.7 MSCI All Country World Index (Net Return, USD) D EUR shares 5.4 14.3 9.0 17.8 MSCI All Country World Index (Net Return, EUR) D HKD shares 3.3 12.1 10.8 19.7 MSCI All Country World Index (Net Return, HKD) D SGD shares 3.2 11.9 9.1 17.9 MSCI All Country World Index (Net Return, SGD) D USD shares 2.6 11.2 10.7 19.7 MSCI All Country World Index (Net Return, USD) D2 USD shares 2.5 11.2 10.5 19.7 MSCI All Country World Index (Net Return, USD)
Robeco Capital Growth Funds 25
Page 26
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
DH EUR shares 2.5 11.4 8.7 18.0 MSCI All Country World Index (Net Return, hedged into EUR)
DH USD shares 3.6 12.6 11.0 20.6 MSCI All Country World Index (Net Return, hedged into USD) E EUR shares 1 5.4 14.3 9.0 17.8 MSCI All Country World Index (Net Return, EUR) F EUR shares 5.8 14.3 9.8 17.8 MSCI All Country World Index (Net Return, EUR) F GBP shares 4.3 12.7 10.0 18.0 MSCI All Country World Index (Net Return, GBP) F USD shares 3.0 11.2 11.6 19.7 MSCI All Country World Index (Net Return, USD)
FH CHF shares 1.9 9.7 7.1 15.2 MSCI All Country World Index (Net Return, hedged into CHF)
FH EUR shares 2.9 11.4 9.5 18.0 MSCI All Country World Index (Net Return, hedged into EUR) I EUR shares 5.8 14.3 9.9 17.8 MSCI All Country World Index (Net Return, EUR) I USD shares 3.0 11.2 11.6 19.7 MSCI All Country World Index (Net Return, USD)
IH USD shares 4.0 12.6 11.9 20.6 MSCI All Country World Index (Net Return, hedged into USD) M EUR shares 5.1 14.3 8.5 17.8 MSCI All Country World Index (Net Return, EUR) M USD shares 2.3 11.2 10.2 19.7 MSCI All Country World Index (Net Return, USD) M2 EUR shares 4.9 14.3 7.9 17.8 MSCI All Country World Index (Net Return, EUR)
M2H USD shares 3.1 12.6 9.9 20.6 MSCI All Country World Index (Net Return, hedged into USD) Z EUR shares 6.3 14.3 10.9 17.8 MSCI All Country World Index (Net Return, EUR)
Robeco Global Multi - Thematic D EUR shares 6.8 14.3 9.5 17.8 MSCI All Country World Index (Net Return, EUR) D2 USD shares 3,4 0.1 0.8 7.8 17.5 MSCI All Country World Index (Net Return, USD) F EUR shares 7.2 14.3 10.2 17.8 MSCI All Country World Index (Net Return, EUR) F USD shares 4.4 11.2 11.9 19.7 MSCI All Country World Index (Net Return, USD) I USD shares 4.4 11.2 12.0 19.7 MSCI All Country World Index (Net Return, USD) M2 EUR shares 6.3 14.3 8.3 17.8 MSCI All Country World Index (Net Return, EUR) S EUR shares 3,4 0.3 0.9 4.1 10.9 MSCI All Country World Index (Net Return, EUR)
Robeco Digital Innovations D EUR shares 17.7 14.3 14.9 17.8 MSCI All Country World Index (Net Return, EUR) D USD shares 14.6 11.2 16.7 19.7 MSCI All Country World Index (Net Return, USD) F EUR shares 18.1 14.3 15.7 17.8 MSCI All Country World Index (Net Return, EUR) F USD shares 15.0 11.2 17.6 19.7 MSCI All Country World Index (Net Return, USD) I EUR shares 18.1 14.3 15.8 17.8 MSCI All Country World Index (Net Return, EUR) I USD shares 15.0 11.2 17.6 19.7 MSCI All Country World Index (Net Return, USD) M USD shares 14.3 11.2 16.1 19.7 MSCI All Country World Index (Net Return, USD) M2 EUR shares 17.1 14.3 13.7 17.8 MSCI All Country World Index (Net Return, EUR) Z EUR shares 4 18.7 14.3 9.3 13.5 MSCI All Country World Index (Net Return, EUR)
Robeco FinTech D EUR shares - 18.9 14.3 3.4 17.8 MSCI All Country World Index (Net Return, EUR) D USD shares - 21.1 11.2 5.0 19.7 MSCI All Country World Index (Net Return, USD)
DH CHF shares - 22.1 9.7 0.8 15.2 MSCI All Country World Index (Net Return, hedged into CHF) F EUR shares - 18.6 14.3 4.2 17.8 MSCI All Country World Index (Net Return, EUR) Robeco Capital Growth Funds 26
Page 27
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
F GBP shares - 19.7 12.7 4.3 18.0 MSCI All Country World Index (Net Return, GBP) F USD shares - 20.8 11.2 5.8 19.7 MSCI All Country World Index (Net Return, USD)
FH CHF shares - 21.8 9.7 1.6 15.2 MSCI All Country World Index (Net Return, hedged into CHF) I EUR shares - 18.6 14.3 4.2 17.8 MSCI All Country World Index (Net Return, EUR) I USD shares - 20.8 11.2 5.8 19.7 MSCI All Country World Index (Net Return, USD)
IH EUR shares - 21.1 11.4 3.8 18.0 MSCI All Country World Index (Net Return, hedged into EUR) M2 EUR shares - 19.3 14.3 2.4 17.8 MSCI All Country World Index (Net Return, EUR) M2 USD shares - 21.5 11.2 4.0 19.7 MSCI All Country World Index (Net Return, USD) X EUR shares - 18.5 14.3 4.3 17.8 MSCI All Country World Index (Net Return, EUR) X GBP shares - 19.6 12.7 4.5 18.0 MSCI All Country World Index (Net Return, GBP) X USD shares - 20.7 11.2 6.0 19.7 MSCI All Country World Index (Net Return, USD)
XH CHF shares - 21.7 9.7 1.7 15.2 MSCI All Country World Index (Net Return, hedged into CHF) Z EUR shares - 18.2 14.3 5.2 17.8 MSCI All Country World Index (Net Return, EUR)
Robeco Circular Economy D EUR shares 34.1 12.7 21.0 17.4 MSCI World Index (Net Return, EUR) D USD shares 30.5 9.7 22.9 19.2 MSCI World Index (Net Return, USD) DH EUR shares 31.0 9.5 20.7 17.6 MSCI World Index (Net Return, hedged into EUR) F EUR shares 34.6 12.7 21.9 17.4 MSCI World Index (Net Return, EUR) F GBP shares 4 32.7 11.2 33.4 13.0 MSCI World Index (Net Return, GBP) F USD shares 31.0 9.7 23.8 19.2 MSCI World Index (Net Return, USD) FH EUR shares 31.5 9.5 21.6 17.6 MSCI World Index (Net Return, hedged into EUR) G EUR shares 1 34.6 12.7 21.9 17.4 MSCI World Index (Net Return, EUR) G USD shares 1,4 31.0 9.7 35.8 18.4 MSCI World Index (Net Return, USD) I EUR shares 34.6 12.7 21.9 17.4 MSCI World Index (Net Return, EUR) I USD shares 31.0 9.7 23.9 19.2 MSCI World Index (Net Return, USD) IE EUR shares 1 34.6 12.7 21.9 17.4 MSCI World Index (Net Return, EUR) IE USD shares 1 31.0 9.7 23.9 19.2 MSCI World Index (Net Return, USD) IH GBP shares 32.6 10.3 23.5 19.4 MSCI World Index (Net Return, hedged into GBP) K1E EUR shares 1,4 34.7 12.7 43.0 22.9 MSCI World Index (Net Return, EUR) K1E GBP shares 1,4 32.9 11.2 41.9 21.9 MSCI World Index (Net Return, GBP) K1E USD shares 1,4 31.1 9.7 39.5 19.8 MSCI World Index (Net Return, USD) M2 EUR shares 33.4 12.7 19.8 17.4 MSCI World Index (Net Return, EUR) Z EUR shares 3 37.4 11.5 23.8 17.1 MSCI World Index (Net Return, EUR)
Robeco Smart Energy D CHF shares 52.7 11.7 23.0 15.2 MSCI World Index (Net Return, CHF) D EUR shares 54.1 12.7 25.4 17.4 MSCI World Index (Net Return, EUR) D HKD shares 2,4 - 3.7 - 0.2 - 3.7 - 0.2 MSCI World Index (Net Return, HKD) D USD shares 50.0 9.7 27.4 19.2 MSCI World Index (Net Return, USD) DH EUR shares 50.0 9.5 25.4 17.6 MSCI World Index (Net Return, hedged into EUR) DH SGD shares 2,4 - 3.3 0.0 - 3.3 0.0 MSCI World Index (Net Return, hedged into SGD) E EUR shares 1 54.1 12.7 25.4 17.4 MSCI World Index (Net Return, EUR) F CHF shares 53.3 11.7 24.0 15.2 MSCI World Index (Net Return, CHF) F EUR shares 54.6 12.7 26.3 17.4 MSCI World Index (Net Return, EUR) F USD shares 50.5 9.7 28.3 19.2 MSCI World Index (Net Return, USD) Robeco Capital Growth Funds 27
Page 28
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
G GBP shares 1 52.6 11.2 26.5 17.5 MSCI World Index (Net Return, GBP) I CHF shares 53.3 11.7 24.0 15.2 MSCI World Index (Net Return, CHF) I EUR shares 54.7 12.7 26.4 17.4 MSCI World Index (Net Return, EUR) I GBP shares 52.6 11.2 26.5 17.5 MSCI World Index (Net Return, GBP) I USD shares 50.6 9.7 28.4 19.2 MSCI World Index (Net Return, USD) IE EUR shares 1 54.7 12.7 26.4 17.4 MSCI World Index (Net Return, EUR) K1 EUR shares 4 54.7 12.7 57.4 13.8 MSCI World Index (Net Return, EUR) M2 EUR shares 53.5 12.7 24.5 17.4 MSCI World Index (Net Return, EUR) X CHF shares 53.4 11.7 24.1 15.2 MSCI World Index (Net Return, CHF) X EUR shares 54.7 12.7 26.5 17.4 MSCI World Index (Net Return, EUR) X GBP shares 52.7 11.2 26.7 17.5 MSCI World Index (Net Return, GBP) X USD shares 50.6 9.7 28.5 19.2 MSCI World Index (Net Return, USD) Z EUR shares 55.4 12.7 27.5 17.4 MSCI World Index (Net Return, EUR) Z GBP shares 3 18.7 2.1 19.7 16.3 MSCI World Index (Net Return, GBP)
Robeco Smart Materials D CHF shares 61.8 11.7 19.0 15.2 MSCI World Index (Net Return, CHF) D EUR shares 63.3 12.7 21.3 17.4 MSCI World Index (Net Return, EUR) D USD shares 58.9 9.7 23.2 19.2 MSCI World Index (Net Return, USD) F CHF shares 62.4 11.7 19.9 15.2 MSCI World Index (Net Return, CHF) F EUR shares 63.9 12.7 22.2 17.4 MSCI World Index (Net Return, EUR) F USD shares 59.5 9.7 24.1 19.2 MSCI World Index (Net Return, USD) G EUR shares 1 63.9 12.7 22.2 17.4 MSCI World Index (Net Return, EUR) G GBP shares 1 61.7 11.2 22.3 17.5 MSCI World Index (Net Return, GBP) I EUR shares 63.9 12.7 22.2 17.4 MSCI World Index (Net Return, EUR) I GBP shares 61.7 11.2 22.4 17.5 MSCI World Index (Net Return, GBP) I USD shares 59.6 9.7 24.1 19.2 MSCI World Index (Net Return, USD) IE GBP shares 1,4 61.7 11.2 33.8 16.7 MSCI World Index (Net Return, GBP) M2 EUR shares 62.7 12.7 20.4 17.4 MSCI World Index (Net Return, EUR) Z GBP shares 3 27.4 2.1 15.8 16.3 MSCI World Index (Net Return, GBP)
Robeco Smart Mobility D CHF shares 35.6 11.7 11.5 15.2 MSCI World Index (Net Return, CHF) D EUR shares 36.8 12.7 13.6 17.4 MSCI World Index (Net Return, EUR) D USD shares 33.2 9.7 15.4 19.2 MSCI World Index (Net Return, USD) E EUR shares 1 36.8 12.7 13.6 17.4 MSCI World Index (Net Return, EUR) F CHF shares 36.1 11.7 12.3 15.2 MSCI World Index (Net Return, CHF) F EUR shares 37.4 12.7 14.5 17.4 MSCI World Index (Net Return, EUR) F USD shares 33.7 9.7 16.3 19.2 MSCI World Index (Net Return, USD) I EUR shares 37.4 12.7 14.5 17.4 MSCI World Index (Net Return, EUR) I USD shares 33.7 9.7 16.3 19.2 MSCI World Index (Net Return, USD) IH GBP shares 4 34.9 10.3 28.7 20.4 MSCI World Index (Net Return, hedged into GBP) M2 EUR shares 36.3 12.7 12.8 17.4 MSCI World Index (Net Return, EUR) S USD shares 33.9 9.7 16.6 19.2 MSCI World Index (Net Return, USD) Z GBP shares 3 14.0 2.1 10.3 16.3 MSCI World Index (Net Return, GBP)
Robeco Healthy Living D EUR shares - 4.8 12.7 - 2.2 17.4 MSCI World Index (Net Return, EUR) D USD shares - 7.4 9.7 - 0.7 19.2 MSCI World Index (Net Return, USD) Robeco Capital Growth Funds 28
Page 29
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
E EUR shares 1 - 4.8 12.7 - 2.2 17.4 MSCI World Index (Net Return, EUR) F CHF shares - 5.3 11.7 - 3.3 15.2 MSCI World Index (Net Return, CHF) F EUR shares - 4.5 12.7 - 1.5 17.4 MSCI World Index (Net Return, EUR) F USD shares - 7.0 9.7 0.1 19.2 MSCI World Index (Net Return, USD) I EUR shares - 4.5 12.7 - 1.5 17.4 MSCI World Index (Net Return, EUR) I GBP shares - 5.8 11.2 - 1.3 17.5 MSCI World Index (Net Return, GBP) I USD shares - 7.0 9.7 0.1 19.2 MSCI World Index (Net Return, USD) M2 EUR shares - 5.2 12.7 - 3.0 17.4 MSCI World Index (Net Return, EUR) Z EUR shares - 4.0 12.7 - 0.5 17.4 MSCI World Index (Net Return, EUR)
Robeco Sustainable Water D CHF shares 4.0 11.7 4.3 15.2 MSCI World Index (Net Return, CHF) D EUR shares 4.9 12.7 6.3 17.4 MSCI World Index (Net Return, EUR) D USD shares 2.1 9.7 7.9 19.2 MSCI World Index (Net Return, USD) E EUR shares 1 4.9 12.7 6.3 17.4 MSCI World Index (Net Return, EUR) F CHF shares 4.3 11.7 5.1 15.2 MSCI World Index (Net Return, CHF) F EUR shares 5.3 12.7 7.1 17.4 MSCI World Index (Net Return, EUR) F USD shares 2.5 9.7 8.8 19.2 MSCI World Index (Net Return, USD) G EUR shares 1 5.3 12.7 7.1 17.4 MSCI World Index (Net Return, EUR) G GBP shares 1 3.9 11.2 7.2 17.5 MSCI World Index (Net Return, GBP) I CHF shares 4.4 11.7 5.1 15.2 MSCI World Index (Net Return, CHF) I EUR shares 5.3 12.7 7.1 17.4 MSCI World Index (Net Return, EUR) I GBP shares 3.9 11.2 7.2 17.5 MSCI World Index (Net Return, GBP) I USD shares 2.5 9.7 8.8 19.2 MSCI World Index (Net Return, USD) M2 EUR shares 4.5 12.7 5.5 17.4 MSCI World Index (Net Return, EUR) Z EUR shares 5.8 12.7 8.1 17.4 MSCI World Index (Net Return, EUR)
Robeco Biodiversity Equities D EUR shares 3.1 12.7 4.6 17.4 MSCI World Index (Net Return, EUR) D USD shares 0.4 9.7 6.3 19.2 MSCI World Index (Net Return, USD) F EUR shares 3.5 12.7 5.4 17.4 MSCI World Index (Net Return, EUR) F USD shares 0.8 9.7 7.1 19.2 MSCI World Index (Net Return, USD) I EUR shares 3.5 12.7 5.5 17.4 MSCI World Index (Net Return, EUR) I USD shares 0.8 9.7 7.1 19.2 MSCI World Index (Net Return, USD)
Robeco Global Climate Transition Equities D EUR shares 14.7 14.3 15.4 19.4 MSCI All Country World Index (Net Return, EUR) D USD shares 11.7 11.2 17.2 21.3 MSCI All Country World Index (Net Return, USD) F EUR shares 15.1 14.3 16.2 19.4 MSCI All Country World Index (Net Return, EUR) F USD shares 12.0 11.2 18.0 21.3 MSCI All Country World Index (Net Return, USD) I EUR shares 15.1 14.3 16.3 19.4 MSCI All Country World Index (Net Return, EUR) I USD shares 12.1 11.2 18.1 21.3 MSCI All Country World Index (Net Return, USD) S EUR shares 15.1 14.3 16.2 19.4 MSCI All Country World Index (Net Return, EUR) S USD shares 12.1 11.2 18.0 21.3 MSCI All Country World Index (Net Return, USD) Z EUR shares 15.7 14.3 17.4 19.4 MSCI All Country World Index (Net Return, EUR) Z GBP shares 3 6.2 3.3 16.8 18.4 MSCI All Country World Index (Net Return, GBP)
Robeco Fashion Engagement D EUR shares 3,4 - 0.3 3.2 3.2 19.4 MSCI World Index (Net Return, EUR) Robeco Capital Growth Funds 29
Page 30
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
D USD shares 3,4 - 5.7 1.1 5.2 23.1 MSCI World Index (Net Return, USD) F EUR shares 3,4 - 4.3 1.9 2.2 19.3 MSCI World Index (Net Return, EUR) F USD shares 3,4 - 2.8 3.5 7.6 25.9 MSCI World Index (Net Return, USD) I EUR shares 3,4 - 4.8 2.0 1.9 18.4 MSCI World Index (Net Return, EUR) I USD shares 3,4 - 2.8 3.5 7.6 25.9 MSCI World Index (Net Return, USD)
Robeco Gravis Digital Infrastructure Income B EUR shares 1,4 7.7 11.9 0.7 8.4 S&P Developed Property Index (Net Return, EUR) B USD shares 1,4 4.8 8.9 3.1 11.0 S&P Developed Property Index (Net Return, USD) C EUR shares 1,4 8.1 11.9 1.5 8.4 S&P Developed Property Index (Net Return, EUR) C GBP shares 1,4 6.7 10.4 1.8 8.8 S&P Developed Property Index (Net Return, GBP) D EUR shares 4 7.7 11.9 0.7 8.4 S&P Developed Property Index (Net Return, EUR) F EUR shares 4 8.1 11.9 1.5 8.4 S&P Developed Property Index (Net Return, EUR) IB EUR shares 1,4 8.1 11.9 1.5 8.4 S&P Developed Property Index (Net Return, EUR) IB GBP shares 1,4 6.7 10.4 1.8 8.8 S&P Developed Property Index (Net Return, GBP)
Robeco Capital Growth Funds 30
Page 31
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
Global Bond Sub - funds
Robeco High Yield Bonds
0BxH AUD shares 1 1.7 2.2 6.0 8.0
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into AUD)
0BxH RMB shares 1 0.8 1.0 4.2 6.2
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CNH)
0BxH USD shares 1 1.9 2.2 6.9 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
0CH GBP shares 1 2.0 2.1 7.3 8.6
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into GBP)
0D3H USD shares 1 1.7 2.2 6.5 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
0DH EUR shares 0.9 1.3 4.9 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
0DH USD shares 1.9 2.2 6.9 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
0EH EUR shares 1 0.9 1.3 4.9 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
0FH EUR shares 1.2 1.3 5.5 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
0IH EUR shares 1.2 1.3 5.6 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
0IH USD shares 2.2 2.2 7.6 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
0MH USD shares 1.8 2.2 6.7 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
BH EUR shares 1 0.9 1.3 4.9 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
BxH AUD shares 1 1.8 2.2 6.0 8.0
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into AUD)
BxH HKD shares 1 1.3 1.4 5.7 7.5
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into HKD)
BxH RMB shares 1 0.8 1.0 4.3 6.2
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CNH)
BxH SGD shares 1,4 0.5 0.8 0.8 1.4
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into SGD)
BxH USD shares 1 1.9 2.2 6.9 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD) Robeco Capital Growth Funds 31
Page 32
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
CH EUR shares 1 1.2 1.3 5.5 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
CH USD shares 1 2.1 2.2 7.5 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
D EUR shares 3.8 4.1 5.2 7.1 Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (in EUR)
D2H USD shares 1.7 2.2 6.5 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
D3H USD shares 1 1.7 2.2 6.5 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
DH AUD shares 1.8 2.2 6.0 8.0
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into AUD)
DH CHF shares - 0.2 0.1 2.4 4.3
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CHF)
DH EUR shares 0.9 1.3 4.9 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
DH USD shares 1.9 2.2 6.9 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
EH EUR shares 1 0.9 1.3 4.9 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
FH CHF shares 0.1 0.1 3.0 4.3
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CHF)
FH EUR shares 1.2 1.3 5.5 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
FH GBP shares 2.0 2.1 7.3 8.6
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into GBP)
FH USD shares 2.1 2.2 7.5 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
GH EUR shares 1 1.2 1.3 5.5 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
I EUR shares 4.1 4.1 5.9 7.1 Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (in EUR)
I USD shares 1.3 1.3 7.6 8.8 Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (in USD)
IBH CHF shares 1 0.1 0.1 3.0 4.3
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CHF)
IBH GBP shares 1,4 2.1 2.1 6.3 6.7
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into GBP)
Robeco Capital Growth Funds 32
Page 33
Report of the Board of Directors (continued)
Investment results (continued)
Net Investment results
Notes
Investment result reporting period in %
Benchmark return reporting period in %
Investment result 3 years average or since inception
Benchmark return 3 years average or since inception
Index
IBxH EUR shares 1 1.2 1.3 5.6 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
IBxH USD shares 1 2.2 2.2 7.6 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
IEH EUR shares 1 1.2 1.3 5.6 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
IEH USD shares 1 2.2 2.2 7.6 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
IExH USD shares 1 2.2 2.2 7.6 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
IH CHF shares 0.1 0.1 3.1 4.3
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CHF)
IH EUR shares 1.2 1.3 5.6 6.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
IH GBP shares 2.1 2.1 7.4 8.6
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into GBP)
IH JPY shares 4 0.5 0.6 1.3 2.1
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into JPY)
IH USD shares 2.2 2.2 7.6 8.8
Bloomberg US Corporate High Yield + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
M2H USD shares 1.4
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