Robeco BP Global Premium Equities

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; monthly factsheet; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

Robeco BP Global Premium Equities D USD is a global equities fund that can serve investors seeking capital growth through an actively managed value strategy with ESG characteristics promoted under Article 8 SFDR. The Key Information Document classifies it as risk indicator 4 out of 7 and states a recommended holding period of 5 years, while also noting it is suitable for investors able to accept volatility and set aside capital for at least 5-7 years. It is designed for investors who want ESG considerations integrated as a binding element in the investment process while still seeking optimum returns, and for those using funds to participate in capital market developments, income and diversification. Its distinctiveness comes from its unconstrained global all-cap value approach and its focus on companies combining attractive valuation, solid fundamentals and improving business momentum across regions, sectors and market capitalizations.

Investment strategy

The fund’s stated objective is to achieve optimum return on investments within predetermined risk limits through an actively managed, unconstrained global all cap value equity strategy. It invests primarily in global listed equities, with 98.9% in equity and 1.1% in cash as of 31 August 2026, and may select companies regardless of market capitalization, region or sector based on fundamental analysis. The benchmark named is the MSCI World Index (Net Return, USD); the documents state the strategy is not constrained by the benchmark, uses it for comparison in marketing materials, and may invest both in benchmark constituents and in stocks outside the index, with substantial deviations from issuer, country and sector weights allowed. The fund may use financial derivatives, does not apply an active currency policy because currency exposure is driven by security selection, is accumulating in the Key Information Document, and can be purchased or sold on any working day with a recommended holding period of 5 years.

Investment philosophy

• The investment universe is global listed equities, and the fund is described as an unconstrained global all cap value fund that can invest regardless of market capitalization, region or sector.

• Stock selection is based on fundamental analysis, focusing on attractively valued companies with compelling fundamentals and improving business momentum; the manager also refers to Boston Partners' three circle characteristics of attractive valuations, solid business fundamentals and identifiable catalysts.

• The benchmark is the MSCI World Index (Net Return, USD), but the portfolio is not constrained by it and can deviate substantially from benchmark issuer, country and sector weights; stocks outside the benchmark may also be selected.

• As of 31 August 2026 the portfolio held 118 stocks, with 98.9% in equities and 1.1% in cash; the top 10 holdings represented 14.25% and included Banco Bilbao Vizcaya Argentaria, NatWest Group, ING Groep, Labcorp Holdings, Rexel, Galp Energia, Nordea Bank, Gen Digital, ABN AMRO Bank and AIB Group.

• Current positioning shows large sector weights in Financials (26.7%), Industrials (16.1%), Health Care (14.8%) and Energy (11.2%), with country exposure led by the United States (46.3%), the United Kingdom (13.0%) and France (11.3%); risk management is stated to be fully embedded in the investment process to keep positions within set limits at all times.

Management team

The fund management team consists of Christopher Hart CFA, Joshua Jones CFA and Soyoun Song. The strategy commentary refers to the Boston Partners' three circle characteristics, but the documents do not explicitly assign the managers to a named desk or broader team.

The asset manager

The management company is Robeco Institutional Asset Management B.V. The fund is a sub-fund of Robeco Capital Growth Funds, SICAV, an open-end Luxembourg UCITS V investment company with variable capital. The Key Information Document states Robeco Institutional Asset Management B.V. is authorised in the Netherlands and regulated by the Autoriteit Financiële Markten. The factsheet also states the fund is incorporated under Luxembourg law and that the depositary of the SICAV is J.P. Morgan SE.

Performance analysis

Source: manager factsheet dated 31 August 2026. The manager states that global equity markets advanced in August, supported by resilient corporate earnings, renewed enthusiasm for AI-related stocks and improving risk appetite. In portfolio commentary, stock selection contributions were said to be strongest in communication services and information technology, with avoiding Alphabet cited in communication services and holdings such as Walt Disney Company and Zebra Technologies specifically mentioned. Positioning remains focused on bottom-up stock selection using the valuation, fundamentals and catalyst framework, while August activity included five closed positions and six new positions, with new investments in industrials, information technology, consumer staples and communication services.

Strengths

A defining feature is the fund’s unconstrained global all-cap value approach, which allows meaningful deviations from the MSCI World benchmark by sector, region and issuer. The portfolio combines valuation discipline with fundamental and momentum-related criteria, and it explicitly integrates sustainability risks, Robeco’s Good Governance policy, exclusions, proxy voting and engagement while promoting environmental and social characteristics. The structure is an open-end UCITS V SICAV with daily dealing, which supports liquidity of access for investors. The portfolio is diversified across 118 holdings, with the top 10 representing 14.25%, and ongoing charges for the share class are stated at 1.46% with no performance fee.

Risks

The Key Information Document classifies the fund in risk class 4 out of 7, indicating a medium risk class, and states the product does not include capital protection. The documents name market-related loss risk from equity investing, liquidity risk from assets that could become less liquid in certain market conditions, and counterparty risk because the fund may use derivatives and a derivative counterparty may fail to fulfil its obligations, although collateral exchange is used to reduce that risk. Currency risk is also relevant because the fund does not apply an active currency policy and exposure is driven by security selection; investors receiving payments in a different home currency are exposed to exchange-rate effects. Sustainability risks are integrated into investment decisions and may impact returns, and the unconstrained portfolio can deviate substantially from benchmark country, sector and issuer weights, which makes portfolio positioning an important driver of outcomes.