Robeco BP US Premium Equities F LU
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1 Page 1 of 9 11:5, UTC- Morningstar Category US Large-Cap Value Category Index Russell 1 Value TR Total Assets 5, Current Yield % Inception Date 27/9/12 Domicile/ Currency LUX/EUR Morningstar Rating QQQQQ Style Map Giant Large Mid Small K 2K 15K 1K Performance 31/1/18 Growth of 1, Annualized Value EUR Ret % Fund 29, Category 22, Index 24, Full Manager Change Partial Manager Change Deep Value People Value Blend Growth High Growth Micro Duilio R. Ramallo 1/5 Total Named Managers 1 Morningstar Pillars Process p. 2-3 Performance p. 4 People p. 5 Parent p. 6 Price p. 7 Neutral & * ( * * & * & ( * & 5K Morningstar Rating QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQ QQ Quartile Rank in Category Percentile Rank in Category % Total Return EUR /- Category /- Index Process Style Box Asset Allocation Stock Bond Cash Other Supersectors m Cyclical w Sensitive x Defensive Price TER/OGC Analyst View Natalia Wolfstetter, Director A quality option. The reduced size of the fund alleviates capacity concerns. The conduct of Morningstar's analysts is governed by Morningstar's Code of Ethics, Securities Trading and Disclosure Policy, and Morningstar Manager Research Integrity Policy. For informaton regarding conflicts of interest, please click Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ Á The for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the for a fund. s are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term (defined as a full market cycle or at least five years). Neutral represents funds in which our analysts don t have a strong positive or negative conviction over the long term (defined as a full market cycle or at least five years) and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term (defined as a full market cycle or at least five years). Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit 17 Nov, 217 Duilio Ramallo became the manager of this fund in October 25, having been employed by Robeco Boston Partners (RBP) since it was founded in He has the support of 11 fellow managers and roughly 3 analysts who conduct their equity research according to the same philosophy. The teams have proved to be stable and boast a wealth of experience. The process, which is applied across all of RBP's funds, is based on fundamental bottom-up equity analysis. The analysts focus on three pillars: valuation, fundamental factors, and catalysts for change (momentum). The process is clearly structured and is a good combination of quantitative and qualitative analyses. Financials, technology, and healthcare form the portfolio's core sectors. The manager is less keen on sectors that have been favoured recently by dividend investors, such as utilities, RE- ITs, and telecoms, which he considers overvalued. The strategy is all-cap and the portfolio's exposure to mid- and small caps is above average for its peer group. It tends to hold more attractively valued stocks than the average value-oriented peer, though it stacks up less well on measures of profitability like return on equity or return on assets. The fund aims to limit losses in economic downturns and to keep pace in market rallies. As measured by its up- and down-capture ratio relative to the Russell 3 Value Index, the fund has done this well during Ramallo's tenure. Most notably, a timely reduction in the fund's financials exposure in 28 contributed to the portfolio's resilience that year. Based on its maximum drawdown, the fund's defensive qualities have been less evident in more recent downturns--in part owing to greater exposure to cyclical sectors, which the manager believes offer attractive valuations. The entry fee of 1%, which was introduced in late 213 in order to limit inflows into the fund, was lifted in March 216. In fact, assets fell from a peak of more than 8 billion in 213 to below 6.5 billion in October 217. This alleviates our concerns about capacity somewhat, although the fund remains soft-closed. We are maintaining our of Silver.
2 Page 2 of 9 11:5, UTC- Process: Approach Morningstar Category Category Index Index Proxy US Large-Cap Value Russell 1 Value TR ishares Russell 1 Value ETF A strong bottom-up approach that focuses on valuation, momentum, and fundamental research. Process Pillar 17 Nov, 217 This is purely a bottom-up process. The manager looks for companies that he believes are undervalued and that score well on the process' three main pillars: valuation, fundamental factors, and catalysts for change (momentum). The process starts with a quantitative analysis, with the universe of about 5, stocks being Style 31/12/17 Holdings-Based Style Map Deep Value Value Blend Growth High Growth Style Box Factors Giant Large Mid Small Micro Fund Centroid: Weighted average of equity holdings Zone: 75% of fund equity holdings Category Average Index Proxy Market Cap Fund 3-Yr Avg Category Proxy Giant/Large Mid Small/Micro Avg Market Cap Bil EUR Value Measures Fund 3-Yr Avg Category Proxy Price/Prospect. Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Growth Measures Fund 3-Yr Avg Category Proxy Long-Term Earnings % Historical Earnings % Sales % Cash Flow % Book-Value % ranked by valuation ratios, momentum factors, and fundamentals. The highest-scoring companies (3 to 4) are subjected to further quantitative analysis based on financial statements, ratios, stock performance, and earnings revisions. The analysts will also consider lower-ranking stocks; for example, if they believe improving momentum is not captured by the quantitative screen. In order to understand and validate the results of the quantitative analyses, fundamental research is then carried out on 1-15 stocks, with the focus on establishing whether there is a catalyst Asset Allocation 31/12/17 Current Allocation Year Average -1 1 Net Assets % Fund 3-Yr Avg Category Proxy Fixed Income...6. Cash Other...3. Regional Exposure 31/12/17 Market Type % Fund 3-Yr Avg Category Proxy Developed Emerging Top 5 Countries % Fund 3-Yr Avg Category Proxy United States Switzerland China United Kingdom France Key Ratios 31/12/17 Fund 3-Yr Avg Category Proxy Net Margin % ROA % Debt/Total Capital % ROE % that might unlock the stock's undervaluation. The catalyst may be a new product, change of management, or restructuring. Finally, Duilio Ramallo selects 1 to 13 names for the portfolio. The process has few constraints, so the sector and regional exposures are the result of bottom-up stock-picking. The process is clearly structured and is a good combination of quantitative and qualitative analysis. The quality and the size of the team of analysts support in-depth fundamental research. Sectors 31/12/17 Sector Delta Defensive Sensitive Cyclical Fund Index Larger sector concentrations versus the index move the investment to the corner of the triangle corresponding to that equity Super Sector. Sectors Fund 3-Yr Avg Category Proxy xdefensive sconsumer Defensive dhealthcare futilities wsensitive icommunication Serv oenergy pindustrials atechnology mcyclical rbasic Materials tconsumer Cyclical yfinancial Services ureal Estate Economic Moat 31/12/17 Fund 3-Yr Avg Category Proxy Wide Moat Narrow Moat No Moat Coverage Ratio
3 Page 3 of 9 11:5, UTC- Process: Portfolio Morningstar Category Category Index Index Proxy US Large-Cap Value Russell 1 Value TR ishares Russell 1 Value ETF The portfolio is spread across different market caps and is biased toward cyclical sectors. Process Pillar 17 Nov, 217 The portfolio is a reflection of the team's investment philosophy and process. The strategy is all-cap, which means that the fund can invest in any market capitalisation. Compared with the benchmark (the Russell 3 Value Index) and US Large-Cap Value Morningstar Category, the fund leans toward mid-caps, while Similarity to Index Proxy 31/12/17 large caps are slightly underweight. Small caps play a minor role within the fund. The active share relative to the benchmark tends to be around 7%. Based on common valuation measures, the portfolio is cheaper than the average value-oriented peer but lags in terms of quality (return on assets, return on equity). Exposure to wide- and narrow-moat companies is also below average. Financials, technology, and healthcare are the portfolio's core sectors, giving it a cyclical nature. The exposure to financials was nearly 3% at the end of September 217. Because of high valuations, the manager believes higher-dividend-yielding stocks are unattractive. He continues to avoid the utilities and REIT sectors and has low exposure to the communications sector. The energy sector also remains underweight, while exposure there is concentrated in higher-beta drilling companies. Index Proxy Overlap Proxy Fund Circle size represents number of holdings. Number of Holdings Fund 129 Index Proxy 712 Fund Overlap With Index Proxy Holdings Overlap 92 Asset Overlap 28.% Largest Common Holdings Fund % Proxy % JPMorgan Chase & Co Bank of America Corporation Citigroup Inc Cisco Systems Inc ebay Inc Largest Distinct Holdings Fund % DXC Technology Co 1.76 Microsoft Corp 1.74 UnitedHealth Group Inc 1.23 Novartis AG ADR 1.21 TE Connectivity Ltd 1.21 Portfolio Holdings 31/12/17 Previous Portfolio Date Holdings Bond Holdings Other Holdings Assets in Top 1 Holdings Turnover Ratio (Reported) 3/11/ % 41% Top 1 Holdings Country Assets % Assets % Proxy % 31/12/17 3/11/17 31/12/17 JPMorgan Chase & Co USA /8 <1 Narrow y Financial Services 2.74 Bank of America Corporation USA /16 <1 Narrow y Financial Services Citigroup Inc USA /9 <1 Narrow y Financial Services Cisco Systems Inc USA /12 <1 Narrow a Technology 2.58 ebay Inc USA /8 <1 Narrow t Consumer Cyclical 1.6 DXC Technology Co USA /17 <1 No a Technology Microsoft Corp USA /8 <1 Wide a Technology Merck & Co Inc USA /15 <1 Wide d Healthcare Oracle Corp USA /14 <1 Wide a Technology Chubb Ltd CHE /8 <1 Narrow y Financial Services 4.88 Change since previous portfolio: T Increase Y Decrease R New First Bought Days Trading Economic Moat Sector 1-Yr Total New Holdings Largest Purchases % Assets Sector Analog Devices Inc.53 a Momo Inc ADR.3 a Eliminated Holdings Largest Sales % Assets Sector Masco Corp.42 r Brunswick Corp.3 t Express Scripts Holding Co.27 d Largest Position Changes Current % Prior % R Analog Devices Inc.53. Y Raytheon Co R Momo Inc ADR.3. Y Masco Corp..42 Y Brunswick Corp..3
4 Page 4 of 9 11:5, UTC- Morningstar Category Category Index Performance US Large-Cap Value Russell 1 Value TR This fund has performed well since the appointment of Duilio Ramallo. Performance Pillar 17 Nov, 217 This strategy's strong long-term record earns a Positive Performance Pillar rating. The fund's objective is to limit losses in economic downturns and to keep pace with market rallies. As measured by its up- and down-capture ratio, the fund has done this well during Duilio Ramallo's tenure. Most notably, a timely reduction in the fund's financials exposure in 28 contributed to the portfolio's resilience that year. Based on its maximum drawdown, the fund's defensive qualities have been less evident in more recent downturns--in part owing to greater exposure to cyclical sectors, which the manager believes offer attractive valuations. Over the long term, performance is robust, with Ramallo beating the category average in almost all of the rolling 36-month periods since October 25. Performance versus the benchmark (Russell 3 Value) is also positive, although by a smaller margin. It's faring well in 217 through October thanks to strong technology picks. While the portfolio has been a bit more volatile than the category norm under Ramallo, the fund has compensated investors for the bumpier ride. Returns have generally been driven by stock selection, although the fund's longstanding sector biases, notably having an overweighting in technology and healthcare, have also had a positive impact. Morningstar Rating and Risk 31/1/18 Period Morningstar Ret vs Cat Morningstar Risk vs Cat Morningstar Rating 3 Years Above Avg Above Avg QQQQ 5 Years High Above Avg QQQQQ 1 Years High Avg QQQQQ Overall Rating Risk Analysis 31/1/18 3-Year Return and Risk Analysis Total Return % QQQQQ Fund Category Index & * ( * * & * & ( * & History 31/1/18 12-Month Rolling Return % Fund Full Manager Change Partial Manager Change Quartile Rank in Cat Percentile Rank in Cat % Total Return EUR /- Category /- Index Income Return Standard Deviation 3-Year Risk Measures Fund Category Index Standard Deviation Sharpe Ratio R-Squared Beta Alpha Maximum Drawdown Fund Category Index Max Drawdown (%) Peak Date 1/8 1/8 1/8 Valley Date 3/9 2/9 2/9 Max Drawdown (Months) Upside/Downside Fund Category Index Upside Capture Ratio Downside Capture Ratio Returns 31/1/18 Trailing Returns Total Investor Rank in Cat Cat Index 1 Year Years Years Years Tenure 1/ Inception 9/ Rolling-Returns Summary 1% 36-Month Rolling Periods 29 Observations, 2 Years The shading and percentages correspond to how often the fund returns landed in each category quartile. Income and Capital Returns Return % Income Return Capital Return Year /18 Income Income % Rank in Cat Capital Capital % Rank in Cat /
5 Page 5 of 9 11:5, UTC- Morningstar Category Category Index People US Large-Cap Value Russell 1 Value TR Duilio Ramallo is an experienced manager, and he is supported by a large team. People Pillar 17 Nov, 217 Duilio Ramallo is an experienced manager. In 1995 he joined Boston Partners, which was acquired by Robeco in 22. Ramallo started as an analyst, which enabled him to become familiar with the bottom-up philosophy of Robeco Boston Partners, after which he became assistant portfolio manager of RBP's small-cap Management Team fund in 21. Since October 25, Ramallo has been the manager of this fund. We consider Ramallo to be a skilled manager with a solid grasp of his investment universe. To generate bottom-up ideas, he is assisted by 29 global equity analysts who divide their responsibilities by sector and cover all market capitalisations. There are also 11 fellow managers with whom Ramallo can exchange ideas. Both the managers and the analysts have very extensive investment experience, and most of them have been with RBP for quite some time. The stability within the teams is important, given that the entire organisation invests according to the same bottom-up philosophy and uses the same process. We see the experience and stability of the teams as a strength. Ramallo personally invests in his fund, which helps to align his interests with those of investors. Experience and Asset Load Total AUM Bil EUR in Funds Managed 2+ Number of Managers Longest Tenure Years Manager Retention Rate 5-Year % Average Manager Tenure Years Tenure Years Advisor Robeco Institutional Asset Mgmt BV Subadvisor Boston Partners Global Investors, Inc Duilio R. Ramallo 1/5 to Present Years on Managed Funds Years on Fund Fund AUM Current Funds Managed 7, Largest Funds Managed Tenure Dates Role Fund Size Bil EUR Investment Tenure Index Robeco BP US Premium Equities 1/5 to Present Lead Boston Partners All Cap Value Fund 8/5 to Present Lead 1.73 >
6 Page 6 of 9 11:5, UTC- Morningstar Category Category Index Parent US Large-Cap Value Russell 1 Value TR Robeco is in calmer waters after the takeover by Orix and corporate restructuring. Parent Pillar Assets By Region, By Domicile Bil EUR 16 Aug, 217 After acquiring a 9% stake in Robeco Group in 213, Japanese financial conglomerate Orix fully owns the firm since October 216. It then restructured Robeco Group, which became a financial holding company comprising several asset managers that operate independently, including Robeco Institutional Asset Management (RIAM), Boston Partners, and RobecoSAM. The restructuring caused a significant overhaul of senior leadership, both at Robeco Group and RIAM. Despite these changes, the investment teams remained largely intact, and RI- AM strengthened its quant and fixed-income teams. We believe the firm has ample resources to manage its strategies to good effect. Retention at the firm is good, although we remain cautious regarding the historical turnover within RobecoSAM. Remuneration policies are in line with investor interests, and we believe there is a Fund Family Details Europe (*) Breakdown solid investment culture at RIAM. The firm monitors fund capacity carefully and has a history of closing funds. It launches funds prudently and aims to build on proven expertise. The quality of its fund lineup is good overall, with 55% of assets managed by Morningstar Medalist funds and 6% of assets by funds that had a 4- or 5-star Morningstar Rating as of July 217. Two of its funds have won a Morningstar European Fund Manager of the Year award. RIAM's funds are also cheaper than average. We award RIAM a Positive Parent rating. Morningstar Rating Breakdown Americas 9.9 Europe & Africa 6.8 Asia & Australia. Rating Assets % Œ ˇ 1.1 Ø Not Rated 44.2 Rating Assets % QQQQQ 3.6 QQQQ 26.5 QQQ 17.9 QQ 1.1 Q. Not Rated 23.9 Asset Class Breakdown Europe (ex Money Mkt) Assets Bil EUR Asset Class Assets Bil EUR Assets % Fixed Income Allocation.4.7 Convertibles Property Alternative.3.5 Commodities Fund Family Details Europe Top Performing Funds Category Name Fund Size Return % 3-Year Rank in Cat 3-Year Robeco Global Consumer Trends Equities D Sector Consumer Goods 1, & Services Robeco High Yield Bonds DH Global High Yield Bond - EUR 8, Hedged Robeco Global Credits IH Global Corporate Bond - EUR Hedged Largest Funds Category Name Fund Size Return % 3-Year Rank in Cat 3-Year Robeco High Yield Bonds DH Global High Yield Bond - EUR 8, Hedged Robeco BP US Premium Equities IH US - Currency Hedged 5, Robeco QI Emerging Conservative Equities I Global Emerging Markets 4, Recent Fund Launches Category Name Fund Size Return % Inception Inception Date Robeco Customized Euro Government Bonds EUR Government Bond.19 18/1/18 Fund F EUR Robeco Global FinTech Equities I $ Sector Technology /11/17 Robeco QI Institutional Global Developed Momentum Equities T1 EUR Global Large-Cap Blend /11/17 (*) All data is based on Branding name and refers to funds domiciled in Europe.
7 Page 7 of 9 11:5, UTC- Morningstar Category Category Index Price US Large-Cap Value Russell 1 Value TR The fund's ongoing charge is slightly below the category median. The subscription fee was lifted TER/OGC Expense History TER/OGC Price Pillar Neutral 17 Nov, 217 The ongoing charge of the F EUR share class is.92%, which is close to the median for rebate-free fund classes of US equity funds (.89%). The entry fee of 1%, which was introduced for new investors as of 15 November 213 in order to limit inflows into the fund, was lifted in March 216. Flows have picked up again, but net flows remain negative over the three-year period and assets have fallen from a peak of more than 8 billion in 213 to below 5 billion in 216. They have since grown to 6.5 billion as of the end of October TER/OGC Net Assets Bil EUR Net Flows Bil EUR Expense Breakdown Ongoing charge Ongoing charge 17/2/17.92 Selected Components Max Management Fee.75 Performance Fee Fee Level Fee Level Low Fee Level Breakpoints Peer Group US Large-Cap Value Retail Broad 3.29 High >2.15 Above Average Average Below Average Low <.92 Fund.92 Peer Median 1.66 Share Class Information Share Class Identifier Morningstar Category TER/OGC Max Mgmt Fee Performance Fee Maximum Inital Charge Robeco BP US Premium Equities US Large-Cap Value D $ Robeco BP US Premium Equities I $ US Large-Cap Value Robeco BP US Premium Equities DH US - Currency Hedged Robeco BP US Premium Equities IH US - Currency Hedged ,.38 Robeco BP US Premium Equities MH US - Currency Hedged Robeco BP US Premium Equities M $ US Large-Cap Value Robeco BP US Premium Equities IE US Large-Cap Value Robeco BP US Premium Equities EH US - Currency Hedged Robeco BP US Premium Equities D US Large-Cap Value Robeco BP US Premium Equities I US Large-Cap Value ,.21 Robeco BP US Premium Equities F $ US Large-Cap Value US Large-Cap Value Robeco BP US Premium Equities FH US - Currency Hedged Robeco BP US Premium Equities GH US - Currency Hedged Robeco BP US Premium Equities Z US Large-Cap Value.1. Robeco BP US Premium Equities KH US - Currency Hedged ,.4 Minimum Initial Inv Assets Bil EUR
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Morningstar Investment Adviser India Private Limited is registered with the Securities and Exchange Board of India (Registration number INA1357) and provides investment advice and research. Morningstar Investment Adviser India Private Limited has not been the subject of any disciplinary action by SEBI or any other legal/regulatory body. Morningstar Investment Adviser India Private Limited is a wholly owned subsidiary of Morningstar Investment Management LLC. In India, Morningstar Investment Adviser India Private Limited has one associate, Morningstar India Private Limited, which provides data related services, financial data analysis and software development. The Research Analyst has not served as an officer, director or employee of the fund company within the last 12 months, nor has it or its associates engaged in market making activity for the fund company. 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We have identified five sources of economic moats: intangible assets, switching costs, network effect, cost advantage, and efficient scale. Companies with a narrow moat are those we believe are more likely than not to achieve normalized excess returns for at least the next 1 years. Wide-moat companies are those in which we have very high confidence that excess returns will remain for 1 years, with excess returns more likely than not to remain for at least 2 years. The longer a firm generates economic profits, the higher its intrinsic value. We believe low-quality, no-moat companies will see their normalized returns gravitate toward the firm s cost of capital more quickly than companies with moats. For more information about methodology in analysing stocks, please go to For Recipients in Australia: This Report has been issued and distributed in Australia by Morningstar Australasia Pty Ltd (ABN: ; ASFL: 24892). 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