Robeco BP US Premium Equities F LU

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1 LU Page 1 of 9 7 Aug :, UTC- 5 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 31/7/17 Growth of 1, Annualized Value EUR Ret % Fund 24, Category 19, Index 2, 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 ( & * ( * * & * & ( & 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 8 Aug, 216 Duilio Ramallo became the manager of this fund in Oct 25, having been employed by Robeco Boston Partners (RBP) ever since it was founded in He can draw on 11 managers and 27 analysts, who all conduct their equities research according to the same philosophy. The teams have proved to be very stable and boast a wealth of experience and quality. The process, which is applied across all of RBP s funds, is based on fundamental bottomup 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 favored 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's objective is to limit losses in economic downturns and to keep pace with market rallies. Under Duilio Ramallo's management, the fund has done this well, beating the category average in 8% of the rolling 36-month periods since October 25. Performance versus the benchmark (Russell 3 Value) is also positive, although by a smaller margin. In the first half of 216 the fund is facing some headwinds, mainly due to the market s preference for more defensive sectors. 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 have fallen from a peak of more than $8 billion in 213 to below $5 billion in 216. This alleviates our concerns about capacity. We are maintaining our of Silver.

2 LU Page 2 of 9 7 Aug :, UTC- 5 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 8 Aug, 216 This is purely a bottom-up process. The manager looks for companies that he believes are undervalued and that score well on the process s 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 Style 3/6/17 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 % being ranked by valuation ratios, momentum factors, and fundamentals. The highest-scoring companies (3 to 4) are subjected to further analysis, in which several ratios are looked at and the trends of these ratios are analysed. 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 that might unlock the stock's undervaluation. The catalyst may be a new product, change of management, or restructuring. Finally, Duilio Ramallo Asset Allocation 3/6/17 Current Allocation Year Average -1 1 Net Assets % Fund 3-Yr Avg Category Proxy Fixed Income...1. Cash Other.... Regional Exposure 3/6/17 Market Type % Fund 3-Yr Avg Category Proxy Developed Emerging Top 5 Countries % Fund 3-Yr Avg Category Proxy United States Switzerland China France Belgium.3.. Key Ratios 3/6/17 Fund 3-Yr Avg Category Proxy Net Margin % ROA % Debt/Total Capital % ROE % selects 9 to 12 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 also make in-depth fundamental research possible. Sectors 3/6/17 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 3/6/17 Fund 3-Yr Avg Category Proxy Wide Moat Narrow Moat No Moat Coverage Ratio

3 LU Page 3 of 9 7 Aug :, UTC- 5 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 towards cyclical sectors. Process Pillar 8 Aug, 216 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 category, the fund leans toward mid-caps, while large caps are Similarity to Index Proxy 3/6/17 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 valuations measures, the portfolio is cheaper than the average value-oriented peer, but lags in terms of quality (return on assets, return on equity, economic moats). Financials, technology, and healthcare are the portfolio's core sectors, giving it a cyclical nature. In 216, the manager sold out of Exxon Mobile, but added new positions in oil exploration & production companies. Overall, the energy sector remains underweight. Ramallo is less positive on sectors that have been in demand by dividend investors, such as utilities, REITs and telecoms. He considers these sectors overvalued and vulnerable to a future increase in interest rates. At the other hand, the exposure to financials was nearly 3% at the end of May 216, which the manager describes as offering a free call option on higher interest rates. Ramallo can write outright call options on existing positions, but makes only sporadic use of this possibility. Index Proxy Overlap Proxy Fund Circle size represents number of holdings. Number of Holdings Fund 129 Index Proxy 718 Fund Overlap With Index Proxy Holdings Overlap 94 Asset Overlap 29.5% Largest Common Holdings Fund % Proxy % JPMorgan Chase & Co Citigroup Inc Bank of America Corporation Merck & Co Inc General Electric Co Largest Distinct Holdings Fund % DXC Technology Co 1.55 Microsoft Corp 1.53 Novartis AG ADR 1.2 UnitedHealth Group Inc 1.13 Alphabet Inc A 1.1 Portfolio Holdings 3/6/17 Previous Portfolio Date Holdings Bond Holdings Other Holdings Assets in Top 1 Holdings Turnover Ratio (Reported) 31/5/ % 41% Top 1 Holdings Country Assets % Assets % Proxy % 3/6/17 31/5/17 3/6/17 JPMorgan Chase & Co USA /8 <1 Narrow y Financial Services 39.2 Citigroup Inc USA /9 <1 Narrow y Financial Services Bank of America Corporation USA /16 <1 Narrow y Financial Services Merck & Co Inc USA /15 <1 Wide d Healthcare 6.31 R General Electric Co USA /17 <1 Wide p Industrials Gilead Sciences Inc USA /14 <1 Wide d Healthcare ebay Inc USA /8 <1 Narrow t Consumer Cyclical 8.76 Cisco Systems Inc USA /12 <1 Narrow a Technology 1.12 Chubb Ltd CHE /8 <1 Narrow y Financial Services 13.1 PepsiCo Inc USA /1 <1 Wide s Consumer Defensive 4.21 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 General Electric Co 1.97 p Targa Resources Corp.31 o Eliminated Holdings Largest Sales % Assets Sector Ingersoll-Rand PLC.4 p Largest Position Changes Current % Prior % R General Electric Co Y Johnson & Johnson Y State Street Corporation R Targa Resources Corp.31. Y Ingersoll-Rand PLC..4

4 LU Page 4 of 9 7 Aug :, UTC- 5 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 8 Aug, 216 The fund's objective is to limit losses in economic downturns and to keep pace with market rallies. Under Duilio Ramallo's management, the fund has done this well. In 28, for example, it benefited from the timely reduction of exposure to financials. But the fund also performed well in the years following. In 213, the fund landed in the top quartile thanks to its underweight position in sectors sensitive to interest rates and good stock selection within the consumer and healthcare sectors. The fund has also outperformed the US large-cap blend equity Morningstar Category and benchmark in 215 thanks to good stock-picking, including equities such as Activision and Electronic Arts. In the first half of 216 the fund has faced some headwinds, mainly due to the market s preference for sectors such as utilities, telecom and REITs, which the manager considers too expensive. Over the long term, performance is robust, with Ramallo beating the category average in 8% of the rolling 36-month periods since October 25. Measured over the period from Oct 25, the fund has outperformed virtually all of its competitors in the category. Performance versus the benchmark (Russell 3 Value) is also positive, although by a smaller margin. The risk level is, however, slightly higher because of the leaning toward mid-caps and the preference for cyclical sectors. Morningstar Rating and Risk 31/7/17 Period Morningstar Ret vs Cat Morningstar Risk vs Cat Morningstar Rating 3 Years High Above Avg QQQQ 5 Years High Above Avg QQQQQ 1 Years High Avg QQQQQ Overall Rating Risk Analysis 31/7/17 3-Year Return and Risk Analysis Total Return % QQQQQ Fund Category Index ( & * ( * * & * & ( & History 31/7/17 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 6/7 6/7 6/7 Valley Date 3/9 2/9 2/9 Max Drawdown (Months) Upside/Downside Fund Category Index Upside Capture Ratio Downside Capture Ratio Returns 31/7/17 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 23 Observations, 1 Year 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 /17 Income Income % Rank in Cat Capital Capital % Rank in Cat /

5 LU Page 5 of 9 7 Aug :, UTC- 5 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 8 Aug, 216 Duilio Ramallo is an experienced manager. In 1995 he joined Boston Partners, which was acquired by Robeco in 22 and since then has continued under the name Robeco Boston Partners. Ramallo started as an analyst, which enabled him to become familiar with the strong bottom-up philosophy of RBP, after which Management Team he became assistant portfolio manager of RBP's small-cap fund in 21. Since Oct 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 27 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 6, 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 1.53 >

6 LU Page 6 of 9 7 Aug :, UTC- 5 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 59.1 Asia & Australia. Rating Assets % Œ ˇ Ø Not Rated 23.6 Rating Assets % QQQQQ 28.6 QQQQ 31. QQQ 18.4 QQ.6 Q. Not Rated 21.3 Asset Class Breakdown Europe (ex Money Mkt) Assets Bil EUR Asset Class Assets Bil EUR Assets % Fixed Income Allocation.5.8 Convertibles Property Alternative.3.6 Commodities Fund Family Details Europe Top Performing Funds Category Name Fund Size Return % 3-Year Rank in Cat 3-Year Robeco Institutional Conservative Fund II Global Large-Cap Blend Convert EUR Robeco QI Dynamic High Yield IH Global High Yield Bond - EUR Hedged Robeco Institutional Core Euro Government Bonds EUR Government Bond - Short Term 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 Global Industrial Innovation Equities D Sector Industrial /5/17 Materials Robeco Chinese A-share Equities I $ China - A Shares /2/17 Robeco QI Global Conservative Multi-Asset I EUR Cautious Allocation - Global /12/16 (*) All data is based on Branding name and refers to funds domiciled in Europe.

7 LU Page 7 of 9 7 Aug :, UTC- 5 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 8 Aug, 216 The ongoing charge is.93%, which is slightly lower than the median for rebate-free fund classes of US equity funds (1.%). 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. In fact, net flows were negative over the 3- year period and assets have fallen from a peak of more than $8 billion in 213 to below $5 billion in 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 3.45 High >2.16 Above Average Average Below Average Low <.95 Fund.92 Peer Median 1.67 Share Class Information Share Class Identifier Morningstar Category TER/OGC Max Mgmt Fee Performance Fee Maximum Inital Charge Robeco BP US Premium EquitiesLU US Large-Cap Value F Robeco BP US Premium Equities IM LU US Large-Cap Value 1..5 $ Robeco BP US Premium Equities I $ LU US Large-Cap Value Robeco BP US Premium Equities D $ LU US Large-Cap Value Robeco BP US Premium Equities DH LU US - Currency Hedged Robeco BP US Premium Equities K $ LU US Large-Cap Value 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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Investors should consult a financial adviser regarding the suitability of any investment product, taking into account their specific investment objectives, financial situation or particular needs, before making any investment decisions. Negative Represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance, such as high fees or an unstable management team. Because of these faults, we believe these funds are inferior to most competitors and will likely underperform their relevant performance benchmark and/or peer group, within the context of the level of risk taken, over a full market cycle. Morningstar may also use two other designations in place of a rating: Under Review This designation means that a change that occurred with the fund or at the fund company requires further review to determine the impact on the rating. Not Ratable This designation is used only where we are providing a report on a new strategy or on a strategy where there are no relevant comparators, but where investors require information as to suitability. For more information about our Analyst Rating methodology please go to Morningstar Star Rating The Morningstar Star Rating is a proprietary data point that is quantitatively driven. Funds are rated from one to five stars based on how well the fund performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds. Within each Morningstar Category, the top 1% of funds receive five-stars and the bottom 1% receives one-star. Funds are rated for up to three time periods three-, five-, and ten-years and these ratings are combined to produce an overall star rating, which is noted within the Report. Funds with less than three years of history are not rated. Morningstar Star Ratings are based entirely on a mathematical evaluation of past performance. Morningstar Star Ratings are in no way to be considered a buy or sell signal nor should be viewed as a statement of fact. -Related Data Points The Report lists the fund s top ten holdings as of the dated noted. For each underlying holding, a series of data points is provided including, where applicable, that security s Economic Moat as of the date noted. Economic Moat The concept of an economic moat plays a vital role in our equity analyst s qualitative assessment of a firm s long-term investment potential, but also in the actual calculation of its fair value estimate. An economic moat is a structural feature that allows a firm to sustain excess profits over a long period of time. We define economic profits as returns on invested capital (or ROIC) over and above our estimate of a firm s cost of capital, or weighted average cost of capital (or WACC). Without a moat, profits are more susceptible to competition. 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). Morningstar Australasia Pty Ltd is the provider of the general advice ( the Service ) and takes responsibility for the production of this report. The Service is provided through the research of investment products. To the extent the Report contains general advice it has been prepared without reference to an investor s objectives, financial situation or needs. Investors should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement before making any decision to invest. Refer to our Financial Services Guide (FSG) for more information at For Recipients in Hong Kong: The Report is distributed by Morningstar Investment Management Asia Limited, which is regulated by the Hong Kong Securities and Futures Commission to provide services to professional investors only. Neither Morningstar Investment Management Asia Limited, nor its representatives, are acting or will be deemed to be acting as an investment advisor to any recipients of this information unless expressly agreed to by Morningstar Investment Management Asia Limited. For enquiries regarding this research, please contact a Morningstar Investment Management Asia Limited Licensed Representative at For Recipients in India: This Investment Research is issued by Morningstar Investment Adviser India Private