robeco capital growth funds - fundsquare

20101022 CGF AR June 2010 EnglishFinalIncorporated under Luxembourg law
Robeco Capital Growth Funds 2
Contents
General 6
Theme Equity sub-funds 16
Global Bond sub-funds 20
Regional Bond sub-funds 22
Asset Allocation sub-funds 24
Statement of operations and changes in net assets 37
Number of shares outstanding 50
Notes to the financial statements 54
Other data 111
Historical review 115
Investment portfolio 125
Robeco Active Quant Emerging Markets Equities 134
Robeco Asia-Pacific Equities 136
Robeco European Equities 138
Robeco Active Quant European Equities 145
Robeco US Premium Equities 147
Robeco Chinese Equities 149
Robeco US Large Cap Equities 151
Robeco New World Financial Equities 152
Robeco Health & Wellness Equities 154
Robeco Property Equities 155
Robeco Agribusiness Equities 159
Robeco Infrastructure Equities 160
Robeco Global Bonds 162
Robeco Investment Grade Corporate Bonds 175
Robeco Global Government Bonds 179
Robeco Strategic Income Fund 181
Robeco Euro Bonds 182
Robeco All Strategy Euro Bonds 192
Robeco European High Yield Bonds 198
Robeco Euro Medium Term Bonds 201
Robeco Euro Sustainable Credits 203
Robeco GTAA Fund 205
Note: In this report the abbreviated names of the sub-funds will be used, i.e. without the prefix 'Robeco Capital Growth Funds'.
General Information
Undertaking for collective investment incorporated as a ‘Société d’Investissement à Capital Variable’ (SICAV) under
Luxembourg law.
Registered Office
Board of Directors
Arjen J.W. Jongma, Chairman, Head of Robeco Equity Operations and Trading, Rotterdam, the Netherlands
Francesco O. Baici, Vice President Robeco (Schweiz) A.G., Zurich, Switzerland (until 30 June 2010)
Stefan Gordijn, Chief Operations Officer SAM Group Holding A.G., Zurich, Switzerland (from 1 July 2010)
Ali Ould Rouis, Board member Banque Robeco S.A. and Robeco Gestions S.A.S., Paris, France
Management Company
L-5365 Munsbach
RBC Dexia Investor Services Bank S.A.
14, Porte de France
14, Porte de France
Coolsingel 120
Subscriptions and publications
No subscriptions 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 semiannual report. Financial
reports and the prospectus are available through the website www.robeco.com and may be obtained free of charge at
the Company’s registered office.
Representative and paying agent in Switzerland
SAM Sustainable Asset Management A.G., Josefstrasse 218, CH-8005 Zurich, is the Company’s appointed representative
in Switzerland. Copies of the simplified and full prospectus, articles of incorporation, (semi) annual reports and a list of all
purchases and sales in the investment portfolio during the reporting period are available from the above address free of
charge. UBS A.G., Bahnhofstrasse 45, CH-8098 Zurich is the Company’s paying agent in Switzerland.
Paying agent and information service in Germany
Copies of the articles of incorporation, the simplified and full prospectus and the annual and semiannual reports
may be obtained free of charge from the offices of the paying agent/information service in Germany: Deutsche
Bank A.G., Taunusanlage 12, D-60325 Frankfurt am Main. The prices at which shares are issued and repurchased are
published in the Stock Exchange Gazette. A list of all purchases and sales in the Company’s investment portfolio during
the reporting period is available at the paying agent/information service in Germany free of charge.
Representative in Hong Kong
RBC Dexia Trust Services Hong Kong Ltd, 51st Floor Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Representative in Taiwan
Shin Kong Investment Trust Co Ltd - 12F, No. 123, Nanking East Road, Sec. 2, Taipei, Taiwan, R.O.C.
Language versions
This report is also published in Dutch, French, German, Spanish, Norwegian and Polish. Only the English edition is binding.
Report of the Board of Directors
General Website
on www.robeco.com.
Changes became effective in November 2009:
- Robeco Financials Equities has been changed into Robeco New World Financial Equities
- Robeco Health Care Equities has been changed into Robeco Health & Wellness Equities
- Robeco Consumer Goods Equities has been changed into Robeco Consumer Trends Equities
- Robeco Energy Equities has been changed into Robeco Natural Resources Equities
- Robeco European Opportunities has been changed into Robeco European Stars Equities
- Robeco European Currencies High Yield Bonds has been changed into Robeco European High Yield Bonds
Changes became effective in June 2010:
- Robeco 130/30 Emerging Markets Equities has been changed into Robeco Active Quant Emerging Markets Equities
- Robeco 130/30 European Equities has been changed into Robeco Active Quant European Equities
Share class name changes and change of base currency for Robeco 130/30 North American Equities
The class D EUR shares has been changed to class DH EUR shares and the base currency was changed from EUR to USD,
both these changes became effective on 1 July 2009.
Amalgamation of sub-funds
The Absorbed sub-funds listed in the table below were amalgamated with the Absorbing sub-funds. The costs of the
operation were borne by the Absorbed Sub-funds.
Amalgamation of sub-funds Effective Exchange ratio
Absorbed sub-fund Absorbing sub-fund D EUR shares Z EUR shares
Robeco Food & Agri Equities Robeco Agribusiness Equities 27/11/2009 0.5506 –
Robeco Industrials Equities Robeco Infrastructure Equities 27/11/2009 0.4167 –
Robeco Materials Equities Robeco Natural Resources Equities1 27/11/2009 0.9427 1.0810
Robeco IT Equities Robeco Consumer Trends Equities2 27/11/2009 0.4813 0.8332
Robeco Telecom Services Equities Robeco Consumer Trends Equities2 27/11/2009 0.5742 –
D EUR shares D USD shares
Robeco 130/30 North Americam Equities Robeco US Large Cap Equities 28/05/2010 1.0000 1.0000
1 Formerly known as Robeco Energy Equities.
2 Formerly known as Robeco Consumer Goods Equities.
Liquidation of Robeco Capital Growth Funds - Robeco Utilities Equities
The sub-fund Robeco Utilities Equities was liquidated on 27 November 2009. The reason for liquidation was that (i) the
assets under management had fallen below the amount considered by the Board of Directors to be the minimum
required for the sub-fund to exist and to continue to be managed in the best interest of the shareholders and (ii) because
the future sales potential was deemed to be limited.
Deactivation of share classes
During the reporting period, the following share classes were deactivated.
Deactivation of share classes
Sub-fund Share class Effective
Robeco European Opportunities class I EUR shares 07/08/2009
Robeco Utilities Equities class Z EUR shares 16/10/2009
Robeco Food & Agri Equities class Z EUR shares 16/11/2009
Robeco Industrials Equities class Z EUR shares 16/11/2009
Robeco Euro Bonds class Z EUR shares 21/12/2009
Robeco Euro Medium Term Bonds class Z EUR shares 21/12/2009
Robeco Global Bonds class Z EUR shares 11/06/2010
New sub-funds
Robeco Global Government Bonds was launched on 8 July 2009.
Robeco GTAA Fund was launched on 15 April 2010.
Robeco Euro Sustainable Credits was launched on 18 May 2010.
Robeco US Large Cap Equities was launched on 4 January 2010.
New share classes
During the reporting period, the following share classes were introduced.
New share classes
Robeco Chinese Equities class I EUR shares 28/07/2009
Robeco Active Quant Emerging Markets Equities class DL EUR shares 30/10/2009
Robeco Property Equities class B EUR shares 27/11/2009
Robeco Investment Grade Corporate Bonds class IHI EUR shares 03/12/2009
Robeco European Equities class I EUR shares 11/12/2009
Robeco US Premium Equities class I EUR shares 11/12/2009
Robeco Emerging Markets Equities class J USD shares 15/12/2009
Robeco Euro Medium Term Bonds class B EUR shares 18/12/2009
Robeco Euro Bonds class B EUR shares 18/12/2009
Robeco High Yield Bonds class B EUR shares 18/12/2009
Robeco US Large Cap Equities class D EUR shares 04/01/2010
Robeco US Large Cap Equities class I USD shares 04/01/2010
Robeco Chinese Equities class I USD shares 15/01/2010
Robeco Emerging Markets Equities class I USD shares 20/01/2010
Robeco Strategic Income Fund class Z EUR shares 12/02/2010
Robeco Health & Wellness Equities class D USD shares 18/02/2010
Robeco Asia-Pacific Equities class D USD shares 18/02/2010
Robeco GTAA Fund class D EUR shares 15/04/2010
Robeco GTAA Fund class I EUR shares 15/04/2010
Robeco GTAA Fund class Z EUR shares 15/04/2010
Robeco Euro Sustainable Credits class B EUR shares 18/05/2010
Robeco Euro Sustainable Credits class D EUR shares 18/05/2010
Robeco Euro Sustainable Credits class I EUR shares 18/05/2010
Robeco US Large Cap Equities class D USD shares 28/05/2010
Robeco US Large Cap Equities class DH EUR shares 28/05/2010
Changes to the prospectus
Some changes (effective from November 2009 and May 2010) have been made to the Company’s prospectus. Letters to
shareholders detailing these changes are available at the Company’s registered office.
Changed Articles of Incorporation of the Company
The decision was taken at the extraordinary General Meeting of Shareholders of the Company held on 26 November
2009 to amend the Articles of Incorporation of the Company. These amendments became effective on 15 April 2010.
Merger
The extraordinary general meeting of shareholders held on 26 November 2009 has approved the merger of Robeco
Obligaties DividendFunds N.V., an investment company with variable capital registered in the Netherlands, (the
"Absorbed Company"), into the Company effective on 18 December 2009. The costs of the operations were borne by the
Absorbed Company. On the effective date the assets and liabilities of the Absorbed Company were automatically
transferred to the Company and, more specifically, the Company has issued shares in the following Classes of shares and
sub-funds as follows:
Merger
Merger of the Absorbed Company Class of shares into the Company Class of shares Exchange ratio
Robeco Obligaties DividendFunds N.V. Class A = Robeco Divirente Robeco Capital Growth Funds – Robeco Euro
Medium Term Bonds
Dividend
Bonds
Obligaties
Bonds
Contributions in kind
Effective respectively on 27 November 2009 and 28 May 2010 the assets and liabilities of Robeco Hoog Dividend
Onroerend Goed N.V. and Robeco YoungDynamic N.V., investment companies with variable capital registered in the
Netherlands, (the "Absorbed Companies"), were contributed into the Company through contributions in kind. The costs of
the operations were borne by the Absorbed Companies. On the effective date the assets and liabilities of the Absorbed
Companies were automatically transferred to the Company and, more specifically, the Company has issued shares in the
following Classes of shares and sub-funds as follows:
Contributions in kind
Merger of the Absorbed Company into the Company Class of shares Exchange ratio
Robeco Hoog Dividend Onroerend Goed N.V. Robeco Capital Growth Funds – Robeco Property Equities Class B EUR 1.0000
Robeco Young Dynamic N.V. Robeco Capital Growth Funds – Robeco Global Stars Equities Class D EUR 0.0835
Effective on 5 March 2010 assets with a value of USD 89.1 million were contributed into Robeco Capital Growth Funds – Robeco US Premium Equities.
Risk management In the past financial year Robeco Group has expanded and optimized the measures previously taken to protect its clients.
The emphasis lies on limiting losses in the event of counterparty bankruptcy and reducing the funds’ liquidity risk.
Robeco is also closely involved in initiatives to let over-the-counter (OTC) transactions be handled via clearing houses in
future. Clearing is the process where a central counterparty acts as a buyer for every sales transaction and as a seller for
every purchase transaction. In time this should reduce counterparty risk still further and also increase transparency in the
market. The collateral-management procedures have also been fine-tuned. One of the other measures taken has been to
increase the frequency with which collateral is exchanged in derivatives transactions.
Liquidity risks are also assessed thoroughly, for both investments in the portfolio and purchases and sales by clients. These
risks are monitored and reported in an integrated manner within a specifically designed framework. There is close contact
between the parties involved within Robeco in this process: portfolio managers, risk management and product
management.
Over the last few years the Robeco Group has paid considerable attention to the possible direct and indirect effects of the
concerns about government finances in Euroland. We have looked into the direct sub-funds investments in the debt
securities issued by these governments, the additional effects on the creditworthiness of banks, and the liquidity effects as
a result of people’s reluctance to trade in Euroland government debt paper.
Responsible Investing
On 1 February 2010, Robeco announced the introduction of its Responsible Investing proposition. Robeco advocates
responsible investing because we believe that solid corporate governance and corporate responsibility will lead to
improved risk/return ratios. The introduction of Responsible Investing was a show of commitment to this belief and was
built on a long history of integrating environmental, social and governance (ESG) issues into the investment decision
making process. Since announcements were made in February, The Robeco Group has continued to actively further its
commitment to Responsible Investing. Evidence of this commitment can be found in the recent launch of the innovative
Robeco Euro Sustainable Credits fund. The Robeco Euro Sustainable Credits fund's management combines the sustainable
expertise of SAM Sustainable Asset Management AG (part of The Robeco Group) with Robeco's credit experience. This
fund seeks to achieve outperformance through issuer selection while limiting long-term downside risk via sustainability
analysis.
General introduction
Since the beginning of 2009 the global economy has been enjoying a recovery. In developed economies the increased
optimism over Japan is particularly worthy of note. Underlying inflation worldwide is showing a tendency to decline and
central banks continue to defer interest-rate hikes. After all, the economic recovery is still fragile and the global economy
does seem to be losing some momentum. Growth expectations for 2011 are generally lower than for 2010. Governments
are under pressure to curb their increased debts and their contribution to growth is gradually declining. The European
debt crisis is still not under control and this could have negative effects on economic growth in the euro zone. Emerging
markets are proving to be robust. In a number of countries inflationary pressures are increasing, which calls for tightening
monetary measures. The fact that the Chinese authorities have removed the peg that fixes the Chinese yuan-US dollar
exchange rate could have a favorable stabilizing effect in this context.
Outlook for the equity markets
Global stock markets have shown a powerful recovery, almost in line with that seen in the recovery of the underlying
global economy. After a year of mainly better-than-expected economic figures and robust earnings, analysts have now
drastically revised their forecasts. Stock prices are already discounting much of the positive news. The increasing
consensus that the global economy will slow down in the second half of 2010 is having a negative effect on the stock-
market climate. We feel, however, that this slowdown is a normal phase in the economic cycle. The ongoing debt crisis in
Europe and signs that the Chinese economy is weakening are also not helping sentiment. Equity markets are being
supported by the neutral valuation on the basis of conventional valuation criteria and by the ongoing accommodative
monetary policy in developed markets. In the second half of the year, markets will probably encounter some volatile
periods but will move sideways on balance, after which they will probably start to pick up again on the assumption that
global economic growth will continue to be moderate.
Outlook for the bond markets
As a result of the planned fiscal consolidation in a number of countries, monetary policy is expected to remain
accommodative for a while yet. Central banks will try to mitigate the effect of cut-backs on economic growth by making
ample liquidity available. In the long term the risk of inflation will increase as a result of this, but this is not the greatest
worry as yet. The health of the banking system and the prevention of a premature hiatus in the economic recovery, on the
other hand, are causes for concern. We see no reason to expect sharply higher interest rates in the period to come. We
are positive on the outlook for corporate bonds. Thanks to rapid intervention, companies have placed themselves in a
good position to benefit from an ongoing economic recovery, while they have sufficient reserves to be able to withstand
any downturn that may occur. With risk premiums as they are at present, we feel that credits are more attractive than
government bonds.
Global Equity sub-funds
Investment result reporting period
26.2
14.2
27.4
26.2
41.0
23.2
41.0
23.2
D EUR shares
41.0
80.86
84.36
–4.1
0.4
1 Assuming reinvestment of the distributed dividend. See Notes on page 102.
2 20 January 2010 until 30 June 2010.
3 15 December 2009 until 30 June 2010.
4 30 October 2009 until 30 June 2010.
Performance analysis
The sub-fund slightly underperformed its benchmark. The difference between sub-fund performance and the benchmark
has been moderate in a very difficult equity environment with strict risk controls. This has been a year with two faces. The
latter half of 2009 showed a clear increase in equity markets, while this uptrend stalled in the first half of 2010. The
general economic climate remains subdued. It probably will take more than one year to reduce the excess financial
leverage of financials institutions, governments and consumers alike. In the meantime, we are focusing on companies
that are able to successfully manage their activities throughout the cycle.
Robeco Global Value Equities
The sub-fund lagged the benchmark (particularly noticeable last quarter) as sovereign and macro themes dominated the
global markets and stocks exhibited high levels of correlation. In the past six months we reduced exposure to continental
Europe while increasing exposure to the US and Japan. We remain underweight global credit/investment banking as we
can see better risk/reward opportunities in technology, industrials, and consumer-related companies. We are finding new
‘three-circle’ investment opportunities in emerging markets; more specifically in Singapore and Hong Kong.
Robeco Global Stars Equities
The last book year was a good period for global stock markets with restocking and attractive valuations supporting the
markets. Most of the gains in the markets in the first half of 2010 however where the result of the currency movements
versus the Euro. Robeco Global Stars’ concentrated portfolio, which only invests in stocks with a good valuation on a three
to five year horizon, performed slightly better than the benchmark. Strong performances were made in the Consumer
Staples and Telecom sectors.
Robeco Emerging Stars Equities
The sub-fund’s performance was strong during the reporting period, as it benefited from the powerful rebound in
emerging markets. The sub-fund outperformed the MSCI Emerging Markets Index by a considerable margin, due mainly
to a relatively large position in Turkey and South Korea, and due to positive stock-selection results in South Korea and
China. During the reporting period, the positions in Brazil were reduced because of increased political risk and less
attractive valuation, while the positions in Turkey and Russia were increased.
Robeco Emerging Markets Equities
The sub-fund performed very strongly, both in absolute terms and relative to the benchmark (MSCI Emerging markets).
One of the strongest markets was Brazil, which was overweight for most of the period. The exposure to Brazil was lowered
at the end of the reporting period. After a very strong run in the Brazilian share prices we lowered the portfolio weight.
Also the upcoming elections and substantial cash calls by some large companies were behind the portfolio move. The
weight in some other markets, like Indonesia and Turkey, was increased. The consumer-discretionary sector was increased
at the expense of some lower beta sectors, most noticeably in the health-care sector.
Robeco Active Quant Emerging Markets Equities (formerly Robeco 130/30 Emerging Markets Equities)
The investment objective of this sub-fund is to outperform the benchmark using a quantitative stock-selection model.
Using a combination of valuation, momentum and earnings-revision factors, the model identifies broad groups of stocks
which are highly likely to outperform (or underperform) in the long run. In the period under review, the quantitative
stock-selection model predicted strong performance. All factors of the stock selection model performed positively.
Robeco All Weather Global Equities
The investment objective of this sub-fund is to seek capital appreciation primarily through taking long and short positions
in listed companies worldwide by investing and trading in related instruments. This sub-fund’s quantitative investment
strategy yields positive returns if the long portfolio outperforms the short portfolio.
The sub-fund was invested globally in equity markets and in all sectors. It had only very small net exposures to regions,
sectors, countries, (non-base) currencies and beta. The sub-fund performed negatively in the period under review and this
was mainly attributable to the trending variables of the stock-selection model. Several refinements to the strategy that
were implemented in the first half of 2009 helped to stabilize performance from the fourth quarter of 2009.
Regional & Country Equity sub-funds
D USD shares 2 96.60
100.00
–3.5 2
21.0
61.38
50.27
22.1
21.0
29.9
75.05
60.64
23.8
21.0
16.7
18.0
Investment results
D EUR shares 7
S&P 500 Index (net return, hedged into EUR) 7
19.1 7
20.0 7
MSCI UCITS 10/40 World China Index (net return) (in EUR)
27.6
MSCI UCITS 10/40 World China Index (net return) (in USD)
11.4
D EUR shares 10
9.8 10
–6.9 10
2 18 February 2010 until 30 June 2010.
4 1 July 2009 until 7 August 2009.
5 13 July 2009 until 30 June 2010.
7 1 July 2009 until 28 May 2010.
8 28 July 2009 until 30 June 2010.
11 28 May 2010 until 30 June 2010.
* The shares marked with an asterix were subject of the amalgamation of 28 May 2010. See details on page 6.
Robeco Asia-Pacific Equities
Asia-Pacific Equities saw strong performance for most of the year, but corrected from April as liquidity was removed. China
tightened most as it had to deal with signs of overheating. The Japanese market made no progress, dogged by equity
issuance and a weak export position due to the strong yen. The sub-fund benefited from good stock-picking in the large
markets and its overweight position in smaller markets like Indonesia and Thailand. Helped by the strength of Asian
currencies and the weakness of the euro, the sub-fund price registered solid gains throughout the year.
Robeco European Equities
After a very strong first six months, the second half of the year showed a more mixed pattern. The positive impact from
fiscal and monetary stimulus in the second half of 2009 was reversed during the first half of 2010 as budgetary/debt
problems in first Greece and later on in other European countries led to the re-emergence of sovereign risk. Emergency
austerity plans put pressure on GDP and earnings expectations and led to greater risk aversion among investors.
Robeco European Stars Equities (formerly Robeco European Opportunities)
After a very strong first six months, the second half of the year showed a more mixed pattern. The positive impact from
fiscal and monetary stimulus in the second half of 2009 was reversed during the first half of 2010 as budgetary/debt
problems in first Greece and later on in other European countries led to the re-emergence of sovereign risk. Emergency
austerity plans put pressure on GDP and earnings expectations and led to greater risk aversion among investors. The sub-
fund strongly outperformed the MSCI Index, driven by good stock selection in the first half of 2010.
Robeco European Conservative Equities
In the past twelve months, the European Conservative Equities sub-fund profited from the further recovery in the equity
market. Robeco European Conservative Equities does not have a benchmark, but instead makes use of a quantitative
stock-selection model that seeks to maximize the Sharpe ratio. It typically invests in stocks with low beta and low volatility,
and in the long term aims to produce equity-like returns with lower volatility. The sub-fund succeeded in capturing the
positive alpha contained in low beta and low volatility stocks in this period.
Robeco European MidCap Equities
The period under review was once more a year of outperformance for midcaps compared to larger caps.
The summer rally was linked to the impact of the fiscal and monetary stimulus packages.
The market - still very volatile - tracked sideways for a period as some concerns linked to sovereign debt were raised
relating to the sustainability of the recovery. During the spring rally, midcaps managed to give higher returns, as earnings-
growth expectations were stronger than the rest of the market. The result season confirmed this trend.
During this period, the sub-fund generated high returns, though underperforming its benchmark.
It remained very well-positioned over a period of more than one year (this type of fund requires consideration over a
longer investment period to be suitably appraised).
Stock-picking remained very active, still based on a higher-quality earnings outlook, combined with attractive valuations.
As a result, mainly IT, retail and insurance were overweight as basic resources; financial services and health care remained
underweight. In terms of regional exposure, the main overweights were the Netherlands, France and Germany, while
underweight positions were held in the UK and Switzerland. On a selective basis, we remain confident on MidCaps, which
should continue to deliver higher returns.
Robeco Active Quant European Equities (formerly Robeco 130/30 European Equities)
The investment objective of this sub-fund is to outperform the benchmark using a quantitative stock-selection model. In
addition to 130% in long positions, the sub-fund holds 30% in short positions, enabling it to also benefit from negative
views. The sub-fund outperformed the benchmark in the period under review, especially during the second half. All factors
of the stock selection model performed positively. Earnings revision and momentum were the best-performing factors.
Robeco US Premium Equities
This sub-fund has returned double digits in a strong volatile market over the past twelve months. Given its all-cap
flexibility, we have found opportunities throughout the US market that meet our criteria. The sub-fund’s positioning in
best-of-breed, high-quality businesses is reflected by its 50% market weight in larger-cap stocks. Owning businesses at
attractive valuations that have the benefits of scale, global brands and access to capital, helps further position this well-
diversified sub-fund for favorable performance over time.
Robeco 130/30 North American Equities
After a tough 2009, quantitative strategies made a strong comeback in the second half of 2010, but this was not enough
to bring performance into positive territory as compared to the benchmark. Our large-cap quantitative stock-selection
model provided very modest negative guidance last year. The outperformance of low-quality stocks continues to hinder
stock-selection guidance and this is evident in the strong negative performance of the quality factors in our large-cap
stock-selection models. Long positions helped performance, but were not enough to offset the underperformance of our
short positions and benchmark names not held. Stocks that contributed most to underperformance include Apollo Group
(APOL), Exxon Mobile (XOM) and Gilead Sciences (GILD). Robeco 130/30 North American Equities was amalgamated into
Robeco US Large Cap Equities on 28 May 2010.
Robeco Chinese Equities
Robeco Chinese Equities generated positive return for the year, although the sub-fund underperformed its benchmark.
China’s GDP growth moved from recovery in 2009 to expansion in 2010, mainly driven by strong domestic demand and
recovery in export. The Chinese government initiated tightening measures for the property sector and exited from ultra-
loose monetary policies, causing the Chinese domestic stock markets to correct substantially from the beginning of 2010.
Moreover, the financial crisis in Europe dampened the global equity markets after April 2010 and dragged down the
Chinese markets. The Chinese currency started appreciating against the USD from June, when the government resumed a
more flexible currency policy.
Robeco European Dividend Extension
This sub-fund’s aim is to provide income and offer the potential for long-term growth. To achieve this objective, we have
devised an innovative approach combining investments in the stocks of mature well-established European companies
which offer attractive dividend yields with a strategy of selling call options to generate additional income and enhance
yield.
During the second half of the year, the sub-fund outperformed the European Dividend Yield Index. Financial services, oil
and gas, and telecom were the main sectors in the portfolio. The portfolio’s dividend yield was more than 4.5% during the
period, which suffered under the debt sovereign crisis and volatile equity markets. In line with our strategy, we sold call
options on different holdings that we have in the portfolio. We invested in stocks with large market capitalizations
(around 60% of the portfolio). In terms of geographic exposure, France, the UK and Italy are the main countries in which
the sub-fund is invested.
Robeco US Large Cap Equities
This sub-fund was launched in calendar year 2010. Indiscriminate conditions have recently impacted the entire US equity
market. This favors our strengths as bottom-up stock pickers. We have been differentiating the sub-fund from others in
the market pursuant to our intersecting investment criteria of price, fundamentals and catalysts for unlocking value. The
sub-fund owns higher-quality businesses with attractive valuations that are well-positioned for the future. We believe this
puts our investors in good stead for favorable performance over time.
Theme Equity sub-funds
D EUR shares
MSCI UCITS 10/40 World Consumer Staples Index (net return) 2
12.2 2
105.74
81.25
30.1
MSCI World (net return) (until 1 December MSCI UCITS 10/40 World Health Care Index)
24.2
–7.3 4
10.6 2
10.7 2
12.46
10.37
43.4
64.46
42.82
50.5
125.70
82.10
53.1
MSCI World (net return) (Until 1 December MSCI World Consumer discretionary Index)
25.6
13.5 2
75.43
63.93
18.0
MSCI World (net return) (Until 1 December MSCI UCITS 10/40 World Energy Index)
24.2
Investment results
20.4 2
3.1 2
MSCI World (net return) (until 1 December MSCI World Infrastructure)
19.8
2 1 July 2009 until 27 November 2009.
3 1 July 2009 until 16 November 2009.
5 1 July 2009 until 30 July 2009
6 27 November 2009 until 30 June 2010
7 1 July 2009 until 16 October 2009.
Robeco New World Financial Equities (formerly Robeco Financials Equities)
During the reporting period, the New World Financials Sub-fund performed roughly in line with the benchmark. Markets
have remained very volatile and, as we enter the second half of 2010, valuations for global financials are very attractive.
Once uncertainty on regulation, bank taxes and Basel III diminishes, sentiment towards financials should improve. With
many investors currently underweight the financials sector, a sentiment change would lead to a rally similar to the one we
experienced in 2009 following the lows in March 2009.
Robeco Food & Agri Equities
The Food & Agri portfolio underperformed the benchmark during the second half of calendar year 2009. As the economy
improved during the year and earnings expectations were matched or exceeded, investors became more comfortable
with the idea of buying equities again. In general, they preferred the more cyclical sectors to the defensive consumer-
staples sector. The sub-fund enjoyed strong performance in household products and the beverages sector. Robeco Food &
Agri Equities was amalgamated into Robeco Agribusiness Equities on 27 November 2009.
Robeco Health & Wellness Equities (formerly Robeco Health Care Equities)
The year was characterized by developments that affected this sub-fund in particular. The US health-care reform bill
finally passed in March removed the uncertainty that had weighed on the industry for so long. However, prevailing
concerns over patent expirations dented the otherwise solid defensive qualities of health-care stocks. Over the year, the
health-and-wellness theme nevertheless outperformed the global equity index. While the second half of 2009-
performance was in line with the market, notably the first six months of 2010 saw good returns with companies engaged
in the nutrition and health-care-efficiency investment clusters.
Robeco IT Equities
Robeco IT Equities performed well over the reporting period. An increase in corporate IT spending coupled with a strong
product cycle in consumer electronics lifted the shares of technology companies. Analysts’ expectations for the sector are
being revised upwards, and cyclical sub-sectors like semiconductors are benefiting from the improved economic
environment. Internet stocks have been particularly strong as price advantages, ease of use and convenience have driven
market-share gains for this sector. Robeco IT Equities was amalgamated into Robeco Consumer Trends Equities on 27
November 2009.
Robeco Telecom Equities shares rose, but underperformed. An increase in corporate spending pushed telecom shares
higher. Especially telecom shares with exposure to the faster-growing emerging markets performed strongly.
Furthermore, the high dividend yields of most players offered strong support for the majority of the stocks. Valuations
continue to hover around very attractive levels, suitably reflecting the challenges the sector faces over the long term.
Robeco Telecom Services Equities was amalgamated into Robeco Consumer Trends Equities on 27 November 2009.
Robeco Property Equities
This sub-fund performance was almost equal to the benchmark during the reporting period. A further tightening in credit
spreads and improved funding availability were supportive for the sector. The sub-fund remains focused on investing in
companies that have solid balance sheets and strong management teams. Although acquisitions in the sector will pick up,
the level of transactions remains subdued. As the financial crisis caused a strong contraction in the supply of commercial
real-estate space, increasing demand has led to rising rent levels.
Robeco Consumer Trends Equities (formerly Robeco Consumer Goods Equities)
Robeco Consumer Trends Equities clearly outperformed the market and its peers during the reporting period. An increase
in consumer confidence and improvements in consumer spending have pushed stock prices of cyclically exposed
consumer stocks sharply higher. Analysts continue to raise earnings expectations for the group, further supporting the
shares. Consumer-spending gains in emerging markets have been a strong long-term driver for the portfolio, and
valuations have become relatively attractive.
Robeco Industrials Equities
Robeco Industrials Equities managed to capitalize on the sharp rebound in the equity markets that started in March 2009.
Tactical portfolio allocation focused on overweighting early cycle companies and sub-industries in anticipation of
economic recovery. Strategic portfolio allocation remained concentrated in three powerful long-term trends:
industrialization of emerging economies, efficient energy and infrastructure spending. Robeco Industrials Equities
was amalgamated into Robeco Infrastructure Equities on 27 November 2009.
Robeco Natural Resources Equities (formerly Robeco Energy Equities)
The reporting period can be divided into two parts. The first half was very strong for commodities and resource stocks. A
combination of factors including strong global fiscal and monetary stimuli, Chinese reserve-buying and a weak dollar
made resources one of the best-performing sectors in the market. Much of this reversed during the second half of the year
due to sovereign default risk and the disaster in the Gulf of Mexico. The Natural Resources sub-fund is positioned to
benefit from growth within its key investment themes.
Robeco Materials Equities
Q3 2009 was a good period for commodities and resource stocks. A combination of factors including strong global fiscal
and monetary stimuli, Chinese strategic reserve-buying and a weak dollar made materials one of the best-performing
sectors in the market. Robeco Materials outperformed most of its peers on the back of its key investment themes of
‘electrification’ (copper), ‘environmental awareness’ (platinum) and ‘weak dollar’ (gold), but underperformed its
benchmark due to an underweight in smaller and less liquid resource stocks. Robeco Materials Equities was amalgamated
into Robeco Natural Resources Equities on 27 November 2009.
Robeco Utilities Equities
Utility share prices rose only marginally in the second half of 2009. Demand for electricity was below 2008 levels, as the
poor economic situation caused most industrial clients to use less electricity. Earnings estimates for utilities came under
downward pressure. Investor sentiment for the sector was negative and this resulted in an underperformance compared
to cyclical sectors. Thanks to a defensive selection of stocks, the sub-fund outperformed the benchmark in this period. The
sub-fund was liquidated on 27 November 2009.
Robeco Agribusiness Equities
For this sub-fund, the year 2009/2010 can best be qualified as a year of stabilization. In the first half of the year, up to the
end of January, agri-related stocks continued to do well. Then they corrected and reverted to levels observed about a year
ago. However, the sub-fund still managed to return about 20% this year.
The impact of the economic drama that unfolded in 2008 was still noticeable. While commodity prices recovered and, in a
few cases, even reached new highs, farmers remained rather reluctant to invest. Visibility remained low throughout the
year. Fertilizer prices bottomed, but not much strength was demonstrated. Farmers applied as much fertilizer as needed
to support the current crop, but no more than that. Weather conditions were excellent, leading to a record harvest in soya
and corn. As a result, crop prices remained low, providing little incentive for farmers to apply more fertilizer or chemicals.
However, meat-processing companies did benefit, as corn is used as a major input source. Also, because the oil price
remained rather high, spurring demand form the ethanol industry, ethanol margins were positive, leading to additional
demand from the refining industry. Currently, about 30% of the annual US corn crop is used for the production of ethanol.
We expect the corn price to bottom and fertilizer prices to rally as soon as the economy recovers. Growth can be observed
again in meat consumption, providing another catalyst for the sector. Corn and soya are important input for animal feed.
In the long run, the outlook for the agricultural sector is very constructive, with increasing demand expected for food,
animal feed, and alternative energy (i.e. biofuels) on the one hand, and limited potential for additional supply (low
availability of arable land, and yield improvement insufficient to satisfy additional demand) on the other.
Robeco Infrastructure Equities
While equity markets continued to exhibit high volatility during the reporting period, Robeco Infrastructure Equities
imperturbably pursued its long-term strategy to build up positions in companies and industries that are expected to
benefit from an acceleration in global spending on infrastructure in the coming five to ten years. On balance, this strategy
resulted in an outperformance of the MSCI World Index. We expect our strategy to significantly outperform this index on a
three- to five-year horizon.
Global Bond sub-funds
7.6
22.41
21.96
113.46
89.00
27.5
Barclays US High Yield & Pan Euro High Yield 2.5% Issuer Cap Index (hedged into EUR)
24.7
145.15
114.30
27.0
Barclays US High Yield & Pan Euro High Yield 2.5% Issuer Cap Index (hedged into USD)
25.2
B EUR shares 1
Barclays Euro Aggregate Corporate, ex financials, 2% Issuer Cap Index
10.8
5.7 5
3.6 5
0.4
2 1 July 2009 until 11 June 2010.
5 8 July 2009 until 30 June 2010.
Robeco Global Bonds
Two themes dominated the global financial markets this past year. Up to March, the strength of the economic recovery
was important as a market driver. In more recent months, the euro sovereign-debt crisis has been dominant. The sub-
fund has been positioned for a relatively strong recovery in the US vis-à-vis the euro area and has been overweight credits
and US mortgage-backed securities. Within the euro area, the sub-fund profited from an underweight in Spain, Portugal
and Greece.
The high-yield market posted strong positive returns during the reporting period. Massive government intervention in
early 2009 prevented a collapse of the financial system. High yield was one of the biggest beneficiaries of the reduced
uncertainty. Capital markets reopened for most companies and this enabled high-yield companies to refinance their debt
and extend maturities. As a result, the default rate declined dramatically to below the long-term average in the first half
of 2010. Both US and European high yield outperformed most other asset classes.
Robeco Investment Grade Corporate Bonds
The last 12 months started off very well for corporate bonds. The improvement in corporate profitability and the
strengthening of balance sheets were rewarded with significant spread-tightening. The focus of the market changed in
the second half of the reporting period. Positive fundamental developments were overshadowed by fears about the
funding of sovereign deficits in countries like Greece, Portugal and Spain. All in all, spreads for corporate bonds tightened
and the benchmark excess return versus government bonds was positive. The sub-fund performed better than its
benchmark, driven by positive performance from bottom-up issuer selection in combination with alpha generated by an
overweight beta positioning.
Robeco Global Government Bonds
Two themes dominated the global financial markets this past year. In recent months, the euro sovereign-debt crisis has
been dominant. In the months before, the strength of the economic recovery was important as a market driver. The sub-
fund has been positioned for a relatively strong recovery in the US, Switzerland and dollar-bloc countries vis-à-vis the euro
area. These positions have been implemented both in government bonds and in currencies. Within the euro area, the
sub-fund profited from an underweight in Spain versus an overweight in Italy.
Robeco Strategic Income Fund
The performance of the portfolio was negatively impacted by the sub-fund’s overall long risk exposure in a market that
remained periodically skittish toward risk-taking and an environment characterized by high volatility. Specific to sector
allocation, which is the sub-fund’s primary tool, main contributors to this negative performance were allocations to credit
in the US and sovereigns in western Europe, as well as a moderately short duration position. As an offset, US prime
mortgage-backed securities contributed positively to performance.
Regional Bond sub-funds
23.59
23.68
5.3
D EUR shares
D EUR shares
127.20
100.04
27.1
Barclays – European High Yield Corporate 2.5% Issuer Constraint Index (hedged into EUR)
28.2
18.59
18.36
0.4
–0.8 4
3 1 July 2009 until 21 December 2009.
4 18 May 2010 until 30 June 2010.
Robeco Euro Bonds
strengthening of balance sheets were rewarded with significant spread-tightening. The portfolio benefited from this
tightening as it held an overweight beta positioning. Later on in the year, these positive fundamental developments were
overshadowed by fears about the funding of sovereign deficits in countries like Greece, Portugal and Spain. During this
period, the portfolio lost on its credit allocation relative to its benchmark, but gained on its underweight position in these
countries.
Robeco Euro Government Bonds
The European government-bond market has been dominated by tension in the peripheral countries in the past months.
The yield of the German 10-year benchmark bond hit an all-time low of 2.5% as investors reallocated their investments
from countries like Greece, Portugal and Spain towards the safe havens within Europe. This contributed positively to
relative performance, as the sub-fund was underweighted in these countries during the reporting period.
Robeco Euro Credit Bonds
strengthening of balance sheets were rewarded with significant spread-tightening. The focus of the market changed in
the second half of the reporting period. Positive fundamental developments were overshadowed by fears about the
funding of sovereign deficits in countries like Greece, Portugal and Spain. All in all, spreads for corporate bonds tightened
and the benchmark excess return versus government bonds was positive. The sub-fund performed better than its
benchmark, driven by positive performance from bottom-up issuer selection in combination with alpha generated by an
overweight beta positioning.
Robeco All Strategy Euro Bonds
Two themes dominated the global financial markets this past year. Up to March, the strength of the economic recovery
was important as a market driver. In more recent months, the euro sovereign-debt crisis has been dominant. The sub-
fund has been positioned for a relatively strong recovery in the US vis-à-vis the euro area, and has been overweight credits
and European asset-backed securities. Within the euro area, the sub-fund has been underweight Spain, Portugal and
Greece. During this period, the portfolio lost on its credit allocation relative to its benchmark, but gained on its
underweight position in these countries.
Robeco European High Yield Bonds (formerly Robeco European Currencies High Yield Bonds)
The high-yield market posted strong positive returns during the reporting period. Massive government intervention in
early 2009 prevented a collapse of the financial system. High yield was one of the biggest beneficiaries of the reduced
uncertainty. Capital markets reopened for most companies and this enabled high-yield companies to refinance their debt
and extend maturities. As a result, the default rate declined dramatically to below the long-term average in the first half
of 2010. Both US and European high yield outperformed most other asset classes.
Robeco Euro Medium Term Bonds
Global, two themes dominated the global financial markets this past year. Up to March, the strength of the economic
recovery was important as a market driver. In more recent months, the euro sovereign-debt crisis has been dominant. The
sub-fund has been positioned for a relatively strong recovery in the US vis-à-vis the euro area, and has been overweight
credits and European asset-backed securities. The sub-fund performed better than its benchmark, driven by this asset
allocation.
Robeco Euro Sustainable Credits
Towards the very end of the reporting period, the ESC portfolio was ramped up. During the remaining period, the market
for corporate bonds was almost entirely driven by developments in sovereign funding. The improvement of corporate
profitability and the strengthening of corporate balance sheets did not get the same attention as developments in Greece,
Portugal and Spain. The sub-fund performed better than its benchmark, driven by positive performance from bottom-up
issuer selection and top-down beta allocation.
Asset Allocation sub-funds
Investment result reporting period in
%
0.1 1
Robeco GTAA Fund
The sub-fund’s negative performance after its inception in April 2010 can be attributed to the long positions in equity
index futures and the short positions in bond futures that contributed negatively to performance in the first weeks of May
2010. In May and June, performance recovered slightly, mainly because of long positions in bond futures, but this
recovery was not strong enough to recoup the losses made in the first weeks of May.
Luxembourg, 21 October 2010
The Board of Directors
Note: The information given in this report is historical and is not necessarily indicative of future performance.
Financial statements
Robeco Capital
16,969,717 10,720,853
534,008
364,439
7,189
3,785
59
461
13,135
8,988
24,651
9,980
140
61
7,528
1,223
6,553
19,538
4
28
34,711
57,974
mortgage-backed securities 6
2,880
4,772
15,487
2,636
299
137
10,838
4,513
233
26,170
18,161
193
403
45,827
71,866
2,330
8,313
9,163
3,993
–
–
38.51
30.89
101.67
82.02
121.95
95.34
74.72
68.19
–
–
–
–
–
–
–
–
–
–
The accompanying notes set out on pages 54 to 102 inclusive form an integral part of the financial statements set out on page 25 to 49.
Statement of net assets In EUR x thousand
Robeco
Robeco
Robeco
Robeco
887,295
407,829
2,821,916
1,375,743
10,721
4,809
5,479
3,990
54,890
8,202
1,080
312
5,942
7,421
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
142.51
96.66
133.85
92.88
113.97
79.31
80.86
84.36
97.87
66.55
99.38
67.33
231.56
159.91
115.56
79.91
83.36
86.39
–
–
–
–
82.51 1
64.21 1
123.14 1
97.93 1
–
–
–
–
–
–
–
–
–
1 This class of shares is denominated in US-dollars (USD). The reference curreny of the sub-fund is the euro (EUR).
Robeco
Robeco
Robeco
Robeco
Asia-Pacific
European
European
619,147
372,436
403,542
421,814
23,451
27,126
45,842
23,515
46,792
21,975
14,414
12,251
169
715
482
505
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,228
110
58
349
5
17
398
11
1,215
62
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
78.23
60.04
28.47
23.76
61.38
50.27
92.11
77.80
–
–
96.60
1
–
–
–
–
–
–
–
Robeco
Robeco
Robeco
Robeco
136,870
117,486
4,974
4,009
3,237,622
788,812
4,413
2,219
650
485
75,470
25,591
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
67.99
55.92
75.05
60.64
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1 In USD x thousand.
2 This class of shares is denominated in euro (EUR). The reference curreny of the sub-fund is the US-dollars (USD).
3 This class of shares is denominated in British pound (GBP). The reference curreny of the sub-fund is the US-dollars (USD).
Robeco
515,765
375,922
3,547
2,972
209,514
15,209
5,829
250
262
8,335
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
52.40
41.98
–
–
–
–
115.65
–
–
–
–
–
–
103.34 3
94.76 3
89.98 3
–
–
–
2 This class of shares is denominated in euro (EUR). The reference curreny of the sub-fund is the US-dollars (USD).
Robeco Robeco
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Robeco
Robeco
Robeco
Robeco
Property
232,859
68,674
222,199
47,634
4,255
352
11,029
233
247
21
20
15
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
161
45
47
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
12.46
81.24
57.06
64.46
42.82
80.55
56.19
–
–
70.88
75.43
63.93
Robeco
Robeco
–
–
–
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
– – –
–
–
–
–
–
–
– – –
–
–
–
–
–
–
–
–
–
–
– – –
Robeco
Robeco
491,151
495,172
1,729,543
927,607
696,765
14,581
28,008
127,325
51,117
17,781
2,259
2,521
11,921
2,867
909
53
754
248
–
–
–
–
–
– – –
144
151
32,386
53,549
–
–
–
–
–
–
– – –
3,649
30
1,720
195
1,790
390
2,402
532
–
–
–
–
–
–
–
–
–
–
– – –
–
–
–
–
–
– – –
94.92
93.40
22.41
72.52
68.77
85.47
67.81
112.53
101.85 – –
93.24
88.42
102.11
81.00
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
– 102.23 1 –
Robeco
Robeco
Robeco
Robeco
111,850
56,938
705,962
746,434
723,598
737,437
424,388
310,400
12,633
10,362
10,940
10,332
14,597
7,929
3,478
10,174
15
–
–
–
–
–
–
421
–
–
–
–
–
–
–
–
33
–
–
–
–
–
–
1,551
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
100.60
102.29
113.49
105.98
118.26
112.08
103.11
87.59
–
–
101.35
102.51
115.32
107.22
122.52
115.56
106.73
90.29
99.17
–
–
–
–
–
–
–
–
Robeco
Robeco
Robeco
Robeco
1,847,653
1,600,543
40,719
29,337
289,273
318,769
9,317
28,618
96,607
1,461
3,417
2,489
5,056
259
2,847
6
23
17
337
3,912
148
1,442
16,140
–
–
–
–
–
–
–
–
1,282
589
123
1,355
14
23
–
–
–
–
–
–
–
–
2,804
140
38
6,141
1,937
17,221
16,891
–
–
–
–
–
–
–
–
1,996
7,835
283
1,748
1,317
6,365
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
69.76
64.46
123.49
97.67
115.04
105.47
127.20
100.04
116.27
106.23
–
–
Robeco
GTAA
Fund
1,253
19,416
81
111
–
–
–
–
–
–
–
–
55
164
–
–
–
–
–
–
–
–
–
–
89.49
89.62
89.80
–
Statement of operations and changes in net assets In EUR x thousand
Robeco Capital
11,159,024
12,122,231
51,983
78,976
494,560
421,618
1,042
1,318
instruments
57,375
1,546
2,897
670
24
1
346,208
346,266
215
574
investments and other financial instruments
2,022,032 –1,854,077
2,368,240
–1,507,811
10,299
–19,232
17,660,926
11,159,024
55,179
51,983
40,637
22,714
Statement of operations and changes in net assets
In EUR x thousand
88,712
2,166
1,113
18,870
13,945
50,129
46,315
instruments
2
9
48
127
122
456
24
9
296
93
948
378
6
3
1,061
165
6,653
8,818
17,263
27,387
74
77
22,592
4,754
224,766
–92,281
697,887
–528,755
2,946
–1,044
23,653
4,919
231,419
–83,463
715,150
–501,368
3,020
–967
178,602
88,712
892,417
416,499
2,894,103
1,392,606
11,667
5,137
1 Figures presented on a global gross basis (comparative figure on a net basis) .
In EUR x thousand
–
–
instruments
–
–
–
–
–
–
6,205
7,391
660,497
394,067
419,780
439,170
1 Figures presented on a global gross basis (comparative figure on a net basis).
In EUR x thousand
27,878
120,328
24,051
9,437
119,851
164,235
4,503
10,215
637
1,063
1,382
817
3,356
2,732
instruments
20
262
622
876
672
802
1,218
68
129
4,573
–44,245
5,007
–1,542
28,131
–36,927
1,066
–3,125
4,835
–43,623
5,883
–870
28,933
–35,709
1,134
–2,996
23,794
27,878
46,150
24,051
142,663
119,851
5,579
4,503
In EUR x thousand
811,365
415,951
27,898
9,550
instruments
19
79
589
79
–3,967
4,060
–150,521
–71,598
–154,488
–67,538
3,311,623
811,365
–
–
2 The reference currency of this sub-fund has been changes from euro (EUR) into US-dollars (USD), effective 1 July 2009.
In EUR x thousand
385,356
239,999
3,227
4,305
11,190
7,505
176
183
380
instruments
49
16
57
3
6
4
2,606
4,088
95
114
28
103,728
30,930
286
–1,037
–18,073
106,334
35,018
381
–923
–18,045
537,184
385,356
3,726
3,227
213,944
125,619
122,615
In EUR x thousand
95,138
153,462
168,458
204,892
134,024
199,366
38,320
48,745
304
2,375
4,377
4,188
495
1,225
656
2,502
instruments
12
8
1
5
18
44
5
11
36
2
33
9
41
5
31
3
–173
1,777
2,960
2,268
121
531
449
1,808
9,897
–21,374
37,929
–43,395
15,446
–38,055
1,802
–13,947
9,724
–19,597
40,889
–41,127
15,567
–37,524
2,251
–12,139
–
38,320
In EUR x thousand
69,488
79,222
47,709
52,872
66,505
109,752
208,936
290,416
4,123
2,381
instruments
9
1
43
2
6
2,037
1,683
480
399
180
1,493
3,611
3,697
40,458
–20,530
79,439
–4,198
11,721
–21,803
36,499
–114,567
42,495
–18,847
79,919
–3,799
11,901
–20,310
40,110
–110,870
241,791
69,488
235,701
47,709
66,505
275,869
208,936
In EUR x thousand
41,895
87,283
16,661
30,773
35,589
178
905
42
606
1,604
242
2,187
333
instruments
1
3
23
1
132
768
42
618
196
112
966
232
7,467
–41,649
446
–8,997
12,449
2,746
12,503
259
7,599
–40,881
488
–8,379
12,645
2,858
13,469
491
–
16,661
158,984
35,589
178,496
35,608
In EUR x thousand
526,864
598,668
1,003,873
746,159
244,115
19,955 1
instruments
60
1
259
2
2
14,623
15,005
106,240
59,912
22,647
1,408
676
17,019
2,874
278,753
–55,443
23,669
3,824
389
31,642
17,879
384,993
4,469
46,316
5,232
1065
506,593
526,864
1,878,757
1,003,873
735,545
244,115
26,115
–
In EUR x thousand
61,314
399 1
instruments
–
–
1,055
126
28,259
34,298
27,854
30,936
16,892
21,247
–2,785
111
29,689
24,227
14,674
53,566
38,334
–54,923
–1,730
237
57,948
58,525
42,528
84,502
55,226
–33,676
123,303
61,314
735,328
769,489
752,189
760,353
442,742
327,404
In EUR x thousand
–
–
instruments
–
–
–
–
–
–
–
–
In EUR x thousand
329,764
463,781
8,458 1
instruments
–
5,664
13,115
15,329
–48,950
20,993
–35,835
294,534
329,764
–
Number of shares outstanding
Class of shares
Shares subscribed
Shares redeemed
period
1,166,936
409,424
563,812
1,012,548
312,462
214,336
86,404
440,394
1,007
216,877
12,928
204,956
2,594,812
3,273,604
1,778,423
4,089,993
12,384,784
7,588,998
4,951,342
15,022,440
14,388
105,808
74,473
45,723
34,357
96,177
105,344
25,190
4,028,259
2,154,782
8,436,934
2,990,992
7,076,457
14,398,865
446,651
247,526
306,539
387,638
309,799
429,358
133,977
605,180
1,255,477
1,300,616
2,098,156
Class of shares
Shares subscribed
Shares redeemed
period
23,176
64,450
64,657
22,969
–
16,273,823
1,488,184
17,762,007
8,347,425
7,316,285
6,744,307
8,919,403
7,927
3,715
54,213
–
1,418,672
1,164,767
777,093
1,806,346
983,523
582,859
1,566,382
2,807,152
1,910,725
2,786,305
1,931,572
1,686,055
736,063
2,422,118
907,221
131,811
1,039,032
Class of shares
Shares subscribed
Shares redeemed
period
–
257,810
2,784,628
1,321,301
1,721,137
584,308
223,650
807,958
1,070,929
853,635
847,889
1,076,675
36,227
14,984
51,211
1,900
517
2,417
7,585
898,015
444,606
460,994
28,501
441,575
65,823
404,253
5,083,132
1,919,494
2,142,043
4,860,583
–
1,649,831
3,752,396
572,725
4,829,502
Class of shares
Shares subscribed
Shares redeemed
period
250,000
501
96,491
38,283
58,709
–
209,452
991,170
939,660
260,962
449,392
2,342,904
2,181,529
610,767
475,586
429,548
536,403
368,731
1,446
75,367
72,992
3,821
17,193,181
1,346,669
15,846,512
–
–
Notes to the financial statements
1 General Robeco Capital Growth Funds (the ‘Company’), was incorporated on 2 May 1997 for an undetermined period of time as
an open ended investment company based in Luxembourg, issuing and redeeming its shares on demand at prices based
on the respective Net Asset Values. Its Articles of Incorporation were published in the ‘Mémorial, Recueil des Sociétés et
Associations’, of the Grand Duchy of Luxembourg (the’Mémorial’) on 6 June 1997. The Articles of Incorporation were last
amended on 15 April 2010 and such amendments were published on 14 May 2010 in the Mémorial. Robeco Capital
Growth Funds is a ‘Société d’Investissement à Capital Variable’ (SICAV) pursuant to the law of 10 August 1915, on
commercial companies and to part I of the law of 20 December 2002 on undertakings for collective investment of the
Grand Duchy of Luxembourg. The Company takes the form of an umbrella fund. It is made up of several sub-funds each
representing an investment portfolio and other assets and liabilities corresponding to a different investment policy. Each
sub-fund is therefore represented by different types of shares with one or more classes of shares. The Board of Directors
has authority to issue different categories of shares within each of the sub-funds. The Directors of the Company may at
any time establish new sub-funds and/or may decide upon the issue of class 0D, 10D, 20D, 30D, 40D, D, DH, DHI, DHHI,
DHL, DL, 0F, 10F, 20F, 30F, 40F, F, FH, FHI, FHHI, FL, 0I, 10I, 20I, 30I, 40I, I, IH, IHI, IHHI, IHL, IL, J, M, MH and Z
shares (capital growth) and class B, BH, BHI, BHHI, C, CH, CHI, CHHI, G, GH, GHI, 0E, E, EH, EHI, 0IE, IE, IEH, and ZB
shares (distribution) in existing or new sub-funds. The reference currency of the classes of shares may be the euro (EUR),
the US dollar (USD), the Swiss franc (CHF), the Japanese yen (JPY), the British pound (GBP) or the Swedish crown (SEK).
Only the shares mentioned in the paragraph ‘Share Capital’ are active at the reporting date.
Legal entity
The Company as a whole constitutes a single legal entity but the assets of any one sub-fund will only be available to satisfy
the rights of investors in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with
the creation, operation or liquidation of the sub-fund.
For the

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