robeco quant developed markets equities fund · principles for determining the result 20 notes to...

Robeco Quant Developed Markets Equities Fund (Formerly Robeco Institutional Global Enhanced Index Fund)

Fund for joint account

Annual report 2015

Robeco Quant Developed Markets Equities Fund 2

Contents

General Information 4

Key figures 5

Report by the board 6

General introduction 6

Investment policy 7

Investment results 7

Executive remuneration 8

Risk management 8

Movements in net assets 8

Sustainability investing 9

Statement of operational management 10

Fund Governance 10

Annual financial statements 12

Balance sheet 12

Profit and loss account 13

Cash flow statement 13

Notes 14

General 14

Risk management 14

Accounting principles 19

Principles for determining the result 20

Notes to the balance sheet 21

Notes to the profit and loss account 24

Currency table 27

List of securities 28

Other information 34

Directors’ interests 34

Independent auditor's statement 35


Robeco Quant Developed Markets Equities Fund (Formerly Robeco Institutional Global Enhanced Index Fund)

(a fund for joint account in the sense of the Dutch Corporate Income Tax Act 1969, with its registered office at the

offices of the fund manager in Rotterdam, the Netherlands)

Contact details

Dave H. Cross (company secretary) (up to 1 October 2015)

Stefan Gordijn (company secretary) (from 1 October 2015)

Coolsingel 120 (with effect from May 2016: Weena 850)

Postbus 973

NL-3000 AZ Rotterdam

Tel. +31 - 10 - 224 1 224

Fax +31 - 10 - 411 5 288

Internet: www.robeco.com

Manager

Robeco Institutional Asset Management B.V. (“RIAM”)

Management Board members:

Leni M.T. Boeren

Hester W.D.G. Borrie

Hans A.A. Rademaker

Roland Toppen (from 7 March 2016)

Custodian

Citibank Europe plc

Schiphol Boulevard 257

1118 BH Schiphol

Fund manager

Michael Strating

Independent auditor

KPMG Accountants N.V.

Laan van Langerhuize 1

NL-1186 DS Amstelveen


General Information

Legal and fiscal aspects Robeco Quant Developed Markets Equities Fund (the “fund”) is an open fund for joint account in the sense of the Dutch

Corporate Income Tax Act 1969. The fund is formed from the fund assets that are pooled from deposits made by

participants, entitling them to a participation in the fund assets. On the basis of Section 28 of the Dutch Corporation Tax Act,

the fund has the status of a fiscal investment company. This means that no corporation tax is due, providing that, after

deducting 15% in Dutch dividend tax, the fund makes its profit available for distribution to participants in the form of

dividend within eight months of the close of the financial year and satisfies any other relevant regulations.

Order settlement changed to T+2 As of 14 April 2015, the settlement of sell orders in the fund has been changed from three to two trading days. A

settlement of one trading day applies for buy orders.

Amendment of the terms and conditions for management and custody The terms and conditions for management and custody were amended on 3 August 2015 at the proposal of the

manager and with the consent of the participants. The amendments concerned, among others, that the fund was

opened for non-professional investors as of that date and the name of the fund was changed into Robeco Quant

Developed Markets Equities Fund.

Amendment of issuance and repurchase of participating units The fund has an open-end character. Barring special circumstances, this means that the fund issues and repurchases

participating units on a daily basis. Participating units were issued and repurchased up to 3 August 2015 at the net

asset value of a participating unit. Entry or exit costs are charged to the participant separately and credited to the result

of the fund. As from 3 August 2015, the fund issues and repurchases participating units at the net asset value with a

limited surcharge or discount. The only purpose of this surcharge or discount is to cover the costs made by the fund

related to the entry and exit of investors. The maximum current surcharge or discount is 0.35%. Surcharges and

discounts will be offset directly against the fund's assets. Issuance and repurchase of participating units is only possible

by the fund itself.

Change in custodian

The custodian, Citibank International Limited, has merged with Citibank Europe PLC, therefore, as per 1 January 2016,

Citibank Europe PLC will replace Citibank International Ltd as the custodian. The registered office of Citibank Europe PLC

is in Ireland, where it is registered with the Companies Registration Office in Ireland under number 132781, and

possesses a banking license for that country. The custodian performs its duties from the Netherlands-based branch

office located at 257, Schiphol Boulevard, 1118 BH, Schiphol, the Netherlands.

Key Investor Information and prospectus

A prospectus and Key-Investor-Information document are available for Robeco Quant Developed Markets Equities Fund,

with information on the fund, the costs and the risks. Both documents can be obtained free of charge from the fund's

offices and via www.robeco.com.


Key figures

Overview 2011-2015

2015

2014

2013

2012

2011

Average

Performance in % based on:

- Net asset value 1

11.8

20.7

24.5

13.7

–1.7

13.4

- MSCI World Index Net Total Return 2

10.4

19.5

21.2

14.0

–2.4

12.2

Dividend 3

2.67

1.38

0.96

1.19

1.26

Total net assets 4

212

281

164

99

83

1 Any dividend payments that are distributed in any year are assumed to have been reinvested in the fund.

2 Currencies have been converted at rates supplied by World Market Reuters.

3 For 2015 this is the proposal for the final dividend for 2015, based on the number of participating units outstanding at the end of 2015. Further information on the proposed dividend can be found in the section Proposed profit appropriation on page 27. The dividend for the preceding years is the actual dividend distributed per participating unit. The dividend relates to the reporting year mentioned and is distributed in the following year.

4 In millions of euros.


Report by the board

General introduction

Economy

In 2015 the global economy was characterized by slow economic growth. Global GDP growth of just 2.6% meant that

the economic recovery in 2015 was not convincing. Although the United States, with the Eurozone in its wake,

managed to continue on its path of improved economic activity, there was a sharp decline in the pace of growth in

emerging markets. The widely anticipated first US rate hike in nine years became a reality thanks to a solid recovery in

the labor market. The strong dollar, slower growth in China, low commodity prices and weakening global economy

characterized the macroeconomic climate.

There was a clear acceleration in economic activity in the Eurozone in 2015. Business and consumer confidence picked

up gradually, aided by low oil prices, an improvement in international competitiveness and an improvement in real

purchasing power. The relaxed monetary policy of the ECB, which initiated a bond-buying program worth EUR 60 billion

a month in January, contributed to this by causing a sharp depreciation of the euro. The sustained decline in the price

of oil (and other commodities) strengthened the disinflationary trend in the Eurozone and forced the ECB to take this

unconventional step. The ECB also lowered its deposit rate in the course of the year to –0.30% for commercial bank

deposits. And the EU rules on budget deficit levels were stretched in response to the refugee crisis and terrorism.

Reforms on the supply side of the economy remained relatively limited, despite evidence of favorable developments in

the periphery.

The strong recovery of the US labor market gave the Fed the opportunity to return to conventional monetary policy,

with an initial rate hike of +0.25%. The strong dollar had prevented an earlier rate hike. Increasing house prices,

moderate wage growth and higher real purchasing power caused by lower fuel prices boosted consumer spending.

Continuing low inflation and hidden unemployment means that only a moderate tightening of monetary policy is

possible for the time being. The energy sector in the US suffered from the strong decline in oil prices that continued the

downward trend that started in 2014.

The rate of economic growth in Japan remained stuck at 0.48%. Japanese Prime Minister Shinzo Abe's economic-

reform program has not yet succeeded in bolstering the propensity to invest and pushing up wages for workers.

Nevertheless core inflation picked up and the weaker yen has vastly improved the profitability of Japanese companies.

Better-than-expected tax income contributed to the health of the government's finances, but its high debt ratio was still

a challenge. The reform program also relied fairly exclusively on quantitative easing by the Japanese central bank.

With GDP growth of 6.9%, the Chinese economy only just met policymakers' 7% target. The policy of the Chinese

policymakers was far from transparent, with an unexpected devaluation of the renminbi that caused unrest on the

global financial markets in August. Chinese policymakers attempted to strike a delicate balance between a controlled

dampening down of the overheated sectors and the introduction of a relatively high 6.5% target for the years ahead. A

tough stand on corruption brought a halt to excessive lending and also led to less demand for commodities, while also

causing investment levels to shrink. The authorities tried to prevent a sharp decline in growth and had more than

enough buffers in place to absorb the fallout from bankruptcies.

Movements in the commodities markets once again played a pivotal role in global economic developments. The

strategy of OPEC to win market share to the detriment of producers with higher production costs added to the supply

surplus in the oil market in 2015. Oil producers in the US proved resilient due to an unexpectedly sharp reduction in the

production costs, which helped keep oil production stable. The disappointing demand for oil caused by the slowdown in

growth in China and other emerging markets put further pressure on prices. At the end of 2015 a barrel of oil cost 37

US dollars. There was a clear wealth shift from oil-producing countries to net-oil importers.

Outlook for the equity markets

2015 was marked by a return of volatility to the global equity markets, with a total return of 8.8% for the MSCI World

All Countries Index in euro terms, close to the historical average returns for equity markets. The main contributors to

this performance were the developed equity markets and in particular an appreciation of the US dollar relative to the


euro. As in previous years, emerging markets lagged developed markets with an absolute return of –5.2% in euro

terms.

From a multi-asset perspective, the outlook for equities remains favorable. Nonetheless we expect below-average

returns for this asset class in 2016. After years of double-digit returns, equities find themselves in the late phase of a

long-term rally and investors will need to exercise greater caution now that price-earnings ratios have risen to higher

levels. Differences in monetary policy, below-average economic growth and a further fall from historically high profit

margins in the US are all factors that could put the brakes on further price increases. Although stock-price gains are

likely to contribute less to overall equity returns, we expect global corporate earnings to continue to grow, with the best

potential in the Eurozone, with expected earnings growth of around 10%. A lower interest burden, as yet moderate

wage growth, increased bank lending, low energy prices, less fiscally restrictive governments and a relatively favorable

exchange rate will all contribute to this.

Investment policy Introduction

The fund’s investment policy is aimed at realizing optimal returns with a low risk in relation to the benchmark by

investing globally.

Investment objective

Robeco Quant Developed Markets Equities Fund Based on a quantitative stock selection strategy with a low tracking error, the

fund invests in stocks issued by companies in developed countries in the regions North America, Europe, and the Pacific region, or

whose principal activities take place there. The underweighting or overweighting in countries and sectors is limited to a

maximum of 5% relative to the benchmark at the time of rebalancing. Under normal circumstances, rebalancing of the

portfolio takes place once every six weeks. The fund will have no more than 10% exposure to the same issuing

institution. The total exposure to the issuing institutions in which the fund invests more than 5%, does not exceed more

than 40% of the fund's assets.

Implementation of the investment policy

Enhanced indexing is a form of active asset management. This form of investing is based on an investment index as the

starting point and the fund taking a limited number of active positions in the portfolio relative to this index. The

investment team makes use of an in-house developed quantitative stock selection model, of which Sustainability

Investing forms part of the group of value-oriented variables. As a result, the stocks of companies with a good

sustainability score have a higher probability of being added to the portfolio than stocks of companies with a poor

sustainability score. The quantitative researchers and the portfolio managers are constantly working on the evaluation

and improvement of this stock-selection model.

Investment results

Net returns per participating unit 1

EUR x 1

2015 2014

2013

2012

2011

Investment income 2

2.46

1.85

1.58

1.72

1.53

Changes in value

11.51

14.44

14.11

6.09

–2.15

Management and other costs

–0.33

–0.42

–0.43

–0.39

–0.36

Net result

13.64

15.87

15.26

7.42

–0.98

1 Based on the average amount of participating units outstanding during the reporting year. The average number of participating units is calculated on a daily basis. 2 This also includes cancellation and placement fees up to 3 August 2015.

The net asset value of a participating unit in Robeco Quant Developed Markets Equity Fund rose from EUR 89.58 to EUR

98.76 in 2015. Taking into account dividend distributed in 2015 of EUR 1.37 per participating unit, this amounted to

an investment result of 11.8%. The fund’s benchmark, the MSCI World Index Net Total Return, unhedged, rose 10.4%

over the same period. The fund's performance relative to the benchmark over the reporting period amounted to 1.7%

(based on the net asset value and before deduction of the management fee). This was a very good result in view of the

fund's low ex-ante tracking error.


The relative result decreased gradually during the year. The stock-selection model consisted of both value-related

variables and momentum-related variables. The group of value-related variables performed positively in 2015. The

group of momentum-related variables performed very positively in 2015. With regard to the regions, the stock-

selection model performed very well in all regions: North America, Europe and Pacific. With regard to sectors, the stock-

selection model mainly performed well in the sectors energy, consumer goods, information technology and capital

goods. The performance of the stock-selection model in the sectors utilities, telecommunication services and materials

was disappointing.

Return and risk

The objective of enhanced indexing is to achieve a better return than the benchmark in combination with a limited

active risk. Diversification is extremely important to keep the active risk low. This means that a small overweight or

underweight position in comparison to the benchmark weighting must be taken in a large number of stocks. The use of

a quantitative stock-selection model as an investment engine is highly compatible with this objective. Firstly, a

quantitative model is able to detect inefficiencies in stock prices simultaneously and quickly for a very large number of

stocks. The application of a quantitative model results in a ranking of all stocks in the investment universe. The most

attractive names in terms of quantitative factors end up at the top of what is termed the quantitative-ranking scale,

while the least attractive end up at the bottom. Empirical research has shown that the average return on stocks at the

top of the quantitative ranking scale is significantly better than the average return on stocks at the bottom. The use of

Quantitative Ranking in the investment process generates the highest added value if the model is implemented

broadly. This ‘law of large numbers’ is another reason for the good match between enhanced indexing and

quantitative stock-selection models.

Currency policy

The fund invests in shares issued in different currencies of developed countries (including USD, EUR and GBP). Currency

risk is not hedged as standard.

Executive remuneration

A description of the remuneration policy for fund executives can be found in the information on remuneration policy on

page 26.

Risk management

A description of risk management regarding financial instruments can be found in the information on the annual

financial statements on pages 14 through 19.

Movements in net assets

During the reporting period, the assets of Robeco Quant Developed Markets Equities Fund decreased by EUR 70 million

to EUR 212 million. This decline can be explained by the following items. On balance, participating units were

repurchased for an amount of EUR 100 million. Adding the net result increased these assets by EUR 34 million. EUR 4

million was distributed in dividend.

Survey of movements in net assets

EUR x thousand

2015 2014

Assets at opening date

281,432

164,371

Participating units issued

51,583

104,314

Participating units purchased

–151,713

–26,790

Situation on closing date

181,302

241,895

Direct investment income

6,280

4,844

Costs

–817

–1,104

Indirect investment income

28,777

37,749

Net result

34,240

41,489

Dividend payments

–3,730

–1,952

Assets at closing date

211,812

281,432


Sustainability investing The sustainability investing carried out by funds at Robeco is implemented with minimum restrictions to the investment

universe, and consists of a combination of effective measures:

• exercising voting rights

• engagement

• exclusions

• integration of ESG factors1 into the investment processes.

Exercising voting rights

The manager aims to exercise voting rights on shares held by the fund throughout the world. The manager is convinced

that effective corporate governance will be beneficial to shareholder value in the longer term. The manager's

corporate-governance policy is based on the internationally accepted principles of the International Corporate

Governance Network (ICGN). The manager is of the opinion that local legislation and codes for corporate governance,

such as the Corporate Governance Code in the Netherlands, should be guiding principles for corporate-governance

practice and voting behavior. This approach is in line with the ICGN Global Corporate Governance Principles.

The ICGN Global Corporate Governance Principles are guidelines for shareholders and listed companies on different

corporate governance topics such as the composition of the board of listed companies, independent supervision of the

day-to-day management, an effective remuneration policy, rights for shareholders and the company's management

board. The aim of Robeco's voting policy is to improve the corporate governance of its investments. Common agenda

items at shareholder meetings concern the appointment of new management or supervisory board members, approval

for share issues and the approval of remuneration policy.

Some proposals such as those made by shareholders or about mergers and takeovers can differ greatly in form and

content. The way in which Robeco votes on such agenda items is different for each specific proposal. International basic

principles from the Principles for Responsible Investing and the International Corporate Governance Network for

example, also offer support for such specific analyses. The manager puts the wider interests of the investors first.

In 2015, the manager voted at 1,049 meetings on behalf of (Dutch) funds managed by RIAM. In 60% of these

meetings the manager's vote was different from the company board's proposal on at least one agenda item.

Engagement

Engagement is the active use of the rights of investors to influence how companies are managed. Robeco enters into

an active dialog with companies on corporate social responsibility and CSR policies. In our opinion this will increase

shareholder value for the investors in the longer term. We use an integral approach, which combines the expertise of

our investment analysts, our sustainability investing research analysts and our engagement specialists. By using

financially material information as the basis for our talks, we strive to ensure that our dialogue introduces added value

and improves the risk/return profile of the company's stock. This enables us to generate value for both the investors

and the company.

Robeco uses two forms of engagement that differ in approach: The first is 'value engagement', which is aimed at

improving the sustainability profile of companies and thus also the quality of investments in those companies. Different

sustainability themes are discussed with companies based on the conviction that opportunities can be better used and

risks better mitigated by companies that pursue a sound sustainability policy. In 2015, constructive dialogs were

initiated on behalf of the RIAM-managed funds with listed companies on topics such as environmental challenges for

European electricity companies, ESG risks and opportunities in the biopharmaceutical industry and corporate

governance in Japan.

The second form of engagement is 'enhanced engagement', which focuses on companies that breach the UN Global

Compact. The UN Global Compact defines several universal principles with which organizations must comply. These

principles are of a general nature and focus on respecting human rights, good working conditions, combating

corruption and exercising due care for the environment. If a company structurally breaches one or more of these

1 ESG stands for Environmental, Social and Governance.


principles, Robeco starts a dialogue with it. If after three years' of dialogue, a company makes insufficient progress in

eliminating or mitigating the breach, Robeco may decide to exclude the company from its investment universe.

Exclusions

Robeco's exclusion policy is based on three main exclusion criteria. Firstly, it excludes companies that are involved in

the production of controversial weapons or essential components for such weapons, or that derive income from the

sale or transport of these weapons. We base our policy of not investing in such companies on a legislative amendment

in the Netherlands governing investments in cluster-munition companies effective since 1 January 2013. Secondly,

there is a policy for excluding countries. Robeco considers any country that systematically violates the human rights of

its citizens to be controversial. These exclusions relate to investment-related sanctions that are imposed by the UN, US

or EU. Thirdly, an unsuccessful dialogue may in time lead to a company's exclusion from the investment universe. Such

a dialogue with a company concerns serious and systematic violations of widely accepted international directives on

good corporate governance. Robeco focuses in particular on the United Nations Global Compact. Robeco Group’s

Management Board has the final authority to exclude companies and countries. Robeco Institutional Asset

Management B.V. will apply this exclusion list in its capacity as manager. The exclusion list can be found on the Robeco

website.

Integration of ESG factors in investment processes

The stock-selection model has contained a governance variable since the fund’s inception in 2004. In 2010, ESG factors

were further integrated into the investment strategy. A variable was added in 2010 of which the data is supplied by

RobecoSam in Switzerland, a subsidiary of the Robeco Group. These sustainability scores take into account factors

relating to environment, society and governance (ESG). The RobecoSAM scores have been integrated in the portfolio

process since December 2015. The portfolio construction algorithm ensures that the portfolio's overall sustainability

score, after rebalancing, is higher than or equal to the benchmark's overall sustainability score. As a result, a stock that

scores well on environment, society and governance factors has a higher probability of being included in the portfolio.

Companies that score poorly are less likely to be included in the portfolio.

XXXx Statement of operational management Robeco Institutional Asset Management B.V. has a statement of operational management, which meets the

requirements of the Dutch Financial Supervision Act [Wet op het financieel toezicht, or 'Wft'] and the Dutch Market

Conduct Supervision of Financial Enterprises Decree [Besluit Gedragstoezicht financiële ondernemingen, or ‘BGfo’].

Activities

During the past financial year we evaluated different aspects of corporate governance with the aid of a model with

three ‘lines of defense’ as described in the section on Risk Management on page 14. In our assessment we noted

nothing that would lead us to conclude that the description of the structural aspects of operational management within

the meaning of article 121 of the BGfo failed to meet the requirements as specified in the Wft and related regulations.

On the basis of this we, as directors of Robeco Institutional Asset Management B.V., declare that we possess a

statement of operational management as defined in article 121 van het BGfo that meets the requirements of the BGfo.

Report on operational management

In our assessment we noted nothing that would lead us to conclude that operational management does not function as

described in this statement. We therefore declare with reasonable assurance that operational management has been

effective and has functioned as described throughout the reporting year.

Fund Governance

Robeco has its own Principles on Fund Governance. These principles largely correspond to the principles of the Dutch

Fund and Asset Management Association (DUFAS). The objective of the Principles is to give more detailed guidelines for

the organizational structure and working methods of fund managers or independent investment companies and to

provide guarantees for integrity in the fund's activities and ensure the careful provision of services. Group Compliance is

the Robeco department that ensures that the Principles are constantly monitored. Once every three years Robeco's

Group Internal Audit carries out an audit of the fund Governance as structured and implemented at Robeco, and of its

compliance with the DUFAS Principles on Fund Governance. The last audit was in July 2014. This text can be found on

the Robeco website.


In addition, one of the committees of the Robeco Group N.V. Supervisory Board (the Investment Committee) focuses

particularly on the funds managed by the Robeco Group as a whole. The meetings were attended by the members of

the Management Board of Robeco Group N.V., the board of RIAM and representatives from the investment

departments. The product range, the profitability of the products, the investment policy pursued and the fund

performance were all discussed. During these discussions, comparisons were also made between the actual

performance and the set performance targets and ratings, such as those of Morningstar.

The Audit & Risk Committee of the Robeco Group N.V. Supervisory Board discusses issues relating to compliance and

risk management, in the presence of members of the Robeco Group N.V. Management Board, the heads of Group

Internal Audit, Group Compliance and Group Risk Management and representatives from the independent auditor. In

these meetings various elements are covered including reported incidents and the measures taken to handle these,

and Group Compliance reports on active and passive breaches relating to investment guidelines if these have occurred.

Both committees are made up of seven members, six of whom are independent (from the shareholders). This ensures

that developments relating to Robeco Group funds are brought to the attention of the Supervisory Board that is

responsible for the supervision of the Robeco Group.

Rotterdam, 6 April 2016

The Management Board


Annual financial statements

Balance sheet Before profit appropriation, EUR x thousand

31/12/2015 31/12/2014

ASSETS

Investments

Financial investments

Equities 1 209,777 270,432

Derivatives 2 98 405

Total investments 209,875 270,837

Accounts receivable

Dividends receivable 3 231 345

Receivables on securities transactions

121 785

Amounts owed by affiliated parties 4 3 9

Other receivables 5 738 121

1,093 1,260

Other assets

Cash and cash equivalents 6 1,105 9,608

LIABILITIES

Investments

Derivatives 2 93 67

Accounts payable

Payable to credit institutions 7 – 1

Payable to affiliated parties 8 157 199

Other liabilities 9 11 6

168 206

Accounts receivable and other assets less accounts payable 2,030 10,662

Fund assets 10.11 211,812

281,432

Composition of the fund assets

Participant's capital 10

105,456

205,586

General reserve 10

72,116

34,357

Undistributed earnings 10

34,240

41,489

211,812

281,432

The numbers of the items in the financial statements refer to the numbers in the Notes.


Profit and loss account EUR x thousand 2015 2014

Income

Dividends 12

6,108

4,660

Interest 13

–9

–3

Unrealized profits on investments 1,2

21,200

72,715

Unrealized losses on investments 1,2

–39,428

–48,134

Realized profits on investments 1,2

62,132

20,865

Realized losses on investments 1,2

–15,127

–7,697

Cancellation and placement fees 139

158

Other income 14

42

29

35,057

42,593

Costs

Management costs 15

744

1,068

Other costs 17

73

36

817

1,104

Net result

34,240

41,489

Cash flow statement Indirect method, EUR x thousand 2015 2014

Cash flow from investment activities

Net result

34,240

41,489

Unrealized changes in value

18,228

–24,581

Realized changes in value 1,2 –47,005

–13,168

Purchase of investments 1,2 –141,813

–157,467

Sale of investments 1,2 231,942

87,740

Increase (–)/decrease (+) accounts receivable 3,4,5 772

–690

Increase (+)/decrease (–) accounts payable 8,9 –37

–49

96,327

–66,726

Cash flow from financing activities

Received from placement of participating units

51,583

104,314

Paid for repurchase of participating units

–151,713

–26,790

Dividend payments –3,730

–1,952

Increase (–)/decrease (+) accounts receivable

–605

–

Increase (+)/decrease (–) accounts payable 9 –

–15

–104,465

75,557

Net cash flow –8,143

8,831

Currency and cash revaluation –364

–117

Increase (+)/decrease (–) cash –8,507

8,714

Cash at opening date 6 9,608

951

Accounts payable to credit institutions at opening date 7 –1

–58

Total cash at opening date 9,607

893

Cash at closing date 6 1,105

9,608

Accounts payable to credit institutions at closing date 7 –

–1

Total cash at closing date 1,105

9,607

The numbers of the items in the financial statements refer to the numbers in the Notes.


Notes

General The annual financial statements have been drawn up in conformity with Part 9, Book 2 of the Dutch Civil Code and the

Wft. The fund’s financial year is the same as the calendar year.

Risk management Risks are inherent in asset management. Therefore it is very important to have a procedure for controlling these risks

embedded in the company's day-to-day operations. The manager (RIAM) ensures that risks are properly managed via

the three-lines-of-defense model: RIAM management (first line), Group Compliance and Group Risk Management

departments (second line) and Group Internal Audit department (third line).

Within RIAM, the management is primarily responsible for risk management – as part of its daily activities. The Group

Compliance and Group Risk Management departments develop and maintain policy, methods and systems that enable

management to fulfill its responsibilities in terms of risk control. These departments also monitor whether the

portfolios remain within the investment restrictions set out in the prospectus and whether they meet the internal

regulations. The Risk Management Committee makes decisions on the implementation of the risk management policy

and monitors whether risks remain within the set limits. The Group Internal Audit department carries out audits to

check the effectiveness of internal controls.

RIAM uses a risk-management and control framework that supports the effective control of all types of risk. Within this

framework, risks are periodically identified and assessed as to their significance and materiality. Internal procedures

and measures are focused on providing a structure to control both financial and operational risks. Control measures are

included in the framework for each type of risk. The implementation of procedures and measures within this framework

is actively monitored.

Operational risk

Operational risk is the risk of loss as a result of inadequate or failing processes, people or systems. Robeco constantly

seeks opportunities to simplify processes and reduce complexity in order to mitigate operational risks. Automation is an

important means of achieving this and to this end systems are used that can be regarded as the market standard for

financial institutions.

Compliance risk

Compliance risk is the risk of sanctions, financial loss or reputation damage as a result of non-compliance with internal

and external legislation and regulation applicable to the activities of Robeco. The markets in which Robeco is active are

strictly regulated and are under the supervision of the financial authorities. Robeco's compliance with all applicable

laws and regulations is in our clients’ interest. Robeco has implemented a meticulous process with clear responsibilities

in order to ensure that new legislation and regulations are reported and implemented in a timely fashion.

In 2015 further significant changes could be observed that could affect the Robeco funds.

The European regulation relating to the central settlement of derivatives (EMIR) contains three different types of

obligations for certain forms of derivatives: (1) reporting to the regulators, (2) central settlement via central clearing

institutions, and (3) supplementary requirements for bilateral transactions, such as the periodic reconciliation of

derivative positions and exchange of collateral. The regulation entered into force at the end of 2012 and is taking effect

in stages. The reporting, reconciliation and exchange of collateral obligations have already entered into effect and have

been implemented for the Robeco funds. The central settlement of interest-rate swaps in the currencies GBP, EUR, USD

and JPY will take effect as of 21 June 2016 for Robeco funds. Central settlement for other categories of derivatives is

expected to be introduced at a later stage.

The new European directive for markets in financial instruments (MiFID II) is also significant for the Robeco funds,

particularly in the area of fund distribution and the protection offered to (potential) investors. European distributors of

Robeco funds will in principle no longer be permitted to receive and hold commission based on MiFID II. In addition, it

will be necessary to identify a so-called ‘target market’ for each fund. Moreover, more information will have to be

provided to both retail and institutional clients, for instance on the costs incurred for the fund and its distribution. The

rules contained in MiFID II relating to the infrastructure of the financial markets contain no direct obligations for Robeco

as a fund manager, but are liable to have an indirect impact. This applies for instance to the obligation to trade liquid


derivatives via trading platforms in future. Initially, MiFID II was to enter into effect on 3 January 2017, but on 10

February 2016 the European Commission proposed deferring the date of effect to 3 January 2018.

Developments

RIAM has improved certain aspects of its processes and methods for measuring and controlling financial risks, for

example in the area of market risk and liquidity risk. As regards market risk, a methodology has been developed that

makes it possible to independently monitor the level of active management within the investment funds. RIAM is

therefore better equipped to determine whether, given their positioning, its funds are actually able to outperform the

reference frameworks (such as a benchmark or reference index). There has also been an increased focus on the issue of

liquidity risk within RIAM in the recent period. RIAM has set up a working group that has taken various measures to

ensure that it is effectively prepare for a continuation of the current trend of reduced liquidity in the corporate bond

market.

Investment risk

The value of investments may fluctuate. Past performance is no guarantee of future results. The net asset value of the

fund depends on developments in the financial markets and can therefore either rise or fall. Participants run the risk

that their investments may end up being worth less than the amount they invested or even worth nothing. The general

investment risk can also be characterized as market risk.

Market risk

Market risk can be divided into three types: price risk, currency risk and concentration risk. Market risks are contained

using limits on quantitative risk measures such as tracking error, volatility or value-at-risk. This means that the

underlying risk types (price risk, concentration risk and currency risk) are also indirectly contained.

Price risk

The net asset value of the fund is sensitive to market movements. In addition, investors should be aware of the

possibility that the value of investments may vary as a result of changes in political, economic or market circumstances,

as well as changes in an individual business situation. The entire portfolio is exposed to price risk. The degree of price

risk that the fund runs depends among other things on the risk profile of the fund's portfolio. More detailed

information on the risk profile of the fund's portfolio can be found in the section on 'return and risk' on page 7.

Currency risk

All or part of the securities portfolio of the fund may be invested in currencies, or financial instruments denominated in

currencies other than the euro. As a result, fluctuations in exchange rates may have both a negative and a positive

effect on the investment result of the fund. Currency risks may be hedged with currency forward transactions and

currency options. Currency risks can be limited by applying relative or absolute currency concentration limits.

The portfolio includes positions in forward exchange contracts at balance-sheet date. The table below shows the gross

and net exposure to the various currencies. Further information on the currency policy can be found on page 14.

Currency exposure

In EUR x thousand

Currency Gross position 31/12/2015

Exposure forward exchange contracts per 31/12/2015

Net position 31/12/2015

In % 31/12/2015

In % 31/12/2014

USD 125,680

–1,166

124,514

58.8

58.4

EUR 25,169

335

25,504

12.0

12.7

JPY 20,013

–990

19,023

9.0

8.0

GBP 14,712

746

15,458

7.3

7.8

CHF 8,006

–307

7,699

3.6

3.5

CAD 5,425

1,154

6,579

3.1

4.0

AUD 5,423

–

5,423

2.6

2.9

SEK 2,002

314

2,316

1.1

0.0

HKD 1,996

458

2,454

1.2

1.2

DKK 1,163

94

1,257

0.6

0.6

Other currencies 2,211

–626

1,585

0.7

0.9

Total 211,800

12

211,812

100.0

100.0


Concentration risk

Based on its investment policy, the fund may invest in financial instruments from issuing institutions that (mainly)

operate within the same sector or region, or in the same market. In the case of concentrated investment portfolios,

events within the sectors, regions or markets in which they invest have a more pronounced effect on the fund assets

than in less concentrated investment portfolios. Concentration risks can be limited by applying relative or absolute

country or sector concentration limits.

The portfolio includes positions in stock market index futures at balance-sheet date. The table below shows the

exposure to stock markets through stocks and stock market index futures per country in amounts and as a percentage

of the fund's total equity capital.

Concentration risk by country

Equities

Stock-index

futures Total exposure

In % of net

assets

In % of net assets

31/12/2015

31/12/2015

31/12/2015

31/12/2015 31/12/2014

America (61.5%)

United States 123,741

1,031

124,772

58.9

57.3

Canada 5,399

–

5,399

2.5

4.5

Europe (24.3%)

United Kingdom 14,651

–

14,651

6.9

7.0

France 8,081

–

8,081

3.8

3.7

Switzerland 7,971

–

7,971

3.8

2.7

Germany 6,721

788

7,509

3.5

4.3

The Netherlands 2,381

–

2,381

1.1

1.0

Italy 2,087

–

2,087

1.0

1.1

Sweden 2,000

–

2,000

0.9

1.5

Spain 1,678

–

1,678

0.8

0.7

Finland 1,323

–

1,323

0.6

0.2

Norway 1,260

–

1,260

0.6

1.0

Denmark 1,157

–

1,157

0.5

1.0

Belgium 844

–

844

0.4

0.6

Ireland 322

–

322

0.2

0.1

Austria 277

–

277

0.1

0.0

Asia (11.6%)

Japan 19,974

–

19,974

9.4

8.3

Hong Kong 2,404

–

2,404

1.1

1.1

Israel 1,644

–

1,644

0.8

0.7

Singapore 457

–

457

0.2

0.2

Australia (2.5%)

Australia 5,403

–

5,403

2.6

2.8

New Zealand –

–

–

0.0

0.1

Total 209,777

1,819

211,596

99.7

99.9


The sector concentrations are shown below.

Sector allocation

In % 31/12/2015

31/12/2014

Financials

20.1

19.9

Information technology

14.2

13.1

Consumer discretionary

13.6

12.1

Pharmaceutical and health care

13.5

12.2

Industrials

11.0

10.4

Consumer staples

9.9

9.7

Energy

6.4

7.5

Materials

4.0

5.2

Utilities

3.2

3.1

Telecom services

3.1

3.0

Other assets and liabilities

1.0

3.8

Total

100.0

100.0

Leverage risk

The fund may make use of derivative instruments, techniques or structures. They may be used for hedging risks, and for

achieving investment objectives and ensuring efficient portfolio management. These instruments may be leveraged,

which will increase the fund’s sensitivity to market fluctuations. The risk of derivative instruments, techniques or

structures will always be limited within the conditions of the fund's integral risk management. The degree of leveraged

financing in the fund, measured using the gross method (where 0% exposure indicates no leveraged financing) over

the year, as well as on the balance sheet date, is shown in the table below. The gross method means that the absolute

underlying value of the long positions and the short positions in derivatives are added up and represented as a

percentage of the assets.

Leverage risk

Lowest exposure during the

reporting period

Highest exposure during the

reporting period

Average exposure during the reporting

period

Exposure as at 31/12/2015

3% 26% 7% 10%

Counterparty risk

Counterparty risk is a circumstantial form of risk that is a consequence of the implemented investment policy. It occurs

when a counterparty of the fund fails to fulfill the financial obligations arising from financial transactions with the fund.

This risk is limited as much as possible by taking every possible care in the selection of counterparties. In selecting

counterparties the assessments of independent rating bureaus are taken into account, as are other relevant indicators.

Wherever it is customary in the market, the fund will demand and obtain collateral in order to mitigate counterparty

risk. In the table below a figure that best represents the maximum credit risk is indicated.

Counterparty risk

31/12/2015

31/12/2014

In EUR x thousand

In % of net assets

In EUR x thousand

In % of net assets

Unrealized profit on derivatives

98

0.0

405

0.1

Accounts receivable

1,093

0.5

1,260

0.5

Cash and cash equivalents

1,105

0.5

9,608

3.4

Total

2,296

1.0

11,273

4.0

In the calculation of the total credit risk any collateral received is not taken into account. Counterparty risk is contained

by applying limits on the exposure per counterparty as a percentage of the fund assets. As of the balance sheet date

there were no counterparties with an exposure of more than 5% of the fund's total assets.


Risk of lending financial instruments

In the case of securities-lending transactions, collateral is requested and obtained for those financial instruments that

are lent. In the case of securities-lending transactions, the fund runs a specific type of counterparty risk that the

borrower cannot comply with its obligation to return the financial instruments on the agreed date or to furnish the

requested collateral. The lending policy of the fund is designed to control these risks as much as possible.

The creditworthiness of counterparties in securities-lending transactions is assessed on the basis of how independent

rating agencies regard their short-term creditworthiness and on the basis of their net assets. Guarantees given by

parent companies are also taken into account.

The fund only accepts collateral from OECD countries in the form of:

– government bonds with a minimum credit rating of BBB–;

– the bonds of supranational bodies with a minimum credit rating of BBB–;

– stocks listed on the main indexes of stock markets in OECD countries;

– cash (CAD, CHF, EUR, GBP, JPY or USD).

In addition, concentration limits are applied to collateral to restrict concentration risks in the collateral and there are

also liquidity criteria for containing the liquidity risks in the collateral. Finally, depending on the type of lending

transaction and the type of collateral, collateral plus a surcharge is requested for the value of the lending transaction.

This limits the negative effects of price risks in the collateral.

No securities had been lent at the balance sheet date (EUR 6.5 million at the end of last year). To cover the risk of non-

restitution, adequate collateral with a value of EUR 7.0 million was demanded and obtained at year-end 2014; this

collateral was not included in the balance sheet.

RIAM is the intermediary for all of the fund’s securities-lending transactions. As payment for its services RIAM receives a

fee of 20% of the gross return on these securities-lending transactions. An external agency periodically assesses

whether the agreements between the fund and RIAM are still in line with the market. The proceeds for the fund over

the reporting period were EUR 34 thousand (last year EUR 27 thousand) and for RIAM EUR 8 thousand (last year EUR 7

thousand).

Liquidity risk

Liquidity risk is an incidental form of risk that is a consequence of the investment policy pursued. Liquidity risk occurs

when financial instruments cannot be sold in a timely fashion unless additional costs are incurred. Liquidity risk can be

divided into two categories: exit risks and the liquidity risk of financial instruments.

Exit risk

Exit risks occur when the fund's value is negatively affected by the exit of one or more clients, with negative

consequences for existing clients. The extent to which the value of the fund can be negatively affected depends on the

liquidity of the financial instruments in the portfolio, and on the concentration of clients. An exit charge is made to

cover the exit costs in order to prevent exits having a negative effect on the fund.

Liquidity risk of financial instruments

The actual buying and selling prices of financial instruments in which the fund invests partly depend upon the liquidity

of the financial instruments in question. It is possible that a position taken on behalf of the fund cannot be quickly

liquidated at a reasonable price due to a lack of liquidity in the market in terms of supply and demand. The fund

minimizes this risk by investing almost exclusively in financial instruments that are tradable on a daily basis, as a result

of which liquidity does not occur under normal circumstances. Moreover, liquidity risks of financial instruments are

contained using limits on the non-liquid portion of the securities portfolio.

Manager

Robeco Institutional Asset Management B.V. ("RIAM") manages the fund. In this capacity RIAM handles asset

management, administration, marketing and distribution of the fund. With effect from 22 July 2014, RIAM has a

license from the AIFMD as defined by Section 2:65 of the Wft. In addition, RIAM is licensed as a manager of UCITS

(2:69b Wft), which includes managing individual assets and giving advice on financial instruments. RIAM is subject to

supervision by the Netherlands Authority for the Financial Markets (the “AFM”). RIAM has listed the fund with AFM.

RIAM is a 100% subsidiary of Robeco Group N.V. (via Robeco Europe Holding B.V.). Robeco Group N.V. is part of ORIX

Corporation. ORIX Corporation owns 90.01% of the shares in Robeco Group N.V. and Rabobank Group owns 9.99% of

the shares.


Custodian

Citibank Europe Plc has been appointed custodian of the fund within the meaning of Section 4:37f, Subsection 1 of the

Wft. The custodian is responsible for supervising the fund insofar as required under and in accordance with the

applicable legislation. The manager and Citibank Europe Plc have entered into a custody agreement.

Custodian's liability

The custodian is liable to the fund and/or the participants for the loss of any financial instrument held in custody by the

custodian or by a third party to whom custody has been transferred. The custodian is not liable if it can prove that the

loss is a result of an external event over which it has no reasonable control and the consequences of which were

unavoidable, despite efforts to prevent them. The custodian is also liable to the fund and/or the participants for all

other losses that they incur because the custodian fails intentionally or as a result of negligence to comply with its

obligations under this custody agreement. Participants may invoke the liability of the custodian indirectly through the

manager. If the manager is unwilling to cooperate with such a request, the participants may submit the damages claim

directly to the custodian.

Affiliated parties

The fund and the manager may utilize the services of and carry out transactions with parties affiliated to the fund as

defined in the BGfo, such as RIAM, Robeco Nederland B.V and ORIX Corporation. The services entail the execution of

tasks that have been outsourced to these parties such as (1) securities lending, (2) hiring temporary staff and (3)

issuance and repurchase of the fund’s shares. Transactions that can be carried out with affiliated parties include the

following: treasury management, derivatives transactions, custody of financial instruments, lending of financial

instruments, credit extension, purchase and sale of financial instruments on regulated markets or through multilateral

trading facilities. All these services and transactions are executed at market rates.

Accounting principles

General

The financial statements are produced according to the continuity assumption. Unless stated otherwise, items shown in

the annual financial statements are included at nominal value and expressed in thousands of euros.

Issuance and repurchase of participating units

The fund has an open-end character. This means that, barring exceptional circumstances, the fund issues and

repurchases its own participating units on a daily basis at their net asset value with a limited surcharge or discount. The

only purpose of this surcharge or discount is to cover the costs made by the fund related to the entry and exit of

investors. The maximum current surcharge or discount is 0.35%. Surcharges and discounts will be offset directly against

the subfund's assets. The fees for the issuance and repurchase of participating units were charged to the participant

separately and credited to the fund's result up to 3 August.

Financial investments

Financial investments are classified as trading portfolio and are valued at fair value, unless stated otherwise. The fair

value of stocks is determined on the basis of market prices and other market quotations at closing date. For derivatives

and futures, the value is based on the market price and other market quotations at closing date. For forward exchange

contracts, internal valuation models are used and the value is based on quoted currency rates and reference interest

rates at closing date. Transaction costs incurred in the purchase and sale of investments are included in the purchase or

sale price as appropriate and are accounted for as part of the value changes in the profit and loss account. The

transaction date of an investment determines its inclusion in the balance sheet.

Presentation of derivatives

The market value of derivatives is reported on the balance sheet. The presentation of the fair value is based on the

liabilities and receivables per contract. The receivables are reported under assets and obligations are reported under

liabilities. The value of the derivatives’ underlying instruments is not included on the balance sheet. Where applicable,

the underlying value of derivatives is included in the information provided on the currency and concentration risk.

Foreign currencies

Transactions in currencies other than the euro are converted into euros at the exchange rates valid at the time. Assets

and liabilities expressed in other currencies are converted into euros at the exchange rate prevailing at balance-sheet

date. Any exchange-rate differences arising are accounted for in the profit and loss account.


Securities lending

Investments for which the legal ownership has been transferred by the fund for a given period of time as a result of

securities-lending transactions, will continue to be included in the fund’s Balance sheet during this period, since their

economic advantages and disadvantages, in the form of investment income and changes in value, will be added to or

deducted from the fund’s result. The way in which collateral ensuing from securities-lending transactions is reported

depends on the nature of this collateral. If the collateral is received in the form of investments these will not be

included on the balance sheet as the economic advantages and disadvantages relating to the collateral will be for the

account and risk of the counterparty. If the collateral is received in cash it will be included on the balance sheet as, in

this case, the economic advantages and disadvantages will be for the account and risk of the fund.

Principles for determining the result

General

Investment results are determined by investment income, rises or declines in stock prices, rises or declines in foreign

exchange rates and results of transactions in currencies, including forward transactions and other derivatives. Results

are allocated to the period to which they relate and are accounted for in the profit and loss account.

Investment income

Cash dividends declared during the year under review, the nominal value of stock dividends declared, interest received

and paid and proceeds from loan transactions. Accrued interest at the balance sheet date is taken into account.

Changes in value

Realized and unrealized capital gains and losses on securities and currencies are presented under this heading.

Realization of capital gains takes place on selling as the difference between the realizable sales value and the average

historical cost price. Unrealized capital gains relate to value changes in the portfolio between the beginning of the

financial year and the balance sheet date, corrected by the realized gains when positions are sold or settlement takes

place.


Notes to the balance sheet

1 Equities

Movements in the stock portfolio

EUR x thousand 2015 2014

Book value (fair value) at opening date 270,432

163,118

Purchases 141,813

157,204

Sales –230,838

–87,209

Unrealized gains –17,894

24,301

Realized gains 46,264

13,018

Book value (fair value) at closing date 209,777

270,432

A breakdown of this portfolio is given under List of securities, in the Notes section. A sub-division into regions and

sectors is provided under the information on concentration risk under the information on Risks relating to financial

instruments.

Transaction costs

Brokerage costs and exchange fees relating to investment transactions are discounted in the cost price or the sales

value of the investment transactions. These costs and fees are charged to the result ensuing from changes in value. The

quantifiable transaction costs are shown below.

Transaction costs

EUR x thousand

2015 2014

Transaction type

Equities

160

162

Futures

7

4

RIAM wants to be certain that the selection of counterparties for order execution (brokers) occurs using procedures and

criteria that ensure the best results for the fund.

The costs charged by brokers are not necessarily just for the order they have executed, but may also relate to research

supplied by the brokers. RIAM only pays for research if this leads to an improvement in the investment decisions made

at RIAM. The costs for research can be paid for by the fund through full service fees or commission sharing agreements

(CSA). During the reporting period no research costs were paid by the fund.

2 Derivatives

Movements in derivatives

EUR x thousand

Forward exchange contracts

Futures

Total

2015 2014

2015 2014

2015 2014

Book value (fair value) at opening date

156

22

182

37

338

59

Purchases

–

–

–

263

–

263

Expirations

–1,047

–531

–57

–

–1,104

–531

Unrealized gains

–144

135

–190

145

–334

280

Realized gains

1,047

530

58

–263

1,105

267

Book value (fair value) at closing date

12

156

–7

182

5

338

The presentation of derivatives on the balance sheet is based on the liabilities and receivables per contract.


Presentation of derivatives in the balance sheet

EUR x thousand

Under assets

Under liabilities

Total

31/12/2015 31/12/2014

31/12/2015 31/12/2014

31/12/2015 31/12/2014

Type of derivative

Forward exchange contracts

94

211

82

56

12

155

Futures

4

194

11

11

–7

183

Total

98

405

93

67

5

338

The breakdown of the forward exchange contracts according to currency is given under information on currency risk in

the note Risks relating to financial instruments. The breakdown according to region for futures is given under

information on concentration risk in the note Risks relating to financial instruments.

3 Dividends receivable

These are receivables arising from net dividends declared but not yet received.

4 Amounts owed by affiliated parties

This concerns the following receivables from RIAM:

Amounts owed by affiliated parties

EUR x thousand

31/12/2015 31/12/2014

Receivables arising from securities-lending transactions

3

9

Total

3

9

5 Other receivables

This concerns:

Other receivables

31/12/2015 31/12/2014

Dividend tax to be reclaimed

135

121

Subtotal (investment activities) 135

121

Receivables from issuing participation units

603

–

Subtotal (financing activities)

603

–

Total

738

121

6 Cash and cash equivalents

This concerns:

Cash and cash equivalents

EUR x thousand

31/12/2015 31/12/2014

Freely available cash

1,105

9,608

Total

1,105

9,608

7 Payable to credit institutions

This concerns temporary debit balances on bank accounts caused by investment transactions.

8 Payable to affiliated parties

This concerns the following payables to RIAM:

Payable to affiliated parties

EUR x thousand

31/12/2015 31/12/2014

Liabilities on management fee

157

199

Total

157

199


9 Other liabilities

This concerns:

Other liabilities

31/12/2015 31/12/2014

Auditing costs payable

11

6

Subtotal (investment activities)

11

6

Total

11

6

10 Fund assets

Movement in fund assets

EUR x thousand 2015 2014

Participants' capital

Situation on opening date

205,586

128,062

Received on units issued

51,583

104,314

Paid for units repurchased

–151,713

–26,790


105,456

205,586

General reserve


34,357

8,931

Addition to result of the previous financial year

37,759

25,426


72,116

34,357

Undistributed earnings


41,489

27,378

Net result

34,240

41,489

Distributed to holders of participating units

–3,730

–1,952

Addition to the general reserve

–37,759

–25,426


34,240

41,489


211,812

281,432

11 Fund assets, participating units outstanding and net asset value per participating unit

Fund assets, participating units outstanding and net asset value per participating unit

31/12/2015 31/12/2014

31/12/2013

Fund assets in EUR x thousand

211,812

281,432

164,371

Number of participating units outstanding

2,144,676

3,141,566

2,188,280

Net asset value per share in EUR x 1

98.76

89.58

75.11


Notes to the profit and loss account

Income

12 Dividends

This includes dividends received, dividend tax to be reclaimed and dividend replacement payments received for

positions that have been lent out.

13 Interest This is the balance of received and paid interest on bank balances.

14 Other income

This concerns:

Other income

2015 2014

Revenues from securities lending

34

27

Carry-over security-lending fees previous financial year

8

2

Total

42

29

Costs

15 Management costs

The management fee is charged by the manager. Management costs only relate to management fees. The fee is

calculated daily on the basis of the fund assets.

Management costs based on the prospectus

In %

Robeco Quant Developed Markets Equities Fund

Management costs

0.30

The management costs cover all costs in connection with the management and the marketing of the fund as well as

costs for administration, external advisors and supervisors and costs relating to reports required by law, including the

annual and semiannual reports, and the costs relating to the meetings of participants. The costs paid for the external

auditor concern exclusively audit-related costs and amounted to EUR 6 thousand for the financial year. If the manager

outsources operations to third parties, any costs associated with this will also be paid from the management fee.

16 Performance fee

Robeco Quant Developed Markets Equities Fund is not subject to a performance fee.

17 Other costs This concerns:

Other costs

2015 2014

Custody fee

39

28

Bank charges

1

1

Custodian's fees

27

–

Auditing costs

6

7

Total

73

36


18 Ongoing charges

The percentage of ongoing charges is based on the fund's average assets. The average assets are calculated on a daily

basis. The ongoing charges comprise all costs deducted from the fund's assets in a reporting period, excluding the costs

of transactions in financial instruments and interest charges. Not included in the ongoing charges are also any payment

of entry or exit costs charged by distributors.

Ongoing charges

In %

2015

2014

Cost item

Management costs

0.30

0.50

Other costs

0.03

0.02

Proportion of income on securities lending payable to RIAM

0.00

0.00

Total

0.33

0.52

19 Maximum costs

For some cost items, the fund prospectus specifies a maximum percentage of average assets. The table below

compares these maximum percentages with the costs actually charged.

Maximum costs

2015 in EUR x

thousand 2015 in % of net assets

Maximum as specified in the

prospectus 1

Management costs 744 0.30

0.30%

Custody charge and bank costs 40 0.02

0.10%

Custodian's fees 27 0.01

0.01%

Auditing costs 6 0.00

EUR 12,000

1 The prospectus also specifies a maximum percentage of the total cost. This amounts to 0.51%.

20 Turnover ratio

The turnover ratio for the reporting period was 71% (for the previous reporting period it was 59%). This ratio shows the

rate at which the fund's portfolio is turned over and is a measure of the incurred transaction costs resulting from the

portfolio policy pursued and the ensuing investment transactions. The turnover ratio is determined by expressing the

amount of the turnover as a percentage of the average fund assets. The average assets are calculated on a daily basis.

The amount of the turnover is determined by the sum of the purchases and sales of investments less the sum of

issuance and repurchase of own participating units. Cash and money-market investments with an original life to

maturity of less than one month are not taken into account in the calculation. Starting this year, the sum of issues and

repurchases of own shares will be determined as the balance of all issues and repurchases of the fund in contrast to the

sum of the gross issues and repurchases in the previous year. The new methodology fits in better with the manner in

which surcharges and discounts are determined on issuing or purchasing shares. The comparative figures have been

adjusted in connection with the new methodology.

21 Transactions with affiliated parties

Part of the transaction volume over the reporting period relates to transactions with affiliated parties. The table below

shows the various types of transactions where this was the case.

Transactions with affiliated parties

Part of the total volume in %

Counterparty

2015 2014

Transaction type

Securities-lending transactions RIAM

100.0

100.0

During the reporting period, the fund paid RIAM the following amounts in management costs:


Paid management costs

In EUR x thousand Counterparty

2015 2014

Management costs RIAM

744

1,068

22 Remuneration policy

The fund itself does not employ any personnel. RIAM has offices at different locations around the world, with

employees whose work primarily involves client-related activities for the fund. In the Netherlands, persons performing

duties for the fund at management-board level and portfolio managers are employed by Robeco Nederland B.V. The

remuneration for these persons comes out of the management fee. RIAM's remuneration policy, which applies to all

employees working under RIAM's responsibility, complies with the applicable requirements laid down in the European

framework documents of the AIFMD and MiFID, as well as the applicable Dutch laws such as the Remuneration Act for

Financial Undertakings (Wet beloningsbeleid financiële ondernemingen, or Wbfo). The financial remuneration of fund

managers is made up of fixed pay and, if applicable, variable pay. RIAM assesses the remuneration policy and its

implementation on a regular basis using the services of various external advisers. Remuneration levels are also

compared on an annual basis with external benchmark data.

Variable remuneration

In accordance with the applicable laws and regulations, the available budget for variable remuneration is approved by

the Supervisory Board of Robeco Groep N.V. based on a proposal made by the remuneration committee. The

remuneration policy is evaluated on an annual basis. The variable remuneration component for the fund managers

depends on the multi-year performance of the fund. The system is linked to outperformance with regard to risk-

adjusted pre-defined annual targets. The calculated outperformance over a one-year, three-year and five-year period is

taken into account when determining the variable remuneration. Both the extent to which team and individual

qualitative objectives have been achieved and the extent to which Robeco corporate values are observed are also

important in this determination. The fund manager’s contribution to the organization’s targets is also taken into

consideration. If this performance-related variable remuneration (partly) exceeds the fixed threshold amount, 40% of

the payment will be deferred for a period of at least three years. The deferred parts will be converted into hypothetical

‘Robeco Group’ shares, the value of which moves with the company's future results.

In addition, RIAM has implemented supplementary risk-management measures applicable to variable remuneration.

For the determination of total variable remuneration, ex-ante measures will be implemented to adjust the total

variable remuneration for risks that may occur in the year concerned and furthermore for multiple-year risks that may

affect the risk profile of RIAM. Also, ex-ante measures can be taken by the Supervisory Board to adjust the total

available variable remuneration for the Management Board and day-to-day management to meet the standards of

reasonableness and fairness. RIAM also has the possibility to claw back the allocated variable remuneration should

there be evidence in later years that this variable remuneration was based on incorrect assumptions.

Identified Staff

RIAM has a specific and more stringent remuneration policy for employees who may have a material impact on the risk

profile of the fund. These employees are designated to be 'Identified Staff'. For 2015, RIAM identified 74 other

employees to be Identified Staff on a total group level, including all senior portfolio managers. Among other things the

performance targets of these employees that are used to determine the award of variable pay are subject to additional

risk analyses, both prior to the performance year and at the end when the results are evaluated. In addition, in all cases

at least 70% of the payment of variable remuneration granted to these employees will be deferred for a period of four

years, whereby 50% will be converted into hypothetical 'Robeco Group' shares whose value will follow the company's

future results. Before the actual payment of the deferred variable remuneration components, an additional assessment

is performed to check whether new information would result in decreasing the previously granted remuneration

components (the so-called ‘malus arrangement’).

Of the total amounts granted in remuneration1 to the groups Board of Directors, Identified Staff and Other Employees,

the following amounts are to be assigned to the fund:

1 Remunerations relate to activities performed for one or more entities within the Robeco Group.


Remuneration in EUR x 1

Staff category

Fixed pay for 2015

Variable pay for 2015

Board (7 members)

4,571

7,420

Identified Staff (74) (ex board)

19,634

13,970

Other employees (695 employees)

82,688

34,145

The total amount in fixed and variable remuneration assigned to the fund is EUR 162,428. Imputation occurs according

to the following key:

Total remuneration (fixed and variable) x total fund assets

total assets under management (RIAM)

Said remuneration, which comes out of the management fee, is paid by RIAM and is therefore not charged to the fund

separately.

23 Proposed profit appropriation

For the financial year 2015, dividend distribution will take place on the basis of the fiscal result in order to fulfill the

fiscal distribution obligation. We propose to declare a dividend of EUR 5.7 million for the financial year 2015 (previous

year EUR 3.7 million). The dividend per participating unit will be determined by dividing the dividend amount by the

number of outstanding participations on 17 May 2016.

From 17 May 2016 onwards, the value of a participating unit will be calculated excluding the dividend distributable per

participating unit. The dividend will be made payable on 10 June 2016. In accordance with the Terms and Conditions

for Management and Custody, the net dividend (after deduction of 15% dividend tax) will be automatically reinvested

on the dividend payment date, unless participants have specifically requested that it be paid out in cash.

24 Events after balance sheet date

As a result of the entry into force of the UCITS V Directive, Citibank Europe Plc., Netherlands Branch, has been

appointed custodian of the fund with effect from 18 March 2016.

Currency table

Exchange rates

31/12/2015 31/12/2014

EUR 1

AUD 1.4931 1.4787

CAD 1.5090 1.4016

CHF 1.0874 1.2024

DKK 7.4627 7.4464

GBP 0.7371 0.7761

HKD 8.4190 9.3838

ILS 4.2269 4.7089

JPY 130.6765 145.0790

NOK 9.6153 9.0724

NZD 1.5868 1.5482

SEK 9.1582 9.4726

SGD 1.5411 1.6035

USD 1.0863 1.2101


List of securities As of 31 December 2015

Market value

Market value

America

EUR

USD United States

245,589

266,783 3M Co

411,313

446,810 Abbott Laboratories

619,940

673,440 AbbVie Inc

532,360

578,303 Accenture PLC

233,420

253,565 ACE Ltd

608,605

661,128 Activision Blizzard Inc

239,968

260,677 Aetna Inc

211,026

229,237 Aflac Inc

142,233

154,508 AGCO Corp

205,721

223,474 Agilent Technologies Inc

226,492

246,038 Air Products & Chemicals Inc

190,943

207,422 Alleghany Corp

714,869

776,563 Allergan plc

112,829

122,566 Allstate Corp/The

123,100

133,723 Ally Financial Inc

1,479,673

1,607,369 Alphabet Inc (Class A)

1,520,834

1,652,082 Alphabet Inc (Class C)

731,550

794,683 Altria Group Inc

1,683,036

1,828,282 Amazon.com Inc

466,922

507,218 Ameren Corp

174,118

189,144 American Electric Power Co Inc

700,364

760,806 American International Group Inc

211,945

230,236 AmerisourceBergen Corp

786,769

854,667 Amgen Inc

236,315

256,709 Anthem Inc

3,815,445

4,144,718 Apple Inc

146,004

158,604 Archer-Daniels-Midland Co

482,810

524,476 Assurant Inc

1,299,680

1,411,842 AT&T Inc

219,916

238,895 AutoZone Inc

331,909

360,553 Avago Technologies Ltd

216,115

234,766 AvalonBay Communities Inc

178,845

194,279 Avnet Inc

468,371

508,791 Axis Capital Holdings Ltd

184,974

200,937 Baker Hughes Inc

1,116,608

1,212,972 Bank of America Corp

683,319

742,290 Bank of New York Mellon Corp/The

97,656

106,084 Baxalta Inc

190,381

206,811 Baxter International Inc

550,015

597,481 Berkshire Hathaway Inc

440,506

478,522 Best Buy Co Inc

452,348

491,385 Biogen Inc

261,432

283,994 BlackRock Inc

587,384

638,076 Boeing Co/The

217,586

236,364 Boston Scientific Corp

282,936

307,354 Bristol-Myers Squibb Co

259,267

281,641 Broadcom Corp

Market value

Market value

475,314

516,333 Bunge Ltd

382,009

414,977 CA Inc

76,622

83,234 Cameron International Corp

511,326

555,454 Campbell Soup Co

634,291

689,030 Capital One Financial Corp

435,544

473,131 Cardinal Health Inc

593,197

644,389 Carnival Corp

486,975

529,001 Caterpillar Inc

490,642

532,984 Celanese Corp

218,176

237,005 Celgene Corp

436,588

474,266 CenturyLink Inc

1,027,795

1,116,494 Chevron corp

117,081

127,185 Chicago Bridge & Iron Co NV

292,314

317,540 Chubb Corp/The

316,826

344,168 Cigna Corp

498,374

541,383 Cintas Corp

1,246,935

1,354,546 Cisco Systems Inc

392,139

425,981 CIT Group Inc

954,681

1,037,070 Citigroup Inc

236,613

257,032 CME Group Inc/IL

1,093,002

1,187,328 Coca-Cola Co/The

169,623

184,261 Cognizant Technology Solutions Corp

890,163

966,984 Comcast Corp

507,372

551,158 ConAgra Foods Inc

568,745

617,828 Consolidated Edison Inc

150,268

163,236 Constellation Brands Inc

521,072

566,040 Corning Inc

171,829

186,658 CSX Corp

70,081

76,129 Cummins Inc

708,502

769,645 CVS Health Corp

410,265

445,671 Darden Restaurants Inc

452,649

491,713 Deere & Co

183,961

199,837 Delphi Automotive PLC

568,495

617,556 Delta Air Lines Inc

165,975

180,299 DENTSPLY International Inc

149,216

162,093 Discover Financial Services

427,597

464,499 Discovery Communications Inc

197,555

214,604 Dollar General Corp

784,166

851,840 Dow Chemical Co/The

156,234

169,717 Dr Pepper Snapple Group Inc

532,459

578,410 DTE Energy Co

596,880

648,391 eBay Inc

368,345

400,133 EI du Pont de Nemours & Co

129,748

140,945 Electronic Arts Inc

513,332

557,633 Eli Lilly & Co

309,872

336,613 EMC Corp/MA

209,628

227,719 Emerson Electric Co

127,450

138,448 Ensco PLC

435,155

472,709 Entergy Corp


Market value

Market value

235,576

255,906 EOG Resources Inc

248,758

270,226 Equity Residential

461,307

501,117 Everest Re Group Ltd

191,908

208,469 Exelon Corp

118,863

129,121 Expeditors International of Washington I

793,956

862,474 Express Scripts Holding Co

2,372,800

2,577,573 Exxon Mobil Corp

1,042,457

1,132,421 Facebook Inc

117,678

127,833 FedEx Corp

140,828

152,981 Fifth Third Bancorp

111,579

121,209 FirstEnergy Corp

586,243

636,836 Fiserv Inc

437,255

474,990 Flextronics International Ltd

460,657

500,412 Foot Locker Inc

315,329

342,542 Ford Motor Co

215,895

234,527 GameStop Corp

633,249

687,899 General Dynamics Corp

2,305,754

2,504,740 General Electric Co

279,197

303,292 General Mills Inc

717,331

779,237 General Motors Co.

957,313

1,039,930 Gilead Sciences Inc

453,524

492,663 Global Payments Inc

691,023

750,658 Goldman Sachs Group Inc/The

181,831

197,523 Goodyear Tire & Rubber Co/The

98,049

106,511 Halliburton Co

543,980

590,926 Hartford Financial Services Group Inc/Th

401,754

436,425 Hasbro Inc

144,748

157,240 HCA Holdings Inc

490,166

532,468 Henry Schein Inc

431,335

468,559 Hess Corp

177,480

192,797 Hewlett Packard Enterprise Co

373,085

405,282 HollyFrontier Corp

478,363

519,645 Hologic Inc

1,059,290

1,150,707 Home Depot Inc/The

468,892

509,357 Honeywell International Inc

137,539

149,409 HP Inc

163,178

177,260 Humana Inc

258,511

280,820 Illinois Tool Works Inc

1,456,775

1,582,495 Intel Corp

176,690

191,939 Intercontinental Exchange Inc

961,554

1,044,536 International Business Machines Corp

128,776

139,890 Interpublic Group of Cos Inc/The

162,743

176,788 Intuit Inc

126,698

137,632 Intuitive Surgical Inc

1,843,249

2,002,321 Johnson & Johnson

164,787

179,008 Johnson Controls Inc

430,738

467,910 Jones Lang LaSalle Inc

1,899,206

2,063,107 JPMorgan Chase & Co

483,578

525,311 Juniper Networks Inc

384,255

417,417 Kimberly-Clark Corp

174,101

189,126 Kinder Morgan Inc/DE

277,363

301,299 Kraft Heinz Co/The

710,298

771,596 Kroger Co/The

123,491

134,148 L Brands Inc

Market value

Market value

492,870

535,405 L-3 Communications Holdings Inc

95,721

103,981 Laboratory Corp of America Holdings

108,924

118,324 Las Vegas Sands Corp

562,872

611,448 Lear Corp

141,229

153,418 Liberty Global PLC

396,861

431,110 Liberty Interactive Corp QVC Group

453,454

492,587 Lowe's Cos Inc

564,374

613,080 LyondellBasell Industries NV

112,156

121,835 Macy's Inc

483,098

524,790 ManpowerGroup Inc

88,546

96,188 Marathon Oil Corp

589,219

640,068 Marathon Petroleum Corp

155,948

169,406 MasterCard Inc

1,163,347

1,263,744 McDonald's Corp

293,766

319,118 McKesson Corp

232,396

252,451 Medtronic PLC

910,918

989,530 Merck & Co Inc

322,731

350,583 MetLife Inc

2,754,184

2,991,870 Microsoft Corp

491,777

534,217 Molson Coors Brewing Co

876,368

951,998 Mondelez International Inc

301,907

327,961 Morgan Stanley

182,822

198,599 Mylan NV

488,444

530,597 Newmont Mining Corp

409,311

444,634 News Corp

279,833

303,982 NextEra Energy Inc

507,802

551,625 NIKE Inc

159,166

172,902 Norfolk Southern Corp

704,800

765,625 Northrop Grumman Corp

496,142

538,959 Nuance Communications Inc

424,966

461,641 Occidental Petroleum Corp

164,163

178,331 Omnicom Group Inc

409,453

444,789 Oracle Corp

614,945

668,015 O'Reilly Automotive Inc

58,016

63,023 PartnerRe Ltd

244,699

265,817 PayPal Holdings Inc

445,578

484,032 People's United Financial Inc

900,503

978,217 PepsiCo Inc

165,840

180,152 Perrigo Co PLC

1,264,753

1,373,901 Pfizer Inc

163,835

177,974 PG&E Corp

840,660

913,209 Philip Morris International Inc

673,346

731,456 Phillips 66

302,258

328,343 PNC Financial Services Group Inc/The

166,929

181,335 PPG Industries Inc

137,770

149,660 PPL Corp

183,911

199,782 Praxair Inc

193,929

210,665 Precision Castparts Corp

248,817

270,289 Priceline Group Inc/The

1,303,105

1,415,563 Procter & Gamble Co/The

603,711

655,811 Progressive Corp/The

195,931

212,840 Prologis Inc

225,652

245,126 Prudential Financial Inc

523,595

568,782 Public Service Enterprise Group Inc


Market value

Market value

215,253

233,829 Public Storage

493,086

535,639 QUALCOMM Inc

137,918

149,821 Quest Diagnostics Inc

234,891

255,162 Raytheon Co

249,371

270,892 Regeneron Pharmaceuticals Inc

242,497

263,424 Reynolds American Inc

205,174

222,881 Ross Stores Inc

304,997

331,318 salesforce.com inc

386,858

420,244 Schlumberger Ltd

320,218

347,853 Simon Property Group Inc

259,600

282,003 Southern Co/The

102,081

110,890 Spectra Energy Corp

530,948

576,769 Stanley Black & Decker Inc

55,688

60,494 Staples Inc

546,863

594,057 Starbucks Corp

165,732

180,035 State Street Corp

256,498

278,634 Stryker Corp

552,389

600,060 SunTrust Banks Inc

157,663

171,269 Synchrony Financial

489,311

531,539 Synopsys Inc

630,851

685,293 Target Corp

240,466

261,218 TE Connectivity Ltd

486,741

528,747 Tesoro Corp

348,901

379,011 Texas Instruments Inc

777,870

845,000 Thermo Fisher Scientific Inc

347,330

377,304 Time Warner Cable Inc

189,432

205,780 Time Warner Inc

294,659

320,088 TJX Cos Inc/The

385,087

418,320 Total System Services Inc

702,635

763,272 Travelers Cos Inc/The

261,189

283,729 Twenty-First Century Fox Inc

425,950

462,709 Union Pacific Corp

408,466

443,717 United Parcel Service Inc

513,912

558,263 United Technologies Corp

483,685

525,427 United Therapeutics Corp

724,272

786,776 UnitedHealth Group Inc

103,947

112,918 Universal Health Services Inc

470,890

511,528 US Bancorp

698,833

759,143 Valero Energy Corp

139,383

151,412 Vantiv Inc

1,571,727

1,707,367 Verizon Communications Inc

926,702

1,006,677 Visa Inc

378,342

410,993 Voya Financial Inc

119,623

129,947 Walgreens Boots Alliance Inc

599,795

651,558 Wal-Mart Stores Inc

1,070,243

1,162,605 Walt Disney Co/The

148,766

161,604 Waste Management Inc

479,077

520,421 Waters Corp

1,617,841

1,757,459 Wells Fargo & Co

83,195

90,375 Western Digital Corp

362,833

394,145 Western Union Co/The

76,558

83,165 WestRock Co

113,465

123,257 Williams Cos Inc/The

473,012

513,833 Xerox Corp

Market value

Market value

199,857

217,105 Yum! Brands Inc

213,551

231,981 Zoetis Inc

EUR

CAD

Canada

291,633

440,059 Bank of Montreal

316,024

476,864 Bank of Nova Scotia/The

1,630

2,459 BCE Inc

162,080

244,571 Brookfield Asset Management Inc

158,757

239,556 Canadian Imperial Bank of Commerce/Canad

270,555

408,253 Canadian National Railway Co

191,840

289,477 Canadian Natural Resources Ltd

18,503

27,920 Canadian Oil Sands Ltd

121,923

183,976 Canadian Pacific Railway Ltd

298,635

450,625 Cenovus Energy Inc

465,904

703,026 CGI Group Inc

171,233

258,382 Enbridge Inc

344,555

519,917 H&R Real Estate Investment Trust

119,772

180,730 Loblaw Cos Ltd

182,914

276,008 Manulife Financial Corp

331,188

499,746 Metro Inc

503,785

760,186 Royal Bank of Canada

115,070

173,636 Sun Life Financial Inc

569,337

859,102 Suncor Energy Inc

447,342

675,017 Toronto-Dominion Bank/The

143,720

216,867 TransCanada Corp

172,282

259,965 Turquoise Hill Resources Ltd

Europe

EUR

GBP

United Kingdom

39,397

29,038 Anglo American PLC

693,180

510,908 AstraZeneca PLC

467,220

344,365 Barclays PLC

427,766

315,285 Barratt Developments PLC

300,866

221,753 BG Group PLC

143,400

105,693 BHP Billiton PLC

628,728

463,404 BP PLC

665,738

490,683 British American Tobacco PLC

362,960

267,520 BT Group PLC

480,263

353,978 Coca-Cola HBC AG

170,840

125,918 Direct Line Insurance Group PLC

619,820

456,838 GlaxoSmithKline PLC

264,143

194,687 Glencore PLC

123,087

90,721 Hargreaves Lansdown PLC

1,003,361

739,527 HSBC Holdings PLC

329,430

242,806 Imperial Tobacco Group PLC

427,229

314,889 Investec PLC

428,332

315,702 J Sainsbury PLC

196,028

144,482 Kingfisher PLC

176,391

130,009 Legal & General Group PLC

357,372

263,401 Marks & Spencer Group PLC

340,125

250,689 Meggitt PLC

247,664

182,541 National Grid PLC

451,053

332,448 Persimmon PLC

366,608

270,209 Reckitt Benckiser Group PLC


Market value

Market value

123,427

90,972 RELX PLC

554,088

408,391 Rio Tinto PLC

128,285

94,552 Rolls-Royce Holdings PLC

915,509

674,776 Royal Dutch Shell PLC

398,904

294,012 Royal Mail PLC

368,107

271,314 SABMiller PLC

248,971

183,504 Shire PLC

402,695

296,806 Taylor Wimpey PLC

369,977

272,691 Unilever PLC

937,327

690,857 Vodafone Group PLC

170,779

125,873 William Hill PLC

177,766

131,022 WM Morrison Supermarkets PLC

145,029

106,894 WPP PLC

EUR

EUR

France

236,011

236,011 Air Liquide SA

321,935

321,935 AXA SA

532,642

532,642 BNP Paribas SA

410,685

410,685 Christian Dior SE

181,756

181,756 Cie de Saint-Gobain

476,066

476,066 Cie Generale des Etablissements Michelin

160,246

160,246 Danone SA

211,474

211,474 Engie SA

122,413

122,413 Essilor International SA

276,123

276,123 L'Oreal SA

267,051

267,051 LVMH Moet Hennessy Louis Vuitton SE

189,289

189,289 Orange SA

392,696

392,696 Peugeot SA

160,343

160,343 Renault SA

158,805

158,805 Safran SA

967,645

967,645 Sanofi

177,730

177,730 Societe Generale SA

307,801

307,801 STMicroelectronics NV

418,953

418,953 Thales SA

604,863

604,863 TOTAL SA

150,250

150,250 Unibail-Rodamco SE

227,330

227,330 Veolia Environnement SA

632,621

632,621 Vinci SA

496,718

496,718 Vivendi SA

EUR

CHF

Switzerland

244,113

265,449 ABB Ltd

498,241

541,788 Actelion Ltd

234,454

254,946 Cie Financiere Richemont SA

233,715

254,142 Credit Suisse Group AG

167,636

182,287 LafargeHolcim Ltd

549,566

597,598 Lonza Group AG

1,460,629

1,588,288 Nestlé SA

873,907

950,286 Novartis AG

1,225,168

1,332,248 Roche Holding AG

346,546

376,834 Sulzer AG

443,850

482,643 Swiss Life Holding AG

659,538

717,182 Swiss Re AG

220,430

239,695 Syngenta AG

Market value

Market value

571,060

620,970 BS Group AG

242,146

263,310 Zurich Insurance Group AG

EUR

EUR

Germany

124,615

124,615 Adidas AG

955,623

955,623 Allianz SE

429,129

429,129 BASF SE

270,046

270,046 Bayer AG

218,203

218,203 Bayerische Motoren Werke AG

245,433

245,433 Continental AG

493,874

493,874 Daimler AG

270,615

270,615 Deutsche Bank AG

349,121

349,121 Deutsche Telekom AG

123,899

123,899 Evonik Industries AG

272,067

272,067 Fraport AG Frankfurt Airport Services Wo

598,348

598,348 Fresenius SE & Co KGaA

72,240

72,240 Henkel AG & Co KGaA Pref

177,892

177,892 Metro AG

670,470

670,470 Muenchener Rueckversicherungs-Gesellscha

288,753

288,753 OSRAM Licht AG

55,211

55,211 Porsche Automobil Holding SE Pref

468,531

468,531 SAP SE

469,803

469,803 Siemens AG

167,054

167,054 Volkswagen AG Pref

EUR

EUR

The Netherlands

363,882

363,882 Boskalis Westminster

290,031

290,031 Heineken NV

478,080

478,080 ING Groep NV

119,674

119,674 Koninklijke Ahold NV

152,716

152,716 Koninklijke Philips NV

165,361

165,361 RELX NV

448,133

448,133 Unilever NV

363,281

363,281 Wolters Kluwer NV

EUR

EUR

Italy

132,534

132,534 Assicurazioni Generali SpA

557,759

557,759 Enel SpA

231,012

231,012 Eni SpA

308,310

308,310 Fiat Chrysler Automobiles NV

258,703

258,703 Intesa Sanpaolo SpA

495,468

495,468 Telecom Italia SpA

103,332

103,332 UniCredit SpA

EUR

SEK

Sweden

138,852

1,271,624 Electrolux AB

497,243

4,553,822 Investment AB Kinnevik

505,620

4,630,544 Investor AB

126,194

1,155,707 Nordea Bank AB

434,343

3,977,778 Skanska AB

115,469

1,057,485 Svenska Cellulosa AB SCA

182,112

1,667,809 Swedbank AB


EUR

EUR

Spain

75,746

75,746 Banco Bilbao Vizcaya Argentaria SA

193,761

193,761 Banco Santander SA

424,852

424,852 Endesa SA

679,301

679,301 Iberdrola SA

304,541

304,541 Industria de Diseno Textil SA

EUR

EUR

Finland

219,290

219,290 Nokia OYJ

183,394

183,394 Sampo Oyj

432,387

432,387 Stora Enso OYJ

488,402

488,402 UPM-Kymmene OYJ

EUR

NOK

Norway

283,817

2,728,969 DNB ASA

459,287

4,416,160 Orkla ASA

126,218

1,213,621 Statoil ASA

390,695

3,756,632 Yara International ASA

EUR

DKK

Denmark

416,843

3,110,750 AP Moeller - Maersk A/S

740,142

5,523,419 Novo Nordisk A/S

EUR

EUR

Belgium

188,302

188,302 Anheuser-Busch InBev SA/NV

74,631

74,631 Colruyt SA

60,788

60,788 Delhaize Group

520,702

520,702 KBC Groep NV

EUR

EUR

Ireland

143,085

143,085 CRH PLC

EUR

USD

179,311

194,786 Eaton Corp PLC

EUR

EUR

Austria

276,612

276,612 OMV AG

Asia

EUR

JPY

Japan

174,383

22,787,800 Acom Co Ltd

152,378

19,912,250 Astellas Pharma Inc

353,990

46,258,200 Bank of Yokohama Ltd/The

146,931

19,200,400 Bridgestone Corp

208,109

27,195,000 Canon Inc

520,701

68,043,300 Casio Computer Co Ltd

495,881

64,800,000 Central Japan Railway Co

497,947

65,070,000 Dai Nippon Printing Co Ltd

280,489

36,653,300 Daiichi Sankyo Co Ltd

562,940

73,563,000 Daiwa House Industry Co Ltd

210,290

27,480,000 East Japan Railway Co

542,978

70,954,400 Eisai Co Ltd

209,709

27,404,000 FANUC Corp

223,121

29,156,600 Fuji Heavy Industries Ltd

194,373

25,400,000 FUJIFILM Holdings Corp

507,176

66,276,000 Hankyu Hanshin Holdings Inc

320,157

41,837,000 Honda Motor Co Ltd

533,639

69,734,000 Hoya Corp

425,448

55,596,000 Iida Group Holdings Co Ltd

556,158

72,676,800 ITOCHU Corp

263,450

34,426,700 Japan Tobacco Inc

17,601

2,300,000 Joyo Bank Ltd/The

215,398

28,147,500 Kao Corp

277,563

36,271,000 KDDI Corp

476,827

62,310,000 MEIJI Holdings Co Ltd

338,320

44,210,400 Mitsubishi Corp

668,593

87,369,340 Mitsubishi UFJ Financial Group Inc

526,536

68,805,800 Mitsui & Co Ltd

714,048

93,309,200 Mizuho Financial Group Inc

591,599

77,308,000 Murata Manufacturing Co Ltd

499,761

65,307,000 Nexon Co Ltd

389,016

50,835,200 NHK Spring Co Ltd

422,188

55,170,000 Nippon Electric Glass Co Ltd

273,855

35,786,400 Nippon Telegraph & Telephone Corp

161,557

21,111,750 Nissan Motor Co Ltd

121,644

15,896,000 Nisshin Seifun Group Inc

198,448

25,932,500 Nomura Real Estate Holdings Inc

214,799

28,069,200 NTT DOCOMO Inc

428,157

55,950,000 Obayashi Corp

91,132

11,908,800 Panasonic Corp

432,509

56,518,720 Resona Holdings Inc

280,311

36,630,000 Seven & I Holdings Co Ltd

523,798

68,448,000 Shimamura Co Ltd

141,782

18,527,600 Shin-Etsu Chemical Co Ltd

606,408

79,243,200 Shionogi & Co Ltd

236,620

30,920,600 Sony Corp

187,754

24,535,000 Sumitomo Chemical Co Ltd

673,225

87,974,600 Sumitomo Mitsui Financial Group Inc

283,115

36,996,500 Takeda Pharmaceutical Co Ltd

387,445

50,630,000 Teijin Ltd

165,869

21,675,200 Tokio Marine Holdings Inc

179,826

23,499,000 Toppan Printing Co Ltd

664,702

86,860,800 Toyota Motor Corp

501,033

65,473,200 West Japan Railway Co

241,469

31,554,300 Yamaha Corp

460,450

60,170,000 Yamazaki Baking Co Ltd

EUR

HKD

Hong Kong

165,706

1,395,072 Cheung Kong Property Holdings Ltd

219,663

1,849,328 CK Hutchison Holdings Ltd

512,317

4,313,175 CLP Holdings Ltd

51,748

435,670 Henderson Land Development Co Ltd

366,780

3,087,900 Kerry Properties Ltd

501,535

4,222,400 Link REIT

177,884

1,497,600 Sun Hung Kai Properties Ltd

EUR

USD

407,898

443,100 Hongkong Land Holdings Ltd

EUR

ILS

Israel

199,723

844,200 Bank Hapoalim BM

276,985

1,170,774 Bank Leumi Le-Israel BM

EUR

USD

372,327

404,459 Check Point Software Technologies Ltd


795,257

863,888 Teva Pharmaceutical Industries ADR

EUR

SGD

Singapore

168,319

259,396 DBS Group Holdings Ltd

183,369

282,590 Singapore Telecommunications Ltd

105,139

162,030 Yangzijiang Shipbuilding Holdings Ltd

Australia

EUR

AUD

Australia

367,731

549,040 Australia & New Zealand Banking Group Lt

473,651

707,185 BHP Billiton Ltd

408,106

609,323 CIMIC Group Ltd

658,954

983,852 Commonwealth Bank of Australia

491,898

734,428 GPT Group/The

529,755

790,950 Macquarie Group Ltd

505,617

754,912 Qantas Airways Ltd

56,866

84,904 Rio Tinto Ltd

268,295

400,578 Stockland

203,974

304,544 Wesfarmers Ltd

493,580

736,939 Westfield Corp

501,225

748,354 Westpac Banking Corp

443,866

662,714 Woodside Petroleum Ltd

209,776,889

Rotterdam, 6 April 2016

The Management Board

Robeco Institutional Asset Management B.V.

Leni M.T. Boeren

Hester W.D.G. Borrie

Hans A.A. Rademaker

Roland Toppen


Other information

Directors’ interests

On 1 January 2015 and 31 December 2015, the directors (of the fund management company) did not have any personal

interests in the fund's investments.


Independent auditor's statement

To: Robeco Institutional Asset Management B.V.

Report on the financial statements We have audited the 2015 annual financial statements of Robeco Quant Developed Markets Equities Fund in Rotterdam. These

annual financial statements consist of the balance sheet as at 31 December 2015 and the profit and loss account for 2015,

including notes, which contain a summary of the accounting principles and other information.

Management’s responsibilities The fund’s management is responsible for the preparation and fair presentation of the financial statements and for the

preparation of the report of the fund manager, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code and with

the Netherlands Financial Supervision Act. The manager is also responsible for such internal control as it deems necessary to enable the preparation of annual financial statements that are free from material misstatement due to fraud or error.

Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance

with Dutch law, including Dutch auditing standards. This requires us to comply with ethical requirements and plan and perform

the audit to obtain reasonable assurance that the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence on the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor’s judgment and include an assessment of the risks that the annual financial

statements could contain material misstatements due to fraud or error.

In these risk assessments, the auditor takes into account the internal controls relevant for the preparation of the annual financial

statements and their fair representation, aimed at establishing auditing procedures that fit the circumstances. These risk

assessments do not aim to judge the effectiveness of the fund’s internal control. An audit also includes an evaluation of the

suitability of the accounting principles used and of how reasonable the fund manager’s estimates are, as well as an evaluation

of the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements give a true and fair view of the financial position of Robeco Quant Developed Markets

Equities Fund as at 31 December 2015, and of its result for the year then ended in accordance with Part 9 of Book 2 of the

Netherlands Civil Code and the Netherlands Financial Supervision Act.

Statement relating to other legal requirements Pursuant to Section 2:393 paragraph 5 sub e and f of the Dutch Civil Code, we can report our audit has identified no

shortcomings and that the manager's report is, as far as we are able to assess, consistent with the requirements of Part 9 of

Book 2 of the Dutch Civil Code and that the information required by Section 2:392 paragraph 1 sub b through h of the Dutch

Civil Code has been included. We also report that the manager's report is, as far as we are able to assess, consistent with the

annual financial statements as required by Section 2:391 paragraph 4 of the Dutch Civil Code.

6 April 2016

KPMG Accountants N.V.

W.L.L. Paulissen RA

robeco quant developed markets equities fund · principles for determining the result 20 notes to...

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