The Conservative Equities that the fund typically selects as part of its investment strategy, laggedthe market last month. From a factor perspective, the low-risk, value and momentum factordetracted from performance. Main negative contributors were stock selection effects within the ITsector (through holding Samsung Electronics, Taiwan Semiconductor, SK hynix, and not holdingBaidu) and within financials (holding Agricultural Bank of China and Bank of China). The mainpositive contributor came from holding stocks as Alibaba, Tencent, and LG Electronics.

$9,000.00

$10,000.00

$11,000.00

$12,000.00

$13,000.00

$14,000.00

$15,000.00

$16,000.00

$17,000.00

$18,000.00

$19,000.00

Robeco Emerging Conservative Equity Fund (AUD)

MSCI EM Index

http://www.robeco.com/au