PDF Robeco Capital Growth Funds

Robeco Capital Growth Funds

Soci?t? d'Investissement ? Capital Variable Incorporated under Luxembourg law RCS B58 959

Semi-Annual Report 1 January ? 30 June 2018

Contents

General Information

4

Report of the Board of Directors

6

General

6

General introduction

9

Risk management

10

Fund governance

11

Sustainability investing

11

Global Equity sub-funds

14

Regional & Country Equity sub-funds

24

Theme Equity sub-funds

33

Global Bond sub-funds

37

Regional Bond sub-funds

44

Asset Allocation sub-funds

49

Other data

50

Financial statements

70

Statement of net assets

70

Number of shares outstanding

90

Notes to the financial statements as at 30 June 2018

105

Investment portfolio

213

Robeco BP Global Premium Equities

213

Robeco QI Global Conservative Equities

215

Robeco Global Stars Equities

218

Robeco Emerging Stars Equities

219

Robeco Emerging Markets Equities

220

Robeco QI Emerging Markets Active Equities

222

Robeco QI Global Momentum Equities

226

RobecoSAM QI Global Sustainable Equities

229

Robeco QI Emerging Markets Enhanced Index Equities

239

Robeco QI Emerging Conservative Equities

246

Robeco Emerging Markets Smaller Companies Equities

250

Robeco QI Global Value Equities

252

Robeco QI Global Developed Multi-Factor Equities

255

Robeco QI Global Developed Conservative Equities ex Japan

263

Robeco QI Emerging Markets Sustainable Active Equities

266

Robeco Emerging Opportunities Equities

269

Robeco QI Global Developed Conservative Equities

271

Robeco QI Global Developed Active Equities

274

Robeco QI Customized Enhanced Index Equities I

277

Robeco QI Global Quality Equities

301

Robeco QI Global Sustainable Conservative Equities

304

Robeco QI Global Developed Enhanced Index Equities

307

Robeco Asia-Pacific Equities

317

RobecoSAM Sustainable European Equities

319

Robeco QI European Conservative Equities

320

Robeco QI US Conservative Equities

323

Robeco BP US Premium Equities

325

Robeco Capital Growth Funds 2

Robeco Chinese Equities

327

Robeco Indian Equities

328

Robeco Asian Stars Equities

329

Robeco BP US Large Cap Equities

330

Robeco BP US Select Opportunities Equities

331

Robeco QI Asia-Pacific Active Equities

333

Robeco QI Continental European Conservative Equities

335

Robeco Chinese A-share Equities

337

Robeco QI Chinese A-share Active Equities

338

Robeco QI US Enhanced Index Equities

341

Robeco QI European Enhanced Index Equities

346

Robeco New World Financial Equities

351

Robeco Property Equities

353

Robeco Global Consumer Trends Equities

355

RobecoSAM Sustainable Food Equities

356

Robeco Global Growth Trends Equities

357

Robeco Global Industrial Innovation Equities

359

Robeco Global FinTech Equities

360

Robeco High Yield Bonds

361

Robeco Emerging Credit

375

Robeco Emerging Debt

380

Robeco Global Credits

383

Robeco QI Dynamic High Yield

390

Robeco QI Global Multi-Factor Credits

391

Robeco Global Absolute Return Bond Fund

401

Robeco Global Credits ? Short Maturity

403

Robeco Corporate Hybrid bonds

407

Robeco QI Global Multi-Factor High Yield

409

Robeco Credits Income

414

RobecoSAM Global SDG Credits

416

Robeco Euro Government Bonds

419

Robeco Euro Credit Bonds

422

Robeco All Strategy Euro Bonds

427

Robeco European High Yield Bonds

433

Robeco Euro Sustainable Credits

437

Robeco Financial Institutions Bonds

443

Robeco Investment Grade Corporate Bonds

446

Robeco QI GTAA Plus

450

Robeco QI Global Diversified Carry

451

Note: In this report the abbreviated names of the sub-funds will be used, i.e. without the prefix 'Robeco Capital Growth Funds'.

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General Information

Robeco Capital Growth Funds

(hereafter `the Company') Undertaking for collective investment in transferable securities incorporated as a `Soci?t? d'Investissement ? Capital Variable' (SICAV) under Luxembourg law.

Register of Companies RCS Luxembourg B 58 959

Registered Office Centre Etoile 11/13, Boulevard de la Foire L-1528 Luxembourg Grand Duchy of Luxembourg

Board of Directors J.H. (Jeroen) van den Akker, Director, Robeco, Rotterdam, The Netherlands D.R. (Rob) van Bommel, Managing Director, Robeco, Rotterdam, The Netherlands H.P. (Pierre) de Knijff, Director, Robeco, Rotterdam, The Netherlands

Management Company Robeco Luxembourg S.A. 5, Heienhaff L-1736 Senningerberg Grand Duchy of Luxembourg

Cabinet de r?vision agr?? (independent auditor) KPMG Luxembourg, Soci?t? coop?rative 39, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

Depositary, Domiciliary and Paying Agent RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg

Administration Agent and Registrar Robeco Luxembourg S.A. Delegated to: RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg

Investment Adviser Robeco Luxembourg S.A. Delegated to: Robeco Institutional Asset Management B.V. ("RIAM") Weena 850, NL-3014 DA Rotterdam, The Netherlands

Investment Sub-Advisers Boston Partners Global Investors Inc. 909, Third Avenue USA ? New York, NY 10022

Robeco Capital Growth Funds 4

Robeco Hong Kong Ltd 2704-07, 27F Man Yee Building 68 Des Voeux Road Central Central, Hong Kong RobecoSAM A.G. Josefstrasse 218 8005 Zurich, Switzerland

Subscriptions and publications

No subscription can be accepted on the basis of financial reports such as this report. Subscriptions may only be accepted on the basis of the current prospectus, supplemented by the Company's latest annual report, and in the event that the Company's annual report has been published more than eight months previously, its latest semi-annual report. Financial reports, the prospectus and Key Investor Information Document are available in through the website and may be obtained free of charge at the Company's registered office.

Representative and paying agent in Switzerland

Robeco Switzerland A.G., Josefstrasse 218, CH-8005 Zurich, is the Company's appointed representative in Switzerland. Copies of the Key Investor Information Document and prospectus, Articles of incorporation, (semi) annual reports and a list of all purchases and sales in the investment portfolio during the reporting period are available from the above address free of charge. UBS Switzerland A.G., Bahnhofstrasse 45, CH-8001 Zurich (Postal address Badenerstrasse 574, Postfach, CH-8098 Z?rich) is the Company's paying agent in Switzerland.

Information service in Germany

Copies of the articles of incorporation, Key Investor Information Document and prospectus and the annual and semiannual reports may be obtained free of charge from the offices of the information service in Germany: Robeco Deutschland, Taunusanlage 17, D-60325 Frankfurt am Main. The prices at which shares are issued and repurchased are published in the Stock Exchange Gazette. A list of all purchases and sales in the Company's investment portfolio during the reporting period is available at the paying agent/information service in Germany free of charge.

Representative in Hong Kong

RBC Investor Services Trust Hong Kong Ltd, 51st Floor Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.

Representative in Taiwan

Nomura Asset management Taiwan Ltd -30F, No.7, Sec. 5, Xinyi Road, Taipei 110,Taiwan.

Language versions

This report is also published in German. Only the English edition is binding and will be submitted to the general meeting of shareholders.

Robeco Capital Growth Funds 5

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