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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Robeco | LSE:RBE | London | Ordinary Share | NL0000289783 | ORD EUR1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Rotterdam, 6 April 2006
ROBECO N.V.
ANNUAL REPORT 2005
% ROBECO
CONTENTS
General information 2
Report of the supervisory board
5
Report of the management board 7
Financial statements 13
Balance sheet
13
Profit and loss account 14
Cash-flow summary 15
Notes 16
Other data 25
Spread of net assets 28
List of securities
30
Purchases and sales 36
GENERAL INFORMATION
ROBECO N.V. 1)
(investment company with a variable capital, having its registered
office in Rotterdam, the Netherlands)
Coolsingel 120
Postbus 973
NL-3000 AZ Rotterdam
Tel.:+31 - 10 - 224 1 224
Fax +31 - 10 - 411 52 88
Internet: www.robeco.com
Supervisory Board
Paulus C. van den Hoek, chairman
Gilles Izeboud
Johan Kremers (until 21 April 2005)
Philip Lambert (as of 21 April 2005)
Dirk P.M. Verbeek
The Management Board
Mark R. Glazener, chairman
Volker Wytzes
Fund Manager
Mark R. Glazener
International Advisory Board
Martin S. Feldstein
Toyoo Gyohten
Paul J. Keating
Karl O. Pöhl
H.Onno C.R. Ruding
Secretary of the Company
David H. Cross
Management Board of Robeco Groep N.V.
(the holding company of the Robeco Group)
George A. Möller (chairman)
Stefan T. Bichsel (until 31 December 2005)
Leni M.T. Boeren
Sander van Eijkern
Hans H. van der Koogh (until 8 February 2005)
Constant T.L. Korthout
Niek F. Molenaar
GENERAL MEETING OF SHAREHOLDERS
The General Meeting of Shareholders will be held on 27 April 2006 at
09:30 hours at the Hilton Rotterdam, Weena 10, Rotterdam, the
Netherlands. Holders of share certificates to bearer wishing to
attend and vote at the meeting should apply for a written statement
from the Euroclear Netherlands-affiliated institution where their
shares are held, which will give admission to the meeting. The
institutions affiliated with Euroclear Netherlands should submit a
copy of this statement to ABN AMRO Bank N.V. stating the number of
shares held for the shareholder concerned prior to the meeting, and
which will be frozen until after the meeting. This statement should
be submitted not later than 20 April 2006.
Holders of K shares should lodge their share certificates not later
than 20 April 2006 with one of the banks mentioned in the convening
notice of 6 April 2006.
Holders of subshares or an account with Robeco Group Accounts System
in Rotterdam, Banque Robeco S.A. in Paris or Robeco Bank Belgium in
Brussels wishing to attend the meeting should inform the management
board in writing not later than 20 April 2006.
This report is also published in Dutch, French, German, Italian and
Spanish. Only the original Dutch edition is binding and will be
submitted to the General Meeting of Shareholders.
SIMPLIFIED AND FULL PROSPECTUS
A simplified prospectus with information on Robeco N.V. and its
associated costs and risks is available. This simplified prospectus
and the full prospectus are available at the company's office and via
www.robeco.com
Supervisory Board
Paulus C. van den Hoek, chairman (67)
Dutch nationality. Appointed in 1990 and last reappointed in 2005.
Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam, the
Netherlands, since 1965. Former Dean of the Dutch National Bar
(81/84). Supervisory director of ASM International, Bührmann,
Euronext Amsterdam, Robeco Groep N.V., Rolinco and Rorento.
Gilles Izeboud (63)
Dutch nationality. Appointed in 2004.
Former partner at PricewaterhouseCoopers. Deputy justice of the
Enterprise Section of the Amsterdam Court of Appeal. Supervisory
director of Bührmann, Endex, Robeco Groep N.V., Rolinco and Rorento.
Philip Lambert (59)
Dutch nationality. Appointed in 2005.
Head of Unilever Corporate Pensions in London. Chairman of the
investment committeeof the Algemeen Burgelijk Pensioenfonds [ABP, the
largest Dutch pension fund] and member of the investment committee of
ABN AMRO Pensioenfonds. Supervisordirector of Robeco Groep N.V.,
Rolinco and Rorento.
Dirk P.M. Verbeek (55)
Dutch nationality. Appointed in 2001 and reappointed in 2003.
Member of the executive board of Aon Group in Chicago, USA, and
chairman/CEO of the executive board of Aon Holdings in Rotterdam, the
Netherlands. Supervisory director of Robeco Groep N.V., Rolinco and
Rorento.
N.B. Only supervisory directorships at listed companies and the
Robeco Group are mentioned.
REPORT OF THE SUPERVISORY BOARD
We herewith present the Robeco N.V. accounts for the financial year
2005 together with the report of the management board.
The way in which the supervisory board carries out its supervisory
duties is significantly determined by the structure of the Robeco
Group. Discussion of the management of Robeco N.V. can take place in
the supervisory board of either the company or that of Robeco Groep
N.V. As a result of the personal links between the members of the two
boards, in practice this presents no difficulties. As of 1 January
2006, Robeco N.V. is being managed by Robeco Fund Management B.V.
(previously this was done by Robeco Nederland B.V.). Robeco Fund
Management B.V. is a wholly-owned (indirect) subsidiary of Robeco
Groep N.V. In line with the recommendations of the Committee for
Modernising Collective Investment Schemes (Winter Committee) to
appoint the management company as director of the investment company,
it will be proposed at the General Meeting of Shareholders to be held
on 27 April 2006 to appoint Robeco Fund Management B.V. as director
of the company, to replace Mark Glazener and Volker Wytzes. The
management board of Robeco Fund Management B.V. consists of Edith
Sierman (Chief Investment Officer Fixed Income), Mark van der Kroft
(Chief Investment Officer Equities) en Edwin de Weerd (Manager of
Robeco Fund Services). Mark Glazener will still be the fund manager
of Robeco N.V. The purpose of an investment institution such as
Robeco N.V., as laid down in its articles of association, is limited
to the investing of its assets in securities in such a way that risks
are diversified with the object of allowing its shareholders to
participate in the profits. At its meetings the supervisory board
therefore primarily devotes its attention to the investment policy,
the realized results and the development of the assets invested, on
the basis of frequent and detailed reports. Attention is also paid to
matters relating to risk management, such as operational and market
risks, and compliance, such as investment restrictions and compliance
with requirements of the regulator. In connection with what has
already been mentioned regarding the structure of the Robeco Group,
matters, such as the risks associated with the investment policy, the
application of instruments to manage these risks and compliance
issues, may also be discussed at the meetings of the supervisory
board of Robeco Groep N.V.
The general policy of the Robeco Group is determined by the
Management Board of Robeco Groep N.V. in consultation with its
supervisory board. This means that matters such as product
development, acquisitions, risk management and compliance are
discussed elaborately at the meetings of the supervisory board of
Robeco Groep N.V. An audit and remuneration committee has been
appointed from the midst of this board, and intensive discussions
were held with the internal audit department and the external auditor
concerning matters affecting the whole Robeco Group. Two members of
this committee are also supervisory directors of Robeco N.V. Besides
the subjects mentioned, no special issues were discussed at the
meetings of the supervisory board during the reporting year.
In the report of the supervisory board in the 2004 annual report, a
reference was made to the report of the Committee for Modernising
Collective Investment Schemes which was published on 22 December
2004. The recommendations of this report have not yet been fully laid
down in law. We are also waiting for the further recommendations
regarding fund governance. As was the case in the 2004 report, this
annual report has already taken several of these recommendations in
account. Based on the implementation of the revises Investment
Institutions Supervision Act as of 1 September 2005, an application
will be made to the Netherlands Authority for the Financial Markets
for a license as mentioned in that act. The Netherlands Authority for
the Financial Markets granted this license to Robeco N.V. on 29
December 2005. As mentioned above, the management board of Robeco
N.V. has appointed Robeco Fund Management B.V. as manager as of 1
January 2006. Robeco Fund Management B.V. was also granted a license
to act like such by the Netherlands Authority for the Financial
Markets on 29 December 2005.
We have taken note of the contents of the auditor's report presented
by Ernst & Young Accountants and recommend approval of the annual
financial statements. We concur with management's proposal to
distribute a dividend of EUR 0.48 per share in cash.
At the General Meeting of Shareholders on 21 April 2005, Johan
Kremers relinquished his position as supervisory director, having
reached the statutory retirement age. Mr. Kremers has been a member
of the supervisory board since 1997. The board is extremely grateful
for his important contribution to the exercise of its advisory and
supervisory duties throughout this period. At the same meeting Philip
Lambert was appointed as a supervisory director of the company with
immediate effect, to fill the vacancy arising from the departure of
Constant E.M. Beckers as of 4 July 2004. At the General Meeting of
Shareholders Paulus C. van den Hoek was reappointed as a supervisory
director of the company with immediate effect. The vacancy as a
result of Mr. Kremers' resignation has not yet been filled.
According to schedule, Dirk P.M. Verbeek will resign at the General
Meeting of Shareholders to be held on 27 April 2006. Mr. Verbeek is
available for re-election It is proposed that he be reappointed as a
supervisory director of the company with immediate effect.
Rotterdam, 16 March 2006
The supervisory board
REPORT OF THE MANAGEMENT BOARD
GENERAL INTRODUCTION
Sentiment was positive. After a strong first half, stock markets
continued their advance in the second half of 2005. The global
economy grew fast and US consumers did not hesitate to continue
spending. In Europe the situation was also upbeat. The worst of the
pessimism is now behind us and the economy has been exhibiting
healthy signs of recovery. In Japan, after several years, the sun
finally rose again. Developments in the second half of 2005 have
demonstrated that the recovery is structural and prices have been
rising for the first time in years. Then there is China and India:
emerging markets which showed gilt-edged growth figures of 8% to 9%.
Nor did earnings growth disappoint in the second half of 2005,
although investors were hesitant ahead of the publication of new
quarterly figures, but these repeatedly met or even surpassed
expectations. Thanks to the solid earnings growth, stock markets are
still reasonably valued. The P/E ratio is 15 based on an expected
earnings growth of 7% for 2006. P/E ratios have not been this low
since the end of the 1980s. The sky looks clear, which is why many
expect 2006 to be a good year for the stock market. Given all the
facts mentioned above, there is reason enough to be positive.
Still, some clouds may appear on the horizon. 2006 may become the
year in which US consumers stop spending. For years they have been
using the excess value of their houses to finance their spending, but
now that house prices are flattening out, excess values are
decreasing as well. The rise in short-term interest rates will lead
to higher financing costs for short-term mortgages, which may affect
consumer spending. Decreasing consumer spending in the US will also
mean that European and Asian exports to the US will decrease and we
will then see whether the economies of these countries are strong
enough to keep growing on their own.
There is also a risk that earnings growth will slow down. Margins on
many corporate activities have never been higher thanks to sales
growth, cost reductions and higher productivity. Companies are
generating a high free cash flow. The consequence of this is that
managers start focusing on growth again and have the means to put
their plans into action. Capital expenditure will recover and new
staff will be hired. M&A activity will also increase. However, first
costs have to be made which may initially put pressure on margins.
The US also still needs to solve its deficit problems, which may have
positive or negative consequences. Examples of negative consequences
include a sharp decline in the value of the dollar against the euro
or the establishment of trade barriers by the US government. The
stock markets would not appreciate this.
Commodities prices have increased in recent years, short-term
interest rates have been raised repeatedly and wage costs have risen.
Although we have to admit that, as a result of higher productivity,
unit-labor costs have hardly increased and that the rising
commodities prices, interest rates and wage costs have not affected
bond yields so far, this might well happen in the future.
Of all the risks described above, a weakening in US consumer spending
and disappointing earnings growth are the most realistic scenarios.
No one is expecting a huge trade conflict, but because no one is
expecting it if it was to occur it may have far-reaching
consequences.
For the time being we expect 2006 to be a year of solid returns for
the stock markets.
Continuing healthy growth combined with reasonable earnings growth
and low valuations are positive fundamental factors but we should be
on the lookout for clouds. Finally, the question that we asked in the
second half of 2005 is still valid for 2006: 'What is the
alternative? A savings account that offers 2.5% interest? A
government bond that offers 3.3% interest? Or a corporate bond that
offers 3.7%?'
Robeco Fund Management B.V. appointed as manager
The management board of Robeco N.V. ('the company') has appointed
Robeco Fund Management B.V. as manager as of 1 January 2006. The
tasks for which the manager will be responsible include the execution
of the investment policy, management of the fund assets as well as
the company's financial administration, marketing and distribution.
Robeco Fund Management B.V. is part of the Robeco Group and was
granted a license by the Netherlands Authority for the Financial
Markets to act as manager on 29 December 2005. The updated prospectus
of January 2006 is available free of charge at the office of the
company, the Manager (Coolsingel 120, Rotterdam, the Netherlands) and
via www.robeco.com.
At the General Meeting of Shareholders to be held on 27 April 2006 a
proposal will be put forward to appoint Robeco Fund Management B.V.
as director of the company.
INVESTMENT RESULT
Investment results
(in %) Average
over last 5
2005 2004 2003 2002 2001 years
Based on:
- - market price 28.6 5.0 1.4 -34.8 -17.5 -5.9
- - net asset value 28.3 5.1 5.4 -34.1 -17.7 -5.1
MSCI World Index1) 26.7 6.9 11.3 -31.7 -12.0 -1.9
Dividend in euros2) 0.48 0.40 0.36 0.44 0.40 0.42
Total net assets3) 7.2 6.2 6.5 6.1 8.8
1) Currencies have been converted at rates supplied by World Market
Reuters.
2) Proposed for 2005.
3) EUR x billion.
During 2005, the share price of Robeco rose from EUR 21.62 to EUR
27.31. Assuming reinvestment of the dividend of EUR 0.40 per share
distributed in May 2005, this was an investment result of 28.6%.
Based on net asset value, which rose from EUR 21.74 to EUR 27,38 the
investment result was 28,3%.
The fund's benchmark, the MSCI World Index, rose 26.8% over the same
period.
The fund outperformed its benchmark. Sound stock selection in the
various sectors was the driving force behind this performance. The
regional allocation resulting from this stock selection also made a
positive contribution.
This was due to the expansion of the position in Japan by purchasing
futures on the Nikkei 225 and stocks in the financials and
capital-goods sectors. The resulting overweight position in Japan
became very profitable as of August. From that moment until the end
of the year, the Japanese stock exchange rose 35%, as measured by the
Nikkei 225 Index. The contribution from the regional allocation was
positively affected by the underweight position in North America and
the United Kingdom versus continental Europe. The sector allocation
made a slightly negative contribution. Telecommunication was the
sector with the worst performance over the entire year. The
overweight position in this sector, which was offset by an
underweight position in utilities, was responsible for a significant
part of the negative contribution. No gains or losses were made on
currency decisions.
Stock selection was positive in all sectors, with the exception of
information technology. Health care, financials and energy, in
particular, generated excellent results.
During the period under review, the active investment policy led to
an outperformance of 2.32% (before deduction of the management fee)
relative to the benchmark. Of this 2.32%, 2.66% was attributable to
the stock-selection policy and -0.32% to the sector-allocation
policy.
The fund Robeco aims to realize a stable outperformance relative to
the benchmark. The fund's performance therefore does not come from a
limited number of stocks, but from a broad selection. We would
nevertheless like to single out some stocks which realized an
above-average performance. Valero Energy had a return of no less than
128%, thanks to excellent refinery margins and the large price
difference between heavy and light oil. Valero has a lot of refinery
capacity capable of refining heavy oil into light oil products.
Resona, a Japanese bank, also rose 128%, due to a sharp improvement
of the credit portfolio and the expectation that the interest-rate
margin, i.e. the difference between the costs of borrowing and the
proceeds of lending money, will rise in Japan. Aetna, a US
health-insurance company, rose 51% on the back of a favorable
development of health costs and premiums. These stocks have been in
the portfolio since the end of 2004.
INVESTMENT POLICY
General
Robeco's investment policy focuses on global selection of stocks
within business sectors, and determining the relative weights of
those sectors. Regional allocation is mainly determined by this
selection. The position in North America has been increased during
the second half of 2005, but this region is still slightly
underweight. Continental European markets rose 25% in 2005. The
indicator for the US market, the S&P 500 Index, substantially lagged
with a return of 5%. The difference in valuation between the US and
Europe has decreased to 1 point in terms of expected price/earnings
ratio for 2006 (US 15 versus Europe 14). Japan still had an
above-average position in the portfolio at the start of 2006.
Japanese stock-market sentiment is positive, but the market is
already discounting a lot of good news that is still to come, such as
normalization of interest rates and higher dividends. Furthermore,
there is no other developed country with a similarly high government
debt combined with a rapidly aging population.
Turnover in the portfolio increased slightly compared to last year.
The sales volume amounted to 76% of the portfolio during the
reporting year. As of 1 January 2005, the fund is no longer being
managed by one single person, but by a team of four fund managers,
each of whom are focused on specific sectors. Within the sectors,
stock selection is adjusted to the views of the new team members. As
a result, this led to a one-off higher turnover. The number of stocks
in the portfolio has declined.
The fund uses financial instruments. The associated risks are
specified in the financial statements.
On the basis of reports the management board spoke about
risk-management and compliance issues, and also discussed them with
the supervisory board.
Energy
The weight of energy was reduced at the beginning of 2005. In the
course of the year, this weight was increased, once it turned out
that oil prices would not stop rising. The position in energy was
expanded by purchasing oil-extraction contractor GlobalSantaFe, and
oil-services companies Weatherford and Petrofac. Oil-extraction
companies continue to make good money because the oil price is
expected to remain at its current level. The search for the black
gold will become more expensive. This will benefit companies such as
GlobalSantaFe and Weatherford, which supply to oil-extraction
companies.
Companies which are exclusively dedicated to exploration will face
tightening margins because the costs of drilling will increase. For
this reason, we bought Canadian Natural Resources and reduced our
position in Apache.
Refinery (Valero Energy) remains an attractive segment, as for the
short term demand is still strong while the supply is limited.
Materials
Our position in materials remained constant throughout the year. The
interests in commodity-processing industries, such as steel and
aluminum, were reduced. We sold Alcan and Arcelor. The capacity of
these industries is increasing, especially in China, which offers
severe competition for Western listed companies. We purchased nickel
producer Inco. Monsanto was also added to the portfolio. This company
is at the forefront of genetically modified seed development, which,
despite European resistance, is the future of agriculture.
Industrials
The weight of the industrials sector was raised slightly throughout
the year. Within this sector, we added several new names, such as
Smiths Group, ABB, ITT Industries, TNT, Republic Services and
Canadian Pacific, at the expense of early-cyclical companies which
have had their best time, such as Eaton and Rockwell Automation. The
fund had a relatively high weight in the Japanese capital-goods
segment. These companies usually have a large global market share and
a favorable earnings outlook (Komatsu, Hitachi Construction, Daikin,
Mitsubishi Corporation and Fanuc). We also sold Japanese stocks, such
as Nippon Yusen and Asahi Glass.
Consumer discretionary
US consumer credit is high, while the savings rate is low. Due to a
rise in interest rates, the cost of financing consumer debt will
increase. The higher gas prices are also taking their share of
consumers' budgets, which will put pressure on spending, which is why
we have an underweight position in retail. Within the automotive
sector we sold Peugeot and bought Renault, because the latter still
has an undervalued interest in Japanese carmaker Nissan. British
catering company Compass was sold after a disappointing performance.
The sale seems to have been just in time, because more
disappointments followed. The proceeds were invested sensibly in the
online gaming site Partygaming, which was sold after its IPO and
repurchased later at a lower price. At the beginning of the year,
Ebay was bought after a sharp correction. Another purchase was
Interactive, which was bought before the stock was split into online
travel agency Expedia and a part which is still called Interactive
and contains Ask Jeeves, a competitor of Google.
Consumer staples
The weight of this sector was increased during the year. This sector
is facing many problems. The purchasing power of retail companies is
putting a lot of pressure on the price of brand products. Makers of
brand products have to advertise more to sell their products. The
fund invests in this sector because of stable earnings growth - which
is expected to be a scarce commodity in 2006 - and high free cash
flow (the cash remaining after capital expenditure). Free cash flow
is also the reason why we are placing emphasis on tobacco companies
such as Altria, Imperial Tobacco and Japan Tobacco.
These companies have such high free cash flow, because they are no
longer allowed to advertise and they stopped investing. Companies
that are related to agricultural commodities are also interesting;
examples include Bunge, Archer Daniel Midland and Dean Foods.
Health care
The weight in this sector was kept at overweight The portfolio's
emphasis was on European pharmaceuticals companies such as Roche,
Novartis, GlaxoSmithKline. This strategy turned out well, because
these companies outperformed their US rivals. While Roche achieved
success after success with the development of new drugs, Pfizer was
repeatedly disappointed due to stagnating sales of existing products
and a limited number of new products in the pipeline. Throughout the
year, we preferred subsectors such as services (Aetna, Wellpoint,
Caremark, Omnicare), suppliers (Baxter, Medtronic) and biotechnology
(Amgen).
Financials
The sector was reduced to underweight. The sector has realized
enormous earnings growth in recent years, benefiting from falling
interest rates, rising house prices and home ownership (and thus the
increase in the number, size and refinancing of mortgages), better
risk-management systems, a mild recession (with a relatively low
number of bad loans) and cost savings, mainly on administrative
staff. The question is whether this will go on like this. Short-term
interest rates have increased. House prices have reached their peak
in many developed countries. In the US, consumers are spending so
much that the savings rate is practically zero. However, earnings
will only decrease if bad loans increase and this will only happen if
there is a recession. We do not expect this to happen in the coming
year, and that is why we have limited the underweight to US banks.
Information technology
The underweight of this sector was reduced during the year. The
results of this sector have lagged, due to the emphasis on software
at the expense of hardware. Interests in giants such as Microsoft,
Oracle and Cisco were expanded throughout the year. These companies
now have valuations equal to or below the market average. We
purchased Google. Adding Google to the portfolio was a difficult
decision, as its price had already risen considerably since its
introduction. The addition of Google should allow the portfolio to
benefit from the growth in advertising expenditure via the Internet.
The stock is expensive, but there is a good reason for this as growth
opportunities and the possibilities for converting this growth into
cash are substantial.
Telecommunication services
The weight in the telecommunication-services sector was reduced
during the year. Telephone rates (fixed or mobile) are still under
pressure. The penetration level of cellular phones is relatively low
in the US. This is why the fund holds positions in Sprint-Nextel and
Telus. There are more growth opportunities for telecommunication
services in emerging markets than in developed countries. That is why
we prefer stocks of companies with interests in emerging markets,
such as Telenor and Singapore Telecom.
Utilities
The utilities sector once again performed well in 2005. Consequently,
the fund's underweight here did not yield the desired result. We are
maintaining our underweight, particularly now that the sector's
valuation has risen again.
Position in smallcaps
The fund Robeco strives to be a reliable partner for investing in
global equities in mature markets. This goal must be reflected in a
stable outperformance against the MSCI World Index. This index
contains a large proportion of smallcaps. If these rise sharply, as
was the case in recent years, this will negatively impact Robeco's
result compared to the index. Smallcaps usually have limited
liquidity, which makes it difficult to select a limited number of
these stocks to invest in. This is the reason why we started to build
up a position in this segment by means of a smallcaps portfolio which
was developed especially for the fund Robeco. The stocks in this
portfolio are selected using a quantitative model. The stocks in this
part of the portfolio are mentioned in the in the List of securities
under the heading Smallcaps-midcaps.
Top 10 stocks
Country Interest in Performance in %
% 01/01-31/12/2005
31/12/2005
In euros In local
currency
1. Royal Dutch Shell
A Netherlands 1.5 28.0 28.0
2. Microsoft US 1.5 14.1 -0.9
3. Citigroup US 1.5 20.6 4.6
4. UBS Switzerland 1.4 34.5 35.3
5. Total France 1.2 36.1 36.1
6. Bank of America US 1.2 18.0 2.4
7. J.P. Morgen Chase US 1.0 21.8 5.7
8. GlaxoSmithKline UK 1.0 27.8 24.0
9. General Electric US 1.0 13.6 -1.4
10. ING Groep Netherlands 1.0 38.3 38.3
The fund Robeco
The fund Robeco strives to be a reliable partner for investing in
global equities in mature markets. This goal must be reflected by a
stable outperformance against the MSCI World Index. Within the global
equities segments, Robeco Group clients can choose between the
following funds: Rolinco (growth stocks), Robeco Global Value (value
stocks) and Robeco. Rather than making a choice between value and
growth stocks, the Robeco fund unites both worlds in one investment
fund.
Rotterdam, 16 March 2006
The management board
FINANCIAL STATEMENTS
BALANCE SHEET
before profit appropriation, EUR x million
31/12/2005 31/12/2004
Investments
Financial investments
Stocks 1 7.192.191 6.293.582
Derivatives 2, 9 8.941 11.242
_________ _________
Total investments 7.201.132 6.304.824
Accounts receivable
Dividends and interest 3 3.819 1.436
receivable
Receivable on securities 14.114 -
transactions
Affiliated companies 199 631
Sundry debtors 4 29.686 10.165
_________ _________
47.818 12.232
Other assets
Cash 5 3.280 1.743
Accounts payable
Obligations arising from 2, 9 2.635 21.793
derivative instruments
Payable to credit 17.659 114.195
institutions
Payable on securities - 1.063
transactions
Affiliated companies 6.486 6.040
Sundry creditors 6 2.184 5.011
_________ _________
28.964 148.102
Accounts receivable and
other assets less accounts -134.127
payable 22.134
_________ _________
Shareholders' equity 7 7.223.266 6.170.697
Composition of shareholders'
equity
Issued capital 8 263.797 283.879
Other reserves 7 5.325.545 5.562.719
Net result 7 1.633.924 324.099
_________ _________
7.223.266 6.170.697
PROFIT AND LOSS ACCOUNT
EUR x thousand
2005 2004
Investment income 10, 19 115.350 109.807
Movements in value 1, 2, 10 1.591.383 273.725
_________ _________
1.706.733 383.532
Costs 11, 15
Management costs 12 65.168 56.723
Service fee 12 6.417 1.572
Other costs 13 1.224 1.138
_________ _________
72.809 59.433
_________ _________
Net result 1.633.924 324.099
The numbers of the items in the financial statements refer to the
numbers in the Notes
CASH-FLOW SUMMARY
indirect method, EUR x thousand
2005 2004
Cash flow from investment activities
Net result 1.633.924 324.099
Realized and unrealized results -1.591.383 -273.725
Purchase of investments -3.010.642 -2.769.513
Sale of investments 3.686.733 3.059.370
Increase (-)/decrease (+) accounts -35.586 12.809
receivable
Increase (+)/decrease (-) accounts -3.444 6.892
payable
_________ _________
679.602 359.932
Cash flow from financing activities
Received for shares subscribed 643.625 852.599
Paid for repurchase of own shares -1.116.590 -1.364.095
Dividend payment -108.390 -108.405
Increase (+)/decrease (-) accounts - -1.277
payable
_________ _________
-581.355 -621.178
_________ _________
Net cash flow 98.247 -261.246
Currency and cash revaluation -174 -7.030
_________ _________
Increase (+)/decrease (-) cash 98.073 -268.276
Accounts payable to credit -114.195 -9.730
institutions at opening date
Cash at opening date 1.743 165.554
_________ _________
Total cash at opening date -112.452 155.824
Accounts payable to credit -17.659 -114.195
institutions at closing date
Cash at closing date 3.280 1.743
_________ _________
Total cash at closing date -14.379 -112.452
NOTES
General
Robeco N.V. (hereafter also referred to as 'the fund') is a Dutch
investment company with a variable capital within the meaning of
article 28 of the 1969 Dutch Corporate Income Tax Act [Wet op de
Vennootschapsbelasting 1969]. This means that no corporate-income tax
is due, providing that the fund makes its profit available for
distribution to shareholders in the form of dividend within eight
months of the close of the financial year and satisfies any other
relevant regulations. The fund holds a license from the AFM [the
Netherlands Authority for the Financial Markets] under the Dutch
Investment Institutions Supervision Act ['Wtb', Wet toezicht
beleggingsinstellingen]. Since 26 April 2002, Robeco N.V. is subject
to the EC directive containing rules for Undertakings for Collective
Investment in Transferable Securities (UCITS). Under the terms of the
Dutch Investment Institutions Supervision Act, Robeco N.V. was
granted a license as of the same date by the AFM, permitting trade of
its shares in other EC member states.
The revised Wtb became effective on 1 September 2005.
Models
The annual financial statements have been drawn up in conformity with
the models provided by Dutch legislature. In certain areas
descriptions have been used which better express the nature of the
items and relate better to the characteristics of an investment
company.
Open-end fund
Robeco N.V. is an open-end investment company, meaning that, barring
exceptional circumstances, Robeco N.V. issues and repurchases its
shares on a daily basis at prices approximating net asset value. A
fixed spread between the bid and offer price applies to cover costs
related to issuance and repurchase of own shares. The issue price
will not be more than 1.0% higher than the net asset value and the
repurchase price will not be more than 0.5% lower than the net asset
value. The abovementioned margin between the net asset value and the
issue and repurchase prices, and the associated costs, are for the
account and risk of Robeco Investment Consulting B.V. (RIC), as a
result of which Robeco N.V. issues and repurchases its shares at net
asset value. RIC will distribute any positive spread to the funds, in
proportion to each fund's positive contribution to the spread result.
A buffer is maintained to cover any future losses. Due to the
abolition of Dutch capital tax of 1 January 2006, the upper limit of
the spread was lowered from 1.0% to 0.5%.
Non-certificated participation in the Netherlands
Parties with which shares may be held in non-certificated form
include Robeco Direct N.V. in the Robeco Group Accounts System or the
affiliated branches of Rabobank in the Rabo Securities Account.
Participants pay costs on the sum deposited for each purchase, and in
the event of a sale a percentage of the sum withdrawn. These
participation costs are currently a maximum of 0.4% via Robeco Direct
and a maximum of 0.5% via Rabobank, depending on the channel
selected. These sums will accrue to Robeco Direct and Rabobank
respectively.
Outsourcing core tasks
The administration has been outsourced to Robeco Nederland B.V., a
100% subsidiary of Robeco Groep N.V. These costs are covered by the
service fee. Agreements have been made with the aforementioned party
relating to the provision of information and performance standards.
accounting principles
General
Unless stated otherwise, items shown in the annual financial
statements are included at nominal value and expressed in thousands
of euros.
Financial investments
Unless stated otherwise, financial investments are included at fair
value. The fair value of stocks is determined on the basis of market
prices and other market quotations at closing date. For derivatives
such as forward-exchange transactions, this value is based on the
currency rates and reference interest rates at closing date and for
futures the value is determined on the basis of the market price and
other market quotations at closing date. Transaction costs incurred
in the purchase and sale of investments are included in the purchase
or sale price as appropriate.
Affiliated parties
Robeco N.V. is affiliated to the entities belonging to Robeco Groep
N.V. The affiliation with Robeco Groep N.V. is the result of the
possibility of having decisive control or a substantial influence on
the fund's business policy. Robeco Groep N.V. belongs to the Rabobank
Group. The management structure of Robeco Groep N.V., in which
significant authority is allocated to its independent supervisory
board, is such that Rabobank does not have a meaningful say in or
influence on the fund's business policy. Robeco Groep N.V. pursues an
independent investment policy on behalf of its affiliated investment
companies, taking into account the interests of the investors
involved. Besides services of other market parties, Robeco N.V. also
uses the services of one or more of these affiliated entities
including transactions relating to securities, treasury, derivatives,
custody, securities lending, and sale and purchase of its own shares,
fund-administration services, as well as management activities.
Transactions are executed at market rates.
determination of the result
General
Investment results are determined by income received, rises or
declines in stock prices, rises or declines in foreign exchange rates
and results of transactions in currencies, including forward
transactions, and derivative instruments. The results are accounted
for in the Profit and loss account.
Investment income
Net 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 balance-sheet
date is taken into account.
Movements in value
Realized and unrealized capital gains and losses on securities and
currencies.
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 another currency are converted into euros at the
exchange rate prevailing at balance-sheet date. Any exchange
differences arising are accounted for in the Profit and loss account.
FINANCIAL INSTRUMENTS
Risk
Transactions in financial instruments may lead to the fund being
subject to the risks described below or to the fund transferring
these risks to another party.
Price risks
Currency risk is the risk that the value of a financial instrument
will fluctuate as a result of changes in exchange rates.
Interest-rate risk is the risk that the value of a financial
instrument will fluctuate as a result of changes in market rates.
Market risk is the risk that the value of a financial instrument will
fluctuate as a result of changes in market prices, caused by factors
that exclusively apply to the individual instrument or its issuer or
caused by factors that affect all instruments traded in the market.
The fund minimizes the risks by investing mainly in large and
well-known companies and by making a balanced selection with regard
to distribution across regions, sectors, individual stocks and
currencies.
Credit risk
Credit risk is the risk that the counterparty of a financial
instrument will no longer meet its obligations, as a result of which
the fund will suffer a financial loss. The fund minimizes this risk
by trading exclusively with reputable counterparties. Wherever it is
customary in the market, the fund will demand and obtain collateral.
Liquidity risk
Liquidity risk is the risk that the fund is not able to obtain the
financial means required to meet the obligations arising from
financial instruments. The fund minimizes this risk by mainly
investing in financial instruments that are tradable on a daily
basis.
Insight into actual risks
The report of the management board, the balance sheet, the notes to
the balance sheet and the spread of net assets, which includes the
geographic distribution of the investments, the net currency position
and distribution over sectors, give an insight into the actual risks
at balance-sheet date.
Risk management
Managing risk is a part of the investment process as a whole and with
the help of advanced systems, the risks outlined above are limited,
measured and monitored on the basis of fixed risk measures.
Policy regarding the use of derivative instruments
Investing implies that positions are taken. As it is possible to use
various instruments, including derivative instruments, to construct
an identical position, the selection of derivatives is subordinate to
the positioning of a portfolio. In our published information,
attention is given primarily to the overall position, and secondarily
to the nature and volume of the financial instruments employed.
Derivatives
The market value of derivatives is reported in the Balance sheet
under Financial investments and Accounts payable. Liabilities and
receivables and the value of the derivatives' underlying instruments
are not included in the Balance sheet. If applicable, they are
explained under the heading Commitments not shown in the balance
sheet.
NOTES TO THE BALANCE SHEET
1 Stocks
+-------------------------------------------------------------------+
| MOVEMENTS IN THE STOCK | | |
| PORTFOLIO | | |
| EUR x thousand | | |
|------------------------+---------------------+--------------------|
| | 2005 | 2004 |
|------------------------+---------------------+--------------------|
| | | |
|------------------------+---------------------+--------------------|
| Book value (market | 6,293,582 | 6,305,634 |
| value) at opening date | | |
|------------------------+---------------------+--------------------|
| Purchases | 3,010,642 | 2,769,513 |
|------------------------+---------------------+--------------------|
| Sales | -3,629,005 | -3,062,247 |
|------------------------+---------------------+--------------------|
| Realized and | | |
| unrealized results: | | |
|------------------------+---------------------+--------------------|
| stocks | 1,055,095 | 485,866 |
|------------------------+---------------------+--------------------|
| currencies | 461,877 | -205,184 |
| | | |
|------------------------+---------------------+--------------------|
| | _______ | ______ |
|------------------------+---------------------+--------------------|
| Book value (market | 7,192,191 | 6,293,582 |
| value) at closing date | | |
+-------------------------------------------------------------------+
A breakdown of the portfolio and overviews of purchases and sales
exceeding an amount of EUR 25 million and the spread of net assets
can be found at the end of this report. Shares in an amount of
EUR 1,103.8 million (EUR 1,527.8 million at the end of last year)
were lent at balance sheet date. To cover the risk of
non-restitution, adequate collateral with a value of EUR 1,149.5
million was demanded and obtained; this collateral is not included in
the Balance sheet.
2 Derivatives
MOVEMENTS
IN
DERIVATIVES
EUR x
thousand
Forward exchange Futures Total
transactions
___________________ ___________________ ___________________
2005 2004 2005 2004 2005 2004
Book value -14,140 -22,344 3,589 8,843 -10,551 -13,501
(market
value) at
opening
date
Expirations -16,657 23,657 -41,071 -20,780 -57,728 2,877
Realized 33,210 -15,453 41,375 15,526 74,585 73
and
unrealized
results
______ ______ ______ ______ ______ ______
Book value 2,413 -14,140 3,893 3,589 6,306 -10,551
(market
value) at
closing
date
The presentation of derivatives in the balance sheet is based on the
liabilities and receivables per counterparty. Therefore the
derivative instruments are included in the Balance sheet as follows:
Type of derivative
EUR x thousand
Under Financial Under Accounts
investments payable
2005 2004 2005 2004
Forward exchange 5,048 7,653 2,635 21,793
transactions
Futures 3,893 3,589 - -
______ ______ ______ ______
Total 8,941 11,242 2,635 21,793
3 Dividends and interest receivable
Concerns dividends declared but not yet received.
4 Sundry debtors
This includes recoverable dividend tax, tax withheld at source
outside the Netherlands on behalf of the Dutch Tax Office, in
accordance with article 6 of the Dutch Investment Institutions Decree
['Btb', Besluit toezicht beleggingsinstellingen] and suspense items.
5 Cash
Includes balances in current accounts at banks.
6 Sundry creditors
Current liabilities such as unpaid expenses and suspense items.
7 Shareholders' equity
COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY
EUR x thousand
2005 2004
Issued capital
Situation at opening date 283,879 307,721
Received on shares issued 27,169 39,255
Paid for shares repurchased -47,251 -63,097
_______ _______
Situation at closing date 263,797 283,879
Share-premium reserve
Situation at opening date - 463,967
Received on shares issued - 795,850
Paid for shares repurchased - -1,259,817
_______ _______
Situation at closing date - -
Other reserves
Situation at opening date 5,562,719 5,353,734
Received on shares issued 616,456 17,494
Paid for shares repurchased -1,069,339 -41,181
Net result from previous financial year 324,099 341,077
Dividend payments -108,390 -108,405
_______ _______
Situation at closing date 5,325,545 5,562,719
Net result 1,633,924 324,099
_______ _______
Shareholders' equity 7,223,266 6,170,697
The company's authorized share capital amounts to EUR 800 million,
divided into 800,000,000 ordinary shares with a nominal value of EUR
1 each.
+---------------------------------------------------------+
| MOVEMENTS IN NET ASSETS | | |
| EUR x thousand | | |
|----------------------------+---------------+------------|
| | 2005 | 2004 |
| | | |
|----------------------------+---------------+------------|
| | | |
|----------------------------+---------------+------------|
| Assets at opening date | 6,170,697 | 6,466,499 |
|----------------------------+---------------+------------|
| | | |
|----------------------------+---------------+------------|
| Company shares issued | 643,625 | 852,599 |
|----------------------------+---------------+------------|
| Company shares repurchased | -1,116,590 | -1,364,095 |
|----------------------------+---------------+------------|
| | _________,955 | _________ |
|----------------------------+---------------+------------|
| | 5,697,732 | 5,955,003 |
|----------------------------+---------------+------------|
| | | |
|----------------------------+---------------+------------|
| Investment income | 115,350 | 109,807 |
|----------------------------+---------------+------------|
| Management costs | -65,168 | -56,723 |
|----------------------------+---------------+------------|
| Service fee | -6,417 | -1,572 |
|----------------------------+---------------+------------|
| Custody costs | -752 | -653 |
|----------------------------+---------------+------------|
| Other costs | -472 | -585 |
|----------------------------+---------------+------------|
| | _________ | _________ |
|----------------------------+---------------+------------|
| | 42,541 | 50,374 |
| | | |
|----------------------------+---------------+------------|
| Movements in value | 1,591,383 | 273,725 |
|----------------------------+---------------+------------|
| | _________ | _______ |
|----------------------------+---------------+------------|
| Net result | 1,633,924 | 324,099 |
|----------------------------+---------------+------------|
| Dividend payments | -108,390 | -108,405 |
|----------------------------+---------------+------------|
| | _________ | _________ |
|----------------------------+---------------+------------|
| Assets at closing date | 7,223,266 | 6,170,697 |
+---------------------------------------------------------+
8 Assets, shares outstanding and net asset value per share
assets, shares outstanding and net asset value per share
31/12/2005 31/12/2004 31/12/2003
Assets EUR x thousand 7,223,266 6,170,697 6,466,499
Shares issued in 27,169,492 39,255,017 29,487,509
financial year
Shares repurchased in -47,251,035 -63,097,588 -23,327,553
financial year
Number of shares 263,797,225 283,878,768 307,721,339
outstanding
Net asset value per 27.38 21.74 21.01
share in EUR
9 Commitments not shown in the balance sheet
The forward exchange transactions current at closing date represent
purchases of AUD 75 million, CAD 102 million, JPY 8,432 million and
GBP 141 million and USD 307 million, against sales of EUR 459 million
and CHF 285 million. Futures contracts purchased at balance-sheet
date represent an increase in assets invested of JPY 32,280 million;
futures contracts sold represent a decrease in assets invested of EUR
211 million. Forward exchange transactions and futures contracts have
been included in the Spread of net assets at the end of this report.
Unrealized results of these transactions at closing date are included
in the Profit and loss account.
NOtes TO THE PROFIT AND LOSS ACCOUNT
10 Performance
+-------------------------------------------------------------------+
| PERFORMANCE PER | | | | | |
| SHARE* | | | | | |
| EUR X 1 | | | | | |
|---------------------------+---------+---------+---------+---------|
| | 2005 | 2004 | 2003 | 2002 | 2001 |
|----------------+----------+---------+---------+---------+---------|
| | | | | | |
|----------------+----------+---------+---------+---------+---------|
| Investment | 0.43 | 0.37 | 0.37 | 0.45 | 0.51 |
| income | | | | | |
|----------------+----------+---------+---------+---------+---------|
| Movements in | 5.89 | 0.92 | 0.91 | -10.93 | -7.16 |
| value | | | | | |
|----------------+----------+---------+---------+---------+---------|
| Management | | | | | |
| costs, service | -0.27 | -0.20 | -0.17 | -0.22 | -0.20 |
| fee and other | | | | | |
| costs | | | | | |
|----------------+----------+---------+---------+---------+---------|
| | _______ | _______ | _______ | _______ | _______ |
|----------------+----------+---------+---------+---------+---------|
| Net result | 6.05 | 1.09 | 1.11 | -10.70 | -6.85 |
|-------------------------------------------------------------------|
| * Based on the average amount of shares outstanding during the |
| reporting year. The average amount of shares outstanding is |
| calculated on a daily basis for the years 2005, 2004 and 2003 and |
| on a monthly basis for the preceding years. |
+-------------------------------------------------------------------+
COSTS
11 Total expense ratio
TOTAL EXPENSE RATIO
Maximum
2005 Prospectus 2004
in % In% in %
Cost item
Management costs 1.00 1.00 0.88
Service fee 0.10 0.12 0.02
Other costs 0.02 0.02 0.02
_______ _______ _______
Total 1.12 1.14 0.92
The total expense ratio expresses the costs charged to the fund
during the reporting period as a percentage of the average assets
entrusted during the reporting period. The total expense ratio as
shown does not include transaction costs. The total expense ratio was
1.12% during the reporting period. The management costs relate to all
of the fund's current costs, which include the fees paid for
registering shareholders and all costs resulting from the management
of the fund, with the exception of costs relating to investments and
taxes. The service fee covers the administration, the costs of the
external auditor, other external advisers, regulators, costs relating
to reports required by law, such as the annual and semi-annual
reports, and the costs relating to the meetings of shareholders.
Other costs mainly relate to the custody fee charged by third parties
for the custody of the fund's securities portfolio, amounting to EUR
752 thousand, and bank charges.
12 Management costs and service fee
Management costs relate exclusively to the management fee of 1.00%
per year charged by Robeco Nederland B.V. The service fee amounts to
0.12% per year and covers formal and operational costs For assets
exceeding EUR 1 billion the service fee is 0.10%; for assets
exceeding EUR 5 billion the service fee is 0.08%. The management fee
and service fee are calculated on a daily basis, based on the average
assets entrusted. Wherever in this report mention is made of the
average assets entrusted this is also calculated on a daily basis,
unless stated otherwise.
13 Other costs
This includes custody costs and bank charges.
14 Performance fee
Robeco N.V. does not charge a performance fee.
15 Transaction costs
Brokerage costs and exchange fees relating to investment transactions
are discounted in the cost price or the sales value of the
investments. These costs and fees are charged to the result ensuing
from changes in value. The quantifiable transaction costs are
included under the heading Movements in value in the Profits and loss
account. The transaction volume of the quantifiable transaction costs
is 99.6% of the total transaction volume.
TRANSACTION COSTS
EUR x thousand
2005 2004
Transaction type
Stocks 10,682 8,125
Futures 428 293
16 Hard commissions and soft-dollar arrangements
Various independent research institutions/third parties provide
services to the company to support its decision-making process. Part
of the commissions paid to brokers is used to pay for these services
(so-called soft-dollar arrangements). In 2005 soft-dollar
arrangements represented an amount of EUR 2,189 thousand (last year
EUR 2,279 thousand).
17 Turnover ratio
This shows the turnover of the investments against the average assets
entrusted and is a measure of the incurred transaction costs
resulting from the portfolio policy pursued and the ensuing
investment transactions. In the calculation method that is used the
amount of turnover is determined by the sum of purchases and sales of
investments less the sum of issuance and repurchase of own shares. If
the outcome is negative, the turnover ratio is 0. The turnover ratio
is determined by expressing the amount of turnover as a percentage of
the average assets entrusted. The turnover ratio over 2005 is 76%
(versus 56% in the previous year). Since 1 January 2005, the fund is
no longer managed by one single person, but by a team of four fund
managers. Each team member focuses on specific sectors. Within the
sectors, stock selection is adjusted to the views of the new team
members. As a result, this led to a one-off higher turnover. The
number of stocks in the portfolio has declined.
18 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 %
2005 2004
Transaction type
Stocks 0.3 1.0
Forward exchange transactions
4.1 3.5
Deposits 100.0 65.3
Call money 95.8 -
19 Securities lending
Robeco Securities Lending B.V. is the intermediary for all Robeco
N.V.'s securities-lending transactions. As compensation for its
services Robeco Securities Lending B.V. receives a fee of 40% of the
gross income resulting from these securities-lending transactions. An
external agency periodically assesses whether the agreements between
the fund and Robeco Securities Lending are still in line with the
market. In 2005 the proceeds for the fund amounted to EUR 1,821
thousand (last year EUR 2,311 thousand). For Robeco Securities
Lending this was EUR 1,214 thousand (last year EUR 1,541 thousand).
20 Voting policy for stocks in the investment portfolio
In 2005, Robeco N.V. voted at the majority of the general meetings of
shareholders of the companies in which it invests. If the shares of
an investment position have been lent out, the voting rights attached
to those shares may not be exercised during general meetings of
shareholders. If an important event were to occur, the shares that
have been lent out may be recalled in order for the voting rights
attached to these shares to be able to be exercised. The voting
policy and more information about votes cast can be found on Robeco's
Internet site, www.robeco.com.
21 Personnel costs
Robeco N.V. does not employ personnel. Robeco Nederland B.V. is the
employer of Robeco N.V.'s management board and personnel in the
Netherlands. Their remuneration is paid from the management fees
received.
Robeco Nederland B.V.'s remuneration policy for fund managers
consists of both a fixed and a variable income. The secondary
conditions of employment are in line with what is common practice in
the financial-services industry.
The fixed income offers a good and competitive remuneration basis
within the Dutch asset-management market. A fund manager is assigned
to a salary scale with a minimum and maximum income based on the
level of responsibility of his function (HAY method for function
valuation). Growth within this scale is linked to (performance)
results and competencies.
The variable income offers the fund manager of Robeco N.V.
remuneration for his individual, long-term outperformance. Payment is
related to the outperformance relative to a preset target. The track
record over both a 1-year and 3-year period is taken into account
when determining the variable remuneration. The variable remuneration
to which the fund manager is entitled for any single year is paid out
over a 3-year period (60% in the first year, 30% in the second and
10% in the last year). A limited group of employees, including
several fund managers, are given the opportunity to participate
directly in Robeco's future through virtual shares (E-notes). The
individual allocation of E-notes is linked to individual performance
and the contribution to the realization of the individual's own
business unit. The E-notes represent a value which is directly linked
to Robeco Groep N.V.'s value.
Rotterdam, 16 March 2006
Supervisory board
Paulus C. van den Hoek, chairman
Gilles Izeboud
Philip Lambert
Dirk P.M. Verbeek
Management board
Mark R. Glazener
Volker Wytzes
OTHER DATA
STOCK-EXCHANGE LISTINGS
The ordinary shares of Robeco N.V. are listed on Eurolist by Euronext
Amsterdam N.V. In addition, Robeco N.V. has a stock-exchange
quotation in Paris, Brussels, Luxembourg, London, Berlin, Dusseldorf,
Frankfurt, Hamburg, Munich, Vienna and Zurich.
ARTICLES OF ASSOCIATION RULES REGARDING PROFIT APPROPRIATION
According to article 39 of the Articles of Association, the profit
less allocations to the reserves deemed desirable by the management
board in agreement with the supervisory board shall be at the
disposal of the General Meeting of Shareholders.
PROPOSED PROFIT APPROPRIATION
We propose to declare a dividend of EUR 0.48 per share for the 2005
financial year (previous year EUR 0.40). If this proposal is
accepted, the dividend will be payable on Friday, 12 May 2006. With
effect from Tuesday 2 May 2006, Robeco shares will be listed
ex-dividend coupon no. 104 on the stock exchange.
Shareholders will be offered the opportunity to reinvest the dividend
(less dividend tax) in Robeco shares at the company's expense. The
price used to calculate this is the opening price of the shares on
the stock market of Euronext Amsterdam N.V. on Friday 12 May 2006.
Any collection commissions charged by banks in line with the relevant
regulations in their respective countries will be borne by the
shareholder. In some countries, reinvestment will not be possible for
technical reasons.
SUPERVISORY DIRECTORS' FEE
An amount of EUR 32,670 (previous year EUR 36,905) has been allocated
from the profit appropriation for this purpose.
INTERESTS OF MAJOR INVESTORS
Statement in conformity with article 21, paragraph 2, sections b and
c, of the Dutch 1990 Investment Institutions Supervision Decree
['Btb', besluit toezicht beleggingsinstellingen 1990].
The company knows of only one party to be considered a major investor
within the meaning of the Btb, namely Stichting Aandelen-Rekeningen
Robeco-Groep. During the period under review, no transactions as
referred to in article 21, paragraph 2, section c, of the Btb (1990)
took place.
JOINT INTERESTS OF DIRECTORS IN ROBECO N.V.
At 31 December 2005, supervisory and managing directors held a joint
interest of 4,708 and 15,022 Robeco N.V. shares respectively. At end
2005, no options had been granted to supervisory directors ; managing
directors held options to acquire 14,319 Robeco N.V. shares. Under
the option scheme, Robeco Groep N.V. grants the right at its own
expense to purchase Robeco N.V, shares for 5 years, the value of the
shares being at least the opening price on the first trading day
foloowing the day of granting. Aon Risk Services International, of
which Dirk P.M. Verbeek is a directorm acted as an intermediary in
various insurance policies concluded at Rabobank Group level,
including a Banking, General Liability and D&O Liability policy.
Furthermore, Aon Risk Services International insures several of
Robeco's art objects. Apart from the above, there weren no other
business relations between supervisory directors and the company than
that of mambers of the supervisory board during the period inder
review.
JOINT INTERESTS OF DIRECTORS
JOINT INTERESTS OF DIRECTORS IN ROBECO
N.V. Joint interest in numbers ¹
Description
Shares and convertible bonds Options Other financial
and interests and
warrants controlling
rights
Managing Supervisory Joint
directors directors interests
BNP Parisbas - 1,050 1,050 - -
Bührmann - - - - 1²
Novartis - 2,535 2,535 - -
Reed 3,500 - 3,500 - -
Elsevier
Royal Dutch 1,170 161 1,331 - -
Shell A
Syngenta - 4 4 - -
TNT - 2,800 2,800 - -
Unicredito - 12,950 12,950 - -
Italiano
¹Statement pursuant to article 21, paragraph 2, section a, of the
Dutch 1990 Investment Institutions Supervision Decree ('Btb', Besluit
toezicht beleggingsinstellingen 1990). Pursuant to section a and c of
the circular 'Publication of interests of directors' of 15 October
1993, exemption has been granted in respect of :
a) the prescribed publication of interests held by the members of
the management and supervisory boards, which are held by way of a
discretionary agreement
c) the prescribed publication of movements during the year in
securities, as defined in article 1 of the Dutch Investment
Institutions Supervision Act ('Wtb', Wet toezicht
beleggingsinstellingen) held by members of the management and
supervisory boards.
²This concerns a supervisory directorship.
INTERESTS OF FUND MANAGER
The fund manager should act in accordance with Dutch legislation and,
insofar as relevant, legislation in other countries. As an employee
of Robeco Nederland B.V. he is bound by Robeco's internal regulations
and procedures, including the Rules and regulations regarding private
investment transactions, which are based on the Dutch Securities
Transactions Supervision Act. These Rules should guarantee that the
(semblance of) insider trading and mixing of business and private
interests is avoided at all times.
As at 31 December 2005 the fund manager had an interest of 5,047
Robeco N.V. shares. Furthermore, as of that same date, he had the
following interest in Robeco N.V investments.: 1,170 Royal Dutch
Shell A shares and 3,500 Reed Elsevier Shares.
STATEMENT FOR THE LONDON STOCK EXCHANGE
The members of the supervisory board and the management board of
Robeco N.V. hereby declare that their beneficial interests and those
of their children below the age of 18 years do not in the aggregate
exceed 5% of the company, in respect of either share capital or
voting control.
Rotterdam, 16 March 2006
Auditor's statement
Introduction
We have audited the financial statements of Robeco N.V., Rotterdam,
for the year 2005. These financial statements are the responsibility
of the company's management. Our responsibility is to express an
opinion on these financial statement based on our audit.
Scope
We conducted our audit in accordance with auditing standards
generally accepted in the Netherlands. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements3 are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements3. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
presentation of the financial statements3. We believe that our audit
provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements give a true and fair view of
the financial position of the company as at 31 December 2004 and of
the result for the year then ended in accordance with accounting
principles generally accepted in the Netherlands and comply with the
financial reporting requirements included in Part 9 of Book 2 of the
Netherlands Civil Code and in the Investment Institutions Supervision
Act.
Furthermore, we have established to the extent of our competence that
the annual report is consistent with the company financial
statements.
Amsterdam, 16 March 2005
For
Ernst & Young Accountants
G.H.C. de Méris
SPREAD OF NET ASSETS
+-----------------------------------------------------------------------------------------------+
| | | | | Across countries|Across currencies|
|------------------------------+----------+-------+-------+-------------------+-----------------|
| | | | Stocks|Stocks+derivatives*| |
|------------------------------+----------+-------+-------+-------------------+-----------------|
| | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| |31/12/2005| 31/12| 31/12| 31/12| 31/12| 31/12| 31/12|
| | EUR| 2005| 2004| 2005| 2004| 2005| 2004|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| |x thousand| in%| in%| in%| in%| in%| in%|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|By country | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|America(50,70%) | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|UnitedStates | 3,461,026| 47.91| 48.75| 47.91| 48.75| 52.86| 52.53|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Canada | 168,815| 2.34| 2.12| 2.34| 2.12| 3.36| 2.91|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Brazil | 32,148| 0.45| 0.23| 0.45| 0.23| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Europe(33,87%) | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|France | 568,369| 7.87| 7.02| 7.87| 7.02| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|UnitedKingdom | 506,198| 7.01| 10.64| 7.01| 10.64| 9.59| 11.36|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Switzerland | 413,821| 5.73| 4.85| 5.73| 4.85| 3.21| 3.97|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Netherlands | 343,031| 4.75| 3.11| 4.75| 3.11| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Germany | 222,518| 3.08| 2.22| 3.08| 2.22| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Sweden | 95,940| 1.33| 1.45| 1.33| 1.45| 1.33| 1.45|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Norway | 73,294| 1.01| 0.47| 1.01| 0.47| 1.02| 0.47|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Spain | 62,208| 0.86| 2.17| 0.86| 2.17| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Italy | 54,144| 0.75| 3.17| 0.75| 3.17| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Finland | 44,884| 0.62| 0.21| 0.62| 0.21| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Ireland | 34,709| 0.48| 0.31| 0.48| 0.31| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Greece | 19,819| 0.27| -| 0.27| -| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Denmark | 6,273| 0.09| 0.26| 0.09| 0.26| 0.09| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Belgium | 1,464| 0.02| 0.22| 0.02| 0.22| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Euro | -| -| -| -2.92| -| 12.49| 12.86|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Asia(13,32%) | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Japan | 737,382| 10.21| 9.12| 13.42| 10.09| 11.14| 9.53|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|HongKong | 101,603| 1.41| 1.19| 1.41| 1.19| 1.41| 1.19|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|SouthKorea | 67,305| 0.93| 0.99| 0.93| 0.99| 0.36| 0.28|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Singapore | 39,134| 0.54| 0.70| 0.54| 0.70| 0.54| 0.70|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Taiwan | 16,427| 0.23| 0.18| 0.23| 0.18| 0.25| 0.20|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Israel | -| -| 0.32| -| 0.32| -| -|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Australia(1,68%) | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Australia | 121,679| 1.68| 1.81| 1.68| 1.81| 2.35| 2.07|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|NewZealand | -| -| 0.48| -| 0.48| -| 0.48|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Other assets and | 31,075| 0.43| -1.99| 0.14| -2.96| -| -|
|liabilities(0.43%) | | | | | | | |
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
| | _______|_______|_______| _______| _______| _______| _______|
|------------------------------+----------+-------+-------+----------+--------+--------+--------|
|Total | 7,223,266| 100.00| 100.00| 100.00| 100.00| 100.00| 100.00|
+-----------------------------------------------------------------------------------------------+
By sector
Financials 22.5 24.3
Industrials 12.1 10.9
Health care 11.9 12.7
Information technology 11.2 11.0
Consumer discretionary 11.1 11.1
Consumer staples 8.9 9.8
Energy 8.7 7.8
Materials 5.8 5.1
Telecommunication services 4.8 6.9
Utilities 2.6 2.4
Other assets and liabilities 0.4 -2.0
______ ______
Total 100. 100.0
*In addition to investments in equities, the portfolio may include
positions in derivatives. The sum of equities and derivatives
reflects the true volume of the investments by country and in total.
At 31 December 2005 the portfolio contained derivatives, in this case
index futures and forward exchange transactions, as was also the case
at 31 December 2004. The forward exchange transactions have been
included in the currency position.
Exchange rates
31/12/2005 31/12/2004 31/12/2005 31/12/2004
EUR 1 EUR EUR
AUD 1,6080 1,7340 AUD 1 0,6219 0,5767
CAD 1,3779 1,6282 CAD 1 0,7257 0,6140
CHF 1,5546 1,5456 CHF 1 0,6433 0,6470
DKK 7,4589 7,4386 DKK 1 0,1341 0,1344
GBP 0,6871 0,7080 GBP 1 1,4554 1,4125
HKD 9,1457 10,5650 HKD 1 0,1093 0,0947
JPY 139,2223 139,2824 JPY 100 0,7183 0,7180
KRW 1.192,3482 1.407,0957 KRW 100 0,0838 0,0711
NOK 7,9870 8,2325 NOK 1 0,1252 0,1215
SEK 9,3875 9,0327 SEK 1 0,1065 0,1107
SGD 1,9614 2,2189 SGD 1 0,5098 0,4507
TWD 38,7399 43,0747 TWD 1 0,0258 0,0232
USD 1,1796 1,3592 USD 1 0,8478 0,7357
LIST OF SECURITIES
at 31 December 2005
Market value
LARGECAPS (97,43%)
NORTH AMERICA (50,06%)
EUR USD United States (47,42%)
15,130,707 17,847,426 ADC Telecom
25,067,187 29,568,000 Adobe Systems
30,100,462 35,505,000 Aeropostale
41,825,651 49,335,447 Aetna
64,885,504 76,535,696 Altria Group
13,587,385 16,027,000 Amdocs
58,777,392 69,330,873 Amgen
23,177,890 27,339,480 Apache Corporation
35,346,244 41,692,662 Archer-Daniels-Midland
15,529,641 18,317,988 Assurant
7,164,291 8,450,640 Avaya
23,879,810 28,167,430 Avon Products
88,931,330 104,898,950 Bank of America
35,487,491 41,859,270 Baxter International
54,535,433 64,327,270 BellSouth
48,174,439 56,824,160 Boeing
28,855,296 34,036,264 Brinker International
17,987,792 21,217,500 Broadcom Corp
49,263,490 58,108,750 Bunge
40,116,910 47,319,902 Caremark RX
42,118,476 49,680,848 Carnival Corp
29,694,071 35,025,642 Cendant Corporation
52,874,856 62,368,537 Cisco Systems
37,752,363 44,530,800 CIT Group
105,885,132 124,896,808 Citigroup
32,835,469 38,731,078 Coach
31,243,877 36,853,715 Colgate-Palmolive
31,024,730 36,595,220 ConocoPhillips
15,637,265 18,444,936 Constellation Brands
30,473,655 35,945,200 Cooper Industries /A
30,361,287 35,812,656 Corning
27,013,738 31,864,054 Countrywide Financial
46,913,794 55,337,166 CVS Corporation
29,532,873 34,835,500 Dean Foods
21,611,208 25,491,500 Dell Computers
29,421,855 34,704,549 DR. Horton
29,538,625 34,842,285 Duke Energy Corp
14,354,945 16,932,375 eBay
41,511,855 48,965,308 Edison International
42,041,813 49,590,420 EMC
66,096,359 77,963,960 Exxon Mobil
48,121,020 56,761,149 Fannie Mae
70,545,008 83,211,364 General Electric
33,509,673 39,526,335 GlobalSantaFe Corp
67,468,406 79,582,359 Goldman Sachs Group
36,929,592 43,560,300 Google
40,473,507 47,740,525 Hewlett-Packard
18,600,526 21,940,250 IAC/Interactive Corp
69,309,469 81,753,984 Intel
29,135,198 34,366,423 IBM
30,865,124 36,406,957 International Paper
Ishares Nasdaq Biotechnology
28,230,427 33,299,200 Index
38,790,132 45,754,900 ITT Industries
74,911,489 88,361,847 JP Morgan Chase & Co
68,968,132 81,351,360 Johnson & Johnson
29,259,887 34,513,500 KB Home
25,050,909 29,548,800 Kohls Corp
31,664,109 37,349,400 Lilly (Eli)
19,125,058 22,558,962 Lincoln National
37,451,216 44,175,582 Lowe's Companies
20,606,102 24,305,928 Marsh & McLennan
17,942,680 21,164,288 MBIA
48,264,993 56,930,973 Medtronic
24,706,128 29,142,113 Metlife
107,467,023 126,762,726 Microsoft
36,426,710 42,967,126 Monsanto Co
32,557,331 38,403,000 Motorola
38,811,045 45,779,568 News Corp-Class B
30,085,918 35,487,844 Omnicare
32,765,902 38,649,020 Omnicom Group
48,469,233 57,171,884 Oracle
55,459,628 65,417,404 Pfizer
46,962,612 55,394,749 Procter & Gamble
47,051,822 55,499,977 Prudential Financial
31,066,970 36,645,045 Republic Services
43,997,736 51,897,530 Schlumberger
38,982,514 45,981,824 Sprint-Nextel
37,112,967 43,776,600 ST Paul Cos
32,393,540 38,209,800 Stryker Corp
32,440,930 38,265,700 Texas Instruments
32,918,242 38,828,712 Textron
63,248,554 74,604,832 Time Warner
30,873,239 36,416,529 Tyco International
62,360,955 73,557,864 Valero Energy
33,371,947 39,363,880 Weatherford Int
47,490,050 56,016,889 Wellpoint
47,520,118 56,052,355 Wyeth
EUR CAD Canada (2,19%)
30,578,525 42,134,150 CDN Pacific Railway
16,492,489 22,725,000 Inco
18,386,240 25,334,400 National Bank of Canada
15,751,233 21,703,624 Nortel networks
Petro-Canada/Variable Vtg.
47,391,173 65,300,297 Shs
29,378,030 40,479,988 Telus Corporation
EUR USD Brazil (0,45%)
32,148,194 37,920,402 Ambev Pref ADR
EUROPE (33,16%)
EUR EUR France (7,79%)
37,411,888 37,411,888 Air Liquide
15,659,910 15,659,910 Atos Origin
50,932,884 50,932,884 Axa
54,680,000 54,680,000 BNP Paribas
19,749,732 19,749,732 Danone
27,160,514 27,160,514 France Telecom
Gen. Etablissements
33,975,264 33,975,264 Michellin/B
LVMH Moet Hennessy Louis
22,030,928 22,030,928 Vuitton
31,059,981 31,059,981 Pernod-Ricard
29,751,212 29,751,212 Publicis Groupe
Regie National des Usines
37,666,321 37,666,321 Renault
33,519,212 33,519,212 Saint-Gobain
29,381,108 29,381,108 Sanofi-Synthelabo
89,283,787 89,283,787 Total Fina Elf
34,145,500 34,145,500 Vinci
EUR USD
16,649,790 19,639,260 Business Objects
EUR GBP United Kingdom (6,66%)
14,759,755 10,141,428 888 Holdings
34,800,457 23,911,394 BP
40,032,866 27,506,582 BT Group
858,667 589,990 BT Group/STK/28-12-05
71,820,203 49,347,662 GlaxoSmithKline
543,228 373,252 GlaxoSmithKline/STK/02-11-05
55,239,112 37,954,794 HBOS
37,907,352 26,046,141 Imperial Tobacco
19,821,608 13,619,427 Man Group
208,363 143,166 Man Group/STK/23-11-05
13,407,801 9,212,500 Partygaming
14,826,369 10,187,198 Petrofac
38,169,402 26,226,196 Rio Tinto
48,436,365 33,280,627 Royal Bank of Scotland
33,275,740 22,863,761 Smiths Group
28,822,461 19,803,913 Tesco
26,909,348 18,489,413 Vodafone Group (GBP)
908,354 624,130 Vodafone Group/STK/23-11-05
EUR CHF Switzerland (5,73%)
40,999,132 63,737,250 ABB
29,958,253 46,573,100 Adecco Cheserex
31,206,979 48,514,370 Holcim N
50,047,966 77,804,568 Nestlé
70,041,511 108,886,533 Novartis
32,513,507 50,545,498 Roche Holding
37,283,224 57,960,500 Swiss Reinsurance
22,759,272 35,381,564 Syngenta
99,011,106 153,922,665 UBS
EUR EUR Netherlands (4,70%)
31,073,622 31,073,622 Koninklijke Ahold
22,185,141 22,185,141 Heineken
70,811,068 70,811,068 ING Groep
22,657,250 22,657,250 Koninklijke KPN
32,395,472 32,395,472 Reed Elsevier
110,662,326 110,662,326 Royal Dutch Shell A
19,800,000 19,800,000 TNT
30,130,553 30,130,553 VNU
EUR EUR Germany (3,05%)
28,840,452 28,840,452 BASF
27,230,150 27,230,150 Bayerische Motoren Werke
30,780,000 30,780,000 Deutsche Post
55,099,800 55,099,800 E.ON
33,275,176 33,275,176 RWE /A
13,143,763 13,143,763 SAP/Stammaktien
32,092,125 32,092,125 Schering
EUR SEK Sweden (1,25%)
Skandinaviska Enskilda
34,254,892 321,569,511 Bank/A
17,795,400 167,055,210 Teliasonera
38,428,821 360,752,480 Volvo/B
EUR NOK Norway (0,97%)
33,557,781 268,026,000 Statoil
36,300,985 289,935,970 Telenor
EUR EUR Spain (0,84%)
Banco Bilbao Vizcaya
34,889,088 34,889,088 Argentaria
Banco Santander Central
26,136,971 26,136,971 Hispano
EUR EUR Italy (0,71%)
22,652,259 22,652,259 Enel
28,933,758 28,933,758 Unicredito Italiano
EUR EUR Ireland (0,67%)
34,709,897 34,709,897 Allied Irish Banks
13,886,827 13,886,827 CRH
EUR EUR Finland (0,53%)
38,471,813 38,471,813 Nokia/A
EUR EUR Greece (0,26%)
19,115,767 19,115,767 National Bank of Greece
ASIA (12,65%)
EUR JPY Japan (9,68%)
42,504,263 5,917,541,200 Astellas Pharma
16,184,907 2,253,300,000 Dai Nippon Printing
34,345,791 4,781,700,000 Daikin Industries
42,161,809 5,869,864,000 Fanuc
18,215,832 2,536,050,000 Hitachi Construction Machine
59,578,997 8,294,725,000 Honda Motor
37,063,028 5,160,000,000 Japan Tabacco
16,369,504 2,279,000,000 Kawasaki Heavy Industries
34,678,353 4,828,000,000 KDDI
32,020,984 4,458,035,000 Komatsu
51,151,181 7,121,385,000 Mitsubishi
32,100,246 4,469,070,000 Mitsui Fudosan
53,909,898 7,505,460,000 Nomura Holdings
45,628,969 6,352,570,000 Orix
26,424,467 3,678,875,000 Resona Bank Holdings
47,751,553 6,648,081,000 Shin-Etsu Chemical
11,340,353 1,578,830,000 Shinsei Bank
45,481,464 6,332,034,000 Sony
42,477,929 5,913,875,000 T&D Holdings
10,009,043 1,393,482,000 TDK
EUR HKD Hong Kong (1,32%)
30,948,828 283,048,700 Esprit Holdings
33,362,236 305,121,000 Sun Hung Kai Properties
30,953,820 283,094,350 Swire Pacific/A
EUR USD South Korea (0,93%)
Samsung Electronics /GDR 1/2
41,352,103 48,776,874 vgt.s -144A-
EUR KRW
25,953,215 30,945,268,200 Hana Financial Group
EUR SGD Singapore (0,49%)
17,867,850 35,046,000 DBS Group Holdings
Singapore Telecom Shs Board
17,579,083 34,479,614 Lot 1
EUR TWD Taiwan (0,23%)
Taiwan Semiconductor
16,427,177 636,388,000 Manufacturing
AUSTRALIA (1,56%)
EUR AUD Australia (1,56%)
63,290,825 101,771,647 BHP Billiton
33,532,589 53,920,402 Brambles Industries
16,163,544 25,990,979 Macquarie Bank
SMALLCAPS-MIDCAPS (2,14%)
NORTH AMERICA (0,64%)
EUR USD United States (0,49%)
905,211 1,067,742 American Greetings
624,916 737,120 American Tower Corp
695,180 820,000 Ameriprise Financial
1,334,694 1,574,338 Assurant
1,237,633 1,459,850 Bausch and Lomb
1,464,378 1,727,307 BMC Software
1,474,610 1,739,376 Cadence Design
1,261,523 1,488,030 Centerpoint Energy
1,278,789 1,508,395 Ceridian Corp
455,055 536,760 Community Health Systems
1,228,903 1,449,552 Compuware Corporation
1,224,940 1,444,878 Crescent Real Estate
782,513 923,013 Crown Castle International
1,145,420 1,351,080 Frontier Oil Corp
1,311,093 1,546,500 Health Net
1,331,448 1,570,509 Janus Capital Group
440,578 519,684 Lincare holdings
1,247,255 1,471,200 LSI Logic Corp
1,546,814 1,824,544 NTL
1,130,770 1,333,800 NVR
965,350 1,138,678 Omnicare
1,295,909 1,528,590 Payless Shoesource
1,444,962 1,704,405 PMI Group
1,400,736 1,652,238 Radian Group
681,697 804,096 SanDisc
1,358,103 1,601,950 SPX Corporation
1,363,920 1,608,812 Synopsys
1,122,089 1,323,560 Tommy Hilfiger Corp
473,062 558,000 Ultra Petroleum Corp
1,380,750 1,628,664 Unionbancal Corp
1,162,732 1,371,500 USG Corp
728,515 859,320 Wisconsin Energy Corporation
EUR CAD Canada (0,15%)
1,349,889 1,860,012 Agrium
1,374,602 1,894,064 Biovail Corp
1,151,335 1,586,424 CAE Industries
1,375,528 1,895,340 CGI Group
1,251,905 1,725,000 CI Financial
1,532,912 2,112,200 Husky Energy
1,340,562 1,847,161 Ipsco
1,460,536 2,012,472 TransAlta
EUROPE (0,71%)
EUR GBP United Kingdom(0,16%)
1,072,525 736,932 Amlin
1,393,093 957,194 British Airways
1,163,968 799,762 De La Rue
1,153,566 792,615 First Choice Holidays
1,331,188 914,659 GKN
1,370,824 941,893 Inchcape
1,228,212 843,904 Persimmon
1,298,891 892,468 Schroders
1,551,118 1,065,773 Taylor Woodrow
EUR EUR Finland (0,09%)
1,245,400 1,245,400 Kesko
1,412,632 1,412,632 Metso
1,174,896 1,174,896 Neste Oil
1,216,560 1,216,560 Rautaruukki
1,362,101 1,362,101 Yit-Yhtyma
EUR DKK Denmark (0,09%)
1,512,432 11,281,000 DSV
1,205,615 8,992,500 GN Store Nord
1,016,517 7,582,050 H Lundbeck
1,244,227 9,280,500 Novozymes
1,294,100 9,652,500 Ostasiatiske Kompagni
EUR SEK Sweden (0,08%)
1,211,093 11,369,200 Alfa Laval
1,387,790 13,027,950 Modern Times Group
1,531,262 14,374,800 Skanska
1,330,656 12,491,600 Swedish Match
EUR EUR France (0,07%)
1,311,156 1,311,156 Neopost
1,508,602 1,508,602 Publicis Groupe
1,153,168 1,153,168 Sodexho Alliance
1,338,270 1,338,270 Vallourec
EUR NOK Norway (0,05%)
1,460,511 11,665,100 Stolt Offshores
1,156,686 9,238,450 Storebrand
818,032 6,533,625 Yara International
EUR EUR Netherlands (0,05%)
948,906 948,906 Buhrmann
1,313,700 1,313,700 Euronext
1,052,529 1,052,529 Stork
EUR EUR Italy (0,04%)
1,159,210 1,159,210 Benetton Group
1,398,400 1,398,400 Fiat
EUR EUR Germany(0,03%)
1,365,975 1,365,975 Merck
690,840 690,840 Salzgitter
EUR EUR Belgium (0,02%)
1,464,120 1,464,120 Umicore
EUR EUR Spain (0,02%)
1,181,943 1,181,943 Ebro Puleva
EUR EUR Greece (0,01%)
702,589 702,589 Piraeus Bank
ASIA (0,67%)
EUR JPY Japan (0,53%)
1,244,413 173,250,000 Amano Corporation
1,260,200 175,448,000 Comsys Holdings Corp
1,544,185 214,985,000 CSK Corporation
1,279,005 178,066,000 Daido Steel
1,283,631 178,710,000 Daimaru
1,498,144 208,575,000 Electric Power Development
1,252,493 174,375,000 Fuji Electric Holdings
1,215,409 169,212,000 Fujikura
1,346,480 187,460,000 Hankyu Department Stores
643,108 89,535,000 Hitachi Capital
1,135,738 158,120,000 Hitachi High-Technologies
1,552,510 216,144,000 Ibiden
1,742,321 242,570,000 Kobe Steel
1,228,970 171,100,000 Makita Corporation
1,468,579 204,459,000 Marubeni
1,039,489 144,720,000 Mitsubishi Materials
1,575,179 219,300,000 NGK Spark Plug Corporation
1,113,184 154,980,000 Nichirei
1,169,109 162,766,000 Nissan Chemical Industries
1,138,805 158,547,000 Nisshinbo
1,317,612 183,441,000 Otsuka Corp
1,365,299 190,080,000 Sumitomo Heavy Industries
1,489,754 207,407,000 Taiheiyo Cement
1,581,686 220,206,000 Teijin
1,143,854 159,250,000 Toho Titanium
1,307,765 182,070,000 Tokyo Style Corporation
1,189,809 165,648,000 Toyo Suisan Kaisha
1,073,463 149,450,000 Yakult Honsha
530,088 73,800,000 Yamada Denki
1,253,599 174,529,000 Yamaha Corporation
EUR HKD Hong Kong (0,09%)
1,270,105 11,616,000 Hysan Development
1,279,642 11,703,225 Kerry Properties
1,289,524 11,793,600 Sino Land
1,130,717 10,341,200 Television Broadcasts
1,368,643 12,517,200 The Wharf Holdings
EUR SGD Singapore (0,05%)
1,229,448 2,411,440 Capitaland
1,332,762 2,614,080 Neptune Orient Lines
1,124,554 2,205,700 Sembcorp Industries
AUSTRALIA (0,12%)
EUR AUD Australia (0,12%)
1,481,458 2,382,185 Australian Stock Exchange
1,256,920 2,021,128 Babcock & Brown
1,214,263 1,952,535 Caltex Australia
1,590,208 2,557,055 CSL
1,220,432 1,962,455 Leighton Holdings
1,106,714 1,779,596 Pacific Brands
822,266 1,322,204 Symbion Health
PURCHASES AND SALES
of more than EUR 25 million during the financial
year
Shares PURCHASES Shares SALES
United States United States
1,350,000 Aeropostale 1,453,000 Accenture CL/A
1,024,300 Altria Group 939,500 Citigroup
1,690,700 Archer-Daniels-Midland 1,259,240 Exelon Corp
628,400 Bunge 547,000 Freddie Mac
1,821,600 Corning 1,037,400 General Electric
925,000 Dean Foods 1,173,600 Gilead Sciences
Guidant
1,269,300 Duke Energy Corp 700,000 Corporation
105,000 Google 894,600 McGraw-Hill
Medco Health
1,550,000 IAC/Interactive Corp 1,034,064 Solutions
Ishares Nasdaq Morgan Stanley
430,000 Biotechnology Index 1,089,800 Dean Witter & Co
445,000 ITT Industries 890,004 Northrop Grumman
625,000 Johnson & Johnson 1,217,100 Scientific-Atlanta
Verizon
1,558,700 JP Morgan Chase & Co 1,269,200 Communications
475,000 KB Home
988,900 Medtronic Canada
Canadian Natural
554,200 Monsanto Co 779,964 Resource
1,700,000 Motorola 1,456,500 Sun Life Financial
640,100 Omnicare
975,900 Republic Services France
980,000 ST Paul Cos 550,000 Schneider Electric
860,000 Stryker Corp
504,400 Textron United Kingdom
1,134,022 AstraZeneca (GBP)
Canada 2,145,346 British Land Co
865,000 CDN Pacific Railway 8,926,999 Compass Group
Legal & General
22,120,927 Group
France 1,608,535 Reckitt Benckiser
Gen. Etablissements Shell Transport &
715,570 Michellin/B 13,669,025 Trading
210,719 Pernod-Ricard 5,148,912 Unilever Plc.
1,063,259 Publicis Groupe
Regie National des
546,681 Usines Renault Switzerland
397,042 Sanofi-Synthelabo 347,000 Roche Holding
470,000 Vinci
Germany
United Kingdom 2,061,504 Deutsche Telekom
2,219,955 GlaxoSmithKline 780,850 Metro
1,087,760 Royal Bank of Scotland
2,185,828 Smiths Group Sweden
14,097,274 Vodafone Group (GBP) 2,146,345 Securitas /B
Switzerland Spain
Banco Santander
4,999,000 ABB 4,339,400 Central Hispano
197,976 Nestlé 2,183,381 Telefónica
Netherlands Italy
Koninklijke Ned.
1,726,806 Petroleum Mij 1,767,500 Eni
2,962,000 San Paolo-IMI
Germany 13,136,000 Telecom Italia
1,500,000 Deutsche Post
630,000 E.ON Japan
567,500 Schering 3,600,000 Asahi Glass
1,036,000 Ito Yokado
Norway 1,682,000 Toyota Motor
1,729,200 Statoil
Australia
National Australia
Japan 1,462,117 Bank NAB
3,000 Japan Tabacco
7,100 KDDI New Zealand
Telecom
Corporation of New
9,390,627 Zealand
1) Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the
fund's appointed representative in Switzerland. Copies of the
prospectus, Articles of Association, annual and semiannual reports
and a list of all purchases and sales in the fund's securities
portfolio during the reporting period are available from the above
address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is
the fund's paying agent in Switzerland.
Ronald Florisson, Robeco Corporate Communications
Office: +31 - 10 - 224 28 10
Mobile: +31 - 653 - 831 586
E-mail: ronald.florisson@robeco.nl
- ---END OF MESSAGE---
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