Equity outlook parallel worlds

FUNDAMENTAL EQUITY QUARTERLY Q4 2026

P3 Introduction: Kees Verbaas, Head of Fundamental Equities P8 Interview with Natalie Falkman, Portfolio Manager for the Circular Economy strategy

Competing narratives around bond market volatility aren’t In this wide-ranging interview Natalie reflects on her personal making it any easier for asset allocators, but we believe the investment journey and why economics is driving companies to investment thesis for global equities remains intact. apply circular solutions.

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P10 Trip notes: London P11 Where we differ from the market: Argentina

Equity analyst Rodrigo Baptista attended a recent London Argentina’s intense economic reform process is on track and the industrials conference where the focus was on the AI buildout financial and energy sectors offer compelling risk-reward, says and automation. The macroeconomic and geopolitical backdrop João Giesta, analyst in Robeco’s EM equities team. is not reassuring for every segment though.

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TOP 3 EM EQUITY MARKETS YEAR TO DATE +95.53% +69.31% +42.28% MSCI KOREA MSCI TAIWAN MSCI COLOMBIA Despite a sell-off in July, AI-powered Korea Taiwan is close behind its North Asian peer Colombia equities have benefited from still leads the emerging markets pack. USD Korea, driven by the same AI build-out peso appreciation vs the USD and a right- price return year-to 28 September 2026. demand driver. USD price return year-to 28 wing political swing. USD price return September 2026. year-to 28 September 2026.

TOP 3 DM EQUITY MARKETS YEAR TO DATE +28.03% +24.52% +20.46% MSCI AUSTRIA MSCI NORWAY MSCI SINGAPORE Financials and energy have Europe’s energy giant has had a strong Singapore equities have benefited underpinned Austria, augmented by a year, benefiting from high oil and gas from AI exposure and safe haven sprinkling of AI stardust. USD price prices. USD price return year-to 28 flows from Indonesia. USD price return year-to 28 September 2026. September 2026. return year-to 28 September 2026.

Past performance is no guarantee of future results. The value of your investment may fluctuate.

2 Robeco | Fundamental Equity Quarterly Q4 2026