Robeco Institutional Asset Management 13F Portfolio

The biggest buys table reads like a shopping list for an AI super‑cycle and a late‑cycle macro hedge. The standout is KLA, where Robeco increased shares +783.3%, lifting the stake to $808.9M and accepting a current mark of -72.6% vs its avg_buy_price. That’s not averaging down for optics; that’s a high‑conviction call that leading-edge process control is mispriced.

Other notable adds deepen the AI toolkit:

• Broadcom: a +15.5% share increase and +$228.7M in value, reinforcing a bet on networking and custom accelerators as AI workloads scale.
• Applied Materials: +11.7% in shares and +$148.8M, backing capacity growth in wafer fab equipment.
• Intel: +73.9% in shares, +$222.4M in value, signaling belief in a manufacturing and foundry comeback despite it being up 75.1% vs cost.
• Amazon: +12.5% in shares and +$251.5M, a pure expression of confidence in cloud AI monetization and retail leverage.

The fund is also arming up in financials and defensives. Morgan Stanley’s stake is up +143.2% (+$225.7M), Coca‑Cola is up +74.6% (+$170.9M), and Cummins is more than doubled (+111.5%, +$362.7M). That mix says they are preparing for higher capital‑markets activity and infrastructure demand, but want a ballast of consumer staples while they keep the accelerator down on AI.

Funding for these adds is coming from a clear set of profit‑harvests and de‑prioritized names. Western Digital is the largest dollar trim, with shares cut -36.0% and value reduced by $226.1M, despite a massive +328.6% gain_vs_avg_buy_pct. That looks like a textbook recycle from a volatile memory/storage beta play into higher‑quality semis and equipment.

Networking and data‑center plumbing are also being tapped as sources:

• Cisco: shares down -14.8%, freeing up $111.5M, even as the position still sits on a +126.8% gain.
• Arista Networks: -6.5% in shares and -$43.3M in value, again taking profits in a big AI‑adjacent winner (+114.5% vs cost).
• Vertiv: -6.9% in shares and -$47.3M, trimming after a near‑doubling from cost.

Lam Research is an interesting nuance: a -10.9% trim (-$97.4M) after a +287.0% run, even as KLA is aggressively increased. Robeco seems to be upgrading within the semicap complex, preferring KLA at a drawdown to Lam at strength. In payments, Mastercard is shaved -13.4% (-$75.6M) while Visa is increased, suggesting a mild relative preference within a sector they still want, just at a slightly lower overall weight.

At the sector level, this is a tweak, not a regime change. Technology barely budged, slipping from an estimated 63.1% to 62.49%, but the internal mix is sharper: more semicap and compute, less generic networking and contract electronics.

The winners of this intra‑tech reshuffle are the AI enablers. Adds to KLA, Applied Materials, AMD, Analog Devices, TSMC, Intel and Palo Alto Networks offset trims to Western Digital, Jabil, Cisco, Arista, Vertiv and Lam. Health care quietly inches up from 6.74% to 6.94% on meaningful adds to Eli Lilly (+16.2%), AbbVie (+9.7%), Johnson & Johnson (+14.2%), Gilead and Bristol Myers — effectively constructing a second secular‑growth and cash‑flow pillar around pharmaceuticals and obesity/oncology pipelines.

Cyclicals are being curated rather than abandoned. Industrials climb from 3.05% to 3.69% via bigger stakes in Cummins (+111.5%) and Rockwell Automation (+11.7%), paired with a marginal Tesla trim. Consumer discretionary nudges up from 6.11% to 6.42% on higher Amazon, United Rentals and Costco. Meanwhile, telecom‑classified networking (Cisco, Arista) drops from 3.36% to 2.77%, and payments‑labeled real estate edges down. The most conspicuous new ballast is consumer staples: Coca‑Cola’s larger position lifts that sector from 0.54% to 0.88%.

Viewed holistically, Robeco’s 2026‑Q2 moves assume the AI capex wave is closer to the middle innings than the late ones. They are willing to buy KLA at a deep mark‑to‑market loss and keep adding to Nvidia, Broadcom, Micron and Applied Materials after enormous gains, which says they see long‑duration earnings power still under‑discounted.

Simultaneously, the book is being fortified for a choppier macro tape. Larger positions in Morgan Stanley, Bank of America, Coca‑Cola, Cummins, Rockwell, Costco and Travelers hint at an expectation of ongoing nominal growth, decent credit conditions, and robust industrial and infrastructure spending — but not without volatility. The more defensive health‑care buildout and staples adds give them cover to ride through corrections in the AI complex.

Emerging‑market cyclicality remains part of the playbook, but tightly scoped. Robeco is increasing exposure to Brazilian oil (Petrobras), metals (Vale) and Indian/EM banks (ICICI, HDFC) while trimming Itaú and Newmont. That combination, alongside a still‑high 30.0% top‑10 concentration and an 86.9% 3‑year weighted cumulative return, suggests they are betting their edge is in owning the core of global growth — AI, select pharma and quality financials — and letting the rest of the portfolio simply not get in the way.