# HIGHLIGHTS
LO Funds - Asia High Conviction is an actively managed long-only Asia-ex Japan equity strategy in place since 31 May 2014. It seeks to outperform the MSCI Asia ex-Japan ND index over the long term, without necessarily tracking it over the short term. The investment approach consists of 3 distinct themes (Growth, Value and Turnaround), combined with a fundamental bottom up stock-picking process. The portfolio will usually be relatively concentrated (with a maximum of 50 companies deriving a significant portion of their revenues from Asia). Each position is further constrained by a minimum and maximum position size of 1% and 10% respectively. The portfolio managers monitor risk exposures closely at the portfolio level to ensure the portfolio is not taking on excessive risks. Alongside this, independent teams manage investment risks and monitor operational risks.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN EUR 
Dec 31, 2016 - Oct 31, 2022
225
200
175
150
125
100
75
50
2017	2018	2019	2020	2021	2022
LO Funds - Asia High Conviction, Syst. NAV Hdg, (EUR) P A	Annual or YTD performance (Fund) MSCI ACF Asia ex-Japan USD ND (EUR Cross Hdg.)	Annual or YTD performance (Bench.)
Class launch date (09.08.2017)
Past performance does not predict future returns. Performances are displayed net of all costs except any entry and exit fees. Please refer to the cost section. Performance is subject to taxation which depends on the personal situation of each investor and may change in the future. Returns may increase or decrease as a result of currency fluctuations.
risk-free or that capital is necessarily guaranteed or protected.
Cumulative
Annualized
| CODES | Class A |  | NET PERFORMANCE IN EUR | Fund | Bench. |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | YTD | -39.38% | -33.91% |  | - | - |
| ISIN | LU1480991469 |  | 1 month | -7.89% | -6.26% |  | - | - |
| Bloomberg | LOAHEPA LX |  | 3 months | -19.28% | -18.89% |  | - | - |
| NAV	EUR 9.89	1 year	-43.14%	-35.83%	-	- |
|  |  | 3 years | -22.90% | -19.04% |  |  | -8.27% | -6.77% |
| FISCAL INFORMATION |  | 5 years | -24.76% | -25.56% |  |  | -5.51% | -5.71% |
|  |  | Total return (since 27.10.2016) | -1.05% | -5.19% |  |  | -0.18% | -0.88% |
| ES - Switchable	Yes |  |  |  |  |  |  |  |  |
|  |  | STATISTICS  31.10.2017 - 31.10.2022 | Fund | Bench. |  |  |  | Fund |
|  |  | Annualised volatility | 17.75% | 17.38% |  | Number of positions |  | 48 |
|  |  | Sharpe ratio | -0.28 | -0.30 |  |  |  |  |
|  |  | Max. drawdown | -49.20% | -41.29% |  |  |  |  |
|  |  | Correlation |  | 0.972 |  |  |  |  |
|  |  | Tracking error |  | 4.16% |  |  |  |  |

Translation (ENIT, 2022-10-31):
# EVENTI DI RILIEVO
LO Funds – Asia High Conviction è una strategia azionaria long-only a gestione attiva incentrata sull’Asia (Giappone escluso) è attiva da maggio 2014. Mira a sovraperformare l’MSCI Asia ex-Japan ND Index a lungo termine, senza necessariamente replicarne l’andamento a breve termine. L’approccio d’investimento è incentrato su tre temi distinti (Growth, Value e Turnaround), abbinati secondo un processo di selezione dei titoli bottom-up di tipo fondamentale. In genere il portafoglio sarà relativamente concentrato (con un massimo di 50 società che generano una quota significativa dei propri ricavi in Asia). L’entità di ogni posizione è inoltre soggetta a un limite minimo e massimo rispettivamente dell’1% e del 10%. I gestori di portafoglio monitorano attentamente l’esposizione al rischio a livello di portafoglio per accertarsi che non vengano assunti rischi eccessivi, mentre team indipendenti gestiscono i rischi d’investimento e monitorano i rischi operativi.
PERFORMANCE CUMULATIVA NETTO E PERFORMANCE ANNUALE IN EUR 
31-dic-2016 - 31-ott-2022
225
200
175
150
125
100
75
50
2017	2018	2019	2020	2021	2022
LO Funds - Asia High Conviction, Syst. NAV Hdg, (EUR) P A	Rendimento annuale o YTD (Fondo) MSCI ACF Asia ex-Japan USD ND (EUR Cross Hdg.)	Rendimento annuale o YTD (Bench.)
Lancio del comparto (09.08.2017)
La performance passata non prevede rendimenti futuri. Le Performance sono visualizzate al netto di tutti i costi, ad eccezione delle eventuali commissioni di ingresso e di uscita. Il Performance è soggetto al trattamento fiscale che può cambiare in futuro. I Rendimenti possono aumentare o diminuire a causa delle fluttuazioni valutarie.
CODICI	
Classe A
ISIN	LU1480991469
Bloomberg	LOAHEPA LX
VNI	EUR 9.89
Cumulata
Annualizzata