# HIGHLIGHTS
PrivilEdge - Security Capital US Real Estate is an actively managed, long-only US listed property strategy. It is managed by Security Capital, an investment management boutique based in Chicago, formed in 1995 and a wholly-owned subsidiary of JPMorgan Chase & Co. (JPMorgan) since 2004. The fund aims to provide a return stream close to US direct property markets through liquid instruments, i.e. listed equities and bonds issued by US real estate companies. The structural allocation between stocks and bonds reflects the average loan-to-value of US property firms and is currently set at 35% bonds (ICE BofA US Real Estate Index) and 65% equities (GPR 250 US REIT). The stock and bond picking constitutes two additional performance engines. It follows a fundamental and mainly bottom-up investment approach based on an in-depth knowledge of companies and internal valuation models.
Fund manager
Security Capital Research & Management Incorporated
Net assets (all classes)	USD 59.59 million
Liquidity (sub./red.)	daily, 15:00 Swinging Single Pricing		Yes
Min. investment	EUR 3'000 or equivalent
Entry/Exit fees	0.00% / 0.00%
Management fee	0.90%
Distribution fee	0.00%
FROC	0.25%
Ongoing charge (30 September 2022)	1.22%
TER max (31 March 2022)	1.15%

## RISK AND REWARD PROFILE
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

Low	High
This indicator (SRRI) represents the annualized historical volatility of the Sub- Fund over a 5-year period. Where there are less than 5 years worth of data, missing returns are simulated using an appropriate benchmark. The SRRI may change over time and should not be used as an indicator of future risk or returns. Even the lowest risk classification does not imply that the Sub-Fund is risk-free or that capital is necessarily guaranteed or protected.
STATISTICS 
03.12.2021 - 30.09.2022	
Fund	Bench.
Max. drawdown	-26.04% -24.27% Correlation			0.993Active Share		62.10%
Fund
Modified duration4.96
Yield to maturity	6.30%
Number of positions51
| CODES | Class A | Class D |
| --- | --- | --- |
| ISIN | LU2392110032 | LU2392110115 |
| Bloomberg | PRUREMA LX | PRUREMU LX |
| NAV | USD 7.76 | USD 7.76 |

Translation (ENFR, 2022-09-30):
# POINTS CLÉS
PrivilEdge - Security Capital US Real Estate est une stratégie long-only de gestion active d’actions de sociétés immobilières cotées aux Etats-Unis. Elle est gérée par Security Capital, société de conseil en investissement spécialisée située à Chicago fondée en 1995 et filiale détenue à 100% par JPMorgan Chase & Co. (JPMorgan) depuis 2004.
L’objectif du fonds est de générer une source de performance proche de celles des marchés immobiliers directs américains en investissant dans des instruments liquides (p. ex. actions et obligations cotées émises par des sociétés immobilières américaines). L’allocation structurelle entre actions et obligations reflète le taux d’avance moyen des sociétés immobilières américaines. Il est actuellement fixé à 35% d’obligations (indice ICE BofA US Real Estate) et 65% d’actions (indice GPR 250 US REIT). La sélection des actions et des obligations représente deux moteurs de performance supplémentaires. Elle suit une philosophie d’investissement fondamentale essentiellement ascendante basée sur une connaissance approfondie des sociétés et des modèles d’évaluation internes.
| STATISTIQUES  03.12.2021 - 30.09.2022 | Fonds | Indice |  |  | Fonds |
| --- | --- | --- | --- | --- | --- |
| Baisse maximum | -26.04% | -24.27% |  | Duration modifiée | 4.96 |
| Corrélation |  | 0.993 |  | Rendement à l'échéance | 6.30% |
| Active Share |  | 62.10% |  | Nombre de positions | 51 |

| CODES | Classe A | Classe D |
| --- | --- | --- |
| ISIN | LU2392110032 | LU2392110115 |
| Bloomberg | PRUREMA LX | PRUREMU LX |
| Valeur Liquidative | USD 7.76 | USD 7.76 |