# HIGHLIGHTS
PrivilEdge - Delaware US Large Cap Value is an actively managed UCITS fund launched in June 2014. It is managed by Delaware Investments. The sub-fund is actively managed in reference to the Russell 1000 Value Net Return index. It is a fundamentally driven, bottom-up approach that seeks to invest in 30-35 high quality large cap US companies trading at a discount to estimated intrinsic value. The manager aims to buy at times of excessive pessimism and sell at times of extreme optimism. The Fund is invested across all eleven S&P 500 economic sectors, with investments close to equally weighted. Companies are held for an average of five years. Risk management is performed by Delaware at a portfolio level, while independent teams oversee investment, counterparty and operational risks.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN USD 
Dec 31, 2016 - Nov 30, 2022
160
140
120
100
80
2017	2018	2019	2020	2021	2022
PrivilEdge - Delaware US Large Cap Value, (USD) I A	Annual or YTD performance (Fund)
Russell 1000 Value NR	Annual or YTD performance (Bench.)
Class launch date (01.06.2017)
Past performance does not predict future returns. Performances are displayed net of all costs except any entry and exit fees. Performance is subject to taxation may change in the future. Returns may increase or decrease because of currency fluctuations.
| NET PERFORMANCE IN USD | Fund | Bench. |  |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- |
| YTD | -1.77% | -4.23% |  |  | - | - |
| 1 month | 5.51% | 6.17% |  |  | - | - |
| 3 months | 8.33% | 6.68% |  |  | - | - |
| 1 year | 5.78% | 1.76% |  |  | - | - |
| 3 years | 22.06% | 24.81% |  |  | 6.83% | 7.63% |
| 5 years | 38.28% | 40.93% |  |  | 6.67% | 7.07% |
| Total return (since 13.06.2014) | 78.94% | 84.31% |  |  | 7.09% | 7.46% |
| STATISTICS  30.11.2017 - 30.11.2022 | Fund | Bench. |  |  |  | Fund |
| Annualised volatility | 18.41% | 18.73% |  | Number of positions |  | 32 |
| Sharpe ratio | 0.29 | 0.30 |  |  |  |  |
| Max. drawdown | -27.48% | -26.88% |  |  |  |  |
| Correlation |  | 0.978 |  |  |  |  |
| Tracking error |  | 3.87% |  |  |  |  |

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.
CODES	
Class A
ISIN	LU1599507271
Bloomberg	PDLCUIA LX
NAV	USD 17.89

## RATINGS
Cumulative
Annualized
| MONTHLY RETURNS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN %	 | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |
| January	 | -0.2 |  | 0.7 |  | 5.6 |  | 3.8 |  | 6.9 |  | 7.7 |  | -3.2 |  | -2.2 |  | -1.6 |  | -1.0 |  | -0.5 |  | -2.4 |
| February	 | 4.0 |  | 3.5 |  | -5.0 |  | -4.8 |  | 2.8 |  | 3.1 |  | -11.4 |  | -9.7 |  | 3.3 |  | 6.0 |  | -1.6 |  | -1.2 |
| March	 | -0.8 |  | -1.1 |  | -1.3 |  | -1.8 |  | 0.6 |  | 0.6 |  | -15.4 |  | -17.2 |  | 7.0 |  | 5.8 |  | 1.7 |  | 2.8 |
| April	 | -0.7 |  | -0.2 |  | 2.5 |  | 0.3 |  | 1.3 |  | 3.5 |  | 12.0 |  | 11.2 |  | 2.5 |  | 4.0 |  | -5.2 |  | -5.7 |
| May	 | -0.7 |  | -0.2 |  | 0.1 |  | 0.5 |  | -7.3 |  | -6.5 |  | 4.4 |  | 3.3 |  | 2.2 |  | 2.3 |  | 2.2 |  | 1.9 |
| June	 | 0.7 |  | 1.6 |  | -0.5 |  | 0.2 |  | 6.5 |  | 7.1 |  | -1.0 |  | -0.7 |  | -2.2 |  | -1.2 |  | -7.6 |  | -8.8 |
| July	 | 1.7 |  | 1.3 |  | 3.8 |  | 3.9 |  | 1.1 |  | 0.8 |  | 2.1 |  | 3.9 |  | 1.0 |  | 0.8 |  | 4.5 |  | 6.6 |
| August	 | -0.9 |  | -1.2 |  | 2.1 |  | 1.4 |  | -3.5 |  | -3.0 |  | 2.4 |  | 4.1 |  | 1.1 |  | 1.9 |  | -2.6 |  | -3.0 |
| September	 | 3.9 |  | 2.9 |  | 1.9 |  | 0.1 |  | 3.9 |  | 3.5 |  | -2.2 |  | -2.5 |  | -2.3 |  | -3.5 |  | -7.8 |  | -8.8 |
| October	 | -0.2 |  | 0.7 |  | -5.7 |  | -5.2 |  | 0.3 |  | 1.3 |  | -2.7 |  | -1.4 |  | 4.3 |  | 5.0 |  | 11.3 |  | 10.2 |
| November	 | 3.4 |  | 3.0 |  | 2.0 |  | 2.9 |  | 2.7 |  | 3.0 |  | 14.2 |  | 13.4 |  | -3.2 |  | -3.6 |  | 5.5 |  | 6.2 |
| December	 | 2.0 |  | 1.4 |  | -8.3 |  | -9.7 |  | 3.5 |  | 2.7 |  | 4.1 |  | 3.8 |  | 7.7 |  | 6.3 |  |  |  |  |
| Year	 | 12.7 |  | 12.8 |  | -3.7 |  | -8.9 |  | 19.4 |  | 25.6 |  | -0.7 |  | 2.0 |  | 20.9 |  | 24.4 |  | -1.8 |  | -4.2 |

The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Concentration risk: To the extent that the fund's investments are concentrated in a particular country, market, industry, sector or asset class, the fund may be susceptible to loss due to adverse occurrences affecting that country, market, industry, sector or asset class.
Active management risk: Active management relies on anticipating various market developments and/or security selection. There is a risk at any given time that the fund may not be invested in the highest-performing markets or securities. The fund's net asset value may also decline.
Financial, economic, regulatory and political risks: Financial instruments are impacted by various factors, including, without being exhaustive, the development of the financial market, the economic development of issuers who are themselves affected by the general world economic situation, and economic, regulatory and political conditions prevailing in the relevant country.
Before taking any investment decision, please read the latest version of the prospectus, the articles of incorporation, the Key Investor Information Documents (KIIDs) and the latest annual report and semi-annual report. Please pay attention to the Appendix B "Risk Factors Annex" of the prospectus.
Incorporation of extra-financial risks into the investment decision process may result in underweighting of profitable investments from the sub-fund’s investment universe and may also lead the management of the sub-fund to underweight investments that will continue to perform. Sustainability risks may lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and may therefore have a significant impact on its market price or liquidity.
The Fund is not a financial product subject to Article 8 or Article 9 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (the “SFDR”). The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.

Translation (ENES, 2022-11-30):
# CARACTERÍSTICAS PRINCIPALES
PrivilEdge - Delaware US Large Cap Value es una cartera OICVM gestionada de forma activa, con una estrategia «long- only» de valor de renta variable estadounidense. El subfondo se gestiona de forma activa con referencia a un índice, el Russell 1000 Value Net Return. Está gestionado por Delaware Investments, experto en valor de renta variable estadounidense. Invierte principalmente en sociedades estadounidenses de gran capitalización que cotizan con un descuento con respecto a su valor intrínseco estimado. Es un enfoque ascendente («bottom-up») basado en los fundamentales que busca invertir en 30-40 sociedades estadounidenses de gran capitalización y buena calidad que cotizan con un descuento con respecto a su valor intrínseco estimado. El gestor trata de comprar en momentos de excesivo pesimismo y vender en momentos de optimismo extremo. El Fondo invierte en los 11 sectores económicos del S&P 500, con una ponderación prácticamente equitativa de las inversiones. Las sociedades se mantienen durante una media de cinco años. La gestión del riesgo la realiza Delaware a nivel de la cartera, mientras que los equipos independientes supervisan los riesgos de inversión, de contraparte y operativos.
RENDIMIENTO ACUMULADA Y ANUAL NETAS EN USD 
31-dic-2016 - 30-nov-2022
160
140
120
100
80
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

Bajo	Alto
El SRRI representa la volatilidad histórica anualizada del Subfondo durante un periodo de 5 años. Cuando los datos disponibles corresponden a un periodo inferior a 5 años, los rendimientos que faltan se simulan utilizando un índice apropiado. El SRRI puede variar con el tiempo y no debería utilizarse como un indicador de riesgo o rentabilidad futuros. Incluso la clasificación de riesgo más baja no garantiza que el subfondo esté libre de riesgos o que el capital esté necesariamente protegido o garantizado.
2017	2018	2019	2020	2021	2022
PrivilEdge - Delaware US Large Cap Value, (USD) I A	Rendimiento anual o YTD (Fondo)
Russell 1000 Value NR	Rendimiento anual o YTD (Índice)
Lanzamiento de la clase (01.06.2017)
Las rentabilidades pasadas no garantizan rendimientos futuros. Los rendimientos se muestran netos de todos los costes excepto comisiones de entrada y salida. La rentabilidad está sujeta a impuestos y puede cambiar en el futuro. La rentabilidad puede aumentar o disminuir debido a las fluctuaciones de devisas.
CÓDIGOS	
Clase A
ISIN	LU1599507271
Acumulado 
NET RENDIMIENTO EN USD		
Fondo		Índice 
Desde comienzos de año	-1.77%	-4.23%
Anualizado
Fondo	Índice
-	-
| Bloomberg | PDLCUIA LX | 1 mes | 5.51% | 6.17% |  | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valor liquidativo | USD 17.89 | 3 meses | 8.33% | 6.68% |  | - | - |
|  |  | 1 año | 5.78% | 1.76% |  | - | - |
| STEUERLICHE INFORMATIONEN |  | 3 años | 22.06% | 24.81% |  | 6.83% | 7.63% |

| 5 años | 38.28% | 40.93% |  |  | 6.67% | 7.07% |
| --- | --- | --- | --- | --- | --- | --- |
| Rentabilidad total (desde 13.06.2014) | 78.94% | 84.31% |  |  | 7.09% | 7.46% |

ES - Switchable	Sí

## RATINGS
ESTADÍSTICAS 
30.11.2017 - 30.11.2022	
Fondo	Índice
Volatilidad anualizada	18.41%	18.73%
Ratio de Sharpe	0.290.30
Reducción máxima	-27.48%	-26.88%
Correlación0.978
Error de seguimiento	3.87%
Fondo
Número de posiciones32
| RENDIMIENTOS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MENSUALES EN %	 | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |
| Enero	 | -0.2 |  | 0.7 |  | 5.6 |  | 3.8 |  | 6.9 |  | 7.7 |  | -3.2 |  | -2.2 |  | -1.6 |  | -1.0 |  | -0.5 |  | -2.4 |
| Febrero	 | 4.0 |  | 3.5 |  | -5.0 |  | -4.8 |  | 2.8 |  | 3.1 |  | -11.4 |  | -9.7 |  | 3.3 |  | 6.0 |  | -1.6 |  | -1.2 |
| Marzo	 | -0.8 |  | -1.1 |  | -1.3 |  | -1.8 |  | 0.6 |  | 0.6 |  | -15.4 |  | -17.2 |  | 7.0 |  | 5.8 |  | 1.7 |  | 2.8 |
| Abril	 | -0.7 |  | -0.2 |  | 2.5 |  | 0.3 |  | 1.3 |  | 3.5 |  | 12.0 |  | 11.2 |  | 2.5 |  | 4.0 |  | -5.2 |  | -5.7 |
| Mayo	 | -0.7 |  | -0.2 |  | 0.1 |  | 0.5 |  | -7.3 |  | -6.5 |  | 4.4 |  | 3.3 |  | 2.2 |  | 2.3 |  | 2.2 |  | 1.9 |
| Junio	 | 0.7 |  | 1.6 |  | -0.5 |  | 0.2 |  | 6.5 |  | 7.1 |  | -1.0 |  | -0.7 |  | -2.2 |  | -1.2 |  | -7.6 |  | -8.8 |
| Julio	 | 1.7 |  | 1.3 |  | 3.8 |  | 3.9 |  | 1.1 |  | 0.8 |  | 2.1 |  | 3.9 |  | 1.0 |  | 0.8 |  | 4.5 |  | 6.6 |
| Agosto	 | -0.9 |  | -1.2 |  | 2.1 |  | 1.4 |  | -3.5 |  | -3.0 |  | 2.4 |  | 4.1 |  | 1.1 |  | 1.9 |  | -2.6 |  | -3.0 |
| Septiembre	 | 3.9 |  | 2.9 |  | 1.9 |  | 0.1 |  | 3.9 |  | 3.5 |  | -2.2 |  | -2.5 |  | -2.3 |  | -3.5 |  | -7.8 |  | -8.8 |
| Octubre	 | -0.2 |  | 0.7 |  | -5.7 |  | -5.2 |  | 0.3 |  | 1.3 |  | -2.7 |  | -1.4 |  | 4.3 |  | 5.0 |  | 11.3 |  | 10.2 |
| Noviembre	 | 3.4 |  | 3.0 |  | 2.0 |  | 2.9 |  | 2.7 |  | 3.0 |  | 14.2 |  | 13.4 |  | -3.2 |  | -3.6 |  | 5.5 |  | 6.2 |
| Diciembre	 | 2.0 |  | 1.4 |  | -8.3 |  | -9.7 |  | 3.5 |  | 2.7 |  | 4.1 |  | 3.8 |  | 7.7 |  | 6.3 |  |  |  |  |
| Año	 | 12.7 |  | 12.8 |  | -3.7 |  | -8.9 |  | 19.4 |  | 25.6 |  | -0.7 |  | 2.0 |  | 20.9 |  | 24.4 |  | -1.8 |  | -4.2 |

Los siguientes riesgos pueden revestir una importancia significativa, pero pueden no estar siempre adecuadamente reflejados en el indicador de riesgo sintético y pueden ocasionar pérdidas adicionales:
Riesgo de concentración: En la medida en que las inversiones del fondo se concentren en un país, mercado, industria, sector o clase de activo concretos, el fondo podrá registrar pérdidas debidas a sucesos adversos que afecten a ese país, mercado, industria, sector o clase de activo.
Riesgo de gestión activa: La gestión activa se basa en la anticipación de diversas situaciones de mercado y/o en la selección de títulos. Existe el riesgo de que en un momento determinado el fondo pueda no estar invertido en los mercados o títulos más rentables. El patrimonio neto del fondo también puede descender.
Riesgos financiero, económico, de regulación y político: Los instrumentos financieros se ven afectados por diversos factores, incluidos, entre otros, la evolución del mercado financiero, la evolución económica de los emisores (que a su vez se ven afectados por la situación económica del mundo en general) y las condiciones económicas, de regulación y políticas predominantes en el país en cuestión.
Antes de tomar cualquier decisión de inversión, lea la última versión del folleto, los estatutos de constitución, los documentos de datos fundamentales para el inversor (KIID) y el último informe anual e informe semestral. Preste atención al Apéndice B «Anexo sobre factores de riesgo» del folleto.
La incorporación de riesgos no financieros en el proceso de toma de decisiones de inversión puede dar lugar a una infraponderación de inversiones rentables del universo de inversión del subfondo, así como a que el gestor del subfondo infrapondere inversiones que seguirán siendo rentables. Los riesgos de sostenibilidad pueden generar un considerable deterioro del perfil financiero o de la rentabilidad o la reputación de una inversión subyacente, por lo que pueden afectar significativamente a su precio de mercado o su liquidez.
El Fondo no es un producto financiero sujeto al Artículo 8 o al Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el “SFDR”). Las inversiones subyacentes de este producto financiero no tienen en cuenta los criterios de la UE relativos a las actividades económicas medioambientalmente sostenibles.