# HIGHLIGHTS
PrivilEdge - Wellington Large Cap US Research is a fundamentally driven, diversified portfolio of US equities. It is managed by a group of Wellington Management’s most seasoned, career global industry analysts. Each industry analyst manages a high-conviction sub-portfolio that corresponds to the industry’s weight in the benchmark. Each of these sub- portfolios is managed to capitalise on analysts’ differing styles and strengths. Emphasis is firmly on stock selection. The portfolio has more than 100 large cap US equities. Turnover is approximately 50% per year and sector weights are kept close to benchmark levels. It is a low tracking error vehicle (target 2-6% - benchmarked against the S&P 500 ND) to be used as a core holding in portfolios wanting US equity exposure.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN EUR 
Oct 2, 2017 - Nov 30, 2022
175
150
125
100
75
2017	2018	2019	2020	2021	2022
PrivilEdge - Wellington Large Cap US Research, Syst. Hdg, (EUR) M D	Annual or YTD performance (Fund) S&P 500 ND Index Hedged EUR	Annual or YTD performance (Bench.)
Class launch date (24.01.2019)
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 EUR | Fund | Bench. |  |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- |
| YTD | -18.15% | -14.77% |  |  | - | - |
| 1 month | 5.31% | 5.35% |  |  | - | - |
| 3 months | 1.14% | 2.93% |  |  | - | - |
| 1 year | -14.50% | -11.07% |  |  | - | - |
| 3 years | 21.52% | 28.31% |  |  | 6.68% | 8.62% |
| 5 years | 35.20% | 47.76% |  |  | 6.19% | 8.09% |
| Total return (since 02.10.2017) | 39.88% | 54.60% |  |  | 6.69% | 8.77% |
| STATISTICS  30.11.2017 - 30.11.2022 | Fund | Bench. |  |  |  | Fund |
| Annualised volatility | 18.48% | 18.53% |  | Number of positions |  | 527 |
| Sharpe ratio | 0.36 | 0.46 |  |  |  |  |
| Max. drawdown | -26.84% | -25.08% |  |  |  |  |
| Correlation |  | 0.992 |  |  |  |  |
| Tracking error |  | 2.31% |  |  |  |  |

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.
Cumulative
Annualized
| CODES | Class A | Class D |
| --- | --- | --- |
| ISIN | LU1014865833 | LU1014865916 |
| Bloomberg | PWLSEMA LX | PEWLSHE LX |
| NAV | EUR 14.03 | EUR 14.03 |

| MONTHLY RETURNS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN %	 | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |
| January	 |  |  |  |  | 5.3 |  | 5.3 |  | 8.3 |  | 7.7 |  | 0.9 |  | -0.3 |  | -1.9 |  | -1.1 |  | -5.3 |  | -5.3 |
| February	 |  |  |  |  | -4.2 |  | -4.0 |  | 3.5 |  | 2.9 |  | -8.3 |  | -8.5 |  | 3.3 |  | 2.7 |  | -2.1 |  | -3.1 |
| March	 |  |  |  |  | -2.2 |  | -2.8 |  | 1.0 |  | 1.7 |  | -13.3 |  | -12.6 |  | 3.0 |  | 4.4 |  | 2.3 |  | 3.6 |
| April	 |  |  |  |  | -0.5 |  | 0.1 |  | 3.7 |  | 3.8 |  | 13.5 |  | 12.6 |  | 5.7 |  | 5.1 |  | -9.2 |  | -9.3 |
| May	 |  |  |  |  | 1.5 |  | 2.2 |  | -6.4 |  | -6.7 |  | 4.5 |  | 4.5 |  | -0.1 |  | 0.6 |  | -0.2 |  | 0.1 |
| June	 |  |  |  |  | 0.4 |  | 0.3 |  | 6.4 |  | 6.6 |  | 1.7 |  | 1.9 |  | 2.5 |  | 2.3 |  | -9.0 |  | -8.5 |
| July	 |  |  |  |  | 3.3 |  | 3.4 |  | 0.9 |  | 1.2 |  | 7.0 |  | 5.3 |  | 1.8 |  | 2.3 |  | 8.0 |  | 9.4 |
| August	 |  |  |  |  | 3.1 |  | 3.0 |  | -1.5 |  | -1.9 |  | 6.2 |  | 7.0 |  | 2.9 |  | 3.0 |  | -4.1 |  | -4.2 |
| September	 |  |  |  |  | 0.3 |  | 0.3 |  | 0.8 |  | 1.6 |  | -3.8 |  | -4.0 |  | -4.7 |  | -4.8 |  | -9.6 |  | -9.5 |
| October	 | 1.3 |  | 1.8 |  | -8.4 |  | -7.3 |  | 1.7 |  | 1.9 |  | -2.2 |  | -2.8 |  | 5.6 |  | 6.9 |  | 6.2 |  | 8.0 |
| November	 | 2.1 |  | 2.8 |  | 0.9 |  | 1.7 |  | 3.1 |  | 3.4 |  | 11.0 |  | 10.5 |  | -1.8 |  | -0.8 |  | 5.3 |  | 5.4 |
| December	 | 0.5 |  | 0.9 |  | -8.8 |  | -9.2 |  | 2.4 |  | 2.7 |  | 3.1 |  | 3.7 |  | 4.5 |  | 4.3 |  |  |  |  |
| Year	 | 4.0 |  | 5.6 |  | -9.8 |  | -7.6 |  | 25.6 |  | 26.9 |  | 18.4 |  | 15.2 |  | 22.4 |  | 27.2 |  | -18.1 |  | -14.8 |

The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Operational risk and risks related to asset safekeeping: In specific circumstances, there may be a material risk of loss resulting from human error, inadequate or failed internal systems, processes or controls, or from external events.
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.
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 has been classified as a financial product subject to Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (the “SFDR”). The Fund promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices.

Translation (ENES, 2022-11-30):
# CARACTERÍSTICAS PRINCIPALES
PrivilEdge - Wellington Large Cap US Research es una cartera diversificada de valores de renta variable de Estados Unidos centrada en parámetros fundamentales. La gestionan avezados analistas de carrera de Wellington Management especializados en sectores de todo el mundo. Cada analista sectorial gestiona una subcartera de elevada convicción que se ajusta a la ponderación del sector correspondiente en el índice de referencia. Cada una de estas subcarteras se gestiona para aprovechar los diferentes estilos y puntos fuertes de los analistas. Se otorga gran importancia a la selección de valores. La cartera la integran más de 100 títulos de renta variable estadounidense de empresas de gran capitalización. La rotación es, aproximadamente, del 50% cada año y las ponderaciones sectoriales se mantienen cercanas a los niveles del índice de referencia. Se trata de un vehículo con un tracking error reducido (objetivo de entre el 2% y el 6%; referencia, S&P 500 ND) que utilizar como posición central en carteras que deseen exposición en renta variable estadounidense.
RENDIMIENTO ACUMULADA Y ANUAL NETAS EN EUR 
02-oct-2017 - 30-nov-2022
175
150
125
100
75
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

2017	2018	2019	2020	2021	2022
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.
PrivilEdge - Wellington Large Cap US Research, Syst. Hdg, (EUR) M D	Rendimiento anual o YTD (Fondo) S&P 500 ND Index Hedged EUR	Rendimiento anual o YTD (Índice)
Lanzamiento de la clase (24.01.2019)
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.
Acumulado	Anualizado
| CÓDIGOS | Clase A | Clase D |  | NET RENDIMIENTO EN EUR | Fondo | Índice |  | Fondo | Índice |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ISIN Bloomberg | LU1014865833 PWLSEMA LX | LU1014865916 PEWLSHE LX |  | Desde comienzos de año 1 mes | -18.15% 5.31% | -14.77% 5.35% |  | - - | - - |

Valor liquidativo	EUR 14.03	EUR 14.03

## STEUERLICHE INFORMATIONEN
ES - Switchable	Sí
3 meses	1.14%	2.93%
1 año	-14.50%	-11.07%
3 años	21.52%	28.31%
5 años	35.20%	47.76%
Rentabilidad total (desde 02.10.2017)	39.88%	54.60%
-	-
-	-
6.68%	8.62%
6.19%	8.09%
6.69%	8.77%
ESTADÍSTICAS 
30.11.2017 - 30.11.2022	
Fondo	Índice
Volatilidad anualizada	18.48%	18.53%
Ratio de Sharpe	0.360.46
Reducción máxima	-26.84%	-25.08%
Correlación0.992
Error de seguimiento	2.31%
Fondo
Número de posiciones527
| RENDIMIENTOS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MENSUALES EN %	 | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |
| Enero	 |  |  |  |  | 5.3 |  | 5.3 |  | 8.3 |  | 7.7 |  | 0.9 |  | -0.3 |  | -1.9 |  | -1.1 |  | -5.3 |  | -5.3 |
| Febrero	 |  |  |  |  | -4.2 |  | -4.0 |  | 3.5 |  | 2.9 |  | -8.3 |  | -8.5 |  | 3.3 |  | 2.7 |  | -2.1 |  | -3.1 |
| Marzo	 |  |  |  |  | -2.2 |  | -2.8 |  | 1.0 |  | 1.7 |  | -13.3 |  | -12.6 |  | 3.0 |  | 4.4 |  | 2.3 |  | 3.6 |
| Abril	 |  |  |  |  | -0.5 |  | 0.1 |  | 3.7 |  | 3.8 |  | 13.5 |  | 12.6 |  | 5.7 |  | 5.1 |  | -9.2 |  | -9.3 |
| Mayo	 |  |  |  |  | 1.5 |  | 2.2 |  | -6.4 |  | -6.7 |  | 4.5 |  | 4.5 |  | -0.1 |  | 0.6 |  | -0.2 |  | 0.1 |
| Junio	 |  |  |  |  | 0.4 |  | 0.3 |  | 6.4 |  | 6.6 |  | 1.7 |  | 1.9 |  | 2.5 |  | 2.3 |  | -9.0 |  | -8.5 |
| Julio	 |  |  |  |  | 3.3 |  | 3.4 |  | 0.9 |  | 1.2 |  | 7.0 |  | 5.3 |  | 1.8 |  | 2.3 |  | 8.0 |  | 9.4 |
| Agosto	 |  |  |  |  | 3.1 |  | 3.0 |  | -1.5 |  | -1.9 |  | 6.2 |  | 7.0 |  | 2.9 |  | 3.0 |  | -4.1 |  | -4.2 |
| Septiembre	 |  |  |  |  | 0.3 |  | 0.3 |  | 0.8 |  | 1.6 |  | -3.8 |  | -4.0 |  | -4.7 |  | -4.8 |  | -9.6 |  | -9.5 |
| Octubre	 | 1.3 |  | 1.8 |  | -8.4 |  | -7.3 |  | 1.7 |  | 1.9 |  | -2.2 |  | -2.8 |  | 5.6 |  | 6.9 |  | 6.2 |  | 8.0 |
| Noviembre	 | 2.1 |  | 2.8 |  | 0.9 |  | 1.7 |  | 3.1 |  | 3.4 |  | 11.0 |  | 10.5 |  | -1.8 |  | -0.8 |  | 5.3 |  | 5.4 |
| Diciembre	 | 0.5 |  | 0.9 |  | -8.8 |  | -9.2 |  | 2.4 |  | 2.7 |  | 3.1 |  | 3.7 |  | 4.5 |  | 4.3 |  |  |  |  |
| Año	 | 4.0 |  | 5.6 |  | -9.8 |  | -7.6 |  | 25.6 |  | 26.9 |  | 18.4 |  | 15.2 |  | 22.4 |  | 27.2 |  | -18.1 |  | -14.8 |

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 operativo y riesgos relacionados con la custodia de los activos: En circunstancias específicas puede existir un riesgo de pérdida importante derivado de errores humanos, de sistemas, procesos o controles que fallen o sean inadecuados, o de sucesos externos.
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.
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 ha sido clasificado como un producto financiero sujeto al Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el “SFDR”). El Fondo fomenta, entre otras, características medioambientales o sociales o una combinación de ambas, siempre que las empresas en las que se invierta sigan buenas prácticas de gobierno corporativo.