# HIGHLIGHTS
LO Funds Multiadvisers UCITS is a UCITS compliant Multi Strategy Fund of Hedge Funds. The fund aims to provide a core UCITS hedge fund holding for client portfolios and seeks to outperform the HFRI-I Liquid –Alternative UCITS Index over time. The appropriate investment horizon for this product should be medium term (18 to 24 months). The portfolio construction is focused around selecting the best managers in the dedicated strategy to build a portfolio of 20 to 30 holdings and maintaining diversification across all main hedge fund strategies (equity hedge, event driven, macro and relative value), geographic regions, sectors and manager styles.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN EUR 
Dec 31, 2016 - Nov 30, 2022
Fund manager	Farès Jaafar
Net assets (all classes)	EUR 53.15 million
Liquidity (sub./red.)	weekly (Tuesday)
Min. investment	EUR 3'000
Entry/Exit fees	0.00% / 0.00%
Management fee	0.825%
Distribution fee	0.00%
FROC	0.35%
Ongoing charge (30 November 2022)	2.11%
TER max (31 March 2022)	2.58%
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |


## RISK AND REWARD PROFILE
105
100
95
90
85
2017	2018	2019	2020	2021	2022
LO Funds - Multiadvisers UCITS, Seed, (EUR) M A / D	Annual or YTD performance (Fund)
LO HFRI-I LIQALT UCITS H€	Annual or YTD performance (Bench.)
Management Change (30.09.2018)
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
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.
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 | LU1363406544 | LU1363406890 |
| Bloomberg | LOMDEMA LX | LOMPEMD LX |
| NAV | EUR 826.94 | EUR 826.94 |
| RATINGS |  |  |
| Morningstar Rating |  |  |

| NET PERFORMANCE IN EUR | Fund | Bench. |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- |
| YTD | -8.24% | -4.95% |  | - | - |
| 1 month | -0.99% | 1.60% |  | - | - |
| 3 months | -1.57% | 0.34% |  | - | - |
| 1 year | -9.62% | -3.96% |  | - | - |
| 3 years | -6.64% | -1.89% |  | -2.25% | -0.63% |
| 5 years | -14.47% | -6.66% |  | -3.07% | -1.36% |
| Total return (since 01.10.2014) | -18.00% | 0.88% |  | -2.39% | 0.11% |
| STATISTICS  30.11.2017 - 30.11.2022 |  |  |  | Fund | Bench. |
| Annualised volatility |  |  |  | 4.74% | 4.49% |
| Sharpe ratio |  |  |  | -0.55 | -0.21 |
| Max. drawdown |  |  |  | -15.87% | -13.42% |
| Correlation |  |  |  |  | 0.817 |
| Tracking error |  |  |  |  | 2.80% |

Morningstar Category	Alt - Fund of Funds - Multistrategy
| MONTHLY RETURNS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN %	 | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |
| January	 | 0.2 |  | 0.5 |  | 1.7 |  | 1.5 |  | 1.0 |  | 1.1 |  | -0.2 |  | -0.3 |  | -0.1 |  | -0.2 |  | -3.5 |  | -1.0 |
| February	 | 0.1 |  | 0.8 |  | -1.2 |  | -1.3 |  | 0.6 |  | 0.1 |  | -0.7 |  | -2.1 |  | 1.2 |  | 1.0 |  | -1.3 |  | -1.2 |
| March	 | 0.1 |  | 0.8 |  | -1.4 |  | -0.8 |  | -0.4 |  | 0.1 |  | -6.4 |  | -5.8 |  | -0.3 |  | 0.3 |  | 0.2 |  | -0.3 |
| April	 | -0.1 |  | 0.5 |  | 0.5 |  | 0.1 |  | 1.3 |  | 0.5 |  | 1.9 |  | 2.5 |  | 1.6 |  | 1.1 |  | -0.5 |  | -1.0 |
| May	 | 0.1 |  | 0.5 |  | -0.4 |  | -0.2 |  | -1.6 |  | -1.2 |  | 0.6 |  | 0.8 |  | -0.2 |  | 0.4 |  | -0.6 |  | -0.4 |
| June	 | -0.2 |  | -0.2 |  | -1.2 |  | -0.6 |  | 1.0 |  | 1.0 |  | 1.4 |  | 0.7 |  | 0.6 |  | -0.2 |  | -1.2 |  | -2.0 |
| July	 | 0.8 |  | 0.6 |  | -1.1 |  | -0.0 |  | 0.5 |  | 0.4 |  | 0.8 |  | 1.2 |  | -0.9 |  | -0.4 |  | -0.4 |  | 0.7 |
| August	 | -0.4 |  | 0.3 |  | -0.7 |  | -0.8 |  | -0.2 |  | -0.3 |  | 0.5 |  | 0.7 |  | 1.1 |  | 0.5 |  | 0.4 |  | -0.1 |
| September	 | 0.6 |  | 0.4 |  | -0.6 |  | -0.1 |  | -0.4 |  | -0.1 |  | 0.3 |  | -0.6 |  | -1.4 |  | -0.7 |  | -0.6 |  | -1.9 |
| October	 | 0.3 |  | 0.9 |  | -2.6 |  | -2.9 |  | -0.3 |  | 0.2 |  | -0.3 |  | -0.6 |  | 0.3 |  | 0.4 |  | -0.0 |  | 0.6 |
| November	 | -0.0 |  | -0.3 |  | -0.9 |  | -0.7 |  | 0.2 |  | 0.2 |  | 1.4 |  | 2.7 |  | -0.3 |  | -1.3 |  | -1.0 |  | 1.6 |
| December	 | -0.0 |  | 0.3 |  | -2.4 |  | -1.4 |  | 0.8 |  | 0.7 |  | 1.8 |  | 1.6 |  | -1.5 |  | 1.0 |  |  |  |  |
| Year	 | 1.4 |  | 5.3 |  | -9.9 |  | -7.0 |  | 2.6 |  | 2.8 |  | 0.9 |  | 0.6 |  | 0.0 |  | 1.9 |  | -8.2 |  | -4.9 |

The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Liquidity risk: Where a significant level of investment is made in financial instruments that may under certain circumstances have a relatively low level of liquidity, there is a material risk that the fund will not be able to transact at advantageous times or prices. This could reduce the fund's returns.
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.
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.
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
LO Funds Multiadvisers UCITS es un fondo de hedge funds multiestrategia conforme con la normativa de los OICVM. El fondo tiene como objetivo brindar una posición básica en hedge funds OICVM para las carteras de los clientes y aspira a superar en rentabilidad a lo largo del tiempo al índice HFRI-I Liquid –Alternative UCITS. El horizonte de inversión apropiado para este producto debería ser a medio plazo (de 18 a 24 meses). La confección de la cartera se centra en la selección de los mejores gestores de la estrategia específica para elaborar una cartera de 20 a 30 posiciones manteniendo la diversificación entre todas las estrategias de hedge funds principales (equity hedge, event driven, macro y valor relativo), regiones geográficas, sectores y estilos de gestión.
RENDIMIENTO ACUMULADA Y ANUAL NETAS EN EUR 
31-dic-2016 - 30-nov-2022
105
100
95
90
85

## PERFIL DE RIESGO
| 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
2017	2018	2019	2020	2021	2022
LO Funds - Multiadvisers UCITS, Seed, (EUR) M A	Rendimiento anual o YTD (Fondo)
LO HFRI-I LIQALT UCITS H€	Rendimiento anual o YTD (Índice)
Cambio del equipo de gestión del fondo (30.09.2018)
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.
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.
CÓDIGOS	
Clase A
ISIN	LU1363406544
Bloomberg	LOMDEMA LX
Valor liquidativo	EUR 826.94

## STEUERLICHE INFORMATIONEN
Acumulado 
NET RENDIMIENTO EN EUR		
Fondo		Índice 
Desde comienzos de año	-8.24%	-4.95%
1 mes	-0.99%	1.60%
3 meses	-1.57%	0.34%
1 año	-9.62%	-3.96%
3 años	-6.64%	-1.89%
5 años	-14.47%	-6.66%
Rentabilidad total (desde 01.10.2014)	-18.00%	0.88%
Anualizado
Fondo	Índice
-	-
-	-
-	-
-	-
-2.25%	-0.63%
-3.07%	-1.36%
-2.39%	0.11%
ES - Switchable	Sí

## RATINGS
Morningstar Category	Alt - Fund of Funds - Multistrategy
ESTADÍSTICAS 
30.11.2017 - 30.11.2022	
Fondo	Índice
Volatilidad anualizada	4.74%	4.49%
Ratio de Sharpe	-0.55	-0.21
Reducción máxima	-15.87%	-13.42%
Correlación0.817
Error de seguimiento	2.80%
| RENDIMIENTOS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MENSUALES EN %	 | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |
| Enero	 | 0.2 |  | 0.5 |  | 1.7 |  | 1.5 |  | 1.0 |  | 1.1 |  | -0.2 |  | -0.3 |  | -0.1 |  | -0.2 |  | -3.5 |  | -1.0 |
| Febrero	 | 0.1 |  | 0.8 |  | -1.2 |  | -1.3 |  | 0.6 |  | 0.1 |  | -0.7 |  | -2.1 |  | 1.2 |  | 1.0 |  | -1.3 |  | -1.2 |
| Marzo	 | 0.1 |  | 0.8 |  | -1.4 |  | -0.8 |  | -0.4 |  | 0.1 |  | -6.4 |  | -5.8 |  | -0.3 |  | 0.3 |  | 0.2 |  | -0.3 |
| Abril	 | -0.1 |  | 0.5 |  | 0.5 |  | 0.1 |  | 1.3 |  | 0.5 |  | 1.9 |  | 2.5 |  | 1.6 |  | 1.1 |  | -0.5 |  | -1.0 |
| Mayo	 | 0.1 |  | 0.5 |  | -0.4 |  | -0.2 |  | -1.6 |  | -1.2 |  | 0.6 |  | 0.8 |  | -0.2 |  | 0.4 |  | -0.6 |  | -0.4 |
| Junio	 | -0.2 |  | -0.2 |  | -1.2 |  | -0.6 |  | 1.0 |  | 1.0 |  | 1.4 |  | 0.7 |  | 0.6 |  | -0.2 |  | -1.2 |  | -2.0 |
| Julio	 | 0.8 |  | 0.6 |  | -1.1 |  | -0.0 |  | 0.5 |  | 0.4 |  | 0.8 |  | 1.2 |  | -0.9 |  | -0.4 |  | -0.4 |  | 0.7 |
| Agosto	 | -0.4 |  | 0.3 |  | -0.7 |  | -0.8 |  | -0.2 |  | -0.3 |  | 0.5 |  | 0.7 |  | 1.1 |  | 0.5 |  | 0.4 |  | -0.1 |
| Septiembre	 | 0.6 |  | 0.4 |  | -0.6 |  | -0.1 |  | -0.4 |  | -0.1 |  | 0.3 |  | -0.6 |  | -1.4 |  | -0.7 |  | -0.6 |  | -1.9 |
| Octubre	 | 0.3 |  | 0.9 |  | -2.6 |  | -2.9 |  | -0.3 |  | 0.2 |  | -0.3 |  | -0.6 |  | 0.3 |  | 0.4 |  | -0.0 |  | 0.6 |
| Noviembre	 | -0.0 |  | -0.3 |  | -0.9 |  | -0.7 |  | 0.2 |  | 0.2 |  | 1.4 |  | 2.7 |  | -0.3 |  | -1.3 |  | -1.0 |  | 1.6 |
| Diciembre	 | -0.0 |  | 0.3 |  | -2.4 |  | -1.4 |  | 0.8 |  | 0.7 |  | 1.8 |  | 1.6 |  | -1.5 |  | 1.0 |  |  |  |  |
| Año	 | 1.4 |  | 5.3 |  | -9.9 |  | -7.0 |  | 2.6 |  | 2.8 |  | 0.9 |  | 0.6 |  | 0.0 |  | 1.9 |  | -8.2 |  | -4.9 |

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 liquidez: Cuando un nivel significativo de la inversión se realiza en instrumentos financieros que, en determinadas circunstancias, pueden presentar un nivel relativamente bajo de liquidez, existe un riesgo importante de que el fondo no pueda operar en momentos o a precios favorables, lo que podría reducir la rentabilidad del fondo.
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 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.
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.