# HIGHLIGHTS
PrivilEdge - Sands US Growth is an actively managed UCITS portfolio. Its long-only US equity growth strategy has been in place since February 1992. It is managed by Sands Capital Management, a US equity growth specialist. It invests mainly in US companies which are expected to deliver significantly higher growth than the market over the next five to ten years. It seeks to deliver capital appreciation over the long-term. The sub-fund is actively managed in reference to the Russel 1000 Growth NR index. Sands proprietary, fundamental and bottom-up research is the cornerstone of the investment process, from which all portfolio management decisions are derived. The portfolio has around 25-30 positions held for over five years (on average). Risk management is performed by Sands at a portfolio level, while independent teams oversee investment, counterparty and operational risks.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN EUR 
Dec 31, 2016 - Oct 31, 2022
350
325
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275
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175
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125
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75
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25
0

## 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
2017	2018	2019	2020	2021	2022
PrivilEdge - Sands US Growth, (EUR) M A	Annual or YTD performance (Fund)
Russell 1000 Growth NR	Annual or YTD performance (Bench.)
Class launch date (24.04.2020)
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.
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
|  | NET PERFORMANCE IN EUR | Fund | Bench. |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- |
| CODES | Class A | YTD | -38.65% | -15.74% |  | - | - |

| 1 month | 5.69% | 4.89% |  |  | - | - |
| --- | --- | --- | --- | --- | --- | --- |
| 3 months | -4.31% | -6.08% |  |  | - | - |

ISIN	LU0990496183
|  | 1 year | -44.56% | -11.95% |  |  | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NAV | EUR 28.27 |  | 3 years | 13.69% | 56.23% |  |  | 4.35% | 15.97% |
|  |  |  | 5 years | 53.47% | 109.88% |  |  | 8.91% | 15.92% |
| FISCAL INFORMATION |  |  | Total return (since 08.08.2013) | 182.72% | 325.23% |  |  | 11.88% | 16.92% |
| ES - Switchable | Yes |  |  |  |  |  |  |  |  |
|  |  |  | STATISTICS  31.10.2017 - 31.10.2022 | Fund | Bench. |  |  |  | Fund |
|  |  |  | Annualised volatility | 23.27% | 18.85% |  | Number of positions |  | 28 |
|  |  |  | Sharpe ratio | 0.40 | 0.87 |  |
|  |  |  | Max. drawdown | -49.38% | -21.87% |
|  |  |  | Correlation |  | 0.886 |
|  |  |  | Tracking error |  | 10.93% |

Bloomberg	PSUGEMA LX

Translation (ENIT, 2022-10-31):
# EVENTI DI RILIEVO
PrivilEdge - Sands US Growth è un portafoglio a gestione attiva conforme alle direttive OICVM. La sua strategia long-only incentrata sulle azioni growth statunitensi è attiva da Febbraio 1992. È gestito da Sands Capital Management, un gestore specializzato in azioni growth statunitensi... Investe per lo più in aziende statunitensi con il potenziale di ottenere una crescita nettamente superiore alle attese di mercato in un orizzonte di 5-10 anni. Mira ad accrescere il capitale nel lungo periodo. Il Comparto è gestito attivamente con riferimento a un benchmark, il Russel 1000 Growth NR. La ricerca bottom-up proprietaria indipendente di tipo fondamentale di Sands è la pietra miliare del processo d’investimento e fa da base a tutte le decisioni di gestione del portafoglio. Questo consta di circa 25-30 posizioni detenute (in media).per un periodo superiore a cinque anni. La gestione del rischio è affidata a Sands a livello di portafoglio, mentre team indipendenti supervisionano i rischi d'investimento, di controparte e operativi.
PERFORMANCE CUMULATIVA NETTO E PERFORMANCE ANNUALE IN EUR 
31-dic-2016 - 31-ott-2022
350
325
300
275
250
225
200
175
150
125
100
75
50
25
0
2017	2018	2019	2020	2021	2022
PrivilEdge - Sands US Growth, (EUR) M A	Rendimento annuale o YTD (Fondo)
Russell 1000 Growth NR	Rendimento annuale o YTD (Bench.)
Lancio del comparto (24.04.2020)
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	LU0990496183
Bloomberg	PSUGEMA LX
VNI	EUR 28.27
Cumulata
Annualizzata