# HIGHLIGHTS
LO Funds - Ultra Low Duration (EUR) is an actively managed fixed income portfolio which launched in May 2017. The strategy invests mainly in: bonds denominated in any currency; public and private issuers (with a minimum rating of BBB-); securitised products such as asset-back securities, residential mortgage backed securities and commercial mortgage backed securities (with a minimum rating of BBB-); money market instruments; and financial derivative instruments such as interest rate swaps, futures on rates and FX forwards. Currency risk is systematically hedged against the EUR. The strategy adopts a conservative investment approach and strict risk controls, with the aim of providing investors with regular income, a high level of liquidity and returns in line with the FTSE 6 Month Euro Eurodeposit in EUR terms index. The strategy has a maximum duration of one year and a maximum credit spread duration of two years. It is restricted from investing in securities with a maturity of more than three years and amortising securitised products with a weighted average life over one year. Risk management is performed by fund managers; in addition, automated, pre-trade compliance checks are performed, and independent teams oversee investment risks and operational risks.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN EUR 
May 9, 2017 - Nov 30, 2022
0.07%
100
99
98
97 
-1.34%	
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.
2017	2018	2019	2020	2021	2022
LO Funds - Ultra Low Duration (EUR) M A / D	Annual or YTD performance (Fund)
FTSE 6-Months Euro Eurodeposit in EUR	Annual or YTD performance (Bench.)
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.
| CODES | Class A | Class D |
| --- | --- | --- |
| ISIN | LU1230566397 | LU1230566470 |
| Bloomberg | LOULEMA LX | LOULEMD LX |
| NAV | EUR 9.83 | EUR 9.66 |

Cumulative	Annualized
| NET PERFORMANCE IN EUR | Fund | Bench. |  |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- |
| YTD | -1.34% | -0.15% |  |  | - | - |
| 1 month | 0.32% | 0.08% |  |  | - | - |
| 3 months | -0.07% | 0.16% |  |  | - | - |
| 1 year | -1.37% | -0.20% |  |  | - | - |
| 3 years | -1.36% | -1.17% |  |  | -0.45% | -0.39% |
| 5 years | -1.61% | -1.92% |  |  | -0.32% | -0.39% |
| Total return (since 09.05.2017) | -1.74% | -2.12% |  |  | -0.31% | -0.38% |
| STATISTICS  30.11.2017 - 30.11.2022 | Fund | Bench. |  |  |  | Fund |
| Annualised volatility | 0.72% | 0.08% |  | Modified duration |  | 0.62 |
| Sharpe ratio | 0.15 | 0.61 |  | Credit Spread Duration |  | 1.17 |
| Max. drawdown | -1.92% | -2.07% |  | Yield to maturity |  | 2.92% |
| Correlation |  | 0.097 |  | Book Yield |  | 1.38% |
| Tracking error |  | 0.72% |  | Number of positions |  | 90 |
|  |  |  |  | Non Government Bonds |  | 90.00% |
|  |  |  |  | Average Rating Fitch |  | A- |


## FISCAL INFORMATION
Last dividend paid (25.11.2022)	EUR 0.06

## RATINGS
Morningstar Category	EAA Fund EUR Ultra Short-Term
Bond
| MONTHLY RETURNS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN %	 | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |  | Fund |  | Bench. |
| January	 |  |  |  |  | -0.03 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.04 |  | -0.04 |  | 0.04 |  | -0.05 |  | -0.08 |  | -0.05 |
| February	 |  |  |  |  | 0.00 |  | -0.03 |  | 0.06 |  | -0.03 |  | -0.04 |  | -0.03 |  | -0.00 |  | -0.04 |  | -0.21 |  | -0.05 |
| March	 |  |  |  |  | -0.02 |  | -0.03 |  | 0.05 |  | -0.03 |  | -1.27 |  | -0.04 |  | -0.05 |  | -0.05 |  | -0.20 |  | -0.05 |
| April	 |  |  |  |  | -0.03 |  | -0.03 |  | 0.03 |  | -0.03 |  | 0.29 |  | -0.03 |  | 0.03 |  | -0.05 |  | -0.17 |  | -0.05 |
| May	 | -0.02 |  | -0.02 |  | -0.04 |  | -0.03 |  | -0.01 |  | -0.03 |  | 0.12 |  | -0.03 |  | 0.08 |  | -0.05 |  | -0.08 |  | -0.04 |
| June	 | -0.03 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.03 |  | -0.03 |  | 0.30 |  | -0.03 |  | -0.01 |  | -0.05 |  | -0.39 |  | -0.03 |
| July	 | -0.01 |  | -0.03 |  | -0.02 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.24 |  | -0.03 |  | 0.03 |  | -0.05 |  | 0.23 |  | -0.02 |
| August	 | -0.11 |  | -0.03 |  | -0.08 |  | -0.03 |  | -0.01 |  | -0.03 |  | 0.14 |  | -0.03 |  | -0.01 |  | -0.05 |  | -0.37 |  | -0.01 |
| September	 | 0.05 |  | -0.03 |  | 0.01 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.10 |  | -0.03 |  | -0.03 |  | -0.05 |  | -0.31 |  | 0.02 |
| October	 | 0.04 |  | -0.03 |  | -0.00 |  | -0.03 |  | 0.01 |  | -0.04 |  | 0.07 |  | -0.04 |  | -0.08 |  | -0.05 |  | -0.08 |  | 0.05 |
| November	 | -0.05 |  | -0.03 |  | -0.07 |  | -0.03 |  | -0.04 |  | -0.04 |  | 0.08 |  | -0.04 |  | 0.01 |  | -0.05 |  | 0.32 |  | 0.08 |
| December	 | -0.04 |  | -0.03 |  | 0.03 |  | -0.03 |  | -0.00 |  | -0.04 |  | -0.06 |  | -0.04 |  | -0.03 |  | -0.05 |  |  |  |  |
| Year	 | -0.18 |  | -0.24 |  | -0.28 |  | -0.38 |  | 0.07 |  | -0.38 |  | -0.00 |  | -0.41 |  | -0.02 |  | -0.58 |  | -1.34 |  | -0.15 |

The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Credit risk: A significant level of investment in debt securities or risky securities implies that the risk of, or actual, default may have a material impact on performance. The likelihood of this depends on the credit-worthiness of the issuers.
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.
Risks linked to the use of derivatives and financial techniques: Derivatives and other financial techniques used substantially to obtain, increase or reduce exposure to assets may be difficult to value, may generate leverage, and may not yield the anticipated results. All of this could be detrimental to fund performance.
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
LO Funds - Ultra Low Duration (EUR) es una estrategia de renta fija de gestión activa que se lanzó en mayo de 2017. La estrategia invierte principalmente en: bonos denominados en cualquier divisa; emisores públicos y privados (con una calificación mínima de BBB-); productos titulizados como títulos garantizados por activos, títulos con garantía hipotecaria residencial y títulos con garantía hipotecaria comercial (con una calificación mínima de BBB-); instrumentos del mercado monetario; e instrumentos derivados financieros como swap de tipos de interés, futuros sobre tipos y contratos de divisas a plazo. El riesgo cambiario se cubre sistemáticamente frente al EUR. La estrategia adopta un enfoque de inversión conservador y unos estrictos controles del riesgo, con el objetivo de ofrecer a los inversores ingresos regulares, un alto nivel de liquidez y unas rentabilidades en línea con la del índice FTSE 6 Month Euro Eurodeposit in EUR terms. La estrategia tiene una duración máxima de un año y una duración máxima de diferencial de crédito de dos años. Tiene restricciones para invertir en títulos con un vencimiento de más de tres años y en productos titulizados amortizados con una vida media ponderada superior a un año. La gestión de riesgos la llevan a cabo gestores de fondos; además, se efectúan comprobaciones de cumplimiento automatizadas previamente a la inversión, y equipos independientes supervisan los riesgos de inversión y los riesgos operativos.
RENDIMIENTO ACUMULADA Y ANUAL NETAS EN EUR 
09-may-2017 - 30-nov-2022
0.07%
Comisión de gestión	0.165%
Comisión de distribución	0.00%
FROC	0.15%
Ongoing charge (31 octubre 2022)	0.27%
TER max (31 marzo 2022)	0.26%
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |


## PERFIL DE RIESGO
100
99
98
97
-1.34%	
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
LO Funds - Ultra Low Duration (EUR) M A	Rendimiento anual o YTD (Fondo)
FTSE 6-Months Euro Eurodeposit in EUR	Rendimiento anual o YTD (Índice)
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	LU1230566397
| 1 mes | 0.32% | 0.08% |  |  | - | - |
| --- | --- | --- | --- | --- | --- | --- |
| 3 meses | -0.07% | 0.16% |  |  | - | - |
| 1 año | -1.37% | -0.20% |  |  | - | - |

Bloomberg	LOULEMA LX
Valor liquidativo	EUR 9.83
|  | 3 años | -1.36% | -1.17% |  |  | -0.45% | -0.39% |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ES - Switchable	Sí |  | 5 años | -1.61% | -1.92% |  |  | -0.32% | -0.39% |
|  |  | Rentabilidad total (desde 09.05.2017) | -1.74% | -2.12% |  |  | -0.31% | -0.38% |
| RATINGS |  |  |  |  |  |  |  |  |
| Morningstar Rating |  | ESTADÍSTICAS  30.11.2017 - 30.11.2022 | Fondo | Índice |  |  |  | Fondo |
|  |  | Volatilidad anualizada | 0.72% | 0.08% |  | Duración modificada |  | 0.62 |
| Morningstar Category	EAA Fund EUR Ultra Short-Term |  | Ratio de Sharpe | 0.15 | 0.61 |  | Credit Spread Duration |  | 1.17 |
| Bond |  | Reducción máxima | -1.92% | -2.07% |  | Rendimiento a vencimiento |  | 2.92% |
|  |  | Correlación |  | 0.097 |  | Book Yield |  | 1.38% |
|  |  | Error de seguimiento |  | 0.72% |  | Número de posiciones |  | 90 |
|  |  |  |  |  |  | bonos no gubernamentales |  | 90.00% |
|  |  |  |  |  |  | Average Rating Fitch |  | A- |


## STEUERLICHE INFORMATIONEN
Acumulado 
NET RENDIMIENTO EN EUR		
Fondo		Índice 
Desde comienzos de año	-1.34%	-0.15%
Anualizado
Fondo	Índice
-	-
| RENDIMIENTOS |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2022 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MENSUALES EN %	 | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |  | Fondo |  | Índice |
| Enero	 |  |  |  |  | -0.03 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.04 |  | -0.04 |  | 0.04 |  | -0.05 |  | -0.08 |  | -0.05 |
| Febrero	 |  |  |  |  | 0.00 |  | -0.03 |  | 0.06 |  | -0.03 |  | -0.04 |  | -0.03 |  | -0.00 |  | -0.04 |  | -0.21 |  | -0.05 |
| Marzo	 |  |  |  |  | -0.02 |  | -0.03 |  | 0.05 |  | -0.03 |  | -1.27 |  | -0.04 |  | -0.05 |  | -0.05 |  | -0.20 |  | -0.05 |
| Abril	 |  |  |  |  | -0.03 |  | -0.03 |  | 0.03 |  | -0.03 |  | 0.29 |  | -0.03 |  | 0.03 |  | -0.05 |  | -0.17 |  | -0.05 |
| Mayo	 | -0.02 |  | -0.02 |  | -0.04 |  | -0.03 |  | -0.01 |  | -0.03 |  | 0.12 |  | -0.03 |  | 0.08 |  | -0.05 |  | -0.08 |  | -0.04 |
| Junio	 | -0.03 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.03 |  | -0.03 |  | 0.30 |  | -0.03 |  | -0.01 |  | -0.05 |  | -0.39 |  | -0.03 |
| Julio	 | -0.01 |  | -0.03 |  | -0.02 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.24 |  | -0.03 |  | 0.03 |  | -0.05 |  | 0.23 |  | -0.02 |
| Agosto	 | -0.11 |  | -0.03 |  | -0.08 |  | -0.03 |  | -0.01 |  | -0.03 |  | 0.14 |  | -0.03 |  | -0.01 |  | -0.05 |  | -0.37 |  | -0.01 |
| Septiembre	 | 0.05 |  | -0.03 |  | 0.01 |  | -0.03 |  | -0.02 |  | -0.03 |  | 0.10 |  | -0.03 |  | -0.03 |  | -0.05 |  | -0.31 |  | 0.02 |
| Octubre	 | 0.04 |  | -0.03 |  | -0.00 |  | -0.03 |  | 0.01 |  | -0.04 |  | 0.07 |  | -0.04 |  | -0.08 |  | -0.05 |  | -0.08 |  | 0.05 |
| Noviembre	 | -0.05 |  | -0.03 |  | -0.07 |  | -0.03 |  | -0.04 |  | -0.04 |  | 0.08 |  | -0.04 |  | 0.01 |  | -0.05 |  | 0.32 |  | 0.08 |
| Diciembre	 | -0.04 |  | -0.03 |  | 0.03 |  | -0.03 |  | -0.00 |  | -0.04 |  | -0.06 |  | -0.04 |  | -0.03 |  | -0.05 |  |  |  |  |
| Año	 | -0.18 |  | -0.24 |  | -0.28 |  | -0.38 |  | 0.07 |  | -0.38 |  | -0.00 |  | -0.41 |  | -0.02 |  | -0.58 |  | -1.34 |  | -0.15 |

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 crédito: Un nivel significativo de inversión en títulos de deuda o valores de riesgo supone que el riesgo de impago o el impago pueden perjudicar considerablemente la rentabilidad. La probabilidad de que eso ocurra depende de la solvencia crediticia de los emisores.
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.
Riesgos asociados al uso de derivados y técnicas financieras: Los derivados y otras técnicas financieras utilizados esencialmente para conseguir, aumentar o reducir la exposición a activos pueden ser difíciles de evaluar, pueden generar apalancamiento y pueden no producir los rendimientos previstos. Todas estas circunstancias podrían perjudicar la rentabilidad del fondo.
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.