# HIGHLIGHTS
PrivilEdge – PPM America US Corporate Bond is an actively managed long-only fund invested in investment grade corporate bonds issued in the United States denominated in dollars. The fund is managed by PPM America, Prudential plc’s fully owned asset management firm based in Chicago. The fund provides core exposure to the US corporate bond market and uses the Bloomberg Barclays US Corporate Index as a benchmark. The fund seeks to outperform the benchmark by exploiting market inefficiencies employing rigorous fundamental credit research and relative value analysis. The fund has the flexibility to invest up to 15% into structured finance securities (ABS, MBS and CMBS) and limits its active duration to +/- 1 year versus the benchmark.
NET PERFORMANCE AND ANNUAL PERFORMANCE IN USD 

### May 31, 2018 - Jun 30, 2021

### Net assets (all classes)	USD 101.57 million

### Liquidity (sub./red.)	Daily, 15:00 Swinging Single Pricing		Yes

### Min. investment	EUR 1 million or equivalent

### Management fee	0.50%

### Distribution fee	0.00%

### FROC	0.20%

### TER max (30 September 2020)	0.70%
130
120
110
100
13.92%
14.54%
-1.69%
-1.27%
2018	2019	2020	2021

## RISK AND REWARD PROFILE
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

PrivilEdge - PPM America US Corporate Bond, (USD) N A / D	Annual or YTD performance (Fund) Bloomberg Barclays US Corporate	Annual or YTD performance (Bench.)
Cumulative
Annualized
| Low |  | High |
| --- | --- | --- |
| CODES | Class A | Class D |
| ISIN | LU1823398141 | LU1823398224 |
| Bloomberg | PRPAUNA LX | PRPAUSN LX |
| NAV | USD 12.31 | USD 11.85 |

| NET PERFORMANCE IN USD | Fund | Bench. |  |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- |
| YTD | -1.69% | -1.27% |  |  | - | - |
| 1 month | 1.61% | 1.63% |  |  | - | - |
| 3 months | 3.33% | 3.55% |  |  | - | - |
| 1 year | 2.23% | 3.30% |  |  | - | - |
| 3 years | 23.72% | 25.25% |  |  | 7.32% | 7.75% |
| Total return (since 31.05.2018) | 23.11% | 24.52% |  |  | 6.95% | 7.34% |
| STATISTICS  31.05.2018 - 30.06.2021 | Fund | Bench. |  |  |  | Fund |
| Annualised volatility | 6.40% | 7.00% |  | Average maturity |  | 11.93 |
| Sharpe ratio | 0.85 | 0.84 |  | Average rating |  | A- |
| Max. drawdown | -5.58% | -7.09% |  | Effective duration |  | 8.32 |
| Correlation |  | 0.991 |  | Modified duration |  | 8.48 |
| Tracking error |  | 1.06% |  | Yield to maturity |  | 2.19% |
|  |  |  |  | Number of positions |  | 382 |


## FISCAL INFORMATION

### Last dividend paid (30.11.2020)	USD 0.27

## RATINGS

Translation (ENFR, 2021-06-30):
# POINTS CLÉS
PrivilEdge – PPM America US Corporate Bond est un fonds long-only à gestion active qui investit dans des obligations d’entreprise de qualité émises aux Etats-Unis et libellées en USD. Le Fonds est géré par PPM America, une société de gestion d’actifs basée à Chicago et détenue à part entière par Prudential plc. Il offre une exposition de base au marché des obligations d’entreprise américaines et utilise l’indice Bloomberg Barclays US Corporate comme indice de référence. Le Fonds vise à surperformer l’indice de référence en exploitant les inefficiences du marché grâce à la rigoureuse recherche Crédit fondamentale et à l’analyse de la valeur relative. Le Fonds peut investir jusqu’à 15% de ses actifs dans des titres financiers structurés (ABS, MBS et CMBS) et limite sa duration active à +/- 1 an par rapport à l’indice de référence.
PERFORMANCE NETTE ET PERFORMANCE ANNUELLE EN USD 

### 31 mai 2018 - 30 juin 2021

### Swinging Single Pricing	Oui

### Inv. minimum	EUR 1 million ou équivalent Commission de gestion		0.50%

### Commission de distribution	0.00%

### FROC	0.20%

### TER max (30 septembre 2020)	0.70%
130
120
110
100
13.92%
14.54%
-1.69%
-1.27%
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |


## PROFIL DE RISQUE
2018	2019	2020	2021
PrivilEdge - PPM America US Corporate Bond, (USD) N A / D	Performance annuelle ou Année en cours (Fonds) Bloomberg Barclays US Corporate	Performance annuelle ou Année en cours (Indice)
Faible	Elevé
|  | Année en cours | -1.69% | -1.27% |  | -	- |
| --- | --- | --- | --- | --- | --- |
| ISIN | LU1823398141 | LU1823398224 | 1 mois | 1.61% | 1.63% |  | -	- |
| Bloomberg | PRPAUNA LX | PRPAUSN LX | 3 mois | 3.33% | 3.55% |  | -	- |


## CODES	

### Classe A	Classe D
Cumulée
PERFORMANCE NETTE EN USD	
Fonds	Indice
Annualisée
Fonds	Indice
|  | 1 an | 2.23% | 3.30% |  |  | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valeur Liquidative	USD 12.31	USD 11.85 |  | 3 ans | 23.72% | 25.25% |  |  | 7.32% | 7.75% |
|  |  | Perf. totale (depuis 31.05.2018) | 23.11% | 24.52% |  |  | 6.95% | 7.34% |
| INFORMATION FISCALE |  |  |  |  |  |  |  |  |
| Dernier dividende (30.11.2020)	USD 0.27 |  | STATISTIQUES  31.05.2018 - 30.06.2021 | Fonds | Indice |  |  |  | Fonds |
|  |  | Volat. annualisée | 6.40% | 7.00% |  | Echéance moyenne |  | 11.93 |
|  |  | Ratio de Sharpe | 0.85 | 0.84 |  | Note de crédit moyenne |  | A- |
| NOTATION |  | Baisse maximum | -5.58% | -7.09% |  | Effective duration |  | 8.32 |
| Morningstar Rating |  | Corrélation |  | 0.991 |  | Duration modifiée |  | 8.48 |
|  |  | Tracking Error |  | 1.06% |  | Rendement à l'échéance |  | 2.19% |
|  |  |  |  |  |  | Nombre de positions |  | 382 |