# HIGHLIGHTS
LO Funds – Europe All Cap Leaders is an actively managed, long-only European equity strategy. It follows a high conviction, research-intensive approach that aims at identifying industry-leading companies and those with the potential to become future leaders in Europe. This selection is complemented with an opportunistic strategy (restructuring stories, valuation anomalies…). The investment process is organized in two steps. The first one consists in identifying attractively-priced companies with business models capable of generating excess economic returns The second one (the fundamental analysis) seeks to ensure repeatability and sustainability of these excess economic returns. Alongside financial information, the team also uses ESG information, a key framework to assess business practices. The portfolio is organized into three investment buckets: Industry Leaders, Emerging Leaders and Investment Opportunities. The first two categories make up the Core Portfolio. The portfolio consists of about 50 large and mid-cap positions with low portfolio turnover. Risk is managed at the portfolio level with the portfolio managers monitoring various parameters, and is in parallel monitored by the LOIM risk team which is controlling liquidity and operational risks on a daily basis.
NET CUMULATIVE PERFORMANCE AND ANNUAL PERFORMANCE IN USD 
Nov 2, 2017 - Oct 31, 2022
140
120
100
80

## 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
2018	2019	2020	2021	2022
LO Funds - Europe All Cap Leaders, Syst. NAV Hdg, (USD) N A	Annual or YTD performance (Fund) MSCI Europe EUR ND (USD Cross Hdg.)	Annual or YTD performance (Bench.)
Class launch date (05.11.2018)
returns. Even the lowest risk classification does not imply that the Sub-Fund is risk-free or that capital is necessarily guaranteed or protected.
CODES	
Class A
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.
ISIN	LU1637647501
Bloomberg	LOESHUN LX
NAV	USD 107.38

## FISCAL INFORMATION
ES - Switchable	No
Cumulative 
NET PERFORMANCE IN USD		
Fund		Bench. 
YTD	-21.56%	-10.48%
1 month	5.28%	6.50%
3 months	-7.58%	-4.41%
1 year	-18.74%	-7.63%
3 years	3.94%	17.02%
Total return (since 02.11.2017)	7.38%	30.95%
Annualized Fund	Bench.
-	-
-	-
-	-
-	-
1.29%	5.36%
1.43%	5.53%
STATISTICS 
02.11.2017 - 31.10.2022	
Fund	Bench.
Annualised volatility	17.18%	15.64%
Sharpe ratio	0.010.27
Max. drawdown	-25.49%	-22.00%
Correlation0.948
Tracking error	5.52%
Fund
Number of positions53
Active share vs benchmark (%)	81%
Top 20 holdings (% of portfolio)	48%
Median market cap (€ billion)14.4
Equity exposure (%)	100%
P/E (next 12 months)	16.5x
EPS Growth (next 12 months)	13.1%
Return on Equity (last 12 months)	15.2%
Dividend Yield (last 12 months)	2.0%

Translation (ENIT, 2022-10-31):
# EVENTI DI RILIEVO
LO Funds – Europe All Cap Leaders è una strategia long-only a gestione attiva incentrata sulle azioni europee. Segue un approccio basato su convinzioni forti ad elevata intensità di ricerca che punta a individuare le società leader del settore in Europa e quelle con il potenziale per diventarlo. La selezione è integrata da una strategia opportunistica (ristrutturazioni, anomalie di valutazione ecc.).
Il processo di investimento è organizzato in due fasi: la prima consiste nell’individuare società dalle quotazioni interessanti con modelli operativi capaci di generare rendimenti extra; la seconda (analisi fondamentale) ha per obiettivo garantire la riproducibilità e la sostenibilità di questi rendimenti extra. Oltre alle informazioni di carattere finanziario, il team utilizza anche le informazioni ESG, parametro chiave per valutare le prassi operative.
Il portafoglio è organizzato in tre categorie di investimenti: Industry Leaders, Emerging Leaders e Investment Opportunities. Le prime due costituiscono il Core Portfolio. Il portafoglio comprende circa 50 posizioni a grande e media capitalizzazione con una bassa rotazione del portafoglio. Il rischio viene gestito a livello di portafoglio; i gestori monitorano diversi parametri, mentre il LOIM Risk Team controlla il rischio di liquidità e operativo su base giornaliera.
PERFORMANCE CUMULATIVA NETTO E PERFORMANCE ANNUALE IN USD 
2-nov-2017 - 31-ott-2022
140
120
100
80
2018	2019	2020	2021	2022
LO Funds - Europe All Cap Leaders, Syst. NAV Hdg, (USD) N A	Rendimento annuale o YTD (Fondo) MSCI Europe EUR ND (USD Cross Hdg.)	Rendimento annuale o YTD (Bench.)
Lancio del comparto (05.11.2018)
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.
ISIN	LU1637647501
| PERFORMANCE NETTA IN USD | Fondo | Bench. |  | Fondo | Bench. |
| --- | --- | --- | --- | --- | --- |
| Da inizio anno | -21.56% | -10.48% |  | - | - |
| 1 mese | 5.28% | 6.50% |  | - | - |
| 3 mesi (30.09.2022) | -1.54% | -3.37% |  | - | - |
| 1 anno | -18.74% | -7.63% |  | - | - |
| 3 anni | 3.94% | 17.02% |  | 1.29% | 5.36% |
| Rendimento dal lancio (02.11.2017) | 7.38% | 30.95% |  | 1.43% | 5.53% |
| STATISTICHE  02.11.2017 - 31.10.2022 | Fondo | Bench. |  |  | Fondo |
| Volat. su base annuale | 17.18% | 15.64% |  | Numero di titoli | 53 |
| Indice di Sharpe | 0.01 | 0.27 |  | Active share vs benchmark (%) | 81% |
| Max. drawdown | -25.49% | -22.00% |  | Top 20 holdings (% of portfolio) | 48% |
| Correlazione |  | 0.948 |  | Median market cap (€ billion) | 14.4 |
| Tracking Error |  | 5.52% |  | Equity exposure (%) | 100% |
|  |  |  |  | P/E (next 12 months) | 16.5x |
|  |  |  |  | EPS Growth (next 12 months) | 13.1% |
| Return on Equity (last 12 months)	15.2% Dividend Yield (last 12 months)	2.0% |

Bloomberg	LOESHUN LX
VNI	USD 107.38
Cumulata
Annualizzata