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      Will Donald Trump's fiscal plan work?

      May 8, 2025
      On paper, Donald Trump’s fiscal strategy could work. In reality, uncertainties about the payoff from tariffs and spending cuts persist. Will his gamble succeed?
      multi-asset

      Will Donald Trump's fiscal plan work?

      fixed income

      America first to safety first – finding opportunity and shelter in fixed income

      May 7, 2025
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      fixed income

      America first to safety first – finding opportunity and shelter in fixed income

      multi-asset

      Dialling up portfolio diversification when uncertainty prevails

      May 1, 2025
      Uncertainty heightens the need for diversification. Historically, a risk-based solution has shown stronger diversification than a 50/50 approach. 
      multi-asset

      Dialling up portfolio diversification when uncertainty prevails

      All insightsrethinking through the noiseSpecial ReportsInvestor survey: The Next DecadeSharpe thinkingQ3 2024: The value of a contrarian mindsetQ4 2024: Our 2025 investment outlooks Q1 2025: exploiting divergence for investor advantageglossary
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      • investment funds.
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      • LO Funds - All Roads, Syst. NAV Hdg, (USD) I A

      LO Funds
      All Roads

      Syst. NAV Hdg, (USD) I A
        ISINLU1581420749

        LO Funds - All Roads, Syst. NAV Hdg, (USD) I A

        ISINLU1581420749
        funds listsustainability report

        General information

        Morningstar
        Asset ClassMulti-Asset
        CategoryBalanced Profile
        StrategyRisk-Based
        Fund base currencyEUR
        Share Class reference currencyUSD Hedged
        Dividend Policyaccumulated
        Total Assets (all classes) in mnUSD 2322.3530.04.2025
        Assets (share class) in mnUSD 40.2530.04.2025
        Number of positions25830.04.2025
        TER0.66%30.09.2024

        Documents

        Key Information Document
        English (pdf)
          Prospectus
          English (pdf)
            Fact Sheet (marketing document)
            English (pdf)
              Newsletter IM - Professional
              English (pdf)
                Sustainability-related disclosures
                English (pdf)

                  Risk rating

                  Lower riskHigher risk
                  1
                  1
                  2
                  2
                  3
                  3
                  4
                  4
                  5
                  5
                  6
                  6
                  7
                  7
                  Typically lower rewardTypically higher reward
                  Past performance is not a guarantee of future results. If the funds are denominated in a currency other than that in which the majority of the investor's assets are held, the investor should be aware that changes in rates of exchange may affect the value of the funds' underlying assets. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
                  • Performance & Statistics
                  • Highlights
                  • Breakdowns
                  • Managers
                  • Legal information
                  • Dealing
                  • Security Numbers
                  • Prices
                  • Documents
                  • Newsletter

                  Performance & Statistics

                  Rolling 12 months Performance (%)Cumulative performance (%)Annualised performance (%)
                  Loading...
                  As of 
                  Share Class (Net)
                  Benchmark
                  Sorry, we could not retrieve the data for this share class.
                  Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
                  Loading...
                  As of 
                  Share Class (Net)
                  Benchmark
                  Sorry, we could not retrieve the data for this share class.
                  Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
                  Loading...
                  As of 
                  Share Class (Net)
                  Benchmark
                  Sorry, we could not retrieve the data for this share class.
                  Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
                  Since launch
                  • 1 month
                  • 3 months
                  • 6 months
                  • 1 year
                  • 3 years
                  • 5 years
                  • 2025 YTD
                  • 2024 YTD
                  • 2023 YTD
                  • 2022 YTD
                  • 2021 YTD
                  • 2020 YTD
                  • 2019 YTD
                  • 2018 YTD
                  • 2017 YTD
                  • 2016 YTD
                  • 2015 YTD
                  • 2014 YTD
                  • 2013 YTD
                  • 2012 YTD
                  • Since launch
                  • Custom
                  Export
                  pdfjpgpngsvg
                  csvxls
                  Fund
                  Total Return77.70%
                  Annualized Return4.43%
                  Annualized Volatility4.96%
                  Sharpe Ratio0.53
                  Downside Deviation3.13%
                  Positive Months63.12%
                  Maximum Drawdown-9.12%
                  *  Risk-Free Rate 1.79%Target Rate 1.79%
                  Calculations based on monthly time series
                  Earliest Date: 15.02.2012, Latest date: 07.05.2025

                  Key risks

                  The following risks may be materially relevant

                  but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:


                   
                  Counterparty risk: When a fund is backed by a guarantee from a third party, or where its investment exposure is obtained to a material degree through one or more contracts with a counterparty, there could be a material risk that the counterparty to the transactions will fail to honor its contractual obligations. This may result in a financial loss to the Fund.
                   
                  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.
                   
                  Model Risk: Models may be misspecified, badly implemented or may become inoperative when significant changes take place in the financial markets or in the organization. Such a model could unduly influence portfolio management and expose to losses.
                   

                   

                  Highlights

                  LO Funds - All Roads is a long-only multi-asset risk-based strategy launched in January 2012. The Fund invests in various traditional risk premia such as equities, sovereign and corporate credit (in both DMs and EMs) and commodities. The strategy further diversifies the portfolio by building exposure to alternative risk premia to harvest market inefficiencies in a systematic and transparent manner. The Fund seeks to generate steady performance over market cycles, and aims to offer higher risk-adjusted returns while controlling risk. The Fund’s investment approach applies a systematic, liquid and transparent risk-based allocation methodology. This is complemented by a separate risk budgeting approach based on dynamic drawdown management that aims to limit excessive losses.

                  Breakdowns

                  March 2025

                    Portfolio Breakdown (in %)

                    Fixed Income - Sovereign0.00% 44.46%
                    Volatility0.00% 13.80%
                    Fixed Income - Developed CDS0.00% 13.66%
                    Equities - Developed Markets0.00% 12.26%
                    Inflation0.00% 11.85%
                    Commodities0.00% 11.51%
                    Fixed Income - Emerging CDS0.00% 9.02%
                    Equities - Emerging Markets0.00% 5.44%
                    Non Euro Exposure of Total Portfolio0.00% 1.73%

                    Risk Contribution (in %)

                    Fixed Income - Sovereign0.00% 11.70%
                    Fixed Income - Developed CDS0.00% 11.46%
                    Fixed Income - Emerging CDS0.00% 2.63%
                    Equities - Developed Markets0.00% 29.97%
                    Equities - Emerging Markets0.00% 14.87%
                    Inflation0.00% 5.36%
                    Commodities0.00% 24.01%

                    Perf. Contrib. 1M (in %, gross of fees)

                    Fixed Income - Sovereign0.00% -0.87%
                    Fixed Income - Developed CDS0.00% -0.29%
                    Fixed Income - Emerging CDS0.00% -0.03%
                    Equities - Developed Markets0.00% -0.48%
                    Equities - Emerging Markets0.00% -0.04%
                    Inflation0.00% 0.04%
                    Commodities0.00% 0.47%
                    Volatility0.00% -0.01%
                    FX0.00% -0.46%
                    Others0.00% 0.63%

                    Performance Contribution - YTD (in %, gross of fees)

                    Inflation0.00% 0.62%
                    Fixed Income - Emerging CDS0.00% 0.20%
                    Fixed Income - Developed CDS0.00% 0.08%
                    Equities - Developed Markets0.00% 0.05%
                    FX0.00% -0.09%
                    Fixed Income - Sovereign0.00% -0.11%
                    Commodities0.00% -0.38%
                    Volatility0.00% -0.49%
                    Equities - Emerging Markets0.00% -0.67%
                    Others0.00% 1.00%

                    Managers

                    Aurèle Storno, CFAInvestment Management (Multi Asset)
                    Read more
                    Aurèle is head of the Asset Allocation team and the lead portfolio manager of LO Funds–All Roads. He is also the CIO of the Lombard Odier Pension Fund, pioneer of our risk-based philosophy since October 2009. Aurèle’s service with the firm dates back to August 2001, initially with the fund research unit, analysing both traditional long-only funds and hedge funds. He joined the centralised portfolio management unit for private clients in 2004. In 2006, he started managing pension fund mandates on the institutional global balanced desk, which he has been heading up since 2008. Aurèle earned a master’s degree in engineering from the Swiss Federal Institute of Technology, Lausanne (EPFL) in 1999 and is a CFA Charterholder.
                    Sui Kai WongInvestment Management (Multi Asset)
                    Read more
                    SuiKai is co-Portfolio Manager of LOF All Roads Multi-Asset fund and involved in the portfolio management of institutional mandates. He joined the team in November 2012 after a research internship, when he developed volatility measures and pooling strategy. He is leading key quantitative developments related to our multi-asset strategies, including the development and improvement of our risk budgeting techniques (drawdown management). Sui Kai earned a master’s degree in financial engineering from the Swiss Federal Institute of Technology (EPFL) in 2012. He also holds a bachelor’s degree in statistics from the University of Warwick.
                    Alain Forclaz, Ph.D.Investment Management (Multi Asset)
                    Read more
                    Alain is Deputy CIO in LOIM’s Multi-Asset Group, supporting Aurèle Storno in the day-to-day supervision of team and portfolio management activities. He also leads investor relations for the group. Prior to joining Lombard Odier in 2016, Alain founded Kereon Capital, where he managed a systematic global macro strategy. Prior to that, he spent over ten years in the City of London. From 2007-2012 Alain was a Director at Royal Bank of Scotland, structuring, executing and risk managing a wide range of fixed income derivative solutions for institutional clients. Prior to that he was a Vice President on the structured credit desk at Credit Suisse First Boston. He started his career as a structured finance analyst with Moody’s Investors Service in 2002. Alain earned a master’s degree in mathematics from the Swiss Federal Institute of Technology, Lausanne (EPFL) and a PhD in mathematical sciences from Oxford University.

                    Legal information

                    General information

                    DomicileLuxembourg
                    Legal FormSICAV
                    Regulatory StatusUCITS
                    Registered inAT, CH, DE, ES, FI, FR, GB, LI, LU, NL, NO, SE
                    Class launch date02.07.2021
                    Close of financial year30 September
                    Dividend Policyaccumulated

                    Fiscal Information

                    DE Investmentsteuergesetz (InvStG)Other Funds
                    AT Investmentfondsgesetz (InvFG)Declared Fund
                    UK Reporting StatusNo

                    Management Company & Agents

                    Management CompanyLombard Odier Funds (Europe) S.A.
                    CustodianCACEIS Bank, Luxembourg Branch
                    AuditorPricewaterhouseCoopers
                    Portfolio valuationCACEIS Bank, Luxembourg Branch

                    Dealing

                    Dealing

                    Subscriptions and redemptions frequency daily
                    Subscriptions and redemptions cut-off dayT-1
                    Subscriptions and redemptions cut-off time15:00 CET
                    Subscriptions and redemptions settlement dateT+2
                    NAV valuation pointT
                    NAV calculation dayT+1
                    NAV calculation frequencydaily
                    Minimum InvestmentCHF 1'000'000 or eq
                    Management Fee0.50%
                    Distribution Fee0.00%

                    Security Numbers

                    BLOOMBERGLOFARSU LX
                    ISINLU1581420749
                    TELEKURS35804541

                    Prices

                    Since launch
                    • 1 month
                    • 3 months
                    • 6 months
                    • 1 year
                    • 3 years
                    • 5 years
                    • 2025 YTD
                    • 2024 YTD
                    • 2023 YTD
                    • 2022 YTD
                    • 2021 YTD
                    • 2020 YTD
                    • 2019 YTD
                    • 2018 YTD
                    • 2017 YTD
                    • 2016 YTD
                    • 2015 YTD
                    • 2014 YTD
                    • 2013 YTD
                    • 2012 YTD
                    • Since launch
                    • Custom
                    Export

                    Prices over selected period

                    LastUSD0.0017.7707.05.2025
                    FirstUSD0.0010.0015.02.2012
                    HighestUSD0.0018.3214.02.2025
                    LowestUSD0.009.7322.05.2012
                    * Earliest Date: 15.02.2012, Latest date: 07.05.2025

                    Documents

                    Professional investors only

                    Newsletter IM - Professional
                    31.03.2025
                    English (pdf)

                      Annexe

                      Index Allocation: LOIM L/S Backwardation Index
                      07.05.2025
                      English (pdf)
                        Index Allocation: LOIM Commodity Index
                        07.02.2025
                        English (pdf)
                          Index Rule Book: LOIM Commodity 2x Index
                          02.01.2025
                          English (pdf)
                            Index Rule Book: LOIM Leveraged Commodity Backwardation Index
                            22.03.2021
                            English (pdf)

                              Reporting

                              Fact Sheet (marketing document)
                              31.03.2025
                              English (pdf)
                                Performance Review
                                31.03.2025
                                English (pdf)

                                  Legal Documents

                                  Notice to Shareholders
                                  17.04.2025
                                  Français (pdf)
                                    19.07.2024
                                    Français (pdf)
                                      17.05.2024
                                      Français (pdf)
                                        24.01.2024
                                        Français (pdf)
                                          Key Information Document
                                          28.01.2025
                                          English (pdf)
                                            Annual Report
                                            30.09.2024
                                            English (pdf)
                                              Prospectus
                                              19.08.2024
                                              English (pdf)
                                                Semi-Annual Report
                                                31.03.2024
                                                English (pdf)
                                                  Articles of incorporation
                                                  21.03.2019
                                                  English (pdf)
                                                    Sicav article of incorporation
                                                    17.02.2017
                                                    English (pdf)

                                                      Sustainability-related disclosures

                                                      Sustainability-related disclosures
                                                      05.08.2024
                                                      English (pdf)

                                                        Newsletter

                                                        MACRO AND MARKET REVIEW

                                                        The month of March significantly disrupted first-quarter performances. The acceleration in the rise of new US tariffs eventually overcame the most optimistic outlooks, and stocks generally declined over the month as uncertainty weighed on corporate profit prospects. Tariff numbers continued to emerge from the White House throughout March, increasing and extending to a growing number of sectors, with the final official announcement scheduled for "Liberation Day" on 2 April. While awaiting this moment, stocks and credit spreads showed high volatility. Analysts have widely considered this market decline as a period of upward reassessment of recession risk, with declining profit prospects and potentially lower short-term rates. Looming tariffs created an environment of uncertainty regarding the future path of both growth and inflation, placing the Fed in a tight spot. Europe announced investment plans in a rapid response to the new US economic and military policies. Such is March's assessment.

                                                        In this context, stocks generally experienced a decline. The MSCI World index fell by 4.6%, with "growth" stocks falling more sharply (-7.6%) than "value" stocks (-1.6%). US stocks remained volatile, declining by nearly 6% (S&P 500), while European stocks lost only 4%. Emerging market stocks, the big winner during this period of uncertainty, ended the quarter on a positive note (+1%, MSCI EM), led by China (+2%). In this context of recession risk "repricing," US short-term rates declined by 10 bps while long-term rates remained stable. In Europe, the announcement of investment and remilitarisation plans led to an increase in long-term rates by approximately 30 bps. As the only clear refuge during this troubled period, commodities continued their upward trend, rising globally by 3.5%, while the USD declined by the same amount.

                                                        The tariff announcements should help markets find a clearer direction, but the economic risk they pose to the US could continue to divert investors away from US assets. Europe, on the contrary, provides visibility to investors, which could fuel a continuation of the Q1 rotation in the coming months. For now, April should be a month of digesting White House announcements from both a stock and bond perspective.

                                                         

                                                        FUND PERFORMANCE AND PORTFOLIO REVIEW

                                                        In March 2025, LO Funds - All Roads was down -1.0% (USD NA share class). Over the month, sovereign bonds were the largest detractors with -80 bps while equities detracted 45 bps, particularly dragged by developed markets. Commodities contributed positively 45 bps while corporate credit and emerging debt detracted 30 bps. Overlays performance was slightly negative, with our Trend strategy up and our Carry and Macro overlays down, the combination detracting 10 bps. Portfolio exposure decreased over the month as risk budget shrunk, closing the month slightly above 120%. Our volatility estimates increased over the month, with the developed equities volatility notably surging above its long-term median for the first time since December 2024. Our Risk appetite indicator remained in neutral territory over the month, with acute dispersion between its components. Momentum signals were rather unaffected by the volatile environment, remaining negative for sovereign bonds markets and positive for other asset classes. On the macro side, our economic growth nowcaster is showing signs of a slower momentum, while our monetary policy signals continue to indicate that central banks’ stance remains dovish, in spite of higher inflation pressures.

                                                        insights.

                                                        Will Donald Trump's fiscal plan work?
                                                        multi-assetAll Roads
                                                        multi-assetAll Roads

                                                        Will Donald Trump's fiscal plan work?

                                                        May 8, 2025
                                                        On paper, Donald Trump’s fiscal strategy could work. In reality, uncertainties about the payoff from tariffs and spending cuts persist. Will his gamble succeed?
                                                        Dialling up portfolio diversification when uncertainty prevails
                                                        multi-assetAll Roads
                                                        multi-assetAll Roads

                                                        Dialling up portfolio diversification when uncertainty prevails

                                                        May 1, 2025
                                                        Uncertainty heightens the need for diversification. Historically, a risk-based solution has shown stronger diversification than a 50/50 approach. 
                                                        Will US dollar strength give way to the euro?
                                                        multi-assetAll Roads
                                                        multi-assetAll Roads

                                                        Will US dollar strength give way to the euro?

                                                        April 24, 2025
                                                        Superior US productivity versus Europe boosted the US dollar over the last decade, but is this long-term trend about to reverse?
                                                        Addressing uncertainty through risk-based portfolio management
                                                        multi-assetAll Roads
                                                        multi-assetAll Roads

                                                        Addressing uncertainty through risk-based portfolio management

                                                        April 15, 2025
                                                        The investment techniques to handle uncertainty differ from those required by rising risk: what are the implications for multi-asset investors?
                                                        more insights
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