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    • LO Funds - Transition Materials, (USD) M A

    LO Funds
    Transition Materials

    (USD) M A
      ISINLU0866414708

      LO Funds - Transition Materials, (USD) M A

      ISINLU0866414708
      funds listsustainability report

      General information

      Asset ClassAlternatives
      CategoryCommodities
      StrategyLiquid Alternatives Strategies
      Fund base currencyUSD
      Share Class reference currencyUSD
      BenchmarkBloomberg Industrial Metals Subindex TR
      Dividend Policyaccumulated
      Total Assets (all classes) in mnUSD 123.7030.12.2024
      Assets (share class) in mnUSD 9.6330.12.2024
      Number of positions1830.10.2018
      TER1.18%30.03.2024

      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
                • 2025 YTD
                • 2024 YTD
                • Since launch
                • Custom
                Export
                pdfjpgpngsvg
                csvxls
                FundBenchmark
                Total Return0.58%0.91%
                Annualized Return0.34%0.53%
                Annualized Volatility--
                Sharpe Ratio--
                Downside Deviation8.69%12.14%
                Positive Months47.62%52.38%
                Maximum Drawdown-7.83%-12.82%
                *  Risk-Free Rate 5.96%Target Rate 5.96%
                Calculations based on monthly time series
                Earliest Date: 01.05.2023, Latest date: 08.01.2025
                Fund vs Benchmark
                Correlation0.845
                R20.715
                Alpha-0.01%
                Beta0.550
                Tracking Error10.27%
                Information Ratio-0.151

                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.
                 
                Concentration risk: To the extent that the fund's investments are concentrated in a particular country, market, industry, sector or asset class, the fund may be susceptible to loss due to adverse occurrences affecting that country, market, industry, sector or asset class.
                 
                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 - Transition Materials is a rule-based long-only commodity strategy launched in May 2023. It provides exposure to a broad and diversified basket of commodities, with daily liquidity under a UCITS structure. 

                The objective is to focus on the supply/demand chain opportunities driven by a low carbon economy transition. In particular, the strategy is exposed to those commodity-heavy themes that are believed to be at the forefront of the transition, such as electrification, green mobility, materials substitution as well as recycled materials. It does not invest into commodities adversely exposed to the transition such as fossil energy. 

                The investment universe mostly includes technology related metals and biobased materials, some of which are not part of traditional benchmarks.

                Risk management is performed at the portfolio level, while an independent team oversees investment and operational risks.

                Breakdowns

                November 2024

                  PERFORMANCE CONTRIBUTION (IN %)

                  Benchmark Industrial Metals0.00% 1.70%
                  Biobased Materials0.00% 0.00%
                  Ex-Benchmark Metals0.00% -0.30%
                  Precious0.00% -1.00%

                  FUND WEIGHTS (IN %)

                  Benchmark Industrial Metals0.00% 43.70%
                  Biobased Materials0.00% 10.50%
                  Ex-Benchmark Metals0.00% 13.30%
                  Precious0.00% 32.50%

                  Managers

                  Marc Pellaud, Ph.D.Investment Management (Systematic Strategies & Alternatives)
                  Read more
                  Marc Pellaud is a Senior Portfolio Manager in the 1798 Hedge Fund / Systematic Alternatives team within Lombard Odier Investment Managers (LOIM). He initially joined LOIM in 2007, and the systematic alternatives team in 2009, where he co-managed a hedge fund replicator. This was a top-down factor-based approach aimed at delivering hedge fund-like returns with daily liquidity. With the inception of LOIM’s Alternative Risk Premia franchise, the natural evolution was to then further incorporate a bottom-up approach, which was done in 2014. Marc has been developing and co-managing this franchise ever since. In addition, he also co-manages LOIM’s Commodity Risk Premia offering since 2011. Marc earned a PhD in life sciences from the Swiss Federal Institute of Technology in Lausanne (EPFL) in 2007. He also gained a master’s degree in natural science from the University of Geneva and a bachelor of science in biology, specialising in marine and freshwater from the University of New Hampshire, USA.
                  Laurent JouéInvestment Management (Systematic Strategies & Alternatives)
                  Read more
                  Laurent Joué is a senior portfolio manager in the 1798 Hedge Fund/Alternatives team at Lombard Odier Investment Mangers (LOIM). He originally joined LOIM as a junior portfolio manager in the fund of hedge funds team in July 2008, before joining the Systematic Alternatives & Equities team in November 2009. He co-manages the Alternative Risk Premia range of products and the LO Funds–Commodity Risk Parity strategies. He began his professional career in 2005 as an assistant portfolio manager at Géa in Paris, the ADI-LODH joint-venture specialised in hedge fund multi-management. Laurent earned a master’s degree in market finance from the Institut Supérieur Européen de Gestion in 2005.

                  Legal information

                  General information

                  DomicileLuxembourg
                  Legal FormSICAV
                  Regulatory StatusUCITS
                  Registered inAT, BE, CH, DE, ES, FI, FR, GB, IT, LI, LU, NL, NO, SE
                  Class launch date06.02.2013
                  Close of financial year29 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 InvestmentEUR 3'000 or equivalent
                  Management Fee0.825%
                  Distribution Fee0.00%

                  Security Numbers

                  BLOOMBERGLOCRMAU LX
                  ISINLU0866414708
                  REUTERS20274474X.CHE
                  SEDOLBYWR9R6
                  TELEKURS20274474

                  Prices

                  Since launch
                  • 1 month
                  • 3 months
                  • 6 months
                  • 1 year
                  • 2025 YTD
                  • 2024 YTD
                  • Since launch
                  • Custom
                  Export

                  Prices over selected period

                  LastUSD0.008.8108.01.2025
                  FirstUSD0.008.7601.05.2023
                  HighestUSD0.009.7120.05.2024
                  LowestUSD0.007.8304.10.2023
                  * Earliest Date: 01.05.2023, Latest date: 08.01.2025

                  Documents

                  Professional investors only

                  Newsletter IM - Professional
                  30.11.2024
                  English (pdf)

                    Annexe

                    Index Allocation: LOIM Transition Materials Index
                    08.01.2025
                    English (pdf)
                      Index Rule Book
                      11.12.2024
                      English (pdf)

                        Reporting

                        Fact Sheet (marketing document)
                        30.11.2024
                        English (pdf)
                          Performance Review
                          30.11.2024
                          English (pdf)

                            Legal Documents

                            Key Information Document
                            19.08.2024
                            English (pdf)
                              Notice to Shareholders
                              19.07.2024
                              Français (pdf)
                                17.05.2024
                                Français (pdf)
                                  24.01.2024
                                  Français (pdf)
                                    31.10.2023
                                    Français (pdf)
                                      31.03.2023
                                      Français (pdf)
                                        25.01.2023
                                        Français (pdf)
                                          Semi-Annual Report
                                          31.03.2024
                                          English (pdf)
                                            Annual Report
                                            30.09.2023
                                            English (pdf)
                                              Articles of incorporation
                                              21.03.2019
                                              English (pdf)

                                                Sustainability-related disclosures

                                                Sustainability-related disclosures
                                                14.08.2024
                                                English (pdf)

                                                  Newsletter

                                                  MARKET COMMENT

                                                  The year was overall positive for our two reference indices. Our first reference index the Bloomberg Industrial Metals subindex [BCOMINTR Index] posted +3.54% over the year while our second reference index the Bloomberg Commodity Index [BCOMTR Index] was up +5.38%. Top performing complex over the year were softs, followed by precious metals and livestock. Worst performers were grains, followed by energy and industrial metals.

                                                  Over the month of December, the BCOMINTR Index was down – 3.02% and the BCOMTR Index up at +1.02%. Energy was the strongest sector over the month as OPEC extended its output cuts. At the opposite, both industrial and precious metals suffered from a higher dollar and the eventuality of fewer Fed rate cuts for 2025. The agriculture complex was a mixed bag, with grains up over the month but softs and livestock down.

                                                   

                                                  The team would like to extend its best wishes for a prosperous year and reaffirm its commitment and confidence in this product for 2025. The enduring structural drivers of the transition to a low-carbon economy are anticipated to offer significant price appreciation for transition materials on the back of (1) persistent structural imbalances in supply and demand and (2) the ongoing global commitment to transition.

                                                   

                                                  INDUSTRIAL METALS

                                                  Over the year, the sector was slightly in negative territory. Positive performers in 2024 for the complex were Aluminium and Zinc while Nickel and Copper were both in negative territory over the year.

                                                  In December, the Industrial metals complex saw sentiment weighting heavily on prices, with the complex’s 2025 outlook on the world’s largest economies. The main variables for 2025 are the tariff policies of the incoming US administration and their impact on trade, demand and to some extent on global economic growth. The response from China is yet another ingredient adding to the complexity of the outlook. The back-scaling of Fed rate cuts expectations for 2025 dampened prospects of the economic boost linked to these cuts. In China, the extent of the fiscal package could positively impact commodities by boosting consumption of home appliances and equipment and investments in infrastructure could also be supportive on metals prices. This is encouraging and more details on the measures and the extent of this package should be announced in March 2025, after Trump’s inauguration.

                                                  All industrial metals commodities were in negative territory over the month.

                                                   

                                                  PRECIOUS METALS

                                                  Over the year, the precious metals complex was the top contributor to performance. Both Silver and Gold contributed positively to the performance while Platinum was costly over the year.

                                                  In December, the complex was down, with all commodities of the sector posting negative performances over the month on the back of similar factors as for the industrial metals complex.

                                                   

                                                  EX-BENCHMARK METALS

                                                  It seems that 2024 was not yet the year of ex-benchmark metals, as the ex-benchmark metals complex was the worst contributor to performance over the year. Zinc was the only positive contributor to performance in 2024 while Lithium, Cobalt, HRC Steel and Steel Scrap all posted negative figures.

                                                  The complex was in slight negative territory in December. Tin was the only positive performer of the complex over the month.

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