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      • PrivilEdge - Mondrian US Equity Value, (USD) M D

      PrivilEdge
      Mondrian US Equity Value

      (USD) M D
        ISINLU1075107372

        PrivilEdge - Mondrian US Equity Value, (USD) M D

        ISINLU1075107372
        funds listsustainability report

        General information

        Asset ClassEquities
        CategoryUS
        StrategyHigh Conviction
        Fund base currencyUSD
        Share Class reference currencyUSD
        BenchmarkMSCI USA Value Net Total Return
        Dividend Policydistribution
        Total Assets (all classes) in mnUSD 28.8630.04.2025
        Assets (share class) in mnUSD 6.3330.04.2025
        Number of positions3530.04.2025
        TER0.75%30.09.2024

        Documents

        Key Information Document
        English (pdf)
          Prospectus
          Français (pdf)
            Fact Sheet (marketing document)
            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
              • Since launch
              • Custom
              Export
              pdfjpgpngsvg
              csvxls
              FundBenchmark
              Total Return85.88%120.35%
              Annualized Return5.83%7.49%
              Annualized Volatility14.86%15.17%
              Sharpe Ratio0.250.36
              Downside Deviation10.13%10.35%
              Positive Months57.58%61.36%
              Maximum Drawdown-27.51%-26.88%
              *  Risk-Free Rate 2.10%Target Rate 2.10%
              Calculations based on monthly time series
              Earliest Date: 13.06.2014, Latest date: 07.05.2025
              Fund vs Benchmark
              Correlation0.970
              R20.941
              Alpha-0.10%
              Beta0.950
              Tracking Error3.69%
              Information Ratio-0.451

              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:


               
              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.
               
              Active management risk: Active management relies on anticipating various market developments and/or security selection. There is a risk at any given time that the fund may not be invested in the highest-performing markets or securities. The fund's net asset value may also decline.
               
              Financial, economic, regulatory and political risks: Financial instruments are impacted by various factors, including, without being exhaustive, the development of the financial market, the economic development of issuers who are themselves affected by the general world economic situation, and economic, regulatory and political conditions prevailing in the relevant country.
               

               

              Highlights

              PrivilEdge – Mondrian US Value (previously PrivilEdge – Delaware US Large Cap Value) is a mainstream US large cap fund managed by Mondrian Investment Partners since 12 February 2024, with the objective to outperform the MSCI USA Value Index over a business cycle. Preserving capital during protracted market declines and providing performance that is less volatile than the benchmark are two secondary objectives. Mondrian’s fundamental, long term and research driven process seeks to identify mispriced securities using a consistent dividend discount methodology which compares value across all stocks and sectors. Portfolio construction is bottom up, high conviction and the portfolio is built with prudent diversification in mind. The final portfolio consists of 25-35 mid to large cap stocks and is well-diversified at the sector level, showing constant defensive and value characteristics.

              Breakdowns

              March 2025

                Top 10 (in %)

                HCA Healthcare Inc0.00% 4.05%
                Sysco Corp0.00% 3.81%
                Texas Instruments Inc0.00% 3.74%
                Autoliv Inc0.00% 3.71%
                Te Connectivity Plc0.00% 3.67%
                Csx Corp0.00% 3.66%
                Wells Fargo & Co0.00% 3.66%
                Kenvue Inc0.00% 3.62%
                Charles Schwab Corp0.00% 3.58%
                Cdw Corp0.00% 3.55%

                Sectors (in %)

                Health care0.00% 19.07%
                Financials0.00% 15.33%
                Information technology0.00% 14.49%
                Consumer staples0.00% 10.17%
                Consumer discretionary0.00% 9.81%
                Real estate0.00% 7.76%
                Industrials0.00% 7.33%
                Utilities0.00% 5.46%
                Energy0.00% 4.34%
                Materials0.00% 3.50%
                Communications & Services0.00% 1.82%
                Liquid assets0.00% 0.92%

                Countries (in %)

                United States0.00% 100.00%

                Currencies (in %)

                USD0.00% 100.00%

                Managers

                Mondrian Investment Partners Limited

                Legal information

                General information

                DomicileLuxembourg
                Legal FormSICAV
                Regulatory StatusUCITS
                Registered inAT, BE, CH, DE, ES, FR, GB, LI, LU, NL
                Class launch date11.07.2014
                Close of financial year30 September
                Dividend Policydistribution
                - Distribution dateNovember
                - Last dividend paid  (27.11.2024) USD 0.15

                Fiscal Information

                DE Investmentsteuergesetz (InvStG)Equity Fund
                AT Investmentfondsgesetz (InvFG)Declared Fund
                UK Reporting StatusYes

                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
                Subscriptions and redemptions cut-off time12:00 CET
                Subscriptions and redemptions settlement dateT+2
                NAV valuation pointT
                NAV calculation dayT+1
                NAV calculation frequencydaily
                Minimum InvestmentEUR 3'000 or equivalent
                Management Fee0.50%
                Distribution Fee0.00%

                Security Numbers

                BLOOMBERGPDUSUMD LX
                ISINLU1075107372
                REUTERS24553493X.CHE
                SEDOLBN65M92
                TELEKURS24553493

                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
                • Since launch
                • Custom
                Export

                Prices over selected period

                LastUSD0.0017.0207.05.2025
                FirstUSD0.009.1613.06.2014
                HighestUSD0.0018.6208.11.2024
                LowestUSD0.008.5020.01.2016
                * Earliest Date: 13.06.2014, Latest date: 07.05.2025

                Documents

                Annexe

                UK Reporting Status - Reportable Income
                31.03.2025
                English (pdf)

                  Reporting

                  Fact Sheet (marketing document)
                  30.04.2025
                  English (pdf)
                    Performance Review
                    31.03.2025
                    English (pdf)

                      Legal Documents

                      Notice to Shareholders
                      29.01.2025
                      Français (pdf)
                        30.08.2024
                        Français (pdf)
                          12.01.2024
                          Français (pdf)
                            Key Information Document
                            28.01.2025
                            English (pdf)
                              Prospectus
                              01.10.2024
                              Français (pdf)
                                Annual Report
                                30.09.2024
                                English (pdf)
                                  Semi-Annual Report
                                  31.03.2024
                                  English (pdf)
                                    Articles of incorporation
                                    20.05.2019
                                    English (pdf)

                                      Retail investors

                                      Quarterly Newsletter CP
                                      31.03.2025
                                      English (pdf)

                                        Newsletter

                                        Market highlights 

                                        US stocks were broadly lower in September, as investor sentiment was seemingly weighed down by several developments, including higher interest rates, rising gasoline prices, a strike by auto workers and the resumption of student loan payments. The broad market S&P 500 Index fell -4.8% for the month.

                                        At its September meeting, the US Federal Reserve (Fed) voted to hold the Fed Funds rates steady, noting that more hikes were possible and that rates could stay higher for longer than previously expected. Inflation data were mixed, according to the most recent monthly figures from the Bureau of Economic Analysis. The Personal Consumption Expenditures Price Index (PCE) was up 3.5% in August from a year earlier. The Core PCE, which excludes food and energy prices, was up 3.9% in August. The US personal savings rate ticked lower in each of the past three months. At 3.9%, the current savings rate is now well below its long-term average of 8.8% as consumers continue to draw down excess savings derived from pandemic-era stimulus programmes (source: Bureau of Economic Analysis). 

                                         

                                        Performance and attribution

                                        In September, the PrivilEdge – Delaware US Large Cap Value posted a negative total return of -5.3%, underperforming the Russell 1000 Value Index’s -3.9% loss. 

                                        At the portfolio level, stock selection caused the largest drag on relative performance. Sector allocation had a modestly negative effect. Stock selection in consumer staples, information technology (IT) and industrials detracted the most from relative returns, partly offset by stock selection in healthcare and financials. The portfolio’s underweight position in energy was the leading detractor in terms of sector allocation.

                                        Discount retailer Dollar General Corp. (Dollar General) was the leading detractor in the portfolio for the month, down -23.6%. Dollar General’s shares traded significantly lower after the company reported quarterly results in late August 2023 and remained under pressure in September. The group’s sales and earnings per share (EPS) came in below expectations as the sales mix (increasingly skewed towards lower-margin consumables), shrink (i.e., theft) and inventory markdowns drove profitability lower. The company also lowered its guidance for the full year, citing inventory-reduction efforts, expectations for higher shrink and softer sales trends as key drivers. In addition, Dollar General announced an additional 170 million (mn) US dollars (USD) in incremental investments (adding to the USD 100 mn announced earlier this year) to support labour productivity, more competitive pricing and inventory reduction. Its weaker-than-expected quarterly results, lowered full-year guidance and missteps around inventory management are disappointing to us, especially as this was the second consecutive quarter of weak results and revised guidance. That said, the team believes the company is taking the appropriate and necessary steps to improve traffic and profitability and that its business is not structurally impaired.

                                        Aerospace and defence company RTX Corp. (formerly Raytheon Technologies Corp.) was another significant detractor in the portfolio, declining -16.4% in September. The stock traded lower following the company’s earnings announcement for the second quarter (Q2) of 2023, in which it disclosed that part of its GTF jet engine fleet (manufactured by its Pratt & Whitney subsidiary) needed accelerated removals, enhanced inspections and heavy overhauls due to potential problems with a material used to manufacture certain engine parts. This affects approximately 1,200 GTF engines in the current fleet of 3,000. The company will be removing engines from the fleet for inspections and overhauls likely through the middle of next year. Currently, the market cap decline in RTX’s stock since the GTF announcement (equal to about USD 30 billion [bn]) appears to be significantly higher than the company’s projected all-in cost of remediation. That said, it is still early going, in our view, as full remediation – including customer compensation for grounded planes – is expected to play out over the next few years. As a team, we are still in the process of collecting and analysing relevant data. As new information comes in, we will evaluate the company’s prospects and the risk-reward profile of its stock in the context of other investment opportunities.

                                        CVS Health Corp. (CVS), a provider of health insurance, pharmacy benefit management and retail pharmacy services, was a leading contributor, gaining 7.1%. During the month, CVS reaffirmed its full-year guidance for both EPS and cash from operations. CVS’s shares have been under pressure for much of the year. In the team’s view, the selling has been overdone, especially given the company’s consistent cash flow generation and discounted valuation – a price-to-earnings (P/E) ratio of 8.1x next fiscal year’s earnings. In September, the stock received upgrades from two Wall Street analysts that cover the company. 

                                        Global insurance provider American International Group Inc. (AIG) was a strong contributor, up 4.2%, outperforming the financials sector in the benchmark. In general, insurance stocks held up relatively well compared to banks, credit card companies and other more credit-sensitive groups within the sector. While higher interest rates have a negative mark-tomarket effect on insurance company investment portfolios, insurers generally see a longer-term benefit from higher reinvestment yields. A firming property/casualty pricing cycle also appeared to benefit companies such as AIG. 

                                        The team completed a full-position sale and purchase during the month. They sold the portfolio’s position in Broadcom Inc., a leading global technology company that develops semiconductors and infrastructure software; the team had added a position in Broadcom to the portfolio in early 2019. At the time, Broadcom had recently completed its acquisition of enterprise software developer CA Technologies – a transaction that surprised the market (it was Broadcom’s first foray into software) and led to a meaningful decline in Broadcom’s stock price. While the shares eventually retraced their losses, their valuation remained attractive, in the team’s view. The stock scored in the second-cheapest decile in the team’s opportunity screen and offered a dividend yield of 4.2% following a 51% increase in payout in the previous quarter. They saw Broadcom as having appealing balance sheet and cash flow characteristics. The company expected to distribute 50% of free cash flow as dividends, with the remainder directed towards share buybacks, opportunistic acquisitions and debt repayment. At the portfolio’s purchase price, the stock offered a free cash flow yield of approximately 8%. Broadcom’s stock price more than tripled during the portfolio’s holding period, with much of the stock’s rise occurring in 2023. The company’s offerings include products that support artificial intelligence (AI) technology, and strong investor enthusiasm for companies exposed to AI contributed to the stock’s surge. From a valuation perspective, Broadcom looked fully valued to the team. The shares were trading at 20.2x next fiscal year’s earnings – a 35% premium to their five-year average and near an all-time high. Broadcom’s stock price was also near its all-time high. In the team’s opinion, a lot of good news was already priced into the stock and its long-term risk-reward profile was no longer attractive to the team. In addition, the team believes there is the potential for key-man risk should the CEO decide to step down, as well as the possibility of execution risk associated with Broadcom’s impending acquisition and integration of cloud infrastructure provider VMware Inc. 

                                        Proceeds from the sale of Broadcom were used to purchase a 3% target weight position in Teledyne Technologies Inc. (Teledyne). Teledyne is an industrial technology company that operates in diverse end markets that include factory automation and condition monitoring, aerospace and defence, air and water quality monitoring, electronics design and development, medical imaging and pharmaceutical research, oceanographic research and deepwater energy (E&P). The company’s products often have mission-critical applications, and many operate in extreme conditions, such as underwater or in space. Teledyne has historically had a core competency  in acquiring and effectively integrating businesses. 

                                        In January 2021, Teledyne announced the acquisition of FLIR Systems Inc. to expand its presence in digital imaging (a market the team believes has attractive growth potential). The USD 8 bn deal was Teledyne’s largest to date. The acquisition of FLIR closed in May 2021. In Q2 2022, Teledyne reported total company margins that were approximately 1 ppt below consensus estimates, driven primarily by challenges in the digital imaging segment. At that time, the company was facing difficulty securing digital imaging product components owing to supply chain issues. As a result, Teledyne’s share price moved lower and remained under pressure for much of the year. Despite its history of frequent mergers and acquisitions, Teledyne tends to maintain sound balance sheet fundamentals – its net debt-to-EBITDA target range is 1.5x to 2.0x – and generate consistent levels of free cash flow (its free cash flow margin has averaged 13% over the past five years). Other key attributes that made Teledyne an appealing long-term investment included: 

                                        • Attractive valuation: At the time of purchase, the stock’s P/E ratio was 20.1 based on next fiscal year’s estimated earnings, below its five-year average of 29.1. The stock also traded at a five-year-low P/E relative to the S&P 500 IT sector. 

                                        • A well-regarded management team: Our research found that Teledyne’s management tends to get high marks from investors given its history of providing reasonable guidance and exceeding expectations. Management’s visibility into the company’s end markets and the drivers of profitability in each business allow for consistency in operational results.

                                        • Disciplined capital allocation: The company has a history of acquiring margin-accretive businesses. Teledyne targets a margin increase of 50 basis points (bps) each year and a cash return of 10% over three years for each of its acquisition targets (1 bp is a hundredth of a percentage point). In addition, the company primarily uses free cash flow to fund acquisitions and pay down debt. Overall, we viewed Teledyne as a differentiated, high-quality company in the IT sector, with an attractive relative valuation and sound balance sheet attributes. Our sale of Broadcom and purchase of Teledyne left the portfolio’s target weight in the IT sector unchanged at 15%

                                         

                                        Outlook and positioning

                                        The portfolio’s performance has been disappointing this year, having lagged the benchmark and peer group by a large margin. Several factors have contributed to this: the significant outperformance of large-cap growth stocks, the portfolio’s more defensive positioning and ongoing pressure on the Fund’s regional bank holdings since the remise of Silicon Valley Bank, Signature Bank and First Republic Bank during the spring. In addition, the team has had several other holdings that have not performed as expected. The team has reviewed the fundamentals of these businesses, and with the exception of RTX, which is still under review, they believe the businesses are structurally sound. While the team is not happy with the way they got here, they believe the portfolio’s positioning is especially strong right now. 11 stocks (a third of the portfolio) trade at a discount of at least 15% to their five-year average P/E ratios. The portfolio’s P/E based on next fiscal year’s estimated earnings is 13.4 compared with 14.5 for the benchmark and 19.3 for the broad market S&P 500 Index. Meanwhile, the portfolio’s cash flow return on invested capital (ROIC) is 9.4% compared with 4.4% for the benchmark. Looking at debt relative to EBITDA, the portfolio’s net debt/EBITDA is 2.0 compared with 2.2 for the benchmark (source: FactSet, as of 30 September 2023).

                                        We believe the full effects of the Fed’s aggressive rate hikes on the economy and corporate profits still lie ahead. Historically, an inverted Treasury yield curve and increasingly tight bank lending standards have led to more challenging economic and market conditions. In the team’s view, a discounted portfolio of companies with higher-quality attributes represents a compelling offering in the current environment, with the potential for downside protection and attractive long-term total returns (see below for important information about investing risks).

                                         

                                        Source: Delaware Investment Advisers

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