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      • investment funds.
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      • LO Funds - All Roads Growth, (EUR) N A

      LO Funds
      All Roads Growth

      (EUR) N A
        ISINLU1542443954

        LO Funds - All Roads Growth, (EUR) N A

        ISINLU1542443954
        funds listsustainability report

        General information

        Morningstar
        Asset ClassMulti-Asset
        CategoryGrowth Profile
        StrategyRisk-Based
        Fund base currencyEUR
        Share Class reference currencyEUR
        Dividend Policyaccumulated
        Total Assets (all classes) in mnEUR 866.2430.06.2025
        Assets (share class) in mnEUR 51.2530.06.2025
        Number of positions24930.06.2025
        TER0.95%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
                  The summary risk indicator assumes you keep the product for 5 years. The summary risk indicator is a guide to the level of risk of this product compared to other products. We have classified this product as 3 out of 7, which is a medium-low risk class. The lowest risk category does not mean "risk free".
                  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 June 30, 2025June 2022 -
                  June 2023
                  June 2023 -
                  June 2024
                  June 2024 -
                  June 2025
                  Share Class (Net)1.14%5.38%7.14%
                  Benchmark1.83%6.15%7.86%
                  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
                  • Since launch
                  • Custom
                  Export
                  pdfjpgpngsvg
                  csvxls
                  Past performance does not predict future returns. Performances are net of all fees except any entry and exit fees. Dividend reinvested for accumulative classes / dividend not reinvested for distributive classes.
                  Fund
                  Total Return47.47%
                  Annualized Return4.70%
                  Annualized Volatility8.79%
                  Sharpe Ratio0.45
                  Downside Deviation5.56%
                  Positive Months59.80%
                  Maximum Drawdown-17.82%
                  *  Risk-Free Rate 0.71%Target Rate 0.71%
                  Calculations based on monthly time series
                  Earliest Date: 21.02.2017, Latest date: 28.07.2025

                  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.
                   

                   
                  The level of expected leverage is deemed to remain relatively moderate. The use of leverage may increase the risk of loss. This is not an exhaustive list of the risks. Other risks apply. Before making any investment decision, please read the Key Information Document (KID) and the Prospectus available in the "documents" section of this page.

                  Highlights

                  LO Funds - All Roads Growth is a multi-asset risk-based strategy launched in February 2017. 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

                  June 2025

                    Portfolio Breakdown (in %)

                    Fixed Income - Sovereign0.00% 96.55%
                    Fixed Income - Developed CDS0.00% 36.65%
                    Equities - Developed Markets0.00% 21.08%
                    Inflation0.00% 20.74%
                    Volatility0.00% 19.37%
                    Fixed Income - Emerging CDS0.00% 17.55%
                    Commodities0.00% 15.47%
                    Equities - Emerging Markets0.00% 8.83%
                    Non Euro Exposure of Total Portfolio0.00% 2.74%

                    Risk Contribution (in %)

                    Fixed Income - Sovereign0.00% 12.82%
                    Fixed Income - Developed CDS0.00% 12.76%
                    Fixed Income - Emerging CDS0.00% 3.17%
                    Equities - Developed Markets0.00% 31.64%
                    Equities - Emerging Markets0.00% 14.01%
                    Inflation0.00% 5.64%
                    Commodities0.00% 19.96%

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

                    Fixed Income - Sovereign0.00% 0.22%
                    Fixed Income - Developed CDS0.00% 0.38%
                    Fixed Income - Emerging CDS0.00% 0.13%
                    Equities - Developed Markets0.00% 0.54%
                    Equities - Emerging Markets0.00% 0.58%
                    Inflation0.00% 0.05%
                    Commodities0.00% 0.70%
                    Volatility0.00% 0.07%
                    FX0.00% -0.59%
                    Others0.00% 0.68%
                    Allocations are subject to change.

                    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, CH1, DE, ES, FI, FR, GB2, IT, LI, LU, NL, NO, SE, SG3
                    Class launch date21.02.2017
                    Close of financial year30 September
                    Dividend Policyaccumulated
                    Governing law

                    The Fund is subject to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment in transferable securities ("UCITS"). 

                    Fiscal Information

                    DE Investmentsteuergesetz (InvStG)Other Funds
                    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
                    1. In Switzerland, the fund is not registered with the FINMA and is only marketed to Swiss Professional and Swiss Institutional Investors only as defined in Article 4 paragraphs 3-5 of Federal Act on Financial Services (FinSA) and Article 5 paragraph 4 of FinSA.
                    2. In the United Kingdom, the fund is a Recognised Scheme in the United Kingdom under the Financial Services & Markets Act (FSMA) 2000.
                    3. In Singapore, the Fund is registered in Singapore as a restricted foreign scheme. The fund is only marketed (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), (iii) to any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iv) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the Securities and Futures Act (SFA).

                    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 Fee0.75%
                    Distribution Fee0.00%

                    Security Numbers

                    BLOOMBERGLOARGIA LX
                    ISINLU1542443954
                    SEDOLBD30JF5
                    TELEKURS35066242

                    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
                    • Since launch
                    • Custom
                    Export

                    Prices over selected period

                    LastEUR0.0014.7528.07.2025
                    FirstEUR0.0010.0021.02.2017
                    HighestEUR0.0015.0811.12.2024
                    LowestEUR0.009.8109.03.2017
                    * Earliest Date: 21.02.2017, Latest date: 28.07.2025
                    Past performance does not predict future returns.

                    Documents

                    Professional investors only

                    Newsletter IM - Professional
                    30.06.2025
                    English (pdf)

                      Annexe

                      Index Allocation: LOIM L/S Backwardation Index
                      08.07.2025
                      English (pdf)
                        UK Reporting Status - Reportable Income
                        31.03.2025
                        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

                                Performance Review
                                30.06.2025
                                English (pdf)
                                  Fact Sheet (marketing document)
                                  30.06.2025
                                  English (pdf)

                                    Legal Documents

                                    Prospectus
                                    21.05.2025
                                    English (pdf)
                                      Notice to Shareholders
                                      17.04.2025
                                      Français (pdf)
                                        19.07.2024
                                        Français (pdf)
                                          17.05.2024
                                          Français (pdf)
                                            24.01.2024
                                            Français (pdf)
                                              30.06.2005
                                              Français (pdf)
                                                Semi-Annual Report
                                                31.03.2025
                                                English (pdf)
                                                  Key Information Document
                                                  28.01.2025
                                                  English (pdf)
                                                    Annual Report
                                                    30.09.2024
                                                    English (pdf)
                                                      Articles of incorporation
                                                      21.03.2019
                                                      English (pdf)

                                                        Sustainability-related disclosures

                                                        Sustainability-related disclosures
                                                        20.05.2025
                                                        English (pdf)

                                                          Newsletter

                                                          Macro and Market Review

                                                          Major indices continued their relentless climb in June, boldly contradicting the time-honoured adage "sell in May and go away”. Equities not only reached new heights, but US stocks staged a remarkable comeback, narrowing the performance gap with their European counterparts that had persisted since the year began (at least in local currency terms). This rally lacks fundamental drivers: the spectre of a trade war still looms large, while Middle East tensions flared before settling into an uneasy calm. Despite this profoundly uncertain global landscape, markets have surged forward, propelled by renewed optimism clearly visible in risk appetite indices. US equities therefore closed higher than they began, though the underlying environment remains largely unchanged: fiscal uncertainties persist, and the much-discussed impacts of the trade war have yet to fully materialise. However, contrary to expectations, US inflation hasn't spiked but instead continued its gradual approach toward 2%. Similarly surprising, global trade growth in 2025 (5% annualised) is tracking at nearly double the rate observed between 2021 and 2024 (2.3%). This creates 2025's central paradox: while the world’s governance seems to have deteriorated –a trend obvious in survey data – actual economic figures stubbornly refuse to reflect this downturn. Resilient growth, normalising inflation and anticipated rate cuts have fueled market optimism, driving equity prices upward and compressing credit spreads.

                                                          Against this backdrop, global equities delivered a 4.2% return, powered by US markets. The S&P 500 advanced nearly 5% while the Nasdaq approached an impressive 6.5% gain. The Eurostoxx 50 lagged significantly, declining 1.1%, while emerging market equities surged over 5%. Declining US interest rates likely contributed to this divergence, with 10-year yields falling 17 bps even as European rates climbed by 10 bps. While this divergence weakened the USD by 2.5%, it simultaneously boosted USD-denominated assets across equities, bonds and commodities. The latter closed up 1.6% after a volatile month marked by Middle Eastern tensions

                                                           

                                                          Portfolio Activity

                                                          Portfolio exposure increased over the month as the Fund’s dynamic risk management reverted to a full risk budget, closing the month at c135% exposure. The releveraging was spread across all asset classes, with only marginal changes in the composition of the portfolio that remains balanced between cyclical assets (c40% allocation to equities, credit and commodities) and defensive assets (c50% on inflation swaps and sovereign bonds, c10% on long volatility strategies). Our volatility estimates decreased over the month – with the exception of commodities volatility, which rose slightly – and are now all near the centre of their historical distribution (i.e. either in the second or third quartile) for all asset classes. Momentum signals continued to strengthen across all cyclical assets (commodities, equities, HY credit) and are now neutral for sovereign bond markets. Similarly, our aggregate risk-appetite indicator improved, indicating a risk-on environment since the first days of June. On the macro side, our economic growth nowcaster continued to show signs of slowing momentum, although there are large disparities between countries. Our monetary policy signals were unchanged and maintained a dovish tilt across the G10 world. Finally, our inflation nowcaster indicates that we remain in a disinflationary period, although inflation pressures are rebuilding.

                                                           

                                                          Performance

                                                          In June 2025, LO Funds–All Roads was up 1.6% (EUR NA share class). Over the month, cyclical assets contributed positively, with equities contributing the most at 65 bps, equally split between emerging and developed markets, while credit indices and commodities added 25 bps and 30 bps, respectively. Defensive assets’ contribution was more contained, with sovereign bonds adding 15 bps and our long volatility strategies contributing 5 bps. Overlays’ performance was slightly positive over the month, with carry, macro and trend-following strategy contributions marginally up, contributing a combined 5 bps.

                                                           

                                                          Outlook

                                                          Market exuberance is unmistakable, with investors seemingly unfazed by looming concerns like the approaching "Liberation Day" deadline or expanding US public deficits resulting from the “Big Beautiful Bill”. Interest rates in the US have declined – a key metric touted as validation of the Trump administration's success – while American equities trade at valuations exceeding twenty times current earnings. Amid this euphoria, investors would be wise to remain mindful of the uncertainties surrounding economic fundamentals, stretched valuations, and the yet-unknown full impact of escalating tariff conflicts. A measure of caution seems prudent in the weeks ahead, given the widening disconnect between market perception and economic reality.

                                                          Past performance does not predict future returns. There is no guarantee that a target objectives or forecast will be reached, it is not an accurate indicator.

                                                          insights.

                                                          US economy: peak uncertainty as growth indicators misfire
                                                          multi-assetAll Roads
                                                          multi-assetAll Roads

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                                                          June 26, 2025
                                                          Key indicators for the US economy are out of touch with real-world growth, creating uncertainty. Are they losing their predicative power?
                                                          How have the equity market’s risk and return dynamics changed in 2025?
                                                          multi-assetAll Roads
                                                          multi-assetAll Roads

                                                          How have the equity market’s risk and return dynamics changed in 2025?

                                                          June 19, 2025
                                                          2025 has upended equity trends, turning laggards into leaders and vice versa; but has this rotation had a similar impact on risk? 
                                                          US credit-default swaps show rising risk. Should investors worry?
                                                          multi-assetAll Roads
                                                          multi-assetAll Roads

                                                          US credit-default swaps show rising risk. Should investors worry?

                                                          June 12, 2025
                                                          Rising spreads and curve flattening on US credit-default swaps indicate market nervousness about the nation’s public finances. Should investors reduce risk?
                                                          The here and now: when markets react more to short-term conditions
                                                          multi-assetAll Roads
                                                          multi-assetAll Roads

                                                          The here and now: when markets react more to short-term conditions

                                                          June 5, 2025
                                                          Since 2020, markets have focused on current rather than future economic fundamentals. Will this short-termism last?
                                                          more insights
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