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      • investment funds.
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      • LO Funds - Generation Global, (USD) I A

      LO Funds
      Generation Global

      (USD) I A
        ISINLU1581412480

        LO Funds - Generation Global, (USD) I A

        ISINLU1581412480
        funds listsustainability report

        General information

        Morningstar
        Asset ClassEquities
        CategorySustainable Thematics
        StrategySustainable Equities
        Fund base currencyUSD
        Share Class reference currencyUSD
        BenchmarkMSCI World TR ND USD
        Dividend Policyaccumulated
        Total Assets (all classes) in mnUSD 1681.2930.06.2025
        Assets (share class) in mnUSD 48.7030.06.2025
        Number of positions3830.06.2025
        TER1.21%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
                  • 2011 YTD
                  • 2010 YTD
                  • 2009 YTD
                  • 2008 YTD
                  • Since launch
                  • Custom
                  Export
                  pdfjpgpngsvg
                  csvxls
                  FundBenchmark
                  Total Return378.78%258.34%
                  Annualized Return9.24%7.47%
                  Annualized Volatility16.87%16.30%
                  Sharpe Ratio0.450.35
                  Downside Deviation11.33%11.42%
                  Positive Months62.26%62.74%
                  Maximum Drawdown-43.53%-52.07%
                  *  Risk-Free Rate 1.70%Target Rate 1.70%
                  Calculations based on monthly time series
                  Earliest Date: 30.11.2007, Latest date: 25.07.2025
                  Fund vs Benchmark
                  Correlation0.953
                  R20.909
                  Alpha0.15%
                  Beta0.987
                  Tracking Error5.09%
                  Information Ratio0.318

                  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:


                   
                  Operational risk and risks related to asset safekeeping:

                  In specific circumstances, there may be a material risk of loss resulting from human error, inadequate or failed internal systems, processes or controls, or from external events.


                   
                  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.


                   
                  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

                  LO Funds - Generation Global is an actively managed UCITS portfolio. Its long-only global equity strategy has been in place since November 2007. It is managed by Generation Investment Manager and invests mainly in global equities. It seeks to outperform the MSCI World index over the long term. Generation IM’s approach focuses on long-term investment and integrates sustainability research within a rigorous fundamental equity analysis framework. Stock selection follows a three step proprietary bottom-up research process. Step 1 integrates economic, environmental, social and governance themes with broad industry trends, identifying potential investment candidates. Step 2 assesses their price and step 3 focuses on valuation, quality and conviction. The portfolio of around 30-60 high conviction stocks (mostly of mid and large caps) is diversified across countries and sectors. Risk management is performed by the fund managers at a portfolio level, while independent teams manage investment risks and monitor operational risks.

                  Breakdowns

                  June 2025

                    Top 10 (in %)

                    Microsoft0.00% 9.90%
                    Schwab Charles0.00% 5.36%
                    Mercadolibre0.00% 5.05%
                    Legrand0.00% 4.55%
                    Danaher0.00% 4.13%
                    Adyen0.00% 3.67%
                    Steris Plc0.00% 3.20%
                    Taiwan Semiconductor (sadr)0.00% 3.20%
                    Agilent Technologies0.00% 2.86%
                    Trimble0.00% 2.86%

                    Sectors (in %)

                    Information technology0.00% 28.76%
                    Health care0.00% 18.45%
                    Industrials0.00% 16.48%
                    Financials0.00% 11.64%
                    Consumer discretionary0.00% 9.46%
                    Others0.00% 4.30%
                    Materials0.00% 3.82%
                    Communications & Services0.00% 2.82%
                    Consumer staples0.00% 2.34%
                    Real estate0.00% 1.93%

                    Countries (in %)

                    United States0.00% 64.94%
                    Netherlands0.00% 6.29%
                    France0.00% 4.55%
                    Switzerland0.00% 4.35%
                    Cash0.00% 4.30%
                    Denmark0.00% 3.66%
                    Others0.00% 3.24%
                    Taiwan0.00% 3.20%
                    Sweden0.00% 2.79%
                    Ireland0.00% 2.68%

                    Currencies (in %)

                    USD0.00% 70.58%
                    EUR0.00% 16.86%
                    CHF0.00% 4.35%
                    DKK0.00% 3.66%
                    SEK0.00% 2.83%
                    HKD0.00% 1.72%

                    Managers

                    Generation Investment Management LLP Limited
                    Read more
                    The management of the fund has been delegated to Generation Investment Management, an asset management firm headquartered in London and established in 2004 by former US Vice President Al Gore and David Blood, previously CEO of Goldman Sachs Asset Management. Mark Ferguson joined Generation Investment Management in 2004 as Chief Investment Officer and analyst covering the Financial sector. Previously he joined from Goldman Sachs where he closely worked with David Blood. Prior to co-founding Generation, he worked at Schroder Investment Management. While working at this firm, he was rated as Number One European Fund Manager in the 1999 Reuters Survey. Mark holds a B.Sc. (Hons) in Urban Land Economy from Sheffield Hallam University in 1991, and an M.B.A. in International Finance from the European University in Paris in 1992.

                    Legal information

                    General information

                    DomicileLuxembourg
                    Legal FormSICAV
                    Regulatory StatusUCITS
                    Registered inAT, CH, DE, ES, FI, FR, GB, LI, LU, NL, NO, SE
                    Class launch date24.08.2017
                    Close of financial year30 September
                    Dividend Policyaccumulated

                    Fiscal Information

                    DE Investmentsteuergesetz (InvStG)Equity Fund
                    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+3
                    NAV valuation pointT
                    NAV calculation dayT+1
                    NAV calculation frequencydaily
                    Minimum InvestmentCHF 1'000'000 or eq
                    Management Fee1.00%
                    Distribution Fee0.00%
                    Performance Fee20% of the Fund's outperformance

                    Security Numbers

                    BLOOMBERGLOGUSIA LX
                    ISINLU1581412480
                    TELEKURS35865761

                    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
                    • 2011 YTD
                    • 2010 YTD
                    • 2009 YTD
                    • 2008 YTD
                    • Since launch
                    • Custom
                    Export

                    Prices over selected period

                    LastUSD0.0047.9125.07.2025
                    FirstUSD0.0010.0130.11.2007
                    HighestUSD0.0047.9125.07.2025
                    LowestUSD0.005.2909.03.2009
                    * Earliest Date: 30.11.2007, Latest date: 25.07.2025

                    Documents

                    Professional investors only

                    Newsletter IM - Professional
                    30.06.2025
                    English (pdf)

                      Reporting

                      Fact Sheet (marketing document)
                      30.06.2025
                      English (pdf)
                        Performance Review
                        30.06.2025
                        English (pdf)
                          Quarterly Report
                          30.04.2025
                          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
                                                26.05.2025
                                                English (pdf)

                                                  Newsletter

                                                  MARKET OVERVIEW

                                                  H1 2025 was marked by significant shifts. The US is now grappling with several self-inflicted challenges, including its trade policy (“Liberation Day”) and ongoing fiscal expansion (“Big Beautiful Bill”). These developments have broad implications for the USD, debt sustainability, interest rates, and both consumer and business confidence, as well as inflationary pressures.

                                                  In contrast, the outlook for the eurozone has improved modestly. Fiscal expansion linked to the EU’s defence initiative and Germany’s easing of fiscal constraints and mobilisation of its fiscal space are expected to gradually support economic activity over the coming quarters. However, even in Europe, the reset of US bilateral trade relations is weighing on business sentiment.

                                                  In China, the recent de-escalation of trade tensions with the US has been a welcome development. Authorities are now focusing on stimulating domestic consumption and investment. While the peak uncertainty surrounding US trade policy may be behind us, global economies are converging from different starting points.

                                                  In the US, slowing growth, a weakening labour market, and the risk of a rebound in inflation have placed the Federal Reserve in a wait-and-see stance. Meanwhile, in the eurozone, inflation has fallen below target, helped by lower energy prices and a stronger euro, prompting the ECB to further cut its benchmark rate. This could pave the way for a gradual improvement in activity levels.

                                                  All major equity indices have rebounded strongly from the early-April sell-off triggered by “Liberation Day.” The corporate earnings season has been robust globally, with earnings surpassing expectations by nearly 8%. Notably, the gap in earnings growth between US and European equities has narrowed somewhat, contributing to the relative outperformance of European equities over the semester.

                                                  In a volatile environment, it is particularly noteworthy that small and mid-cap stocks performed on par with their large-cap counterparts, despite the prevailing risk-off sentiment. This resilience, in our view, underscores the elevated level of pessimism already embedded in this segment of the market, where valuations remain at historically attractive levels. Also worth highlighting is the historical outperformance of European cyclicals, led by Financials and Aerospace & Defence, relative to their US counterparts, which have been weighed down by mounting concerns over US growth and inflation. More defensive sectors, such as Staples and Healthcare, were left behind in H1 2025.

                                                   

                                                  INVESTMENT THESIS

                                                  So far this year the portfolio has returned 8.5%, against 9.5% for the benchmark. A large number of the companies, including real-estate firm CBRE, e-commerce company Mercado Libre and payments platform Adyen, have made outsized contributions to performance this year.

                                                  On a three-year basis the portfolio remains behind market averages, but over a decade it is ahead by two percentage points per year.

                                                   

                                                  Generation feel optimistic about the future. The investment team is currently in ‘execution mode’ with the cogs of their investment process whirring. The investment team are finding great opportunities in the market: so far this year analysts have presented five companies to the Focus List (and they expect five more to come). At a recent roadmap presentation on AI, the energy and enthusiasm were palpable.

                                                  Today we operate in an uncertain and confusing world. It is hard to keep up with the news flow, with seismic events happening in Iran, Kashmir, Ukraine and more. The current US administration is chipping away at America’s credibility on the world stage. Its tariffs represent a direct hit to companies’ margins. Yet, so far, the financial and economic fallout has been minimal. Most global share-price indices are at or near all-time highs. Of course, it is always dangerous to comment on overall market pricing. But it is remarkable how resilient markets appear to be.

                                                  Generation worry that progress on sustainability may slow. For instance, America’s healthcare infrastructure is under threat. Spending by the National Institutes of Health, the largest public funder of biomedical and health-related research in the world, is already 10% lower in real terms than last year. These cuts make it harder for the world to reach sustainability goals, including those covering human health. Crackdowns on immigration are not just rhetorical: net migration to the US has fallen by 80% from its level in 2023. The US government has withdrawn from the Paris Agreement, which was perhaps the world’s best hope of keeping human life within planetary boundaries. It has also pared back support for clean energy and electric vehicles.

                                                  Regrettably, sustainability is now part of the culture wars. But really it should be something that the world can unite behind. The sustainability revolution can be good for business and margins, as well as good for society. Hiring from a diverse group of job applicants can help firms reach better decisions. Cutting out fossil fuels can help cut costs.

                                                   

                                                  Many jurisdictions, including the EU, press ahead with regulations governing sustainability reporting. In addition, private actors mobilised by private capital can help solve many sustainability goals. Take, for example, healthcare. America spends 20% of GDP on health, higher than almost any other country. Yet outcomes are often unimpressive*. Making the healthcare system fit for purpose is a key sustainability objective. It is also an area where there are many great opportunities for thoughtful capital allocation.

                                                  Generation see healthcare tools as one of the most attractive niches. For one, tools-production companies are largely disconnected from the underlying pricing of their customers’ drugs – useful at a time when drug pricing, especially in the US, is deeply uncertain. The barriers to entry, meanwhile, are formidable. There is entrenched intellectual property, regulatory moats and customer lock-in. This makes disruption rare. Yet within this market structure, innovation remains vibrant.

                                                  A long-term shift from small molecules to biologics (large molecules) is under way. Biologics are more complex to produce and validate, which drives demand for specialised tools. Within the tools sector, it is important to differentiate between research and production. Research budgets are under pressure. But production tools are a necessity for established pharma and biomanufacturing firms.

                                                  The investment team therefore prefer those companies focused on production, including Danaher and Agilent. Danaher in particular is a leader in precision manufacturing and life-sciences tools, offering long-term visibility and pricing power. These companies’ innovations in manufacturing have significantly reduced the cost of producing biologics. This enables low-cost ‘generic’ biologics to be launched, which in turn allows for the broader use of life-saving drugs in poorer countries.

                                                   

                                                  Another long-term opportunity, in the investment team’s view, is AI. In the past year many of the AI-adjacent investments have contributed to returns. The use of AI tools could have large system-positive outcomes. It could boost efficiency across all sorts of companies. And if deployed appropriately, AI may also be able to cut carbon emissions in many industries, from transportation to building management, by optimising energy consumption.

                                                  Yet crucial questions about AI remain fundamentally unclear. Which businesses will adopt AI tools? How fast will this happen? And when they do, what will be the impact? To explore these questions, Generation recently hosted the first of three in-depth roadmaps on AI. Over the next few months, the investment team will deeply research and discuss what they view as the three key topics on AI: demand, supply and sustainability. The conclusion of their recent discussion on AI demand, broadly, was as follows: Generation are optimistic about the technology’s potential, yet the investment team are alive to the fact that a certain amount of overinvestment could take place in the infrastructure layer.

                                                   

                                                  * Generation internal analysis of US national accounts. See also The Commonwealth Fund article https://www.commonwealthfund.org/publications/issue-briefs/2023/jan/us-health-care-global-perspective-2022

                                                   

                                                   

                                                  PERFORMANCE REVIEW

                                                  Generation's process is underpinned by a bottom-up approach to stock selection, the manager refers to the stock attribution attached for the drivers of performance during the month of June.

                                                   

                                                  As long-term investors that integrate a sustainability lens into their analysis, Generation is focused on their long-term outlook for the companies in the portfolio and whether their thesis remains intact, despite any near-term headwinds and share price movements.

                                                   

                                                  The top performers during the month included TSMC, Microsoft and JLL. The bottom performers included Adyen, Nestle and Vestas. Whilst these companies are experiencing short-term headwinds, the Generation team retains his conviction in the long-term thesis on these names and others in the portfolio.

                                                   

                                                  Generation is focused on strong execution of its process and has made adjustments on areas the manager identified for improvement.

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