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      • investment funds.
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      • LO Funds - World Brands, (EUR) M D

      LO Funds
      World Brands

      (EUR) M D
        ISINLU1809976282

        LO Funds - World Brands, (EUR) M D

        ISINLU1809976282
        funds listsustainability report

        General information

        Morningstar
        Asset ClassEquities
        CategoryGlobal Trends
        StrategyThematic Equities
        Fund base currencyEUR
        Share Class reference currencyEUR
        BenchmarkMSCI World ND EUR
        Dividend Policydistribution
        Total Assets (all classes) in mnEUR 792.4730.04.2025
        Assets (share class) in mnEUR 23.5330.04.2025
        Number of positions6030.04.2025
        TER1.30%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
                  • Since launch
                  • Custom
                  Export
                  pdfjpgpngsvg
                  csvxls
                  FundBenchmark
                  Total Return626.02%474.64%
                  Annualized Return13.42%11.75%
                  Annualized Volatility16.31%12.49%
                  Sharpe Ratio0.790.90
                  Downside Deviation9.96%7.81%
                  Positive Months65.08%65.61%
                  Maximum Drawdown-26.04%-19.78%
                  *  Risk-Free Rate 0.50%Target Rate 0.50%
                  Calculations based on monthly time series
                  Earliest Date: 31.08.2009, Latest date: 07.05.2025
                  Fund vs Benchmark
                  Correlation0.760
                  R20.577
                  Alpha0.18%
                  Beta0.992
                  Tracking Error10.61%
                  Information Ratio0.140

                  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.
                   
                  Emerging market risk: Significant investment in emerging markets may expose to difficulties when buying and selling investments. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
                   
                  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.
                   

                   

                  Highlights

                  World Brands high conviction strategy aims to outperform the MSCI World Index over an economic cycle by investing in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. The investment universe, focusing on consumers, is at the crossroads of key long-term structural growth trends such as global demographic shifts, multiple lifestyle changes and disruptive distribution channels; which provide a rich and varied source of potential equity outperformance. When facing consumers, branding power becomes a key strategic attribute for companies in order to build long-lasting competitive positions and to deliver sustainable economic returns and growth. The targeted portfolio consists of 30 to 60 stocks, diversified across our three investment pockets: global brands, upcoming brand and digital brands. Risk management is performed at the portfolio level by the investment team, alongside an independent risk team. The World Brands strategy has been in place since August 2009 and has been managed by LOIM since June 2018.

                  Breakdowns

                  March 2025

                    Sectors (in %)

                    Consumer discretionary0.00% 33.24%
                    Communications & Services0.00% 20.69%
                    Information technology0.00% 19.67%
                    Financials0.00% 9.00%
                    Consumer staples0.00% 5.67%
                    Health care0.00% 4.97%
                    Others0.00% 3.68%
                    Industrials0.00% 3.08%

                    Currencies (in %)

                    USD0.00% 60.13%
                    EUR0.00% 16.68%
                    HKD0.00% 13.44%
                    JPY0.00% 3.20%
                    CHF0.00% 2.89%
                    CNH0.00% 1.29%
                    SEK0.00% 1.25%
                    DKK0.00% 1.12%

                    Countries (in %)

                    United States0.00% 48.11%
                    China0.00% 19.61%
                    Cash0.00% 8.03%
                    France0.00% 7.62%
                    Italy0.00% 4.49%
                    Switzerland0.00% 3.67%
                    Japan0.00% 3.18%
                    Others0.00% 2.16%
                    Germany0.00% 1.88%
                    Sweden0.00% 1.25%

                    Top 10 (in %)

                    Apple Computer Com0.00% 4.15%
                    Ferrari0.00% 3.54%
                    Hermes International0.00% 3.52%
                    Visa A0.00% 3.49%
                    Tencent Holdings0.00% 3.26%
                    amazon.com0.00% 3.20%
                    Meta 0.0000060.00% 3.18%
                    Netflix Com0.00% 3.00%
                    Microsoft Corp0.00% 2.98%
                    Alphabet A0.00% 2.95%

                    Managers

                    Juan MendozaGlobal Equities
                    Read more
                    Juan Mendoza is lead portfolio manager for LO Funds – World Brands. Juan is a Citywire A-rated manager and a well-recognized expert in the consumer sector with a specific focus on brands in the Consumer Staples, Consumer Discretionary, Information Technology and Internet sectors. He also has lengthy experience specifically in relation to China equities. Juan has been based in Asia since 2011 and was awarded seven Lipper Funds Awards in 2011, 2012 and 2013 in the Consumer Discretionary category. Juan joined LOIM in 2018 from Credit Suisse Asset Management (CSAM), bringing the World Brands strategy with him, which he has managed since 2009 as Credit Suisse (Lux) Global Prestige Equity Fund (now renamed). At CSAM, Juan oversaw the Credit Suisse China Equity RMB fund and their former China thematic fund, as well as managing various MSCI All-China mandates, with a focus on the consumer brands and internet sectors as well as the Chinese A-share market. Juan started his career in 1997 as an equity broker in the institutional equity division of Salomon Smith Barney in Zurich and New York. Thereafter, he worked at Julius Baer in Zurich, before joining CSAM in 2006. Juan holds an MBA in Corporate Finance from the Goizueta Business School at Emory University in Atlanta, USA.

                    Legal information

                    General information

                    DomicileLuxembourg
                    Legal FormSICAV
                    Regulatory StatusUCITS
                    Registered inAT, BE, CH, DE, FI, FR, GB, LI, LU, NL, NO, SE
                    Class launch date26.06.2018
                    Close of financial year30 September
                    Dividend Policydistribution
                    - Distribution dateNovember
                    - Last dividend paid  (27.11.2024) EUR 0.0

                    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+2
                    NAV valuation pointT
                    NAV calculation dayT+1
                    NAV calculation frequencydaily
                    Minimum InvestmentEUR 3'000
                    Management Fee1.00%
                    Distribution Fee0.00%

                    Security Numbers

                    BLOOMBERGLOPREMD LX
                    ISINLU1809976282
                    SEDOLBFXRXT2
                    TELEKURS41326104

                    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
                    • Since launch
                    • Custom
                    Export

                    Prices over selected period

                    LastEUR0.00266.1907.05.2025
                    FirstEUR0.0036.6631.08.2009
                    HighestEUR0.00324.0419.02.2025
                    LowestEUR0.0036.0202.09.2009
                    * Earliest Date: 31.08.2009, Latest date: 07.05.2025

                    Documents

                    Professional investors only

                    Newsletter IM - Professional
                    31.03.2025
                    English (pdf)

                      Reporting

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

                          Legal Documents

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

                                            Sustainability-related disclosures

                                            Sustainability-related disclosures
                                            05.08.2024
                                            English (pdf)

                                              Newsletter

                                              PERFORMANCE COMMENT

                                              In March 2025, the LO Funds-World Brands EUR P was down -12.9% while the MSCI World EUR was -8.01%. The underperformance came mainly from sector allocation and securities selection. Country allocation contributed positively as the fund did benefit from our underweight in the USA and our overweight in Europe and China. The overweight in consumer discretionary and communication services was negative and not having holdings in the energy sectors. Stock selection in China was very good while our selection in Europe and USA was less beneficial. The bottom 5 detractors on a securities level were Meta Platform, Kering, Richemont, Royal Caribbean Cruises and Tesla and the highest contribution came from Laopu Gold, Pop Mart International, JP Morgan, Giant Biogen and Xiaomi, Eli Lilly and Duolingo.

                                              The fund’s allocation to North America is lower at at 55.19% and the allocation to Europe was lower at 20.35%. The fund’s allocation to Japan was at 3.24%, while the allocation to Emerging Markets was higher with Greater China at 17.11% as of 31st March 2025. Cash was at 4.11%.

                                               

                                              MARKET REVIEW

                                              Global equity markets fall sharply as we are bracing for the US tariffs impact. The equity markets started to re-price US equity assets and non US assets across the globe and are pricing in a potential recession. If the US tariffs applied on a full scale, we may have to deal with lower GDP growth globally and therefore potentially lower revenues, lower margins and lowr earnings per share. The US equity market started to re-price for a lower Price/Earnings multiple given the increased uncertainty. The Nasdaq Composite Index fell -8.21% and the S&P 500 Index -5.75%. The Russell 3000 was down -5.96%.

                                              The Euro Stoxx 50 Index outperformed the US market, (down -0.10% in USD driven by better the Germany’s fiscal policy and defense plan spending given the geopolitical situation. The DAX Index was up 2.20%.

                                              In the month of March 2025, China remains relatively stable as domestic investors remain relatively reassured on domestic consumption and AI advances. The Hang Seng Index was up 0.74% while the onshore index was up 0.19%. US internet and tech companies de-rated. The MSCI World Communication Services Index was down -7.52% in USD while the MSCI World Information Technology Index was down -8.94% in USD. The MSCI World Consumer Staples Index was down 1.07% in USD. The MSCI World Consumer discretionary was down -8.24% - driven mainly by the big weights Amazon and Tesla - while the MSCI Financials index was down 2.74%.

                                               

                                              THEMATIC OVERVIEW

                                              During the month we conducted an EV tour visiting dealer shops of Zeekr, BYD, SAIC and XPeng. Overall we are impressed by the in-vehicle offerings from these OEMs, which ranges from mini fridge/heater, ipad sized screens, lied-flat chairs with massage functions; and car roofs with special lighting effects. Moreover, while most of these Chinese brands have diversified their portfolios to include more premium offerings (e.g. Denza series from BYD), the cars are still priced relatively competitively vs their Western peers (roughly CNY 180k to 300k for sedans and small SUVs; CNY400k to 600k for 6-seater MPVs). The strong value proposition and potential extension of government support keep us confident on further market share expansion for domestic EV players; and on the flip side deepens our concerns on German OEMs. That being said, we note the increase in competitive intensity as most players have guided on volume growth that meaningfully exceeds the ~30% industry level NEV volume growth expectations (e.g. BYD guides for +29% yoy unit growth to 5.5m units; Geely targets +69% yoy increase in NEV units sales to 1.5m units; Nio hopes to double the volume; XPeng similarly aims to more than double the volume; Huawei also targets for over 100% growth), hence we remain selective on the space, favoring structural winners at reasonable multiples (BYD); as well as players with leading technology and various catalysts ahead (XPeng).

                                              In addition to the EV tour, the team also attended the HSBC Global Investment Summit, which hosted over 4,000 investors from across the globe. We noticed a substantial increase of investor interests in Hong Kong listed shares, meanwhile the companies we met, including DiDi, 37 Interactive Entertainment, Baidu, all suggested macro stabilization in China, with IHG in particularly pointing to improved corporate traveling trends. This optimism has also been supported by a generally solid reporting season: within our portfolio, Laopu Gold, the Chinese luxury gold jewelry maker, has printed an impressive 167% revenue growth in 2024 and is confident to achieve triple digit growth in 2025; Giant Biogene increased sales by 57% last year and aims to grow another 25% to 28% this year on further market share gains and the structural tailwind from continued adoption of medical aesthetics treatments; our toy maker Pop Mart had a stellar year in 2024 with 107% top line growth thanks to the Labubu popularity, and the company has guided for >50% yoy sales growth this year; last but not the least, Xiaomi, the leading China smart appliance and EV manufacturer, grew 35% in revenue for 2024 on continued market share gains in its smartphone business, and the successful launch of its first EV car - SU7. Looking ahead, Xiaomi targets another 7% growth in smartphone shipments but also 350k units of EV delivery, representing a 156% increase vs last year on two new model launches. While we acknowledge the current tariff situation introduced a lot of uncertainty to the macro outlook, we note that most of the Chinese names in our portfolio have relatively limited sales in North America and all of them have idiosyncratic growth drivers.

                                              Elsewhere Nvidia hosted its annual GTC Conference in late March, in which its CEO Jensen Huang remains very bullish on the AI demand, with the expectation of total annual capex reaching $1 trillion by 2028 as both inference and training continue to require more compute. On recent business progress, Jensen updated that Blackwell sales has been outperforming expectations with units from top 4 US hyperscalers already reaching 3.6m in 2025, 2.8x vs Hopper’s peak year. Furthermore, he also argued that the impact of DeepSeek is somewhat misunderstand, as the distillation of large models is more about running specific workloads in the most compute-efficient manner possible and hence does not change the broader dynamic related to building the smartest/fastest AI across a wide range of workloads. We see the recent tariffs, geopolitical risks and uncertainties regarding hyperscaler AI spending could post potential disruptions to Nvidia, but we are still confident that NVDA remains the undisputed leader in the fast growing AI GPU space, and with the shares down -17% YTD and trading on a undemanding 19.5x PE, we have gradually started to add more exposure to the name.

                                               

                                              FUND ACTIVITY

                                              The fund has 3 overweight stances from a GICS sector perspective globally (1) brands in telecommincation services/internet (2) brands in consumer discretionary. From a regional perspective, in North America, we are are overweight in communication services with names like Meta Platforms, Take-Two Interactive and Netflix as well as within tech brands like Salesforce. We have been increasing our allocation to China tech brands like Xiaomi, Tencent and Alibaba. The global allocation to digital brands in the strategy totals 52% of the fund, mainly in the sectors of Information Technology and Communication Services.

                                              The fund reduced significantly the overweight in brands in the Consumer Discretionary sector (fom 38.8% to 33.28%) and Financials brands (12.86% to 9.01%). We reduced in particular travel brands and sports brands. We increased brands in communication services (from 17.53% to 20.72%) and consumer staples (from 2.14% up to 5.68%). We took advantage of the volatility and entered new positions like T Mobile, Spotify, Duolingo, Coca Cola etc. which has no tariff exposure. We were able to lower significantly to lower the exposure to brands with tariff exposure overall.

                                               

                                              QUARTERLY OUTLOOK

                                              The LOF – World Brands fund owns a high conviction diversified portfolio of businesses around the world that are structural winners and have pricing power. We classify all our investments in 3 categories: Digital Brands, Upcoming Brands and Global Brands. Currently the fund holds 52% in Digital Brands, 8% in Upcoming brands and 40% in Global Brands. Looking forwards over the next 2 years (CAGR), the fund’s holdings have very strong financial metrics which significantly exceed the MSCI World benchmark based on the market consensus estimates. The ROE of the holdings in the fund stands at 33.6% compared with the MSCI World at 14.6%. The portfolio is trading at a 19.3x forward 2-year Price to Earnings multiple vs MSCI World 16x (the fund forward PE is 22.2 vs. MSCI World 18x) which continues to represent a very attractive level since we started to manage the fund in 2009. The forward P/E of the fund reached a peak of 35x in February 2021. On a PEG ratio (P/E ratio to earnings growth) the fund is very attractively valued compared to the broader market’s PEG ratio (MSCI World).

                                              We continue to evaluate the potential impact of the US tariffs announcements on a brand-by-brand basis, making adjustments to the portfolio and maintaining an overall risk-on stance. The portfolio has an overall weighted US sales exposure of 38.5%, meanwhile around 40% of the portfolio is deployed in the TMT & services names (e.g. Alphabet, Netflix, Salesforce etc), 6.5% in the US domestic/local for local companies (e.g. Chipotle, Coca-Cola), and 15% in China names which are mostly China domestic and have minimal US sales. As a result, we believe roughly 60% of the portfolio is insulated from the direct impact of tariffs; while for the rest 40, we see the portfolio weighted sales exposure to US market amounts to only 12%. Hence we think the portfolio is relatively defensive at its current state, and we continue to shift the holdings to be more robust and tariff insulated.

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