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    Covid-19 crisis: protecting your capital is our priority


    « In the current exceptional circumstances, we have put in place all the necessary measures to guarantee the perfect continuity of management.
    Faced with the collapse of the markets, the protection of your capital is our priority*.
    — Laurent Jaffrès, president and founder

    Dear Investors,

    The exceptional circumstances that we are going through call on each and every one of us to take the utmost responsibility, and to be vigilant in the fight against Covid-19. In this context, we would like to assure you that we have put in place all the necessary measures to respect the provisions announced by the authorities, while guaranteeing the serene continuation of our management activities under the best conditions.

    In this troubled market environment, our strategy is proving its robustness. Rest assured that our risk, research and portfolio management teams have all the resources they need to pursue their activities serenely, in direct and permanent collaboration with management.

    We can of course be reached by email or telephone and remain at your disposal for any questions.

    Our funds’ performance

    Since the beginning of the year, equity markets have suffered losses of around 30%, making the current crash the most violent ever seen in the markets – far worse than the previous crises of October 1987, September 11, 2001 or October 2008.

    We are thus entering into history, but also into the unknown.

    In this context, our primary objective is to prioritize the protection of your capital*. With our robust and adaptive models, we implement effective and balanced dynamic risk control.

    Our scientific and disciplined management process remains robust in this chaotic and unprecedented period: our diversified flexible funds remain in positive territory since the beginning of the year**.

    Since our communication of March 10, the equity indices have continued their vertiginous fall. In addition, since Thursday, March 12, there has been a sudden and generalized fall in the bond markets.

    In this context, our funds, which already had zero sensitivity to equities, are now almost no longer exposed to interest rate risk either.

    Thus, yesterday March 16, another “Black Monday” on the markets, while the Dow Jones fell by 12.93% (a drop equivalent to the one it suffered on “Black Monday” October 28, 1929) and the VIX (“fear index”) closed at an unprecedented value of 82.7, our flexible diversified funds Ouessant and Mach 3 remained positive**.

    Performance since January 1, 2020

    Curves base 100 at 12/31/2019. Cumulative performance from 12/31/2019 to 03/16/2020 inclusive. Source of Dow Jones Industrial Average and CAC 40 data: Bloomberg. Source of Ouessant A and Mach 3 A data: Vivienne Investissement. Past performance is not a reliable indicator of future performance. The funds present a risk of capital loss.

    We therefore remain confident in our management process.

    Furthermore, we believe it is important to remember the asymmetry of rises and falls, which is all the more pronounced when returns are high: when a stock falls by 50%, it needs to rise by +100% to return to its starting point.

    Take care of yourself and your loved ones.

    Thank you for your trust,
    — Laurent Jaffrès

    * The funds managed present a risk of capital loss.
    ** Past performance is not indicative of future performance. They are net of fees.

    Regulatory information: This is an advertising communication. This document may not be reproduced in whole or in part without prior authorization from the management company. It does not constitute an offer to subscribe or investment advice. The reference to certain securities or financial instruments is given as an illustration to highlight certain securities that are or have been present in Vivienne Investissement’s portfolios. It is not intended to promote direct investment in these instruments. The capital invested in the funds managed is not guaranteed.
    The main risks incurred are : Equity risk, risk of capital loss, interest rate risk, credit risk, currency risk, the descriptions of which are given here for Ouessant and here for Mach 3.