• fr
  • en
  • ×

    Personnalisez votre visitePersonalize your visitPersonnalisez votre visite

    PaysCountryPays


    France
    France
    Suisse
    United Kingdom
    Deutschland
    Ireland
    International
    Français
    English
    Deutsch

    ProfilProfileProfil


    ParticulierPrivate investorInvestisseur privé
    Investisseur professionnelProfessional investorInvestisseur professionnel

    AvertissementDisclaimerAvertissement

    AccepterAcceptAccepter

    Bréhat I

    FR0013192424 | In compliance with European Standards (UCITS V)
    Tail risk
    Article 8
    5 ans
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • Lower risk
    Potentially lower return
    Higher risk
    Potentially higher return

    Performance

    Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding any entry fees applied by the distributor), where applicable. The fund presents a risk of capital loss.

    Funds

    BRÉHAT I  is a long / short volatility UCITS fund which seeks to provide hedging in the event of stress or shock on the equity market while maintaining a carry strategy when markets are calm. The Fund aims to generate a positive performance with an annualised managed volatility of about 12%, without reference to any benchmark. However, for information purposes, the ex-post performance of the Fund may be compared with the €STR + 2%.


    Performance Graph


    Download VLS
    Download
    Download


    * This is not the reference indicator of the fund. €STR : source Bloomberg. VL : source Vivienne Investissement.
    Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding any entry fees applied by the distributor), where applicable. The fund presents a risk of capital loss.


    Performance

    Annual performance
    Monthly performance
    JanFebMarAprMayJunJulAugSeptOctNovDecYear
    * This is not the reference indicator of the fund. €STR : source Bloomberg. VL : source Vivienne Investissement.
    Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding any entry fees applied by the distributor), where applicable. The fund presents a risk of capital loss.
    The figures quoted relate to past years and past performance is not a reliable indicator of future performance. This fund presents a risk of capital loss. It may not be suitable for all investors.



    Main risks

    Equity volatility risk

    The equity volatility risk corresponds to the risk of a significant decrease of the Net Asset Value, due to a bear or bull equity market volatility. As the fund is positively or negatively exposed to the equity market volatility, it may suffer from volatility changes of these markets.


    Interest rate risk

    The interest rate risk corresponds to the risk linked to the rise in bond market rate that induces a decrease of the bond price, debt securities and assimilated instruments and hence a decrease of the net asset value of the fund. However the debt securities in which the Fund is subject to be invested, are monetary market instruments used solely within the frame of cash management (Negotiable Debt Security, government bonds, short-term bonds), whose maturity at issue or residual maturity is inferior to 397 days. Their risk profile especially what concerns the credit risk and interest rate risk, corresponds to this of the instruments which have a settlement or a residual maturity inferior to 397 days or whose return is subject to regular adjustments at least at 397 days’ intervals, in accordance with the monetary market conditions.


    Credit risk

    It represents the possible risk of downgrade in their rating by the financial rating agency and the risk that this rating agency cannot cope with its refunds, what will induce a decrease of the Fund’s Net Asset Value. However the debt securities in which the fund is subject to be invested are monetary market instruments, used only within the frame of the cash management (Negotiable Debt Securities, government bonds, short-term bonds), whose financial rating is no less than “superior medium quality” and whose maturity at issue or residual maturity is inferior to 397 days. Their risk profile especially what concerns the credit risk and the interest rate risk, corresponds to this of instruments which have a settlement or a residual maturity inferior to 397 days or whose return is subject to regular adjustments at least at 397 days’ intervals, in accordance with the monetary market conditions.


    Currency Risk

    The portfolio may be invested on assets and financial contracts which are not denominated in euros, may use deposits and own liquidities in currencies different from euro. The downgrading of the involved exchange rates may then entail a decrease of the Net Asset Value. Thus, the investor is exposed to a Foreign exchange risk on these products in foreign currencies which can however be hedged partially or totally. Indeed the foreign exchange risk is integrated in our management models.


    Volatility risk

    The Net Asset Value of the fund is subject to undergo a high volatility over short periods due to the nature of the assets which make up the portfolio for the volatility products in which the fund may be invested historically show a strong positive asymmetry of their returns. Indeed in case of sharp decrease on the equities markets, the volatility products may undergo very high increases over a few days. These events may have on the Net Asset Value a strong positive impact (when it is exposed positively to the equity volatility) or negative impact (when exposed negatively to the equity volatility).


    Model Risk

    There is a risk the UCITS performance shall not be in accordance with its objectives or the investor’s objectives (this latter risk depends on the global portfolio composition of the investor). Indeed the management process is based on the development of a robust quantitative management model enabling to identify the signals on the bases of past statistical results. There is a risk that this model shall not be efficient as nothing guarantees that the past situations on the market will happen again.


    Risk of capital loss

    Any investment on the equity volatility market presents a risk of capital loss. The investors may not regain their initial investment value. The fund offers neither guarantee nor protection of the initial capital.


    Liquidity risk

    There is a risk that some market conditions may lead to longer or more expensive than in normal conditions the sale of financial instruments in which the fund may be invested. The debt securities and monetary market instruments used within the frame of the liquidity management are mainly concerned, although these ones are chosen among the OECD government bonds or emissions of entities whose head office or main location is situated in an OECD member country. The equity volatility financial contracts chosen by the fund present as for them a much lower liquidity risk.

    Features

    Risk profile
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • Lower risk
    Potentially lower return
    Higher risk
    Potentially higher return

    Currency of listing : EUR
    Legal form : FCP
    Legal status : UCITS V
    Date of 1st NAV : 10/11/2016
    Recommended investment period : 5 years
    Valorisation : Daily
    Guaranteed in capital : No
    Minimum initial subscription : EUR 100,000
    Country of distribution : France, Germany, United Kingdom, Ireland
    SFDR Classification Article 8

    Fees

    Subscription fees : 0 %


    Redemption fees : 0 %


    Management fees : 1,25 %


    Performance fees :
    20% including taxes when the performance is positive and exceeds €STER + 2% with High Water Mark.

    Regulatory Documentation

    Reports





    How to subscribe?

    It’s a very simple process. You can subscribe to our funds directly through your usual financial institution, anywhere in Europe, by simply indicating the ISIN code of the fund you are interested in.

    Our funds can also be accessed through a life insurance policy, a capitalisation contract or an ordinary securities account.

    For more information, please contact Vivienne Investissement at +33 4 28 29 87 04  (or info@vivienne-im.com).

    Note: Before considering a subscription, you must read the fund’s prospectus and the Key Investor Information Document (available on this website and the AMF website: amf-france.org) and in particular the various risks associated with the product.


    Disclaimer :

    The information presented above does not constitute either a contractual element or an investment advice. Past performances do not guarantee future performances. They are net of fees (excluding any entry fees applied by the distributor), where applicable. The principal characteristics of the UCITS are set out in the legal documents available on the website or on simple request addressed to the management company’s headquarters The legal documents will be supplied to you before any subscription to a fund. Investing involves risks : the value of UCITS shares or units are subject to market fluctuations, the value of investments can therefore rise or fall.

    Consequently, UCITS subscribers can lose all or part of their initially invested capital. Prior to any subscription, it is the responsibility of any persons interested in a UCITS to verify the legality of the subscription under applicable law and the tax consequences of such an investment and to read the regulatory documents in effect for each UCITS. Data is provided by Vivienne Investissement except when specified elsewise. Principal risks of the UCITS: loss of capital, model, equity, interest rate, currency rates, credit risk …