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    Ouessant A

    FR0010985945 | In compliance with European Standards (UCITS V)
    Absolute return
    Article 8
    3 ans
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    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

    OUESSANT is a flexible and diversified multi-asset class fund complies with European standards. The Fund aims to generate a positive yearly performance above the €STR rate with an annualised managed volatility of about 8%, without reference to any benchmark. However, for information purposes, the ex-post performance of the Fund may be compared with the €STR. Ouessant has a dynamic fund profile.
    Recommended investment period : minimum 3 years.


    Management commentary

    May 2024

    The MACH strategy funds were buoyed by bullish trends in the equity and sovereign bond markets in the first half of May 2024, then reduced their risk and went short in the second half of the month to mitigate or profit from the market downturn.

    Following on from the end of April, the MACH strategy began May with short positions in equities and sovereign bonds. It quickly returned to long equities and bonds, while maintaining a measured exposure during the first week of May. The beginning of the month is influenced by uncertainties linked to the Fed’s interest rate decision. On May 3, the US employment report announced lower-than-expected job creation, which was viewed positively by the markets, as it suggested a slowdown in the labor market conducive to the Fed’s accommodative monetary policy. On May 9, the markets reacted positively to the Bank of England’s (BoE) announcements, expressing optimism that inflation was set to fall, and to the robustness of the global economy, particularly in China. The period was thus marked by a steady rise in equities, and a slight increase in bond indices.

    From May 10 to 21, the strategy continued to increase its exposure to equities. Exposure to sovereign bonds is gradually declining. This period, during which equity markets continue to rise and sovereign bonds stagnate, is marked by several macroeconomic events and monetary policy decisions. On May 17, for example, the markets came to a halt after their record highs, following a series of warnings from Fed officials and disappointing economic indicators in China that clouded the outlook. Uncertainty over interest rates weighed on the markets.

    From May 22 to 28, the strategy significantly reduced its exposure to sovereign bonds, on which it went short, reaching a duration of -5.6 on May 24 on Ouessant. The week was marked by a significant correction in equity indices and a fall in sovereign bonds. Ahead of the ECB meeting scheduled for June 6, the market awaits with interest the first estimate of May consumer prices in the eurozone and the April PCE price index in the United States, two crucial statistics published on May 31.

    On May 29, equity markets retreated significantly, penalized by a rise in bond yields – as investors feared that interest rates would remain high for longer than expected. In response to this stress, the strategy adjusts its exposures: it takes a significant short position in equities and increases its short exposure to sovereign bonds, before reducing its risk the very next day. CME Group’s FedWatch gauge indicated on the 30th that it was not impossible that the Fed would wait until after the US presidential election in November to change its monetary policy. In addition, even if the European Central Bank (ECB) seems ready to start easing its key rates, it could be cautious not to diverge too much from the Fed’s policy. The MACH strategy’s defensive stance will be maintained until May 31, when exposure to equities and sovereign bonds will return to slightly long.

    The strategy posted a monthly net performance of +1,03 %* for Ouessant (A share) and +3,23 %* for Mach 3 (A share).

    Below is a breakdown of Ouessant’s daily returns and cumulative returns contribution in May 2024** :

    *Past performance is not a reliable indicator of future performance. The funds carry a risk of capital loss.

    **These data refer to past periods and are not necessarily representative of future changes in the allocation of risk. The risk allocation is broadly similar for the Ouessant and Mach 3 funds. Naturally, there may be a slight difference linked to different operational factors.

    Thank you
    — Vivienne Investissement Team


    Performance Graph


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    * 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.


    Monthly performance

    JanFebMarAprMayJunJulAugSeptOctNovDecYear
    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.


    Annual performance

    * 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.

    Main risks

    Risk of capital loss

    Any investment in equities presents a risk of capital loss. The investors may not regain their initial investment value. The Common Fund offers neither guarantee nor protection of the initial capital.


    Model Risk

    The management process is based on the development of a mathematical quantitative management model to identify signals based on past statistical results. There is a risk that this model should not be efficient, as there is no guarantee that past market situations will recur in the future.


    Equity risk

    Equity risk corresponds to a decline in equity markets. The funds being exposed to equities, the net asset value may fall significantly.


    Interest rate risk

    Interest rate risk corresponds to the risk associated with a rise in bond market rates, which causes a decrease in bond prices and, consequently, a fall in the net asset value of the funds, when exposed to this risk.


    Credit risk

    It represents the possible risk of a downgrade of the issuer’s signature and the risk that the issuer may not be able to meet its repayments, which will lead to a reduction in the net asset value of the funds.


    Risk associated with commodities

    The commodities components may have a significantly different evolution from the traditional securities markets (equities, bonds). The climatic and geopolitical factors may also alter the offer and demand levels of the considered underlying, in other words modify the expected rarity of this latter on the market. However the components belonging to the same commodities market among the three main represented, i.e. energy, metals or agricultural products, may have more strongly correlated evolutions with each other. An unfavourable evolution of these markets may make the fund Net Asset Value decrease.


    Currency Risk

    The portfolio may be invested in securities not denominated in euro. The deterioration in the exchange rate may result in a decrease in the net asset value. The investor is therefore exposed to a foreign exchange risk which can however be partially or totally hedged. Currency risk is included in our models.


    Emerging market risk

    The operating and supervision conditions of the emerging markets may deviate from standard prevailing on the international places; the information on some equities may be uncomplete and their liquidity more reduced. The evolution of these securities price may consequently vary very strongly and entail a decrease of the ETFs value invested on these markets and consequently the Net Asset Value of the Fund.

    Features

    Risk profile
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    Currency of listing : EUR
    Legal form : FCP
    Legal status : UCITS V
    Bloomberg code : OUESSANT FP
    Date of 1st NAV : 05/22/2012
    Recommended investment period : 3 years
    Valorisation : Daily
    Guaranteed in capital : No
    Minimum initial subscription : EUR 100 000
    Morningstar Category : Allocation EUR Flexible - International
    Country of distribution : France, Swizerland, Germany, United Kingdom
    SFDR Classification Article 8

    Fees

    Subscription fees : 0 %

    Redemption fees : 0 %

    Management fees : 1,50 %

    Performance fees :
    15% including taxes when the performance is positive and exceeds €STER + 0.085% with High Water Mark.



    Performance scenarios (PRIIPS)


    This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10,000.00€. The average return represents an estimate of the annual internal rate of return (IRR) on the invested capital that you could realize.


    Regulatory Documentation

    Reports

    Information to bearers

    Please note that from 12/31/2023, a temporary redemption cap mechanism (“gates”) will be introduced in this fund. The trigger threshold and the terms and conditions of the gates are described in the fund’s prospectus and regulations.


    Following the merger of CACEIS Investor Services Bank France S.A. with CACEIS Bank, we inform you that as of 05/31/2024, the custodian of the fund will be CACEIS Bank.





    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 …