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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

    February 2024

    Throughout February, MACH strategy funds maintained a long exposure to equities, which rose over the month. Sovereign bonds, on the other hand, fell over the first half of the month and ended with no major trend.

    Following on from the end of January, the strategy began February with a marked long exposure to sovereign bonds. It halved this exposure on February 2nd, then quickly went short on Monday February 5th, following the broadcast on Sunday 4th of an interview with Fed Chairman Jerome Powell, in which he emphasized the central bank’s cautious approach to cutting its key interest rate. Powell highlights the robustness of the U.S. economy, justifying a wait-and-see approach to ensure that inflation stabilizes permanently around the 2% target.

    Between February 5th and 12th, in a somewhat turbulent environment for sovereign bonds, the strategy implemented dynamic duration management, with rapid fluctuations between long and short. At the same time, exposure to equities was increased, and the strategy benefited from rising equity markets.

    On February 13th, the fund reacted swiftly to a market environment marked by significant declines in equities and bonds, following the release of higher-than-expected US inflation data. This news helped reduce expectations of an imminent interest rate cut by the Federal Reserve (Fed). The strategy reduces exposure to equities and switches to short sovereign bonds.

    For the rest of the month, from February 14th to 29th, the strategy adopted a long exposure to both equities and sovereign bonds. But on February 20th, anticipating a period of market fever linked to the expectation of Nvidia’s results scheduled for after close on the 21st, the strategy set up a hedge with positive exposure to equity volatility. Following the publication of exceptional results which reassured the market, the strategy quickly reverted to a short volatility position on the 22nd. Although this hedging position cost very little to performance over these two days, it provided appropriate insurance against a significant downside risk in the event that Nvidia’s results failed to meet the market’s high expectations. One analyst even estimated in a note that a disappointment in the company’s results could trigger a sharp 5-10% drop in the markets in the space of a few days.

    The strategy posted a monthly net performance of +0,81 %** for Ouessant (A share) and +1,83 %** for Mach 3 (A share).

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

    * STOXX Europe 600 Net Total Return and S&P 500 Net Return indices

    **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 31/12/2023, 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.





    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 …