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    Ouessant A

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


    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

    August 2023

    The month of August, punctuated by a number of economic announcements and statistics in lower-than-normal volumes, pushed MACH’s strategy to the limit, and it sought to adapt by frequently making marked changes to its exposures.

    During the first week of the month, the strategy is globally short sovereign bonds. It was long equities on August 1st and 2nd, with little exposure to equities thereafter. On August 2nd, the Fitch rating agency surprised the markets by downgrading the USA’s credit rating from AAA to AA+, citing budgetary concerns and a deterioration in governance due to political polarization. This announcement led to a fall in equities on the same day and the following day. The strategy recorded a loss over the period, particularly on the 2nd (on equities) and the 4th (on North American bonds).

    The unexpected announcement by the Italian government on the evening of August 7th of a 40% tax on the “super-profits” of banks that had benefited from the rise in interest rates, caused a sharp fall in Italian bank shares on the 8th and had a domino effect on European markets. This measure also led to a rise in sovereign bonds, to which the strategy subsequently took very positive exposure, while gradually increasing its long equity exposure. The following day, in response to market reaction and concerns about banking stability, Giorgia Meloni’s government adjusted the proposed tax, limiting it to 0.1% of assets instead of 25%. This about-turn led to a rebound in European equities on August 9th. During this turbulent phase, the strategy reacted swiftly, but recorded declines due to sovereign bonds on the 8th, followed by US equities on the 9th.

    The release of the better-than-expected US producer price index for July on August 11th sent equities lower and rates higher. This publication fuelled concerns about inflation and wage growth, rekindling the spectre of a possible Fed rate hike at its next meeting in September. Following the publication of this statistic, the strategy crystallized significant losses on European bonds and Asian equities, and then gained negative exposure to all asset classes. It maintained this short exposure until August 22nd, taking advantage of the fall in equity and bond markets from the 14th to the 17th. Rising bond yields, rising energy prices and growing concerns about the Chinese economy undermined investor enthusiasm over the period.

    Finally, the strategy re-exposed itself positively to equities and bonds from the 23rd. European stock markets rebounded following the publication of economic slowdown data for the eurozone, reducing the risk of rate hikes by the ECB and leading to a rise in bonds. But investors remained on tenterhooks over the Fed’s monetary policy expectations, as data published on the 24th showed that weekly jobless claims had fallen in the USA, prompting some to fear that the Fed would prolong the period of high rates. Finally, from the 29th onwards, the release of encouraging data on the US employment front led to an easing in the bond market, with investors beginning to feel optimistic that the Fed would not raise key rates again.

    The strategy posted a monthly net performance of -2,77 %* for Ouessant (A share) and et -7,51%* for Mach 3 (A share).

    Below is a breakdown of Ouessant’s daily returns and cumulative returns contribution in August 2023** :

    *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

    Download VLS

    * 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

    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.


    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


    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


    Information to bearers

    Buyout of RBC investor Services Bank SA by CACEIS

    Following the buyout of RBC Investor Services Bank SA by CACEIS, your fund’s custodian becomes CACEIS Investor Services Bank S.A. with effect from July 3, 2023.
    Furthermore, as of this date, CACEIS Investor Services Bank SA will also become the institution responsible for centralizing subscription/redemption orders, as well as the fund’s new administrative and accounting delegate.
    This merger will have no impact on the management of your fund.
    The postal addresses and telephone numbers of CACEIS Investor Services Bank S.A, its branches and subsidiaries remain unchanged, as do the bank details for subscription payments.

    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 …