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Ouessant P
Absolute 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
OUESSANT is a flexible and diversified multi-asset class fund which 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.
Management commentary
October 2023
The month of October was marked by alternating long and short exposures to both equities and sovereign bonds. European, US and Japanese equity indices ended the month down (-3.6%, -2.2% and -3.2%* respectively), while bonds ended the month in mixed order.
Throughout the first week of October, the strategy had a decidedly negative (short) exposure to equities, sovereign bonds and volatility. On October 3rd, the yield on the 10-year US Treasury bond reached its highest level since 2007, at 4.74%.
From October 9th to 13th, the strategy is long equities and sovereign bonds. Oil and gas prices rise sharply on the 9th due to Hamas’ surprise offensive against Israel, which raises fears of geopolitical escalation and supply disruptions.
Then, from October 16th to 27th, the period was marked by numerous corporate earnings releases, the strategy re-exposed itself negatively to equities and sovereign bonds. Performance over this period was clearly positive for the MACH strategy, which benefited from the continued decline in global equities.
Finally, on the last two days of the month, the strategy shifted significantly long sovereign bonds. On the morning of October 31st, the Bank of Japan (BoJ) announced a change in its strategy for controlling the sovereign yield curve, no longer systematically defending the 1% yield limit on 10-year government bonds. The BoJ justifies this change in view of the high level of uncertainty weighing on the economy and markets.
The strategy posted a monthly net performance of +0,66 %** for Ouessant (A share) and et +3,01 %** for Mach 3 (A share).
Below is a breakdown of Ouessant’s daily returns and cumulative returns contribution in October 2023*** :
* STOXX Europe 600 Net Total Return, S&P 500 Net Return and Nikkei 225 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
* 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
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year |
|---|
Annual 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.
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
Currency of listing : EUR
Legal form : FCP
Legal status : UCITS V
Bloomberg code : VIVOUEP FP
Date of 1st NAV : 05/27/2014
Recommended investment period : 3 years
Valorisation : Daily
Guaranteed in capital : No
Minimum initial subscription : EUR 2,000
Morningstar Category : Allocation EUR Flexible - International
Country of distribution : France, Germany, United Kingdom
Fees
Subscription fees : 3 % max.
Redemption fees : 0 %
Management fees : 2,25 %
Performance fees :
15% including taxes when the performance is positive and exceeds €STER + 0.085% with High Water Mark.
Performance scenarios (PRIIPS)
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, …
