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Ouessant P
FR0011540558 | In compliance with European Standards (UCITS V)
Absolute return
Absolute return
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
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
November 2024
November was a tense month for the markets, marked by geopolitical and economic uncertainties. In this context, the MACH strategy oscillated between caution and opportunity-taking, adjusting its positions to adapt to market fluctuations. This active management enabled it to navigate a complex period, seize opportunities, and demonstrate its ability to rebound after a downturn.
At the beginning of the month, the strategy adopted a defensive position, with reduced exposures to equities and bonds. Markets awaited the results of the U.S. presidential election, with early estimates pointing to a possible Trump victory. The strategy reflected caution against the risk of market corrections. However, this defensive stance did not pay off and resulted in a slight decline in performance.
Starting on November 7, the strategy shifted course and increased its positions in equities and bonds. This repositioning allowed it to capitalize on the market recovery, with a notable contribution from bonds, particularly in Europe. Meanwhile, China called for cooperation following Trump’s victory, warning that a trade war would benefit no one. Xi Jinping congratulated Trump and expressed hope for constructive dialogue between the two nations.
Between November 13 and 20, markets experienced turbulence, particularly in U.S. equities and European bonds. In response, the fund reduced its equity exposure and made significant, daily adjustments to bond durations. This instability stemmed from geopolitical tensions, such as the U.S. giving Ukraine the green light to use long-range missiles against Russia, as well as Donald Trump’s protectionist measures, including a potential increase in tariffs to as much as 60%.
The end of the month saw a return to a more aggressive stance, with a significant increase in equity and bond exposures. This approach proved particularly effective, allowing the strategy to benefit from the rebound in bonds and the stabilization of equities. Despite uncertainties surrounding the potential censure of the French government, the strategy responded very well, recording solid results at the end of the month and offsetting mid-November losses. This performance provides excellent momentum heading into December.
Although the MACH strategy faced challenges between November 13 and 20 due to market uncertainty, it rebounded impressively from November 21. The adjustments made enabled it to recover losses and achieve neutral performance during a month marked by significant geopolitical tensions.
The strategy posted a monthly net performance of -0.01 %* for Ouessant (A share) and -2.10 %* for Mach 3 (A share).
Below is a breakdown of Ouessant’s daily returns and cumulative returns contribution in November 2024** :
*Past performance is not a reliable indicator of future performance. They are net of fees. 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
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.
Monthly performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year |
|---|
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.
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
1 2 3 4 5 6 7
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
Lower risk
Potentially lower return
Higher risk
Potentially higher return
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
SFDR Classification
Article 8
Fees
Subscription fees : 3 % max.
Redemption fees : 0 %
Management fees : 2,10 %
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.
Information to bearers
Please note that from 12/31/2024, the ongoing costs of Ouessant P will decrease from 2.41% including taxes to 2.25% including taxes.
Since 12/31/2023, a mechanism for capping provisional redemptions (“gates”) has been 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.
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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, …
