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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
October 2024
The MACH strategy continuously adjusted its exposures in October to navigate a complex market environment, marked by declines in equities in Europe and the United States amid anticipation regarding the Fed’s monetary policy, presidential elections, and economic data. For the month, European equities showed a decline of -3.26%**.
The MACH strategy began the month with moderate and positive equity exposure, gradually reducing this exposure until October 8, then initiating a slight rebound on October 9. At the same time, sovereign bond duration shifted from positive at the start of the month to slightly negative until October 10. Meanwhile, equity markets remained volatile due to U.S. inflation data and uncertainties surrounding the Fed’s policy. Markets in Europe and Wall Street recorded modest declines.
From October 11, the MACH strategy increased its equity exposure. Sovereign bond duration remained positive and relatively stable until October 21. During this period, the increase in U.S. job creation boosted investor confidence. Expectations of rate cuts by the Fed and a reduction in geopolitical concerns also supported market sentiment and the rise in U.S. equities. The MACH strategy achieved positive performances during this phase.
From October 21 to 24, equity exposure decreased significantly. At the same time, sovereign bond duration returned to a slightly negative position. Investors became cautious ahead of the U.S. elections and amidst economic uncertainties. European markets posted moderate declines.
During the final days of the month, the MACH strategy adopted a cautious approach amid heightened volatility. From October 25 to 30, equity exposure increased again, before shifting to a net negative position on October 31. This reduction marked a defensive reaction to rising uncertainty, particularly due to the U.S. elections. Sovereign bond duration followed a similar trend, gradually tightening toward a negative position on October 31. The equity volatility pocket of the MACH strategy took a long position on October 29 to hedge the portfolio against equity declines. Disappointing quarterly results from several companies and increased taxes on North Sea oil producers added to the uncertainty. The STOXX® Europe 600 and S&P 500 indices dropped significantly during the last two days of the month.
The strategy posted a monthly net performance of -3.63 %* for Ouessant (A share) and -8.98 %* for Mach 3 (A share).
Below is a breakdown of Ouessant’s daily returns and cumulative returns contribution in October 2024*** :
*Past performance is not a reliable indicator of future performance. They are net of fees. The funds carry a risk of capital loss.
** STOXX® Europe 600 Net Total Return index
***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 12/31/2023 :
– the fixed management fees of Ouessant P will decrease from 2.25% inclusive of tax to 2.10% inclusive of tax
– a mechanism for capping provisional redemptions (“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.
Our partners :
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, …
