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Ouessant A
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 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
March 2024
MACH strategy funds performed well in March. Throughout the month, equity exposure was predominantly long, despite a tactical reduction mid-month in response to macroeconomic uncertainty. Similarly, duration was managed dynamically, with a notable shift to short sovereign bond exposure for a short period. European and US equity indices ended the month up (+3.2% and +4.0%* respectively), while sovereign bonds ended virtually neutral.
Following on from the end of February, the strategy enters March with a long exposure to equities and bonds. During the first week of the month, the MACH strategy capitalized on a market environment influenced by central bank signals suggesting a forthcoming interest rate cut – the European Central Bank maintaining the status quo on rates, but lowering its inflation forecast for 2024 on March 7th. Expectations of a more accommodating monetary policy are reinforcing our long positioning on equities, as we await a positive market reaction to these announcements.
March 11th represented a pivotal moment in the month’s allocation, marked by a sudden reduction in exposure to equities and sovereign bonds and a shift to long equity volatility, in reaction to market uncertainty about inflation and the US Federal Reserve’s monetary policy.
From March 12th onwards, the strategy gradually re-exposed itself to equities and reduced its duration, ending up with a negative exposure to sovereign bonds on March 15th. The context is marked by stronger-than-expected US inflation data and rising bond yields (lower sovereign bond yields).
From March 18th to the end of the month, the MACH strategy capitalized on a general uptrend in the markets, with positive exposure to both equities and sovereign bonds. This positioning was underpinned by optimism linked to growth prospects in the technology sector, as well as by central bank announcements finally suggesting more accommodating monetary policies. Significant support from technology stocks, particularly around AI, was a driving force behind the performance of the equity market, while expectations of rate cuts by the Fed created a favorable environment for sovereign bonds.
The strategy posted a monthly net performance of +2,87 %** for Ouessant (A share) and +6,94 %** for Mach 3 (A share).
Below is a breakdown of Ouessant’s daily returns and cumulative returns contribution in March 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
* 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 : 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
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)
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 …
