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    The MACH range: an absolute return solution

    We have built a flexible and diversified management program through which we manage several funds (UCITS and professional funds) with different risk levels:

    • Ouessant Fund (UCITS): Absolute return Balanced (SRI 3)
    • Mach 3 Fund (AIF): Absolute return Dynamic (SRI 4)

    We invest in the following three asset classes: equities, fixed income and volatility, worldwide.

    The MACH program is built in terms of volatility and drawdown, not in terms of investment limits to asset classes. It offers risk profiles adapted to the different needs of investors seeking the right balance between risk management and performance.

    To achieve this, the range implements a scientific and disciplined investment process to seek to offer the most regular performance possible over time, while controlling risk.

    Over the recommended investment period, the generated performances are in principle decorrelated from world markets, all asset classes included.

    What is the absolute return?

    The objective of Vivienne Investissement’s absolute return funds is to offer a steady performance over time, regardless of the ups and downs of the economy, while seeking to maintain a relatively homogeneous risk with a target annualized volatility over the recommended investment period.

    To achieve this, they have flexible exposure to different asset classes, both up and down. They seek to achieve a positive return above the short-term money market rate and their performance is not normally comparable to that of major market indices.

    Past performance is not a reliable indicator of future performance. Funds present a risk of capital loss. Funds present a risk of capital loss. They may not be suitable for all investors. We recommend that you read about the risks involved in the “risks” section of the website: here


    Our management process is fully repeatable and explainable: it is the result of rational strategies developed by our quants, whose research projects are regularly documented internally. Strategies testing are particularly comprehensive.

    Advanced internal risk control of our positions is carried out daily.

    Our management processes are scientific and disciplined thanks to an innovative approach to markets fueled by AI.

    In other words, we have developed a high-tech risk-driven process: our processes integrate dynamic risk models to guide strategies and adapt their behavior. Our funds thus use AI to robustly modulate market exposure in an attempt to control portfolio risk and avoid extreme losses without destroying profits in bull markets.With AI, the objective of our process is to track the efficient frontier in order to converge towards it over time.

    The MACH program is therefore a source of portfolio diversification, with the objective of improving the risk/return trade-off.

    Past performance is not a reliable indicator of future performance. Funds present a risk of capital loss. Funds present a risk of capital loss. They may not be suitable for all investors. We recommend that you read about the risks involved in the “risks” section of the website: here

    Bréhat: a portfolio hedging solution at a very moderate cost (tail risk)

    Launched in 2016, Brehat is a long-short volatility mutual fund.

    The result of research begun in 2005, the fund was designed as an alternative to long-only volatility1 and short-only volatility2 strategies in order to combine the strengths of each strategy, while trying to mitigate their drawbacks.

    The objective of the fund is to perform during equity market crashes while taking advantage of bullish phases.

    To gain exposure to volatility, Brehat only invests in VIX futures of different maturities (VIX indicator measures the expected future volatility of the S&P 500 index).

    Investing in futures is the most liquid and least sensitive to counterparty risk.

    1 Long only volatility strategies protect against shocks. They are therefore an insurance policy. However, they are structurally bearish and their cost is prohibitive.
    2 Short only volatility strategies pay off in calm markets. On the other hand, they are very vulnerable during market crashes.

    Past performance is not a reliable indicator of future performance. Funds present a risk of capital loss. Funds present a risk of capital loss. They may not be suitable for all investors. We recommend that you read about the risks involved in the “risks” section of the website: here

    In addition to its innovative management fueled by the latest scientific advances and AI technologies, the Brehat strategy is unique in its very approach to measuring market stress, popularly established by the VIX Volatility Index (a measure of equity market stress).

    Inspired by behavioral finance, the model analyzes the market’s state of stress to adapt its exposure to volatility risk.

    Artificial intelligence drives exposure in an optimized way. Volatility positions evolve continuously thanks to our adaptive models.

    Past performance is not a reliable indicator of future performance. Funds present a risk of capital loss. Funds present a risk of capital loss. They may not be suitable for all investors. We recommend that you read about the risks involved in the “risks” section of the website: here