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Longchamp LKF Fund

Investment Objectives

The Investment objective of the Fund is to generate a variable annual income to be distributed through a flexible approach.

To achieve its objective, the Fund will tend to invest 100% of its assets in long dated Italian Government Bonds (BTPs) and will swap the BTP performance against a variety of profiles including strategies based on Equities, Rates, FX, Credit, Funds.

Swap will be entered with primary financial institutions in open architecture. They will provide exposure to various underlyings:

  • Linear exposure (delta 1)
  • Structured payoffs (synthetic structured product)

In its initial allocation, the Fund will enter into a swap to get exposure to an tier-1 investment bank’s “Put Writing Strategy”.

The returns will be distributed at least once a year.

The allocation will vary over time according to the opportunity set identified by the Management Team.

Performance as of 15/02/2019

NAVMTDYTDLTD
895.63€0.75%-1.60%-10.44%
Loading

Past performance is not an indicator of future performance.

Details

Benchmark
  • The Fund’s investment strategy has no relevant benchmark index. Investors may however compare the Fund’s performance to EONIA.EONIA (Euro OverNight Index Average) is the reference rate for overnight deposits in the Eurozone interbank market. The EONIA rate is computed by the European Central Bank using data provided by a panel of banks.

Fund Facts

Legal Structure:Fonds Commun de Placement (« FCP ») ; AIF (« Fonds Professionnel Specialise »)
Umbrella Fund:N/A
Fund Manager:Longchamp Asset Management SAS
Passporting:Approved in France
Base Currency:EUR
Other Currency Share Classes:N/A
Liquidity:Weekly (every Friday that is a Business Day)
Dealing Deadline (Subscription):3:00 pm (Paris Time) 2 BDs before the relevant Dealing Day
Dealing Deadline (Redemption):3:00 pm (Paris Time) 2 BDs before the relevant Dealing Day
Settlement Date (Subscription):Within 2 BDs after the relevant Dealing Day
Settlement Date (Redemption):Within 2 BDs after the relevant Dealing Day

Key Professionals

Sebastien Cabrol
Lead Portfolio Manager

Sebastien is Portfolio Manager and Head of Research at Longchamp AM. Sebastien is also lecturer at the Paris-Dauphine University. He has an extensive experience in derivatives markets and cross-assets strategies. Prior to joining Longchamp AM, Sebastien worked as a fund manager and financial engineer at Lyxor Asset Management, Société Générale Corporate & Investment Banking and Deutsche Bank. He was notably in charge of setting-up and managing Lyxor Asset Management’s volatility funds and developed several systematic and discretionary strategies based on derivatives and cross-assets analysis. Sebastien holds a PhD in Economics from Paris-Dauphine University. His PhD focused on the forecasting of economic and financial crises and statistical methods dedicated to global macro and tail-risk analysis.

David Armstrong
President – Managing Director

David is Chief Executive Officer at Longchamp Asset Management, which he founded in 2013. Previously, he was a Managing Director at Morgan Stanley & Co. International Plc, heading the investment bank’s Funds and Fund Linked business globally. In particular, he was in charge of the FundLogic UCITS Platform and served as President of the French asset management company, FundLogic SAS. Prior to joining Morgan Stanley, David had spent fourteen years within the Global Equity and Derivatives Solutions division at Société Générale. After joining the group in Paris, David moved to Milan to head the global capital markets operations including all Equity and Fixed Income activities. He also chaired the Italian alternative asset management company, Lyxor SGR. Thereafter, he moved to New York to head up Structured Products Sales for the Americas. David holds a master’s degree in Business Administration from EDHEC, Lille, France.

Risk Profile

Fund’s assets will mainly be invested in financial securities selected by the Investment Management Company. These securities are subject to market conditions and fluctuations.

The Fund is classified as a AIF (“Fonds Professionel Specialise”).

Holders of shares or units of the Fund will be exposed to the following risks:

  • Risk of capital loss
  • Risk associated with the use of derivative instruments
  • Interest rate risk
  • Credit risk
  • Counterparty risk
  • Concentration risk
  • Risk of using leverage
  • Risk of securities lending
  • Liquidity risk

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances. 

Overview

Investment Objectives

The Investment objective of the Fund is to generate a variable annual income to be distributed through a flexible approach.

To achieve its objective, the Fund will tend to invest 100% of its assets in long dated Italian Government Bonds (BTPs) and will swap the BTP performance against a variety of profiles including strategies based on Equities, Rates, FX, Credit, Funds.

Swap will be entered with primary financial institutions in open architecture. They will provide exposure to various underlyings:

  • Linear exposure (delta 1)
  • Structured payoffs (synthetic structured product)

In its initial allocation, the Fund will enter into a swap to get exposure to an tier-1 investment bank’s “Put Writing Strategy”.

The returns will be distributed at least once a year.

The allocation will vary over time according to the opportunity set identified by the Management Team.

Performance

Performance as of 15/02/2019

NAVMTDYTDLTD
895.63€0.75%-1.60%-10.44%
Loading

Past performance is not an indicator of future performance.

Details

Details

Benchmark
  • The Fund’s investment strategy has no relevant benchmark index. Investors may however compare the Fund’s performance to EONIA.EONIA (Euro OverNight Index Average) is the reference rate for overnight deposits in the Eurozone interbank market. The EONIA rate is computed by the European Central Bank using data provided by a panel of banks.
Fund Facts

Fund Facts

Legal Structure:Fonds Commun de Placement (« FCP ») ; AIF (« Fonds Professionnel Specialise »)
Umbrella Fund:N/A
Fund Manager:Longchamp Asset Management SAS
Passporting:Approved in France
Base Currency:EUR
Other Currency Share Classes:N/A
Liquidity:Weekly (every Friday that is a Business Day)
Dealing Deadline (Subscription):3:00 pm (Paris Time) 2 BDs before the relevant Dealing Day
Dealing Deadline (Redemption):3:00 pm (Paris Time) 2 BDs before the relevant Dealing Day
Settlement Date (Subscription):Within 2 BDs after the relevant Dealing Day
Settlement Date (Redemption):Within 2 BDs after the relevant Dealing Day
Key Professionals

Key Professionals

Sebastien Cabrol
Lead Portfolio Manager

Sebastien is Portfolio Manager and Head of Research at Longchamp AM. Sebastien is also lecturer at the Paris-Dauphine University. He has an extensive experience in derivatives markets and cross-assets strategies. Prior to joining Longchamp AM, Sebastien worked as a fund manager and financial engineer at Lyxor Asset Management, Société Générale Corporate & Investment Banking and Deutsche Bank. He was notably in charge of setting-up and managing Lyxor Asset Management’s volatility funds and developed several systematic and discretionary strategies based on derivatives and cross-assets analysis. Sebastien holds a PhD in Economics from Paris-Dauphine University. His PhD focused on the forecasting of economic and financial crises and statistical methods dedicated to global macro and tail-risk analysis.

David Armstrong
President – Managing Director

David is Chief Executive Officer at Longchamp Asset Management, which he founded in 2013. Previously, he was a Managing Director at Morgan Stanley & Co. International Plc, heading the investment bank’s Funds and Fund Linked business globally. In particular, he was in charge of the FundLogic UCITS Platform and served as President of the French asset management company, FundLogic SAS. Prior to joining Morgan Stanley, David had spent fourteen years within the Global Equity and Derivatives Solutions division at Société Générale. After joining the group in Paris, David moved to Milan to head the global capital markets operations including all Equity and Fixed Income activities. He also chaired the Italian alternative asset management company, Lyxor SGR. Thereafter, he moved to New York to head up Structured Products Sales for the Americas. David holds a master’s degree in Business Administration from EDHEC, Lille, France.

Risk Profile

Risk Profile

Fund’s assets will mainly be invested in financial securities selected by the Investment Management Company. These securities are subject to market conditions and fluctuations.

The Fund is classified as a AIF (“Fonds Professionel Specialise”).

Holders of shares or units of the Fund will be exposed to the following risks:

  • Risk of capital loss
  • Risk associated with the use of derivative instruments
  • Interest rate risk
  • Credit risk
  • Counterparty risk
  • Concentration risk
  • Risk of using leverage
  • Risk of securities lending
  • Liquidity risk
Shares

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances. 

    Access to the products presented on this website may be subject to restrictions regarding certain investor profiles and / or countries. REMINDER OF COUNTRIES HAVING AUTHORIZED PASSPORTING Information about products described in this website is exclusively dedicated to sophisticated prospective, institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Please find here below a list of the “Passporting” status of the products for which information is provided on this website:   NO OFFER None of the information contained in this website constitutes a solicitation or offer by Longchamp Asset Management or its affiliates (together “Longchamp Asset Management”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Information about products described in this website is exclusively dedicated to sophisticated prospective, professional clients or institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. Information contained in the website does not constitute an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized or where they are not available for distribution in the jurisdiction of the reader of this information. In particular, the information in the Website is not for distribution in the United States. SELLING RESTRICTIONS No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force. The products described in this website may be subject to restrictions with regard to (i) persons or (ii) countries under national regulations. As a visitor of this website, it is your responsibility to be aware of and to respect all applicable laws and regulations. The visitor of this website should make its own assessment to invest into any product presented in this website. Any securities referred to on this website, or any offering material in relation thereto, will not be registered under the Securities Act. This Website is not directed to persons who are residents of the United States or to any country where the FundLogic Funds are not authorised for distribution or in which the dissemination of information regarding the FundLogic Funds on the World Wide Web is not permitted. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act). Should an Internet Protocol resolution search indicate that your access to this website is coming from the United States, it is therefore subject to certain restrictions. The securities on this website have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States or to or for the account of U.S persons. Please contact us, should you evaluate this information is incorrect, and for any further information request. Longchamp Asset Management Email : ir@longchamp-am.com Tel : +33 1 71 70 40 30 The information contained in the website is for information purposes only and is not an offer (or solicitation of an offer) to buy/sell or borrow/lend the securities mentioned or to participate in any particular trading strategy. By clicking this box, I expressly acknowledge and confirm that I am not a U.S. Person (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), nor am I acting on behalf of a U.S. Person. OFFERING CIRCULAR OR PROSPECTUS An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Longchamp Asset Management or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Longchamp Asset Management has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Longchamp Asset Management or any other independent third party and Longchamp Asset Management accepts no liability for such information. NO INVESTMENT ADVICE Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website. HISTORICAL PERFORMANCE Past performance information contained on this website is not indicative of future results. INDICATIVE PRICES All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice. USE OF LINKS This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Longchamp Asset Management of any information contained in any third party website. In no event shall Longchamp Asset Management be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website. LIMITATION OF LIABILITY Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Longchamp Asset Management. Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur if you use a link to this site. Longchamp Asset Management shall prohibit anyone from creating such a link without its prior express authorization. In no event will Longchamp Asset Management or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Longchamp Asset Management or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

    To continue your navigation, please select your investor type:

    Institutional Investor

    Private Investor


    By clicking “Accept” you confirm that (i) you do not have your legal residence in the United States, (ii) you are not a U.S.-Person; (iii) you have been informed of the countries where the products have been passported, (iv) and that you have read the Terms of Use above and agree with them.

    Access to the products presented on this website may be subject to restrictions regarding certain investor profiles and / or countries. REMINDER OF COUNTRIES HAVING AUTHORIZED PASSPORTING Information about products described in this website is exclusively dedicated to sophisticated prospective, institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Please find here below a list of the “Passporting” status of the products for which information is provided on this website:   NO OFFER None of the information contained in this website constitutes a solicitation or offer by Longchamp Asset Management or its affiliates (together “Longchamp Asset Management”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Information about products described in this website is exclusively dedicated to sophisticated prospective, professional clients or institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. Information contained in the website does not constitute an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized or where they are not available for distribution in the jurisdiction of the reader of this information. In particular, the information in the Website is not for distribution in the United States. SELLING RESTRICTIONS No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force. The products described in this website may be subject to restrictions with regard to (i) persons or (ii) countries under national regulations. As a visitor of this website, it is your responsibility to be aware of and to respect all applicable laws and regulations. The visitor of this website should make its own assessment to invest into any product presented in this website. Any securities referred to on this website, or any offering material in relation thereto, will not be registered under the Securities Act. This Website is not directed to persons who are residents of the United States or to any country where the FundLogic Funds are not authorised for distribution or in which the dissemination of information regarding the FundLogic Funds on the World Wide Web is not permitted. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act). Should an Internet Protocol resolution search indicate that your access to this website is coming from the United States, it is therefore subject to certain restrictions. The securities on this website have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States or to or for the account of U.S persons. Please contact us, should you evaluate this information is incorrect, and for any further information request. Longchamp Asset Management Email : ir@longchamp-am.com Tel : +33 1 71 70 40 30 The information contained in the website is for information purposes only and is not an offer (or solicitation of an offer) to buy/sell or borrow/lend the securities mentioned or to participate in any particular trading strategy. By clicking this box, I expressly acknowledge and confirm that I am not a U.S. Person (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), nor am I acting on behalf of a U.S. Person. OFFERING CIRCULAR OR PROSPECTUS An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Longchamp Asset Management or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Longchamp Asset Management has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Longchamp Asset Management or any other independent third party and Longchamp Asset Management accepts no liability for such information. NO INVESTMENT ADVICE Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website. HISTORICAL PERFORMANCE Past performance information contained on this website is not indicative of future results. INDICATIVE PRICES All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice. USE OF LINKS This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Longchamp Asset Management of any information contained in any third party website. In no event shall Longchamp Asset Management be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website. LIMITATION OF LIABILITY Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Longchamp Asset Management. Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur if you use a link to this site. Longchamp Asset Management shall prohibit anyone from creating such a link without its prior express authorization. In no event will Longchamp Asset Management or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Longchamp Asset Management or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

    To continue your navigation, please select your investor type:

    Institutional Investor

    Private Investor


    By clicking “Accept” you confirm that (i) you do not have your legal residence in the United States, (ii) you are not a U.S.-Person; (iii) you have been informed of the countries where the products have been passported, (iv) and that you have read the Terms of Use above and agree with them.

    Your Profile : No profil - Select

    Customer Access