The Longchamp Treasury Fund’s (the “Fund”) investment objective is to achieve a performance net of fees higher than that of its benchmark, EONIA (Euro Overnight Index Average) over an investment horizon of 1 month minimum.
To achieve its objective, the Fund implements an Asset Swap for 100% of the Fund’s net assets where a basket of international stocks listed in the Euro area is traded against an exposure to money market returns in the euro area (EONIA plus a spread adjustable depending on market and liquidity conditions). The Fund may also use efficient portfolio management techniques and trade asset swaps and / or collateralised loan asset operations involving a maximum of 100% of the Fund’s net assets.
As part of its investment strategy, the Fund invests in a basket of assets (consisting in particular of international equities listed in the euro area) that are used as counterparty to swaps. The swap structure allows the Fund to benefit from returns that are expected to exceed its benchmark. This excess performance is made possible through the counterparty’s incentive to offload a basket of equities in exchange for a return based on Euro area money market rates.
Past performance is not an indicator of future performance.
Details
Benchmark
EONIA (Euro Overnight Index Average): Defined as the Euro area money market benchmark. It is calculated as a weighted average of interbank transactions of a panel of Euro area banks. It is available on Bloomberg under “EONIA Index”.
Recommended Investment Timeframe
Minimum 32 days. Investors’ attention is drawn to the fact that this investment is suitable for investors with visibility on their liquidity needs for more than a month. If a redemption is placed within a notice of less that 32 days, the investor may be subject to redemption fees.
Fund Facts
Legal Structure:
Fonds Commun de Placement (« FCP ») UCITS français
Umbrella Fund:
N/A
Fund Manager:
Longchamp Asset Management SAS
Passporting:
Approved in France
Base Currency:
EUR
Other Currency Share Classes:
N/A
Liquidity:
Daily (every day that is a business day and where stocks markets are open in France)
Dealing Deadline (Subscription):
11:00 am (Paris Time) on the relevant Dealing Day
Dealing Deadline (Redemption):
11:00 am (Paris Time) on 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
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 “Diversified” UCITS. 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
Fund Share Class Details
ISIN code
BBG code
Inception
Mgmt Fee
Perf Fee
Institutional *
I
EUR
FR0012993533
LONTREA FP
25.04.2016
Max 0.15%
0%
* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.
The Longchamp Treasury Fund’s (the “Fund”) investment objective is to achieve a performance net of fees higher than that of its benchmark, EONIA (Euro Overnight Index Average) over an investment horizon of 1 month minimum.
To achieve its objective, the Fund implements an Asset Swap for 100% of the Fund’s net assets where a basket of international stocks listed in the Euro area is traded against an exposure to money market returns in the euro area (EONIA plus a spread adjustable depending on market and liquidity conditions). The Fund may also use efficient portfolio management techniques and trade asset swaps and / or collateralised loan asset operations involving a maximum of 100% of the Fund’s net assets.
As part of its investment strategy, the Fund invests in a basket of assets (consisting in particular of international equities listed in the euro area) that are used as counterparty to swaps. The swap structure allows the Fund to benefit from returns that are expected to exceed its benchmark. This excess performance is made possible through the counterparty’s incentive to offload a basket of equities in exchange for a return based on Euro area money market rates.
EONIA (Euro Overnight Index Average): Defined as the Euro area money market benchmark. It is calculated as a weighted average of interbank transactions of a panel of Euro area banks. It is available on Bloomberg under “EONIA Index”.
Recommended Investment Timeframe
Minimum 32 days. Investors’ attention is drawn to the fact that this investment is suitable for investors with visibility on their liquidity needs for more than a month. If a redemption is placed within a notice of less that 32 days, the investor may be subject to redemption fees.
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.
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 “Diversified” UCITS. 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
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 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 presented Funds are not authorised for distribution or in which the dissemination of information regarding the presented 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.
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:
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.
Terms Of Use
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 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 presented Funds are not authorised for distribution or in which the dissemination of information regarding the presented 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.
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:
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.
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