VARENNE VALEUR seeks to generate a return uncorrelated to the indices over the medium term by applying a discretionary investment strategy. The fund's assets may be invested in equities and other securities giving access to capital, as well as in bonds and any other negotiable debt security, including government securities, as well as financial contracts (e.g., foreign exchange, interest rates, equities, indices) traded on regulated markets, or over-the-counter, for hedging and/or exposure purposes. The fund is actively managed, the type of management implemented makes a comparison with a benchmark inapplicable.