What are transaction fees?

Transaction fees – or commissions – are a way for asset management firms to pay themselves every time they place a market order. In other words, when a fund sells a stock in the portfolio to purchase another, it charges a fee. These commissions are often opaque, and you need to dig deep in the management contract’s small print to find out their extent. We believe such commissions are incompatible with our policy of aligned interests. And to make sure there is no possible confusion, we even bear the cost of turnover fees our custodian charges.

How to invest

PAM Cloud Revolution - Share C is a French mutual fund (FCP) open to all investors.

ISIN: FR0014003LU3

The minimum investment is 10 units.


PAM Cloud Revolution - Share R is a French mutual fund (FCP) open to all investors.

ISIN: FR0014006JN5

The minimum investment is 10 units.


PAM Cloud Revolution - Share I is opened to all shareholders, especially to institutionnal investors.

ISIN: FR0014006JL9

Starting subscription's minimal amount: €500k. Later subscription's minimal amount: € 10k.

PAM Cloud Revolution - Share M is a French mutual fund (FCP) open to all investors.
ISIN : FR0014006JI5
The minimum investment is 1 unit.

The investment procedure is simple : Any investor who chooses to invest in our funds should place an order with their bank or brokerage firm. State the ISIN code and specify how much – amount or number of units – one wish to invest. The investment is completed on the same NAV date. Our funds are valued every day at closing price. Net Asset Values are calculated by our custodian, CACEIS BANK and approved by us. Feel free to contact us if you require further assistance.

How much should I invest?

The minimum investment threshold is deliberately low (10 units) to make our funds easily accessible to many. You should not consider making an investment to “play the market”, however, but rather see it as an investment in the share capital of a company, and mitigate market risk by investing money that you will not need in the short or medium term.

What are the implications of our management style?

We manage listed equity funds, and make no decisions based on market movements or macroeconomic assumptions. This means that we are always heavily exposed to market volatility, as unpleasant as this may be, at least momentarily. Hence the importance of investing exclusively in “long-term” resources, so we are never forced to liquidate at the wrong time.


The Cloud revolution is based on a rare and promising configuration. It is the 2nd digital revolution, after the 1st, mainly driven by the GAFAMs. 250 listed companies in the world operate in the Cloud market (median turnover : €0.6bn and median capitalization: €3.7bn). The Cloud revolution is a theme that stands out for its exposure to hyper-growth in a sustainable way :
  • 65% of listed Cloud companies have revenue growth above 20%, compared to 16% of Nasdaq companies and 7% of S&P500 companies ;
  • Cloud companies are creating new markets or taking market share from less digitalized players. Like the GAFAMs, which have been growing at an annual rate of more than 20% for more than 20 years, the new Cloud players are expected to experience a strong growth over a long period.
Cloud companies base their growth on the SaaS (software as a service) model. This subscription model allows customers to add flexibility to their technological investments.