Transaction fees enable a fund management company to earn a fee when it places an order on the stock market. In other words, if the fund sells one line of its portfolio to invest in another, it earns a fee. These commissions are often opaque, and you need to go into the fund's contractual documents to find out how much they are. In our view, these commissions are incompatible with our policy of aligning interests. And to make sure there's no possible confusion, we've even assumed responsibility for the turnover commissions deducted by our custodian.

The subscription procedure is simple: any investor who decides to subscribe to our funds must place an order through his bank or management company. Armed with the ISIN code, they simply indicate the amount or number of units they wish to subscribe. Subscriptions are made on the Net Asset Value date. Our mutual funds are valued daily on the basis of closing prices. Net asset values are calculated by our custodian CACEIS BANK and validated by us. Please do not hesitate to contact us if you encounter any difficulties.

The minimum subscription is deliberately low (10 shares) to give everyone access to our funds. However, under no circumstances should you invest to "play the market". On the contrary, it should be seen as an investment in the capital of companies, and market risks should be limited by investing sums that are not needed in the short or medium term.

We manage funds invested in equities, and make no decisions based on market movements or macroeconomic assumptions. This means that we are always heavily invested and therefore subject to volatility, however unpleasant this may be, at least for the time being. Hence the importance of investing only "long" resources, so as not to be forced to liquidate at the wrong moment.

The cloudification of the economy 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 worldwide operate in the Cloud (median sales: €0.6 bn and median capitalization: €3.7 bn). Clouddification is a theme that stands out for its sustained exposure to hypergrowth:

• 65% of Cloud companies report sales growth in excess of 20%, compared with 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 posted annual growth in excess of 20% for over 20 years for the oldest companies, the new Cloud players are expected to enjoy sustained strong growth.

Cloud companies base their growth on the SaaS (software as a service) model. This subscription model enables customers to make their technological investments more variable.