The website http://www.twentyfirstcapital.com/ is a website designed for information purposes only with a view to presenting the asset management business of TWENTY FIRST CAPITAL.
The information communicated by TWENTY FIRST CAPITAL on this website may be updated and changed at any time. It is not contractually binding.
This presentation does not represent a solicitation or an offer of transferable securities of any kind. The information published on this website does not and cannot in any manner or way whatsoever constitute an offer of products or services that might be equated with a public offering of securities or any canvassing or solicitation to purchase or sell securities or any other management or investment product, or an invitation or advice in regard to any investment or switch in securities or other management or investment product.

This information does not constitute investment recommendations or stock market tips based on circumstances specific to visitors of the website or capable of meeting their individual requirements.

The user acknowledges having read these terms and conditions of use and agrees to abide by them.

The user of the website http://www.twentyfirstcapital.com/ acknowledges having the skills and resources necessary to access and use this website.

The user of the website acknowledges having verified that the computer configuration used contains no viruses and is in perfect working order


Access to products and services presented on the website may be subject to restrictions in relation to certain persons or countries and, in particular, with regard to US and UK investors who are governed by specific legislation.

In any case, products and/or services will not be provided by TWENTY FIRST CAPITAL to any persons if forbidden by the law of their country of origin or any other country that concerns them. It is the responsibility of any interested person to check beforehand with their usual advisors that their legal and tax status allows them to subscribe to any investment fund shares or units that may be presented on this website.

In addition, subscriptions for any investment funds that may be presented on this website may only be subscribed for in the jurisdictions in which their distribution and sale are authorised.

TWENTY FIRST CAPITAL advises potential investor to consult beforehand with their advisors to ensure they are legally authorised to subscribe to the products and/or use the services that may be presented on this website.

All information presented on this website is from sources believed to be reliable. However, neither TWENTY FIRST CAPITAL, its subsidiaries, nor the authors of this website accept any liability whatsoever for any direct or indirect loss arising from the use by anyone of the information contained herein


Past performance is not a reliable indication of future performance. Performance may vary over time

Past performance should not be the main factor in a subscriber’s investment decision. On this account, other factors included in the reporting sheets associated with each investment fund and posted online must be considered. The management company may not be held liable for an investment or disinvestment decision based on the contents of this website.

You are reminded that subscription for units or shares of investment funds may entail risks. The value of investments may go up or down depending on market developments and investors may not get back the amount invested, as the value of units and shares depends on the value of the financial instruments held in the portfolio. The tax regime of investments in investment fund units or shares will depend on each individual investor’s personal fiscal status and may be subject to change.

Past performance cannot in any circumstance guarantee future results and investments may fluctuate downward as well as upward, as the value of units and shares depends on the value of the financial instruments held in the portfolio. Therefore investors may not get back the amount initially invested and returns are not guaranteed.

The KIID (Key Investor Information Document) for each investment fund must be communicated to you before you make any subscription. In the case of an investment fund that is not subject to the obligation to produce a KIID, the prospectus of the investment fund in question must be communicated to you before any subscription.

The KIID describes the main characteristics of the investment fund, including its classification, investment guidelines, allocation of income, subscription and redemption terms, the investment fund’s risk and reward profile, the charges incurred by the investment fund during the last financial year (or simulation in the case of a newly created fund) and past performance.

The reporting sheets associated with each investment fund are solely indicative. Only the prospectus, the KIID (for investment funds subject to the obligation of producing a KIID) and the accountability documents required by law (i.e., the reporting as required by the regulations) are binding.

Investors are requested to refer to the periodic reports required by the regulations relating to each investment fund.

TWENTY FIRST CAPITAL and its subsidiaries draw the attention of non-professional investors within the meaning of the AMF General Regulation to the importance of consulting the investment fund’s KIID, its prospectus and its latest financial statements which alone have contractual force.

The information on this website does not constitute promotional information to non-professional individuals or legal persons. Such persons must defer to the legal documentation relating to the proposed investment and possibly to the professional advisors of their choice.

No investment advice service (within the meaning of Article L. 321-1, 5, of the French Monetary and Financial Code) or portfolio management service for third parties (within the meaning of Article L.321-1, 4, of the French Monetary and Financial Code) will be provided to a client before signing a written service agreement in compliance with applicable regulations


This website is the property of TWENTY FIRST CAPITAL and is a work protected under copyright. Total or partial reproduction of the trademarks, logos, designs, graphics, text or analyses contained on the website or any communication to third parties, or use other than for private purposes, is strictly prohibited. These data are strictly limited to the private use solely of the persons visiting the website.

In the event of a breach of these terms, the user will be held liable and will be subject to prosecution, in particular for forgery. Users and visitors of the website may not establish a hyperlink to this website without the prior express consent of the website operator.
The operator of the website cannot be held liable for access by users via hypertext links set up as part of the website to other resources on the Internet.


You are reminded that the secrecy of correspondence, the confidentiality and integrity of information conveyed are not guaranteed on the Internet and that it rests with each user in particular to take all appropriate measures to protect their own data and/or software from any virus that might be transmitted during a connection, despite all the vigilance of the administrators this website. TWENTY FIRST CAPITAL disclaims any liability of any nature whatsoever in this regard.

Generally, the user can connect to this website without indicating their identity or giving TWENTY FIRST CAPITAL any information about themselves.

However, it should be noted that :

(i) The user can choose to create a personal space, completing a specific form using the “Create my Account” function. Information communicated or updated by the user in this context is transmitted to the personal data controller of TWENTY FIRST CAPITAL.

The information collected undergoes data processing intended solely to respond to requests for documents (reporting, publications and up-to-date legal documents) issued by TWENTY FIRST CAPITAL.

The user of this function recognises that the use of their username and password is strictly personal.

The recipients of the data include the Sales Department and the Compliance Department of TWENTY FIRST CAPITAL.

In accordance with the “Data Processing and Civil Liberties” Act of 6 January 1978 as amended in 2004, the users of this function has the right to access and rectify information concerning them, which they can exercise by writing to Mr. Nicolas Mahé :
• By post : Twenty First Capital 39 Avenue Pierre 1er de Serbie 75008 Paris ;
• by email : contact@twentyfirstcapital.com
The users of this function can also, for legitimate reasons, object to the processing of data concerning them ;

(ii) Hosting servers collect the domain names of visitors (not their email address). Such information is gathered to assess the number of connections, the average length of these connections, pages visited, etc. TWENTY FIRST CAPITAL may use this information to evaluate the use made of this website and improve its content.

Moreover, a technology known as a “cookie” may be employed so that you, as the user of this website, receive customised information. A “cookie” is a small piece of data that can be sent by a website to your browser and saved on your hard drive to identify you when you revisit the website. You are reminded that you can configure your browser so that it will notify you when a “cookie” is deposited by a web server.

If you do not accept these terms and conditions of use, you must stop consulting this website.



39 Avenue Pierre 1er de Serbie 75008 Paris
Tél. : +33 (0)1 70 37 80 83
Fax : +33 (0)9 72 28 87 43

Portfolio Management Company
Authorised by the AMF on 29/08/2011 under number GP 11000029
FR 62534017447
Simplified joint stock company with share capital of €1,185,000
Trade and Companies Register of Paris number 534 017 447

APE Code : 6630 Z

Publications and Editorial Director : Nicolas Mahé (Marketing Director)