EURO SHORT TERM
The Fund aims to create value by exploiting the investment opportunities offered by the short-term monetary and bond markets, limiting the overall volatility of the portfolio. The performance aim of the Fund is represented by FTSE 3 – Month Euro Eurodeposit Index, with an annualized volatility of not more than 2%.
Assogestioni category
Management style
Benchmark
Currency of denomination
Bloomberg Code
ISIN
Manager
The Fund offers strategic management of the currency curve exposure and duration of the portfolio, a careful selection of securities based on profitability and relative value criteria, and an adequate diversification of the Fund between different and complementary instruments.
In detail, the overall duration of the portfolio managed is always less than 12 months, while the duration of individual instruments can be as long as 24 months, with a maximum residual life of 36 months.
The fund invests mainly in short-term government bonds, prioritising issues with an Investment Grade rating – including repurchase agreements and bank deposits – and in units of funds (or SICAVs) set up by third parties with characteristics consistent with those of the fund.
Investment in non-governmental securities will always be residual, in order to increase the diversification and profitability of the portfolio, paying particular attention to the quality and creditworthiness of the issuers and the sectors they belong to.
The investment is concentrated exclusively in instruments issued in Euros, without taking on any exchange rate risk. The use of derivatives is allowed for interest rate risk hedging and efficient portfolio management.
PERFORMANCE
NET OF FEES
(CLASSIC B)
CHART
The performance of the month was negative (-0.02%). Since the beginning of the year, the absolute performance has been negative (-0.05%) but higher than the benchmark (+ 0.05%). The duration of the portfolio is 0.8 years. The YTM of the portfolio at the end of the month was -0.32%. At the end of the month, in the composition of the portfolio, government bonds accounted for 60%, largely Italian, followed by Spain and Germany, both at 2.5%. %. The securities in Euro of Emerging Countries are at 1%. 11% of the total portfolio of government bonds is indexed to inflation. 2.5% has a variable coupon. 20% is invested in a well-diversified corporate securities portfolio, where Italy is present only at 2.5%. Variable coupon securities represent an important component, especially of the corporate portfolio (13% of the total portfolio). The pure liquidity held on current accounts is approximately 17%.
OUR
FUNDS
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