WORLD GOVERNMENT BOND
Assogestioni category
Management style
Currency of denomination
Bloomberg Code
ISIN
Manager
The Fund invests through a proprietary strategy which, starting with the composition of the standard market index, determines the geographical and currency allocation of the portfolio through a quantitative model that allows the efficient unification of the three determining factors of the bond dynamics: carry, duration and rating. The Fund is denominated in euros and does not hedge the exchange rate risk. The portfolio is managed using a quantitative model, in order to dynamically manage duration, yield to maturity, distribution by country and maturity through a reduced number of securities, and deviations from the benchmark in terms of weight, while keeping the number of transactions, transaction costs and the tracking error of the Fund under control. The model portfolio is obtained using the stratified sampling technique and by carrying out rebalancing transactions promptly and efficiently. The Fund invests mainly in international government bonds.
PERFORMANCE
NET OF FEES
(CLASSIC B)
In March, the Fund posted a positive absolute return (+0.68%), outperforming the global bond market dynamics by 3 basis points (-0.93%), driven by currency movements, particularly in the latter part of the month.
The main positive contributors were linked to underweight duration in Canada and Japan and underweighting of the Canadian dollar. Negative drivers included overweight duration in the euro area and underweighting of China.
The duration is nearly seven years, slightly lower than the market benchmark. It is higher in core countries and Italy and lower in Japan and China. The yield to maturity is 3.51%.
Overweights are seen in the euro area and Canada; exposure to the United States and Japan is essentially neutral regarding allocation, while China, Austria, and the Netherlands are underweight. Currency exposure is limited, with overweighting in the Canadian dollar and underweighting in the renminbi.
The fund was not rebalanced during the month.
OUR
FUNDS
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