ACTIVE INVESTMENT RETURN
Flexible FIA under Italian law with the objective to achieving a positive absolute return through a dynamic and opportunistic exposure to different strategies and asset classes. The investment policy is based on an active approach and the portfolio invests mainly in ETF, mutual funds and derivatives without geographical, asset class and strategy limits. The use of derivatives is allowed for hedging purposes as well as efficient portfolio management. The overall exposure to equity market cannot exceed the limit of 35%, as well as the exposure to currencies other than the Euro.
Assogestioni category
Management style
Currency of denomination
Bloomberg Code
ISIN
Manager
The return target is 4% annualised associated with an expected volatility level of less than 7% over the medium-short term. The Fund’s investment process is not based on a benchmark established by a strategic asset allocation but on a tactical and dynamic allocation of resources. The investment selection process is based on a bottom-up portfolio construction activity combining both quantitative and fundamental analyses, an opportunistic evaluation of investments with the selection of best investment ideas and strict risk control both at overall portfolio level and in relation to individual positions.
Each position is subject to an estimate of the expected contribution to the overall portfolio result (profit target) and the maximum potential loss (stop loss), as well as the identification of a specific investment ratio. Updating the evaluations of individual positions in relation to market trends and the results achieved, and verifying return targets and risk limits are an integral part of the Fund’s investment process.
PERFORMANCE
NET OF FEES
(CLASSIC B)
In June, the Fondaco Active Investment Return fund posted a positive performance of +0.30%, bringing the year-to-date result to +1.70%.
The main positive contribution came from the long EURUSD currency position and the relative equity positioning, specifically the long Nasdaq versus the EuroStoxx.
The month was marked by an outperformance of US markets, driven by the technology sector (Nasdaq +6%) and by the strengthening of the euro against the US dollar, which appreciated by almost 4%.
Since the beginning of the year, the largest positive contribution to performance has come from long interest rate positions in Europe and the US, as well as from the long EUR/USD position.
Also positive was the carry generated by short-term debt securities.
On the negative side, the short equity exposure (both direct positions and through options) weighed on performance.
OUR
FUNDS
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