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
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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 October, the performance of the Fondaco Active Investment Return fund was essentially flat (+0.10%).
The main performance drivers were the short equity and steepening positions on the US yield curve’s 2-10 year segment.
Year-to-date, the most significant negative contribution to performance came from the carry position through options (-115 bps), the long equity volatility position (-95 bps), the short equity positioning (-140 bps), and the long rates positioning (-30 bps).
OUR
FUNDS
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