ACTIVE INVESTMENT RETURN

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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.

PRODUCT SHEET

Assogestioni category

Flexible Funds

Management style

Flexible

Currency of denomination

Euro

Bloomberg Code

FDACRTB IM Equity

ISIN

Classic B Shares: IT0005174559; Istitutional A Shares: IT0005335820; Restricted A: IT0005241325; Classic A Shares: IT0005426256

Manager

Cristina Chiossi

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 Fondaco Active Investment Return Fund achieved a positive result of +0,25%, with an overall performance year to date of +8,2%.
Year to date, the most outstanding positive contribution to the performance was the positioning on equities (+7%), followed by the short positioning on the US (+1,25%) and Eurozone (+0,5%).
In addition, the contribution deriving from the basket of bonds with exposure to Norway, Canada, Indonesia and Brazil (+70bps) was also positive, where the currency contribution was predominant compared to the interest rate component.
Long AUDUSD (+18bps) and short GBPUSD (+24bps) were positive.
On the other hand, the contribution deriving from the long Eur versus Usd, partially hedging the currency exposure (-16bps), from the long Yen versus USD (-20bps), from the US long duration (-60bps) and the position on the Fondaco Euro Short Term Fund (-35bps), was negative.

Documentation

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