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

Flexible Funds

Management style


Currency of denomination


Bloomberg Code



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


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.


In May, the return of the Fondaco Active Investment Return fund was positive at 0.36%.
Since the beginning of the year, the largest negative contribution to performance has been the short position in equities (-100bps), the long volatility position in equities (-95bps), the long position in rates (-65bps), and the carry position through options (-80bps).
On the positive side, the contribution came from carry positions through exposure to short-term debt securities (+120bps), the relative value position long SPX and short Nasdaq, Russell, and Eurostoxx (+40bps), and the currency basket (+20bps).


Multi-Asset Income

The Fund aims to generate income by creating a diversified and very liquid portfolio in traditional investment classes...


The Fund is designed to offer exposure to a wide range of alternative strategies through a single vehicle...

Fondaco Diversified Growth

FIA of Italian law designed to offer exposure to a broad spectrum of alternative long-term strategies, aggregating investments...

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...

World Government Bond

International Government Bond Index Fund. The Fund offers diversified exposure to international bond markets, represented...

Fondaco Global Private Markets Fund

An effective investment solution for Italian institutional investors who want to gain global exposure to the best Private Equity and Venture Capital managers...

Global Core Allocation

Multi-asset management has been the heart and origin of our activity for over 15 years, with the development of a solid, structured and...

Alternative Absolute Return

Fondaco Alternative Absolute Return (FAAR) is a highly concentrated portfolio of highly pedigreed hedge strategies...

Fondaco Italian Loans Portfolio Fund

Fondaco Italian Loans Portfolio Fund is the fund dedicated to investments in loan portfolios, both those secured by...