NET OF FEES
In December, the Fondaco Active Investment Return Fund achieved a negative performance of 0,3%. The performance, year to date, was negative and equalled to -0,84%.
The Fund was mainly penalised by the short position in equities, where volatility remained high throughout the month. On the other hand, bonds made a positive contribution, particularly the diversified basket of short-dated securities, the short position in US rates, the short position in BTPs and, to a lesser extent, the spread position in peripheral Eurozone bonds.
The short weight of the equity component was significantly reduced. The overall weight is -11%, of which -8% on the US via the Nasdaq index and -3% on emerging markets.