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 overall volatility of the portfolio. The performance aim of the Fund is represented by Bloomberg Barclays Euro Tsy 1-3 Yr, with an annualized volatility of not more than 2%.
Assogestioni category
Management style
Benchmark
Currency of denomination
Bloomberg Code
ISIN
Manager
The Fund offers strategic management of the currency curve exposure and duration of the portfolio, a careful selection of securities based on profitability and relative value criteria, and an adequate diversification of the Fund between different and complementary instruments.
In detail, the overall duration of the portfolio managed tends to be lower than 36 months.
The fund invests mainly in short-term government bonds, prioritising issues with an Investment Grade rating – including repurchase agreements and bank deposits – and in units of funds (or SICAVs) set up by third parties with characteristics consistent with those of the fund.
Investment in non-governmental securities will always be residual, in order to increase the diversification and profitability of the portfolio, paying particular attention to the quality and creditworthiness of the issuers and the sectors they belong to.
The investment is concentrated exclusively in instruments issued in Euros, without taking on any exchange rate risk. The use of derivatives is allowed for interest rate risk hedging and efficient portfolio management.
PERFORMANCE
NET OF FEES
(CLASSIC B)
The Fund’s monthly performance was positive (+0.39%) and outperformed the benchmark (+0.20%). Year-to-date, the performance is positive (+3.65%) and significantly exceeds the benchmark (+0.93%).
The portfolio duration decreased from 0.55 to 0.5 years, with a hedge position via 100 short Schatze futures contracts, reducing duration by 0.13.
The portfolio’s YTM dropped to 2.67%.
The portfolio’s government securities account for 97%, with 3% indexed to inflation, 3% invested in foreign corporate bonds, and 2% callable.
Italian securities now account for 50% of the portfolio, with an average duration of 0.8 years.
Spain, France, and Germany follow at 18%, 11%, and 9%, respectively.
Minor euro area countries represent 6% of the portfolio, while emerging market “investment grade” euro-denominated countries account for 3%.
OUR
FUNDS
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