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 is positive (+0.25%) and above the benchmark (+0.10%).
Year-to-date performance is also positive (+0.77%) and exceeds the benchmark (+0.25%). The portfolio duration increased from 0.62 years to 0.75. The portfolio’s YTM decreased from 2.45% to 2.35%. In terms of portfolio composition, government bonds account for 90%, of which 4% are inflation-linked. 8.5% is invested in corporate bonds, mostly foreign. The weight of Italian securities dropped to 47% of the portfolio, with an average duration of one year. Spain follows with 20%, Germany and France account for 11% and 8%, respectively. Smaller Eurozone countries represent 4.5%, while investment-grade emerging market bonds in euros make up just 1.5% of the portfolio. The portfolio is completed by a 5% allocation to euro-denominated bonds issued by Canadian provinces.
OUR
FUNDS
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