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%.
Currency of denomination
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.
NET OF FEES
In April, the Fund achieved a positive performance (+0,13%).
The portfolio’s duration is 1,56 years, and the portfolio’s yield-to-maturity increased to 3,45%. Government bonds account for 95%, while 3,5% is invested in foreign corporate securities.
Italian bonds’ weight was 32%, in line with the benchmark; Germany, considering its long future position, was overweight again (+4%), offset by the Core countries’ underweights.
Euro-denominated securities of “investment grade” emerging countries account for 7% of the portfolio.
The portfolio will be managed in a dynamically.
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