Project Description

EURO SHORT TERM

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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%.

PRODUCT SHEET

Assogestioni category

Short Term Bond Funds

Management style

Active

Benchmark

Bloomberg Barclays Euro Tsy

Currency of denomination

Euro

Bloomberg Code

FONERSA IM Equity (RSA Accumulazione); n.d. (RSB Distribuzione); FONEURC IM Equity (CLA Accumulazione); FONEURB IM Equity (CLB Distribuzione);

ISIN

Restricted A: IT0005226078; Classic A Shares: IT0003764195

Manager

Vittorio Amedei

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)

CHART

The month’s performance was negative (-0,19%) but higher than the benchmark (-0,29%).
Year to date performance has been marginally negative (-0,08%) but higher than the benchmark (+0,5%).
The portfolio duration is 1,6 years, 0,4 years lower than the benchmark. The yield-to-maturity of the portfolio was equal to -0,3%, higher than the benchmark (-0,6%).
Government bonds account for 80% of the portfolio, while 7% is invested in foreign corporate bonds. Liquidity is about 13%.
The primary exposures by Pease are Italy (33%), France (15%), Germany (14%) and Spain (9%).
The exposure to the Euro-denominated bonds Emerging Markets “investment grade” accounts for approximately 5% of the portfolio.
7% of the total portfolio is invested in inflation-linked government bonds. Approximately 3% of the portfolio is invested in variable coupon corporate bonds.

Documentation

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