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

Short Term Bond Funds

Management style



Bloomberg Barclays Euro Tsy

Currency of denomination


Bloomberg Code

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


Restricted A: IT0005226078; Classic A Shares: IT0003764195


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.


The month’s performance was positive (+0.44%), surpassing the benchmark (+0.26%). Year-to-date performance is also positive (+2.18%), outperforming both the short-term bond benchmark adopted until May (+1.62% YTD) and the new monetary benchmark (+1.93% YTD).
The portfolio’s duration has decreased from 1.32 to 0.95 years. The tactical long position in Schatze was closed at the end of the month for take profit. The portfolio’s yield to maturity (YTM) has decreased from 3.77% to 3.65%.
In the portfolio composition, government bonds represent 93%, with 3% indexed to inflation. 6% is invested in corporate bonds, mostly foreign, including 2% at a variable rate.
The weight of Italian bonds is 29%, followed by France, Spain, and Germany at 24%, 20%, and 12%, respectively. Minor countries in the euro area account for 9%, while investment-grade emerging market countries in euros represent 3.5%.


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