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.


May was characterized by a further revision of monetary policy expectations in both Europe and the United States, leading short-term interest rate curves to reduce the number of expected cuts in 2024.
The monthly performance was positive (+0.29%) and slightly better than the benchmark (+0.02%) due to the portfolio’s positive carry.
Since the beginning of the year, the performance has been positive (+1.38%) and slightly above the benchmark (+0.02%).
The portfolio’s duration increased from 0.74 to 0.8 years.
Regarding portfolio composition, government bonds represent 94%, of which 3% are inflation-linked. 5% is invested in foreign corporate bonds, of which 1.5% are variable rates.
Geographically, the weight of Italian securities rose from 34% to 37% of the portfolio, with an average duration of 1.1 years.
Spain is the second-largest country, at 19%, followed by Germany and France, at 17% and 12%, respectively.
The smaller Euro area countries account for 8% while emerging market “investment grade” countries in euros represent 4.5% of the portfolio.


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