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 month’s performance was positive (+0.32%), outperforming the benchmark (+0.26%). Year-to-date performance is also positive (+0.85%), surpassing the benchmark (+0.76%). The portfolio’s duration increased from 0.5 to 0.7 years.
The short position on German futures was closed. The portfolio’s yield to maturity (YTM) remained stable at 3.55%.
Regarding portfolio composition, government bonds represent 94%, with 4% indexed to inflation. 6% is invested in corporate bonds, primarily foreign, of which 2% are variable rates.
The weight of Italian bonds increased from 28% to 36%. Spain follows at 27%; Germany and France are at 12% and 7%, respectively. Minor euro area countries account for 5%, while investment-grade emerging market countries in euros represent 6% of the portfolio.
OUR
FUNDS
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