Project Description


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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%.


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 sharply rising rates and the widening of the spread between Italy and Germany.
The month’s performance was negative (-0,29%) in line with the benchmark. The performance, year to date, was negative (-1,45%), but higher than the benchmark (+0,50%).
The portfolio duration is 1,78 years, slightly lower than the benchmark (1,83). The yield-to-maturity of the portfolio was equal to 0,90%.
Government bonds account for 98% of the portfolio, while 6% is inflation-linked.
2% is invested in foreign corporate securities, two-thirds of which are at floating rates.
The primary exposures by country concern Italy (36%), followed by Germany (20%), France (18%) and Spain (11%). Emerging countries’ exposure to Euro-denominated securities of “investment grade” represents approximately 8% of the portfolio.



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