MULTI-ASSET INCOME
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Fondaco Multi-Asset Income is the result of a solid and structured investment process, combined with the selection of the finest specialised managers, effective risk management and the integration of social and environmental responsibility principles.
The fund exploits the opportunities offered by traditional asset classes through flexible exposure to equity, bond and currency markets and strict risk and cost control actions.
A single, simple, fluid and transparent instrument that incorporates a series of complex activities: from asset allocation to manager selection, from portfolio construction to dynamic portfolio management and a careful dividend distribution policy.
There are three performance drivers: “beta” created through a top-down approach based on the analysis of macroeconomic scenarios, the added value (“alpha”) created by the specialised managers and by Fondaco’s activities, and currency exposure, which is typical of a diversified portfolio and helps control volatility.
Everything is entrusted to a heterogeneous and complementary investment team that covers all the different areas offered by Fondaco, with a dedicated and result-oriented structure, precise responsibilities and clear governance.
PERFORMANCE
NET OF FEES
(CLASSIC B)
Market dynamics over the course of the month were primarily driven by developments related to the incoming U.S. administration’s announcement of new tariffs. The measures, initially significantly more aggressive than anticipated, resulted in notable shifts in the global economic landscape. The revised tariff framework led investors to reassess the potential implications for growth and inflation both in the United States and across global economies, thereby amplifying market volatility. Throughout the month, all major asset classes contributed negatively to the portfolio’s performance. The currency component represented the main detractor, primarily due to the depreciation of the U.S. dollar, followed by the fixed income and equity segments. From an operational standpoint, the portfolio remains broadly diversified, with a continued preference for fixed income over equities. From a medium-term strategic perspective, we reaffirm our core allocation framework, maintaining a bias toward bonds over equities, based on relative yield (carry) and valuation considerations.
OUR
FUNDS
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