Currency of denomination
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.
NET OF FEES
The last few weeks in the markets were more contrasted compared to January, mainly due to the increase in bond rates, caused by the concerns that inflation will be more slowly normalised than predicted.
Equity has reported limited corrections, even though the current level of valuations, both absolute and bonds relative, makes them more susceptible to a potential return of risk aversion.
In February, the portfolio was penalised by the government and credit bond’s contribution. Still, the duration positioning contributed to a positive effect. At the same time, the currencies recorded a mixed performance, as the weakness of the yen and emerging currencies counterbalanced the dollar’s strength.
In operational terms, the portfolio remains widely diversified; the main distinctive positions are focused on Japanese banks, overweight yen and the emerging debt basket.
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