The Fund aims to generate income by creating a diversified and very liquid portfolio in traditional investment classes, with a flexible management policy and variable exposure to the markets.

Assogestioni category

Flexible funds

Management style


Currency of denomination


Bloomberg Code



Classic B Shares: IT0005013823; Professional A Shares: IT0005013849; Professional B Shares: IT0005013864; Institutional A: IT0005013880; Institutional B: IT0005013906; Restricted A: IT0005369936; Vintage A: IT0005411449; Vintage B: IT0005411464


Giulio Casuccio

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.


August saw an increase in financial market volatility, with a moderate correction in equity indices in the first part of the month and a bear steepening movement, particularly in the U.S. yield curve, accompanied by a dollar strengthening. Meanwhile, interest rates in the Eurozone remained relatively stable.
During the month, the primary detractor in absolute terms was equities, while bonds and credit remained neutral. On the other hand, the currency contribution was positive and driven by the appreciation of the U.S. dollar. Operationally, the portfolio remains broadly diversified, but a conservative approach is being maintained. The main idiosyncratic positions focus on overweighting the Yen in the emerging debt basket, the emerging equity basket excluding China, a duration-neutral position of long 2 years/short 5 years on the U.S. yield curve, and a tactical position in gold.



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