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.


In the current phase of the economic cycle, with high interest rates and inflation stabilizing at around 3% in the United States, markets continue to be very sensitive to published data. Over the past few weeks, we have witnessed a general weakening of U.S. economic figures, while Europe seems to be improving, albeit marginally.
Bonds have been negative in the month, while equities have contributed positively. The currency contribution has been slightly negative due to the strengthening of the Euro.
Operationally, the portfolio remains broadly diversified, favouring bond exposure over equity exposure. The main idiosyncratic positions are concentrated in Indian equities and the basket of emerging market debt.
From a medium-term perspective, we confirm the underlying strategic framework, with a preference for bonds over equities.



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