WORLD GOVERNMENT BOND
Assogestioni category
Management style
Currency of denomination
Bloomberg Code
ISIN
Manager
The Fund invests through a proprietary strategy which, starting with the composition of the standard market index, determines the geographical and currency allocation of the portfolio through a quantitative model that allows the efficient unification of the three determining factors of the bond dynamics: carry, duration and rating. The Fund is denominated in euros and does not hedge the exchange rate risk. The portfolio is managed using a quantitative model, in order to dynamically manage duration, yield to maturity, distribution by country and maturity through a reduced number of securities, and deviations from the benchmark in terms of weight, while keeping the number of transactions, transaction costs and the tracking error of the Fund under control. The model portfolio is obtained using the stratified sampling technique and by carrying out rebalancing transactions promptly and efficiently. The Fund invests mainly in international government bonds.
PERFORMANCE
NET OF FEES
(CLASSIC B)
In February, the fund recorded a positive return of 1.25%, in line with the trend of the global bond market, supported by interest rate dynamics, partially offset by currency movements.
The management model’s alpha was slightly negative during the month; the main drivers were the relative positioning on the U.S. and German yield curves, counterbalanced by the positive contribution from the positioning on the Chinese curve.
The fund’s duration is nearly 6.8 years, slightly lower than the market benchmark, with an overweight position in the Euro area and a neutral stance in the United States. The yield to maturity is 3.45%.
Regarding allocation, Euro area countries are overweight, while the United States, Japan, and China are neutral. The Netherlands and Finland are underweight. Currency exposure is limited. The fund was rebalanced at the beginning of the month.
OUR
FUNDS
The Fund aims to generate income by creating a diversified and very liquid portfolio in traditional investment classes...
The Fund is designed to offer exposure to a wide range of alternative strategies through a single vehicle...
FIA of Italian law designed to offer exposure to a broad spectrum of alternative long-term strategies, aggregating investments...
Flexible FIA under Italian law with the objective to achieving a positive absolute return through a dynamic and opportunistic exposure to different strategies...
The Fund aims to create value by exploiting the investment opportunities offered by the short-term monetary and bond markets, limiting the...
An effective investment solution for Italian institutional investors who want to gain global exposure to the best Private Equity and Venture Capital managers...
Multi-asset management has been the heart and origin of our activity for over 15 years, with the development of a solid, structured and...
Fondaco Alternative Absolute Return (FAAR) is a highly concentrated portfolio of highly pedigreed hedge strategies...
Fondaco Italian Loans Portfolio Fund is the fund dedicated to investments in loan portfolios, both those secured by...
