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 May, the Fund had a negative absolute return (-0.5%), but it was 8 basis points better than the global bond market dynamics.
It was hindered by interest rate movements, partially offset by the strengthening of the dollar.
The management model’s performance was essentially neutral during the month (+0.02%): the main drivers were the positive contribution from the overweight Canadian dollar, partially offset by the negative contribution from the underweight in China.
The duration is nearly seven years, in line with the global bond market. It is higher in core countries and Italy and lower in Japan. The yield to maturity is 3.6%.
Euro area countries and Canada are overweight; the exposure to the United States and Japan is essentially neutral regarding allocation, while China and the Netherlands are underweight. Currency exposure is limited: overweight in the Canadian dollar and underweight in the renminbi.
The Fund was rebalanced during the month.
OUR
FUNDS
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