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 December, the fund experienced a negative return of -0.54% in absolute terms, in line with the global bond market dynamics. This was affected by interest rate movements, partially offset by the strengthening of the US dollar.
The model’s alpha was slightly positive during the month; year-to-date, the main drivers have been the positive contribution from the underweight duration in Japan and relative positioning on the Italian and US yield curves, offset by the negative contribution from the relative positioning on China and semi-core countries (France, Belgium).
The duration is nearly 6.5 years, two months shorter than the market benchmark. It is higher in the Euro area and slightly lower in the United States. The yield to maturity is 3.37%.
Regarding allocation, Euro-area countries are overweight, the US, Japan, and China are neutral, and the Netherlands and Austria are underweight. The currency exposure is limited. The fund has not been rebalanced.
OUR
FUNDS
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