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 October, the Fund posted a negative absolute return of -0.76%, five basis points below the global bond market trend. Rate dynamics impacted the Fund despite the positive contribution from strengthening the US dollar.
The portfolio management alpha was essentially neutral during the month. The main drivers were the positive contribution from underweight duration in Japan and the relative positioning on the US curve, counterbalanced by the negative contribution from the relative positioning on China.
The fund’s duration is close to seven years, aligned with the benchmark: it is higher in the Euro area and China and slightly lower in the United States. The yield to maturity is 3.46%.
Regarding allocation, the Euro area countries and the United States are overweight, Japan and China are neutral, and the Netherlands and Austria are underweight. Currency exposure is limited, with a slight overweight in the US dollar. The fund was not rebalanced during the month.
OUR
FUNDS
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