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 March, the Fund posted a negative return of 3%, in line with the global bond market, impacted by unfavorable currency dynamics (weakening of the dollar) and the movement of interest rates. Measures announced by the new U.S. administration, combined with weak macroeconomic data, have raised concerns about a global recession. Despite this, growth forecasts for the quarter remain positive, though slowing. Inflation continues to be a concern, with data stabilizing around 3%. Short-term rates in both Europe and the U.S. have been volatile, with expectations of rate cuts for both central banks. The portfolio duration is 6.8 years, with a yield-to-maturity of 3.2%.
OUR
FUNDS
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