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 July, the Fund delivered an almost flat return (-0.29%), in line with the dynamics of the global bond market, supported by currency movements in the second half of the month (strengthening of the US dollar and related currencies), against a more stable interest rate environment.
The active management contribution was neutral during the month: relative performance was penalised by the decline in US short-term rates, offset by the positive spread dynamics in the Euro area.
Duration stands at 6.82 years, in line with the market benchmark—higher in the Euro area, lower in the United States. The yield to maturity is 3.27%.
From a geographical allocation perspective, Italy and France are overweight, while Portugal and Finland are underweight. Currency exposure remains limited. The fund was rebalanced at the end of the month.
Since the beginning of the year, absolute performance has been negative at -4.77% (slightly below the market benchmark).
OUR
FUNDS
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