Project Description
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)
CHART
In May, the Fund had a negative performance (-1,41%), higher than the global bond’s dynamic (-1,59%).
The portfolio’s performance, year to date, is equal to -6,45%. The main performance contributors were the US overweight and the core countries’ underweight, Japan and UK. On the other hand, the contribution of the peripheral component is a negative driver of performance.
Year to date, US and non-Euro countries were the main positive drivers, while the positive contribution provided by the spread between core and peripheral countries in Europe is negative.
The duration is equal to 7,75, five months lower than the market benchmark, with CTD higher in peripheral countries and lower in Japan and core countries.
The yield-to-maturity is 2,14%.
The main overweight is on Eurozone periphery, while the main underweight is on the core component: the currency exposure is limited and was decreased during the month on USD and JPY.
OUR
FUNDS
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