WORLD GOVERNMENT BOND

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International Government Bond Index Fund.
The Fund offers diversified exposure to international bond markets, represented by developed countries.

PRODUCT SHEET

Assogestioni category

World Government Bond Fund

Management style

Passive-enhanced

Currency of denomination

Euro

Bloomberg Code

FOWGBRA IM Equity

ISIN

IT0005254138 (Accumulazione)

Manager

Vittorio Amedei

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)

The Fund had a negative performance (-1,17%), higher than the trend of the global bond market (-1,40%). Year to date, the performance is equal to -9,61% (+37 bps).
The main contributors are linked to Canada and Core countries, while Japan and Australia are the negative drivers.
Year to date, the US and non-euro countries were the main positive drivers, while the contribution of the spread between core and peripheral countries in Europe is negative.
The duration is 7,35, lower than the market benchmark, higher in Core countries, Spain and Japan, and lower in the US, Canada and Australia. The yield to maturity is 3,32%.
In Europe, the periphery is underweighted against core countries; Japan and US remain neutral, with a reduction in the steepening topic of US rates.
Currency exposure is limited: the Canadian dollar remains overweight, with the Australian dollar and the pound.
The Fund was unbalanced during the month.

Documentation

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