NET OF FEES
The Fund has had an absolute negative return (-0.99%), 5 basis points lower than the global bond market dynamics (-0.93%). Year-to-date performance stands at -2.69% (+13 bps).
The main positive contributors are related to the positioning in non-euro areas, the UK, Belgium, and France. Negative drivers include contributions from the duration of core countries underweight, the underweight of China, and exposure to Spain.
The duration is 7 years, in line with the market benchmark, higher in core countries and Italy, lower in the United States and non-euro area. The yield to maturity is 3.62%.
Core countries, Canada, and Italy are overweight, while Austria, the Netherlands, Spain, and Singapore are underweight. Currency exposure is limited: Canadian dollar is overweight, and SGD is underweight.
The fund has been rebalanced during the month.