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 February, the Fund had a negative absolute return (-1,06%), 13 basis points lower than the global bond market dynamics (-0,93%), hindered by a negative interest rate environment. Year-to-date performance stands at -0,83% (-0,01 bps excess return).
The main positive contributors are related to the underweighting of duration in Canada and Japan and the underweighting of the Canadian dollar. Negative drivers include the overweighting of duration in the euro area and the underweighting of China.
The duration is nearly seven years, slightly lower than the market benchmark. It is higher in core countries and Italy and lower in Japan and China. The yield to maturity is 3,55%.
Eurozone countries and Canada are overweighted; exposure to the United States and Japan is essentially neutral in terms of allocation, while China, Austria, and the Netherlands are underweight. Currency exposure is limited: The Canadian dollar is overweighted, and the renminbi is underweighted.
The Fund was not rebalanced during the month.
OUR
FUNDS
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