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 June, the fund had a positive return of 1.21%, in line with the bond market dynamics. It benefitted from rate movements on developed countries’ curves and the dollar’s appreciation.
The return is characterised by the position in the United States and the underweight in Japan, partially offset by the overweight in peripheral spreads. A forward on the Renminbi was purchased to close the underweight in China.
The duration is almost seven years, slightly lower than the benchmark. It is higher in core countries and Italy and lower in Japan. The yield to maturity is 3.67%.
Regarding allocation, Euro area countries and Canada are overweight, the United States and Japan are slightly underweight, and China and the Netherlands are underweight. Currency exposure is limited: the Canadian and Australian dollars are slightly overweight. The fund was not rebalanced during the month.
OUR
FUNDS
The Fund aims to generate income by creating a diversified and very liquid portfolio in traditional investment classes...
The Fund is designed to offer exposure to a wide range of alternative strategies through a single vehicle...
FIA of Italian law designed to offer exposure to a broad spectrum of alternative long-term strategies, aggregating investments...
Flexible FIA under Italian law with the objective to achieving a positive absolute return through a dynamic and opportunistic exposure to different strategies...
The Fund aims to create value by exploiting the investment opportunities offered by the short-term monetary and bond markets, limiting the...
An effective investment solution for Italian institutional investors who want to gain global exposure to the best Private Equity and Venture Capital managers...
Multi-asset management has been the heart and origin of our activity for over 15 years, with the development of a solid, structured and...
Fondaco Alternative Absolute Return (FAAR) is a highly concentrated portfolio of highly pedigreed hedge strategies...
Fondaco Italian Loans Portfolio Fund is the fund dedicated to investments in loan portfolios, both those secured by...
