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)
The Fund had a negative performance (-1,29%), lower than the trend of the global bond market (-1,19%). The performance, year to date, equals +0,52% (-10 bps).
The main detractors are linked to the US, Spain, Netherlands, and Austria’s positioning; Italy’s position and the Core countries’ overweight are the leading contributors.
The duration is 7,52, one month lower than the market benchmark, higher in Core countries, Spain and the UK, and lower in the US and Canada.
The yield to maturity is 3,08%.
Core countries, such as Japan and UK, are overweight, the USA is neutral, while the non-Eurozone and Euro periphery are underweight.
Currency exposure is limited: Yen and GBP are overweight, but the Canadian Dollar and SGD are slightly underweight.
The Fund was not re-balanced during the month.
OUR
FUNDS
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