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 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.
OUR
FUNDS
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