Project Description

WORLD GOVERNMENT BOND

Home » Funds » World Government Bond

International Government Bond Index Fund.
The Fund offers diversified exposure to international bond markets, represented by developed countries.

PRODUCT SHEET

Assogestioni category

World Government Bond Fund

Management style

Passive-enhanced

Currency of denomination

Euro

Bloomberg Code

FOWGBRA IM Equity

ISIN

IT0005254138 (Accumulazione)

Manager

Vittorio Amedei

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)

CHART

In May, the Fund had a negative performance (-1,41%), higher than the global bond’s dynamic (-1,59%).
The portfolio’s performance, year to date, is equal to -6,45%. The main performance contributors were the US overweight and the core countries’ underweight, Japan and UK. On the other hand, the contribution of the peripheral component is a negative driver of performance.
Year to date, US and non-Euro countries were the main positive drivers, while the positive contribution provided by the spread between core and peripheral countries in Europe is negative.
The duration is equal to 7,75, five months lower than the market benchmark, with CTD higher in peripheral countries and lower in Japan and core countries.
The yield-to-maturity is 2,14%.
The main overweight is on Eurozone periphery, while the main underweight is on the core component: the currency exposure is limited and was decreased during the month on USD and JPY.

Documentation

OUR
FUNDS

Multi-Asset Income

The Fund aims to generate income by creating a diversified and very liquid portfolio in traditional investment classes...

Growth

The Fund is designed to offer exposure to a wide range of alternative strategies through a single vehicle...

Fondaco Diversified Growth

FIA of Italian law designed to offer exposure to a broad spectrum of alternative long-term strategies, aggregating investments...

Active Investment Return

Flexible FIA under Italian law with the objective to achieving a positive absolute return through a dynamic and opportunistic exposure to different strategies...

Euro Short Term

The Fund aims to create value by exploiting the investment opportunities offered by the short-term monetary and bond markets, limiting the...

Fondaco Global Private Markets Fund

An effective investment solution for Italian institutional investors who want to gain global exposure to the best Private Equity and Venture Capital managers...

Global Core Allocation

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

Fondaco Alternative Absolute Return (FAAR) is a highly concentrated portfolio of highly pedigreed hedge strategies...

Fondaco Italian Loans Portfolio Fund

Fondaco Italian Loans Portfolio Fund is the fund dedicated to investments in loan portfolios, both those secured by...