The bond management team focuses its investments mainly on Eurozone sovereign debt. This is the core of our strategy. Outside the core, we have what we call our satellite portfolio. In both the satellite and the core, the management approach uses the macroeconomic context as the starting point, followed by fundamental analysis of the investment targets.
Our selection process is governed by the core-satellite allocation that we have adopted for the construction of the portfolio.
Multiple management criteria
The core portion can make up to 100% of the portfolio and consists of some of the top-rated bonds of the Eurozone. We allocate 80% of the strategic allocation to this type of issuer.
The satellite portion of the portfolio is based on a range of criteria designed to optimise the overall risk/return profile of the portfolio.
The main criteria used to manage the core portfolio include duration management, positioning on the yield curve and active discrimination between issuers. The satellite portion of the portfolio is based on a range of criteria designed to optimise the overall risk/return profile of the portfolio.
All the portfolios are managed according to the evaluation of macroeconomic data in the different regions. The dynamic approach to the management allows us to optimise the portfolio based on market conditions and the economic situation. Although we do not rule out taking advantage of occasional opportunities, our priorities are stability and regular returns on the assets in the long term.
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