Cargando información...

Fonmarch F.I.

Also in fixed income we specialise in active management: a strategy that combines macro vision and investment opportunities in sovereign issuers and credit, maximising the yield and controlling the risk taken on.

The fund’s management is focused in the search of better investment opportunities in the fixed income universe: Sovereign Debt, corporate, money market instruments, with low currency risk (only of 5% of the portfolio can be in a currency other than EUR). It is positioned in those assets that better price increase potential show and trying to reduce the interests rate risk taken on, maintaining a range of duration of 2-4 years.

The average credit quality is high, even though positions in issues with ratings lower than BBB- can be taken up to 25%, where we will include, for example, notes of non-rated companies. Even though the majority of issues are denominated in EUR, it can be invested up to a 5% in other currencies that offer an interesting yield.

Active management in fixed income… this means having clear the positioning in the curve that we want to have, apart from selecting the countries, sectors and type of issue where we want to position ourselves and take advantage of the short-term movements of the market to take tactical positions in issues that are cheap or sell those which price has appraised. Decide in which type of issue is more interesting to invest in, whether in mortgages bonds or in senior corporate debt.

It is aimed at clients that want to invest in a EUR fixed income strategy which duration moves within a range of 2-4 years, hence some interest rate risk is taken on, and we go for an active and opportunistic management for this asset.

The yield of Fonmarch was +0.14% in September compared with 0.41% in the case of 50% 3m Euribor / 50% Merrill Lynch Gov Bond Index. Year to date, the fund’s yield is -0.89% and the index is +1.41%.

Overall, there was little activity over this period, focused on the money market due to a greater supply of primary products centred on commercial paper, both guaranteed by the Official Credit Institute and unguaranteed.

Finance, government and industry are the sectors with the greatest weight. By country, the fund focuses its investments in Spain, Italy and the Netherlands.

The portfolio’s IRR is at 0.56%, with a duration of 2.12 years.

Return *

2021 1 month 3 months 6 months 1 year 3 years
2020 2019 2018 2017 2016

Risk *

Volatility

* Data as of:

Marta González Labián

Fixed Income Portfolio Manager

+ Información

Francisco Herrero Pérez-Griffo

Head of Fixed Income

+ Información
  • Inception Date:

  • Management Fee:

  • Assets:

  • Administrator:

  • Código identificador:

  • Liquidity:

  • Asset Manager:

  • Depositary:

  • Risk:

    • 1

    • 2

    • 3

    • 4

    • 5

    • 6

    • 7

  • Other Share Classes available*