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March Patrimonio Defensivo F.I.

For savers with a low risk profile who want to invest in a well diversified portfolio in both fixed income and equity investment strategies

This fund is ideal for risk averse investors requiring a trully diversified portfolio, that offers a higher return than the money market.

The fund’s investment target is to beat the 3 months Euribor rate + 0.6%, with an annual volatility below 4.0%. Additionally, and complementary, a volatility limit is also established at 1.5% calculated with daily returns over the past year.

The portfolio is well diversified with different equities and fixed income investment funds to achieve its risk/return target.

With the aim of finding the most suitable asset for every type of investor, these funds have the flexibility to invest in all types of underlying assets.

By transferring the management of the underlying and assets selection to March A.M. the investor allows the manager to streamline decision making, to be able to react in volatile market environments.

Through a single fund and based on a known and predetermined risk level, the investor achieves the same diversification as with a basket of funds, obtaining the desired global exposure, and with a much simpler operation.

Suitable for customers who rely on March Asset Management’s proven management quality, selection and prudence.

“We decide to decide”

The yield of its portfolio stood at -0.32% in September, with the YTD yield in 2020 at -0.63%.

Investment in relative value funds and alternative strategies has jointly contributed 0.08%, while the contribution to its equity investment portfolio has been around -0.01%, and to fixed income has been 0.13%. When investing in different strategies we are taking on different forex risks because some strategies are managed in currencies other than EUR. To avoid adding volatility to the portfolio, we have decided to largely hedge the forex risk.

A mixed pattern across all asset classes. Chinese local debt, managed by Pictet, has performed well in fixed income, making it the main contributor to the portfolio’s return. The main negative contributor was BlackRock’s Flexi Dynamic strategy, which fell -1.80% in the month, although it stands at almost +7% for the year as a whole.

Stock market volatility is such that the worst-performing strategies in September were those that have shown the best performance in recent months: Polen’s high-growth American market exposure strategy took a hit of around -3.5% this month, although the strategy’s return has accumulated +10% in the last three months, while Baillie Gifford’s Long Term Global Growth equity strategy is down by -3%, with returns for the last three months exceeding 20% and accumulated returns for the year at around +70%. Meanwhile, small European companies strategy used by Eleva and The Family Businesses Fund have performed well.

The Global Equity Market Neutral of Janus Henderson and Uncorrelated Strategies by Neuberger Berman stand out in alternative management, with increases of +1.5% and +0.5% respectively in the month, while our investment in Gold corrects by -3.6% in September, leaving its accumulated yield for the last three months at 6.5%.

We have made very slight adjustments to the portfolio throughout the month, aimed at maintaining previous levels after market movements. Thus, we have slightly reduced the investment in Schroder’s Gaia Egerton strategy, which in August rose almost 6%, to the previous levels. This is similar to our adjustment in Baillie Gifford’s Long Term Global Growth strategy, after last month’s 12% increase.

Return *

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

Risk *


* Data as of:

Santiago Montero Ruiz

Head of Multi-Asset Department

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