Details
Fees
Investment objectives
Dynamic Allocation Fund aims to dynamically vary exposure between the equity asset class (between 30% and 70%) and the bond asset class (between 30% and 70%). The different exposure allocations between the two asset classes are guided by a contrarian approach that aims to reduce exposure to equity in upswings and increase it in downswings. The weight allocation process is implemented in a disciplined and non-discretionary manner based on a rule-based approach. Alpha generation comes from asset allocation choices and not stock picking. To this end, exposure to global equities is taken exclusively through etfs and/or passive funds, while exposure to the bond asset class through highly rated government or supranational securities with low duration. ESG screening is also carried out on selected instruments on both the equity and bond components.
Risk and return profile
Comment
Equity markets recorded further declines in April. Global equities were hit by the ongoing war in Ukraine, lockdowns in China, ongoing supply chain disruptions and expectations that US interest rates could rise rapidly. Economic data showed signs of weakening as inflationary pressures continued to push the Fed into a more aggressive path of rate hikes. Eurozone annual inflation reached 7.5% in April.
Sovereign bond yields have peaked in developed markets. Corporate bonds underperformed government bonds. High yield has seen the most significant spread widening, although spreads are below the highs recorded earlier this year. Emerging market bonds also posted negative returns, notably sovereign debt, while corporate credit was more resilient.
The fund did not open or increase any exposure to bonds but closed or reduced the exposure in Australia, Banco BPM Spa and Poland.
Performance
Dati aggiornati al:
Allocation
How to invest
Italian Retail Investors
As an Italian Private Investor, in order to invest in the Valori funds, you need to contact the Authorized Distributors for distribution in Italy.
Download the PDF with the list of Authorized Distributors.
Swiss Retail Investors
In order to subscribe to the Fund you will need to contact your Banking Institution, communicating the ISIN of interest.
European Institutional Investors
As a European Institutional Investor, in order to subscribe to the Fund you can:
- Contact a Transfer Agent, by completing and faxing the subscription form provided by him/her
- Contact one of the following Intermediaries:
– All Funds Bank
Swiss Institutional Investors
As a Swiss Institutional Investor, in order to subscribe to the Fund you will need to contact your Banking Institution, communicating the ISIN of interest.