Objective

Seeks income-producing instruments: European government and high quality European corporate bonds

Strategy

Diversify across investment grade short-term fixed-income securities, primarily direct government obligations; these may include discount and zero coupon instruments, money market funds and exchange-traded government futures contracts and forward currency exchange contracts for the purposes of managing portfolio duration, yield curve positioning or trading execution on a more cost-effective basis

Fund Facts
Asset Manager
  • ARCA Fondi SGR SpA, Milan, Italy(Since 1/1/95)
Benchmark Bloomberg Barclays Euro Aggregate: 80 % Treasury (1-3 Yr) Index / 20% Corporate (1-3 Yr) Index
Fund Inception Date May 6, 2009
Mimimum Investment €50,000
Expense Ratio 0.45%
ISIN IE00B3R5XB01

Additional Facts

Effective June 1, 2017, the benchmark for the European Short Bond Fund was changed to the 80% Bloomberg Barclays Euro Aggregate Treasury (1-3 Yr) Index/20% Bloomberg Barclays Euro Aggregate Corporate (1-3Yr) Index. For periods prior to June 1, 2017, the applicable benchmark was the Bloomberg Barclays European Government 1-3 Year Term Index.

Annual Average Total Returns
(%) as of 30/09/2021

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
European Short-Term Government Bond Fund -0.14 -0.56 -0.18 -0.36 0.91 0.89 5/5/2009
BB Euro Aggregate: 80 % Treasury (1-3 Yr) / 20% Corporate (1-3 Yr) Index -0.06 -0.14 0.24 0.06 1.29 1.4

Characteristics as of 30/09/2021

Statistics Fund Index
Average Maturity 1.9 years 1.9 years
Effective Duration 1.8 years 1.8 years
Yield to Maturity -0.5% -0.5%
Current Yield 1.4% 1.7%
Average Credit Quality A- A
# of securities 122 929
Fund Size € 52.0MM
Credit Quality Fund Index
AAA/Aaa 14.3 21.1
AA/Aa 30.4 26.6
A 8.5 12.1
BBB/Baa 46.4 40.2
< BBB/BAA 0.4 0.0
Effective Duration Fund Index
0 - 1 Years 5.9 7.7
1 - 3 Years 93.1 92.3
3 - 5 Years 1.1 0.0
5 - 7 Years 0.0 0.0
Country Exposure Fund Index
France 25.0 20.5
Germany 11.9 19.2
Italy 22.5 21.2
United Kingdom 3.5 2.2
Japan 0.0 0.2
Canada 0.0 0.3
United States 3.9 3.0
Other Developed Europe 32.4 32.1
Other Developed Asia 0.8 0.5
Other Emerging Asia 0.0 0.0
Other Emerging Markets 0.0 0.9
Currency Bloc Fund Index
Dollar 0.0 0.0
Euro 100.0 100.0
UK Pound 0.0 0.0
Other 0.0 0.0
  • 2Q 2021 Performance Review

    12-Month Review

    • Duration remained very similar to the benchmark.
    • Curve positioning added to relative performance.
    • Sector allocation was flat, and security selection had an adverse effect on results with Financial securities being the main detractor. This was partially offset by Industrial and Utility.

    3-Month Review

    • Duration positioning was very close to the benchmark. Curve positioning was neutral as well.
    • The Fund benefitted due to a modest exposure to Agencies.
    • Security selection added due primarily to holdings within Treasuries and the Financials.

    Current Positioning

    • The Fund maintains a neutral exposure to Corporate Bonds.
    • Significant exposure to French, Italian, German and Spanish Bonds.
    • Duration remains close to benchmark, and the Fund maintains a modest barbelled position.
  • Fund Fact Sheet

    PDF
Please review our important disclosures.