ALESSIA - ABSOLUTE RETURN MACRO Class T

Strategy: Global macro multi asset
Style: Discrectionary

Risk level / SRRI: 1 2 3 4 5 6 7

Suggested minimum investment horizon: Any

Objectives and strategies of the fund

Alessia Absolute Return Macro    is an absolute return fund with low volatility. Managers allocate, on a global basis, the capital available through a discretionary process based on macro-economic research aimed at the existing imbalances in the prices of shares, government bonds, corporate debt securities or financial, in exchange rates and related derivatives. For the equity exposure in the investment index is preferred investing in individual stocks. Derivatives, traded on regulated exchanges, are used both for hedging purposes and for obtaining greater returns through the establishment of long and short positions in different financial assets. The fund may invest up to 10% in other UCITS. The investment is appropriate for those seeking protection from excessive market volatility and a stable long-term appreciation of their capital. Managers take care of both the overall risk that the specific risks of the investments made. However, there is no guarantee that investors will recover the capital invested.

Manager Comment

 30 January 2019 - From the words of the FED’s President Powell it is clear that the path of monetary normalization, through an increase in the reference rates and an aggressive reduction of the total budget, is put on hold due to both the global slowdown, in Europe and in China mainly, and the uncertainty about the effects of the "shutdown" of the US government. FED prefers to wait for signs of inflation before resuming the monetary normalization policies, leaving the door open for an inversion of the trend if inflation does not occur and there is evidence of internal slowdown. Implicitly Governor Powell certifies the possibility of a global recession.