English to Italian Bus/Financial Investment / Securities fondi di investimento

The Eurozone bond market is the world’s second-largest fixed income market and XXX provides investors with access to the region’s wide range of securities, issued by governments, companies and other organisations. The fund is also able, if the manager spots appropriate opportunities, to take positions in non-euro markets such as the UK, Sweden and Switzerland, as well as in bonds issued by companies.

During the last three months global financial markets have experienced exceptional volatility, including corporate bond markets, amid worries that a potential downturn in the US economy would have a knock-on effect on the rest of the world, including the Eurozone.

In this environment, our positioning within our corporate debt allocation detracted from performance, though our bias towards government bonds partly offset this effect. Nevertheless, we remain confident in the longer-term prospects for the market and the fund. It is very probable that the ECB will no longer keep raising rates in the foreseeable future, which is likely to be a source of support for government markets. While we expect more near-term weakness in corporate bonds, over the longer term we expect them to add value.