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The recovery of the key asset classes continued on the back of the extensive fiscal and monetary policy measures. Yields on secure (highly rated) government bonds rose slightly.
After risk was increased substantially at the end of March, we also used the significantly widened spreads (versus German bonds) to buy Italian government bonds in April. We reduced the weighting of Emerging Market hard-currency bonds and Italian government bonds at the end of June. We sold off all Italian government bonds in the portfolio at the end of September. We reduced corporate bonds and increased EM currencies in the middle of December.
The fund still has a cautious positioning on interest rate risk (modified duration of around 2.1 years). (16.12.2020)
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