Most of the resources are managed by professional managers and are deposited with the Depositary, BNP Paribas SA – Italian Branch, which is the custodian of the assets and controls that all operations are executed properly. Another part of the resources of the financial portfolios are directly managed by Previndai through alternative investment funds (AIF).
In the financial portfolios returns on investments and preservation of capital are not guaranteed, the portfolios are actively managed in order to grab market opportunities.
Member capital is managed according to same-value units: each payment made in favor of a member produces a number of units equal to the ratio between the payment and the unit value at the moment of the allocation.
Assset management is currently multi asset, in addition to that there are direct investments through AIF in the following asset classes: private equity, direct lending and infrastructures, that amount to 12% of the long term asset allocation.
Multi-asset managers receive allocations of equal amounts; they have the same strategic benchmark, from which they can deviate, but maintaining a tracking error volatility below 3%.
The BILANCIATO portfolio has been structured considering a medium/long time horizon for active contribution of at least 10 years.
The BILANCIATO portfolio has a medium level of risk. The aim is to obtain, in a period of time of at least 10 years, a highly probable positive return in real terms, against a medium risk level. Such goal is achieved through the adoption of a market benchmark representing a great and diversified number of asset classes.
Risk level for the Bilanciato portfolio is around 7,7% in terms of volatility (standard deviation of returns). Expected return is around 2,8% in real terms. The probability to obtain a positive real performance after a 10-year period is around 80%.
Resources in the Bilanciato portfolio are mainly invested in financial instruments traded on regulated markets and according to a strategic allocation of assets.
Benchmark and asset classes are as follows:
| BENCHMARK |
ASSET CLASS |
WEIGHT |
MACRO ASSET CLASS |
| BofA ML Global Large Cap Corp. ex Euro EUR Hedged TR |
Global Corporate Bonds |
12,4% |
Bonds 56,4% |
| BofAML Euro Corporate TR |
EMU Corporate Bonds |
14,6% |
| BofA ML Global GovtBond II ex EMU EUR Hedged TR |
Ex UME Gov. Glob. Bonds |
7,4% |
| ICE BofAML Euro Governement |
UME Gov. Bonds |
7,4% |
| BofAML Global HY EUR Hedged Constrained TR |
High Yield Global Bonds |
5,2% |
| JPM EMBI GlblDversfd EUR Hedged TR |
Emerging markets Bonds |
5,2% |
| BofAML 1-10 yr Euro Inflation Linked Govt TR |
UME Gov. Bonds Inflation Linked |
2,1% |
| ICE Bofa US Inflation Linked Treasury IndexEUR Hedged |
US Gov. Bonds Inflation Linked |
2,1% |
| MSCI World ex EMU – EUR Hedged Net TR |
Ex UME Glob. Equities |
8,4% |
Equities 32,5% |
| MSCI World ex EMU – Net TR |
Ex UME Glob. Equities |
8,4% |
| MSCI EMU Net TR |
UME Equities |
7,4% |
| MSCI Emerging Markets Net TR EUR |
Emerging markets Equities |
4,1% |
| S&P Small Cap Euro Hedged Net Total Return |
Azionario Glob. Small Cap (Euro hedged) |
2,1% |
| S&P Global Infrastructure Euro Hedged Net TR |
Azionario Glob. Infrastrutture Listed (Euro hedged) |
2,1% |
| Bloomberg Commodity Index Euro Hedged |
Materie Prime (Euro Hedged) |
|
Materie Prime 3,1% |
| FTSE Developed Europe Core Infrastructure |
Euro/Glob. Infrastructure Equities |
2,0% |
AIF 8,0% |
| FTSE Developed Europe Core Infrastructure |
Italy Infrastructure Equities |
2,0% |
| FTSE Italia All Share |
Private equity Italia |
2,0% |
| FTSE Global All Cap Euro Hedged |
Private equity internazionale (hedged) |
0,0% |
| S&P European Leveraged Loan Index |
Direct lending Euro/Glob. |
2,0% |
Mandates currently in operation are:
| Manager |
Mandate |
| AXA Investment Managers Paris |
Global Multi-Asset |
| EURIZON Capital SGR |
Global Multi-Asset |
| PIMCO Europe GmbH |
Global Multi-Asset |
Alternative Investment Funds are:
|
MANAGER
|
AIF
|
| Progressio |
PROGRESSIO Investimenti IV |
| BI-Invest Endowment Management |
ITA Investment Holdings FUND SCSp |
| Progressio |
PROGRESSIO investimenti III |
| Barings |
BARINGS European Private Loan FUND II |
| Ancala |
ANCALA Infrastructure FUND II SCSP |
| Star Capital |
STAR IV Private Equity FUND |
| Neuberger Berman |
NB RENAISSANCE PARTNERS III SCSp |
| Equitix |
EQUITIX European Infrastructure I SCSp |
| Azimut |
Fondo Infrastrutture per la Crescita – ESG |
| Hyle Capital |
Finance For Food One |
| Eurizon Capital |
Eurizon ITER |
| Nextalia |
Nextalia Private Equity |
| Clessidra Capital |
Clessidra Capital Partners 4 |
| F2i – Fondi Italiani per le infrastrutture |
Fondo V – Fondo per le infrastrutture sostenibili |
| Permira Credit Limited |
Permira Credit Solutions V Fund |
| Muzinich & Co., Inc. |
Muzinich DIversified Enterprises Credit II |
| Tikehau Investment Management |
Tikehau DIrect lending VI |
| Algebris Investments (Ireland) Limited |
Algebris Green transiton Fund |
| Quadrivio Group |
Silver Economy Fund |
Finanziario Bilanciato - Andamento quota
Current results are not an indication for future performances.
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