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Ucits Funds

Active portfolio management and highly skilled professionals with proven track record in performing absolute performance. No-benchmark driven products. Portfolio Management fully delegated to fund managers

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Investible Universe

The universe of funds on the market is subdivided into three major macro-categories: Passive Funds or Benchmark-driven, Total Return Funds, Absolute Return Funds.

Passive funds

Fund Manager discretionary decisions are minimal and rare, as a consequence portfolio flexibility is negligible. Investment in this type of products gives access to a specific market leaving the Fund manager a negligible and in most cases none discretion in allocating the investment. ETFs and Fund at benchmark are part of this category

Total Return funds

Partial Management Delegation. Products with a specific market geography and a variable exposure level depending on the market context. The goal of these strategies is to provide a higher risk-adjusted return than the reference market

Absolute Return funds

The return of this kind of funds does not depend on the performance of a specific market. Portfolio flexibility and management techniques allow the fund manager to modulate risk and achieve positive returns even in adverse market phases

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Anthilia’s Focus

Hedge funds
Benchmark funds
Smart beta
ETF

Total Return and Absolute Return Funds have a higher level of proxy exposure than the Passive Funds (benchmark products, ETFs, Smart Beta) both in terms of portfolio allocation and risk. Anthilia’s offer focuses on these two types of products.The investor entrusts the manager with the task of modifying the portfolio to capture market opportunities and reduce risks in adverse phases

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Investment Process

How ideas are generated and enforced

Our analysis starts from the macro scenario and move to the search for risk premium:
  • Balance between short-term momentum and return to long-term equilibrium
  • Analyzing investors' market positioning
  • Support quantitative models for market analysis
Seeking for value at a Single Company Level:
  • Fundamental analysis
  • Meetings with companies for equity investment
  • Preference for companies with unidentified growth potential
  • Prospecting (bond)
  • Preference for mis-priced tools
Confronto periodico con il Team di gestione:
  • Investment Committee
  • Markets Meetings

Portfolio Architecture

Risk Management to Protect Capital:
  • Fundamental and economic analysis of risks associated to the company and macro-scenario
  • Portfolio optimization against financial and market risks
Position sizing:
  • Strength of the view (on that specific line of investment)
  • Contribution to overall portfolio volatility
  • Potential losses
  • Liquidy
Available tools and models:
  • Stress test of positions/wallets
  • Ex-VAR limits
  • Correlation between positions / strategies

Implementation

Process technique:
  • Automatic processing of operations
  • Real-time monitoring of compliance with investment limits
Management discipline:
  • Search for positive asymmetry in yield/return distribution
  • Cutting losses to preserve capital
Sell discipline:
  • Fundamental deterioration
  • Excessive evaluation
  • Identification of cheaper alternatives

Risk control

Independent function dedicated to:
  • Daily risk portfolio control (99% monthly VAR)
  • Validation of risk management procedures
  • Daily reconciliation of the portfolios
  • Analysis and evaluation of market counterparties

Performance attribution

Real-time portfolio monitoring

Production of reports with different levels of detail
  • Weekly, monthly
  • For single title (stock-picking products)
  • By market (asset allocation products)
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