09 Dic MIMS – MULTIASSET GLOBAL OPPORTUNITIES FUND (REPORT DECEMBER 2022)
The ultimate goal of this Fund is to achieve long-term growth whilst controlling volatility. To that end, this portfolio comprises a multitude of highly diversified securities with the possibility, in exceptional cases, to take short-term speculative positions. To ensure high diversification, the Fund is spread across geographies, industries, and asset classes, and is built through stock picking, based on fundamental analysis and macroeconomic views.
After one of the most front-loaded interest rate hike cycles in the US and a significant normalization of monetary policy by all main central banks, we decided to increase the fund exposure to bonds, always being prudent in terms of duration and credit quality, and to prefer credit over equity. Equity exposure is skewed towards defensive sectors in order to navigate a slowdown of the economic cycle next year. An 80% – OTM put on the S&P500 is included in the portfolio in order to increase its robustness against unexpected shocks.Download PDF