English to Italian Bus/Financial Investment / Securities investimenti, fondi, obbligazioni...

Through our actively-managed, research-driven investment approach, we find that money-making opportunities arise in debt and currency markets from the European convergence process. The XXX aims to provide high, long-term absolute returns while keeping volatility to a minimum. Our flexible investment strategy enables us to focus on both local and hard currency euro-denominated bonds, and also local currencies themselves. This diversified approach greatly assists the fund’s ability to add value in all investment conditions, irrespective of general market direction.
Our position in Hungarian local government bonds continues to be profitable for performance – the assets continue to show good signs of recovery as Hungary’s fiscal and political situations improve. Meanwhile, the appreciation of many eastern European currencies – including the Polish zloty, the Hungarian forint, Slovakian koruna and the Romania leu – has enhanced recent returns.
We remain very conservatively positioned in both duration and credit, as we believe a more aggressive approach to monetary policy action will be adopted. However, given this expectation of tightening credit conditions, we anticipate our currency positions will appreciate further. In addition, one of our favoured strategies is that as countries in the eastern European region tighten their fiscal policy in preparation for convergence, their currencies will strengthen.

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