Press Clippings 

November 2012

The article sheds light on the excellent year in terms of performance of high yield funds and it explains why this occurred and what are opportunities and perspectives for this asset class. The product Eurizon EasyFund Bond High Yield R, created by Eurizon Capital SA and managed by Eurizon Capital SGR, was among the 10 best performers on the European market (1,3,5 year horizon, data as of October 15th 2012).
The fund managers Raffaella Tommaselli and Elena Musumeci confirm the great capital inflow on high yield funds during 2012 and they think the liquidity buffer still present on the market will probably continue to support these products. Challenges to this view focus either on political risks such as delays in the ECB’s outright monetary transactions (OMT) program, or from the macro picture in terms of further weakening of Southern European economies.
Tommaselli and Musumeci also believe that opportunities are in cash flow-generating companies with steady business models that could absorb a slump. “The classic bull case for high yields would suggest to overweight the high leverage/low rated/highly cyclical names as it relies on the growth in the economy. But, as a result of constructive stance coming from a reduction in the tail risks in the eurozone and uncertainties on the macro picture, it is appropriate to focus on the strongest credits, avoiding negative free cash flow companies in very cyclical sectors (typically B3/CCC bonds)”.

Because of the new fears on the sustainability of peripheral debts, and in particolar of Spain, many experts see an interesting alternative in high yield bonds. In the ranking of the 10 best European High Yield bond funds over the past 12 months (with data as of April 10th 2012), there is also an Eurizon Capital product: Eurizon EasyFund Bond High Yield R, which obtained a performance of 10,41% in the time horizon considered. 

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In an analysis of the fund categories that have obtained the highest returns in the past year there are also the euro area government bond 3-5 years and the pharmaceutical-sanitary equity sector.
In both cases, in the ranking of the first 10 funds in terms of 1 year performances, there are some products of Eurizon Capital, respectively Eurizon EasyFund Bond Eur Medium Term LTE R Eur (+5%) and Eurizon EasyFund Equity Pharma LTE R Eur (+12,2%). 

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In the ranking of the funds’ top performances over the past 12 months there is also an Eurizon Capital product: Eurizon EasyFund Bond Emerging Markets R, among the best funds in its reference category.

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Almost a year after the terrible earthquake that hit Japan there are signs of economic recovery in the country, particularly if one looks at the trend of the Japanese stock indeces. Both Topix and Nikkei soared by almost 25% in domestic currency since the beginning of the year. In the ranking of the 10 best Japan large cap equity funds, with data as of February 21st 2012, there is also an Eurizon Capital product: Eurizon EasyFund Equity Japan LTE Class RH, which gained 12,34% since the beginning of the year.

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The article sheds light on the sectors and the types of products that in this particular market context have obtained the best performances. Among these is the IT sector.
In the ranking of the first 10 sectorial funds that invest in IT on a global level there is also a product of Eurizon Capital: Eurizon EasyFund Equity High Tech LTE Class R, which achieved a performance of +1.04% during the past year. Investors’ expectations on the IT sector over the next months are positive.

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Despite the continuing Eurozone debt crisis some Eurizon Capital funds have performed extremely well since the beginning of 2011. In particular, out of 50 funds considered in this ranking, Eurizon EasyFund Bond GBP Class ZH has pulled off a top-ranking performance of 10,3%. The good performance of the fund can be significantly explained by the rising yields offered by British bonds.








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The month of August has been characterized by a poor trend of the main international financial markets. Some mutual funds, however, have pulled off anyway positive returns. Among these is Eurizon EasyFund Bond GBP. This fund has scored a performance of 3,55% in August, benefitting from the British pound’s revaluation against the euro. Fund managers Luigi Fallanca and Matteo Magnani explain that the positive return is certainly due to the currency effect, but it has also been boosted by “the movement of the British yield curve which has undercome a flattening in its long part (10-30 years), that is the segment where the majority of bonds issued by the treasury is concentrated”. “For the next months – they conclude – we expect the scenario won’t be subject to substantial variations. The UK economy could undergo a slowdown and generate a descent of the inflation to levels that are more consistent with the BoE’s policy. We therefore mean to keep the current positioning in order to take advantage of the expected increase of British government bonds, despite the low carry offered by these instruments”.

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