Macro Integrated Techniques (MIT)

Please note that since 8th June 2016 the new following documents are available: Prospectus, Offering Supplement, KIID, Listing document, Interim Report. In addition since 25th May 2016 shares of Class B are listed on ETF Plus market, open OICR’ segment, managed by Borsa Italiana s.p.a


The Investment Objective of the Sub-Fund is to maximize the absolute returns and to achieve the capital appreciation through the application of an array of financial instruments. The fund through the use of different asset classes will allow for a flexible asset allocation, with the aim to optimise the selection process and the market timing.


The Investment policy will consist of the following strategies:

1) Integral Analysis
As a result of an innovative use of the methodology the trading systems are able to isolate the variables that anticipate the direction of the financial markets. Selected anticipatory data will be used in order to establish potential changes in market sentiment.
MACROECONOMIC ANALYSIS: is fundamental to the structuring of the integral analysis. An accurate breakdown of the macroeconomic variables allows for the anticipation of the direction of specific markets.
TECHNICAL ANALYSIS: once a pattern is identified, the subsequent analysis – graphical, trend, volume, etc – coupled with the macroeconomic analysis will mark the correct time and point of entry and exit and the volumes that will be traded.
FUNDAMENTAL ANALYSIS: having identified the direction and the trimming of entry/exit on individual markets/indices, a further more traditional analysis based on expected growth and returns is carried out on the identified securities to verify the signal provided.

2) Quantitative Models
A portion of the portfolio will be diversified on an algorithmic automated model, based on daily and weekly data that will pursue securities that offer the best risk-reward revenue.
In addition, an element of this will be allocated on a statistical-quantitative model able to locate and profit from daily market anomalies.

3) Spread between sectors
An examination of the relative strength of the different sectors in Stoxx600 is combined with an analysis on the relative strength of the volumes of the individual securities in order to assess the rotational flows between the various asset classes. Trades will depend on spread between different sectors and the index.

4) Bond Picking
Research on identifying possibilities of investment with the intentions to find opportunities of a favourable risk-reward arises.

5) Asset Allocation
A maximum of 10% of the portfolio will be allocated to diversifying into other funds in order to allocate the assets more effectively.