Plenisfer Investments has launched a new fund offering a multi-strategy total return bond solution.
Destination Dynamic Income Total Return starts with an initial capital of €50m. The investment was made by the Generali Group, strategic partner and shareholder of Plenisfer that operates within the Generali Investments ecosystem.
The new sub-fund belongs to the Luxembourg vehicle UCITS OICVM (Undertaking for Collective Investment in Transferable Securities) Plenisfer Investment Sicav of which Plenisfer is delegated to manage.
Destination Dynamic Income Total Return offers investors a multi-strategy, diversified and global bond allocation aiming to achieve an average annualized return of 4% over a market cycle.
Plenisfer aims to achieve this objective through an active, flexible and dynamic management capable of generating value in relation to the various phases of the economic cycle and interest rates, and the direction of credit markets .
The Fund will invest globally in bonds (government, corporate investment grade and high yield, emerging markets)* convertible and non-convertible, currencies, with particularly flexible duration* ranging from -5/+ 20 years. The base currency of Destination Dynamic Income Total Return is Euro.
Diversification - in terms of issuers, sectors, credit quality, subordination and geographical area - will be managed by Plenisfer's distinctive approach. Plenisfer, indeed, invests without the constraints imposed by benchmarks* aiming at clear risk and return objectives, selecting, globally and through the lens of proprietary strategies, individual investment ideas across the entire capital structure .
The management of Destination Dynamic Income Total Return will, in particular, leverage on three strategies:
• Income (core): designed to offer a stable source of income, will invest in investment grade debt, high yield, bank debt, convertible bonds and contingent convertibles* (CoCos).
• Macro Opportunities: Plenisfer's vision and expectations on interest rates, inflation and currencies, geographical areas and sectors, will be reflected in top-down investments and will guide the strategy of protection against market fluctuations with respect to both interest rate and credit risk.
• Special Situations: specific and uncorrelated investments in opportunities generated by specific factors in the Stressed & Distressed Debt* area.
The lead portfolio manager of the Sub-Fund will be Mauro Ratto, co-founder and Co-CIO of Plenisfer. Mauro Ratto has over thirty years of experience in flexible bond management. He was Lead Portfolio Manager of the Pioneer Euro Strategic Bond fund.
Mauro Ratto will be supported by Stefan Benedetti, senior portfolio manager Special Situations, with a twenty-year track record in the high yield and emerging markets sectors, as well as by the Plenisfer research team.
Giordano Lombardo, CEO and Co-CIO of Plenisfer, said: "With the launch of the new fund, we are expanding the Plenisfer's offer range. We are also responding to a different risk-return management requirement compared to the one related to our flagship fund which has recently reached the important milestone of the first three years on the market.
"Moreover, with Destination Dynamic Income, we want to offer a solution in the bond asset class that is also interesting for Wholesale, customers who aim to generate value in phases of high volatility of fixed income like the current one. Of course, our investment philosophy remains unchanged: we will continue to manage by objectives and free from benchmarks to identify the best global opportunities with a multi-strategy approach".
Mauro Ratto, Co-CIO of Plenisfer and lead portfolio manager of the product, said: "We are launching Destination Dynamic Income in the belief that in an unprecedented market context such as the current one, characterized by higher and lasting inflation, new monetary policies and high volatility, the bond yield should be sought with a different approach than in the past.
"The fundamental macro analysis will enable an allocation that aim to manage performance in an anti-cyclical way, analyzing risk premiums in the various credit segments. Investments will therefore be guided by our expectations relating to the evolution of the economic cycle, interest rates and currencies."
