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Αρχική σελίδα > Αμοιβαία Κεφάλαια > Ομολογιακά > ALPHA EURO (€) ΕΤΑΙΡΙΚΩΝ ΟΜΟΛΟΓΩΝ Inst. (GRF000237005)


ALPHA EURO (€) ΕΤΑΙΡΙΚΩΝ ΟΜΟΛΟΓΩΝ Inst. (GRF000237005) Αρ. Εγκρ. Ε.Κ. 20/Θέμα 9Δ/23.9.1994 Φ.Ε.Κ. 776/Β/13.10.94
Περιγραφή Α/Κ Χαρτοφυλάκιο και Αποδόσεις Ενημερωτικά Δελτία 3μηνιαίο δελτίο
Portfolio Breakdown

AA 4,5%
A 35,4%
BBB 38,6%
<BBB 21,5%
TOP HOLDINGS  31/12/2018 
GTB 0 06/07/19  9.7% 
ALVGR 5 5/8 10/17/42  4.3% 
ELPEGA 4 7/8 10/14/21  4.0% 
MS 1 3/4 03/11/24  3.9% 
AXASA 3 3/8 07/06/47  3.8% 
SECTOR BREAKDOWN
Financials 44,1%
Oil & Gas 12,4%
Telecommunications 6,3%
Industrials 5,6%
Consumer Goods 4,3%
  Cumulative Return
PERIOD Benchmark M/F*
Data update on 24/1/2019
Quarter Review
During the 4th quarter of 2018 corporate bond prices decreased. The yield-to-maturity of government bonds fell with the yield-to-maturity of the German 10-year bond decreasing by 23bps to 0.24%. The spread of the benchmark’s corporate bonds against German government bonds increased by 37bps to 152bps. The significant decline in oil prices, the continuation of the US-China trade war and the general concern about the prolonged slowdown in the economy of the Eurozone, maintained the yield-to-maturity of the core government bonds at low levels. The subordinated bonds of the insurance and automotive sectors underperformed. Τhe ECB kept its monetary policy unchanged and decided, as expected, to end the quantitative easing program (QE). According to the latest forecasts, the ECB estimates that Eurozone’s economy will grow by 1.9% in 2018 and 1.7% in 2019 against previous forecasts of 2% and 1.8% respectively. ECB’s decision to end its QE program had a significant impact on corporate bonds by increasing their spreads during the 4rd quarter. The Italian government proposed a budget deficit of 2.04% of GDP for 2019, avoiding the launch of the “Excessive Deficit Procedure”. Italian corporate bonds outperformed their peers during the 4th quarter.
ΟΙ Ο.Σ.Ε.Κ.Α. ΔΕΝ ΕΧΟΥΝ ΕΓΓΥΗΜΕΝΗ ΑΠΟΔΟΣΗ ΚΑΙ ΟΙ ΠΡΟΗΓΟΥΜΕΝΕΣ ΑΠΟΔΟΣΕΙΣ ΔΕΝ ΔΙΑΣΦΑΛΙΖΟΥΝ ΤΙΣ ΜΕΛΛΟΝΤΙΚΕΣ