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Αρχική σελίδα > Αμοιβαία Κεφάλαια > Ομολογιακά > ALPHA ΕΥΡΩΠΑΪΚΩΝ ΚΡΑΤΙΚΩΝ ΟΜΟΛΟΓΩΝ


ALPHA ΕΥΡΩΠΑΪΚΩΝ ΚΡΑΤΙΚΩΝ ΟΜΟΛΟΓΩΝ Αρ. Εγκρ. Ε.Κ. 138/Θέμα 2/23.3.1993 Φ.Ε.Κ. 176/Β/19.3.93
Περιγραφή Α/Κ Χαρτοφυλάκιο και Αποδόσεις Ενημερωτικά Δελτία 3μηνιαίο δελτίο
Portfolio Breakdown

Spain 22,5%
Italy 19,4%
France 11,7%
Germany 10,5%
Belgium 7,3%
Other Countries 8,1%
Cash 20,4%
TOP HOLDINGS  29/9/2017 
SPAIN 1.15 07/30/20  9.6% 
ITALY 4 1/4 03/01/20  9.3% 
HELLENIC T-BILL 0 11/10/17  8.7% 
FRANCE 3 1/4 05/25/45  7.0% 
BELGIUM 2 1/4 06/22/23  6.6% 
SUB ASSET CLASSES
  Cumulative Return
PERIOD Benchmark M/F*
1yr (30/09/16-29/09/17) -3,37% -3,34%
3yrs (30/09/2014-29/09/17) 7,36% 2,34%
5yrs (28/09/2012-29/09/17) 24,34% 17,41%
* Calculations based on net unit price
Data update on 26/10/2017
Quarter Review
During the 3rd quarter of 2017 the prices of core government bonds rose marginally. Specifically, the yield-to-maturity of the ten-year German government bond remained stable at 0.46%, while the yield of the two-year German government bond dropped by 12 bps to -0.69% causing the yield-to-maturity curve to steepen. The European Central Bank (ECB) left its interest rates and the bond purchase program unchanged. ECB’s president, Mr. Draghi mentioned that inflation remains at low levels which makes the continuation of ECB’s expansionary monetary policy necessary. He also mentioned that the Central Bank will make the bulk of its decisions on Quantitative easing program (QE) at the next ECB meeting, in October. The result of the German election, with the far-right party (AfD) entering the Parliament, contributed to the rise of political uncertainty and provided support to the core government bonds’ prices. The forthcoming independence referendum in Catalonia and the uncertainty regarding the upcoming elections in Italy (till May 2018) maintained the nervousness around periphery’s bonds. However, the Portugal credit rating upgrade by S&P to ΒΒΒ- from ΒΒ+ (stable outlook) took markets by positive surprise. The spread between the Italian government bonds and the German equivalents declined 5 basis points at the level of 164bps. The fund’s quarterly return was 0.26% while the benchmark’s return was 0.60%.
ΟΙ Ο.Σ.Ε.Κ.Α. ΔΕΝ ΕΧΟΥΝ ΕΓΓΥΗΜΕΝΗ ΑΠΟΔΟΣΗ ΚΑΙ ΟΙ ΠΡΟΗΓΟΥΜΕΝΕΣ ΑΠΟΔΟΣΕΙΣ ΔΕΝ ΔΙΑΣΦΑΛΙΖΟΥΝ ΤΙΣ ΜΕΛΛΟΝΤΙΚΕΣ