Nell’attuale contesto caratterizzato da bassi tassi e da un livello elevato delle valorizzazioni delle azioni e delle obbligazioni, numerosi investitori si ritrovano costretti ad accettare un livello di rischio troppo elevato per loro al fine di conseguire i rendimenti desiderati. Sulla base di questa constatazione abbiamo deciso di sviluppare la nostra strategia d'investimento “premi azionari” il cui l’obiettivo è la generazione di rendimenti stabili, decorrelati dai mercati azionari e dalle fluttuazioni dei tassi d’interesse.
Questi premi sono dei premi al rischio che hanno distinte caratteristiche (valore, slancio, qualità, entità, sicurezza, gestione) e offrono diverse fonti di remunerazione sui mercati azionari.
Per conseguire il nostro obiettivo, consistente nel realizzare rendimenti stabili con un volatilità moderata, sfruttiamo sei di questi premi, tramite un approccio sistematico basato sul rischio. Ne sono scaturiti dei portafogli composti da posizioni “long” e “short” per conseguire un beta circa pari allo 0.
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