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At Generali Investments, we developed an innovative unconstrained investment approach applied to the Generali Investments Sicav (GIS) Total Return Euro High Yield (the Fund). The fund is designed to respond to investors' need for yield in a context of still extremely low interest rates. The strategy follows a flexible investment approach, with no benchmark constraints, and seeks to achieve positive returns across market cycles.

 The fund in brief
  • Flexible unconstrained approach.
  • Aims at delivering consistent risk controlled returns across a market cycle with a lower volatility than traditional funds.
  • Target risk level: 5% VaR across the market cycle (3-5 years on average).
  • The Fund combines a high conviction approach (through stock selection and single stock CDS) and overlay strategies against market risks macroeconomic, correlation between asset classes, etc.).
  • Geographical portfolio diversification is implemented to optimize asset allocation.
  • Exposure to Euro denominated issuers.
  • A transparent (UCITS IV), dynamic and flexible investment solution unconstrained approach.

The Fund combines high conviction bond picking strategies with a series of unfunded (long/short) strategies within a risk managed UCITS investment vehicle.

Risk management is as important as alpha generation. The Fund follows a total return approach coupled with an active management of risk budgets. Therefore,we applied a disciplined risk management approach based on portfolio diversification and an opportunistic downside risk management to the portfolio.

We include in the investable universe not only Euro High Yield names but also cross currency deals. The bond portfolio is complemented by macro long and short overlay strategies so as to achieve the desired flexibility, particularly in the context of a lesser liquid asset class such as high yield.

Our dedicated team - led by Stefano Perin, in charge of High Yield bonds strategies - leverages on our strong in-house credit, equity and macroeconomic research teams.  

GIS Total Return Euro High Yield offers an alternative, high conviction and flexible approach to long-only strategies.

To know more about our offer:   



Source: Generali Investments Europe S.p.A. Società di gestione del risparmio as of end of March 2017.

GIS Total Return Euro High Yield is a subfund of Generali Investments SICAV (an investment company qualifying as a “société d’investissement à capital variable” with multiple subfunds under the laws of the Grand Duchy of Luxembourg) managed by Generali Investments Europe S.p.A. Società di gestione del risparmio. The information contained in this document is only for general information on products and services provided by Generali Investments Europe S.p.A. Società di gestione del risparmio. It shall under no circumstance constitute an offer, recommendation or solicitation to subscribe units/shares of undertakings for collective investment in transferable securities or application for an offer of investments services. It is not linked to or it is not intended to be the foundation of any contract or commitment. It shall not be considered as an explicit or implicit recommendation of investment strategy or as investment advice. Before subscribing an offer of investment services, each potential client shall be given every document provided by the regulations in force from time to time, documents to be carefully read by the client before making any investment choice. Generali Investments Europe S.p.A. Società di gestione del risparmio, periodically updating the contents of this document, relieves itself from any responsibility concerning mistakes or omissions and shall not be considered responsible in case of possible damages or losses related to the improper use of the information herein provided. Past performance is not a guarantee of future performance and the subfund presents a risk of loss of capital. No assurance is released with regard to the approximate correspondence of the future performances with the ones above mentioned. It is recommended to look over the regulation, available on our website www.generali-invest.com. The client shall carefully read the KIID, which must be delivered before subscribing the investment, and the prospectus which are available on our website (www.generali-invest.com), on Generali Investments Luxembourg S.A. (Management Company of Generali Investments SICAV) website (www.generali-investments-luxembourg.com), and by distributors
Generali Investments is part of the Generali Group which was established in 1831 in Trieste as Assicurazioni Generali Austro-Italiche. Generali Investments is a commercial brand of Generali Investments Europe S.p.A. Società di gestione del risparmio.

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