Ignacio Victoriano, Renta 4
Ignacio Victoriano manages the Renta 4 Valor Relativo, FI fund in the Alternative Ucits – Bond Strategies sector. He has managed the fund since April 2010 and has held a AAA rating for a total of 16 months out of the 20 months he has been eligible for the Citywire ratings analysis.
He has delivered positive returns in each discrete year the fund has been active, except for 2011 where the fund made losses of 9%. Victoriano was able to recoup those losses in 2012, returning 10.3%, while in 2017 to the end of Q3, Victoriano has returned 4% on the fund.
His recent investment decisions have been affected by the shortage of carry trades due to the low rates of interest and the lack of volatility in the markets. For these reasons Victoriano describes the asset allocation in the fund of being more complex in recent months. The strategies he carried out in October included T-Bond shorts on German and Spanish bonds.
The main contributors to performance in October were UNNIM, Mapfre, Telefónica, Liberbank and Santander Bank, among others. At a sector level, his top exposures are banks (37.8%) and telecommunications (11.15%), with the main country exposures being Spain (53.2%) and Italy (8.04%).