L’andamento dei NAV degli ultimi anni mette in evidenza come la traduzione italiana “hedge” in “speculativi” non sia particolarmente pertinente riferita a strumenti che spesso non si pongono l’obiettivo di ottenere risultati particolarmente elevati, ma soprattutto di ottenerli in maniera continuativa e decorrelata con le asset class tradizionali.
Il rendimento medio di tutti i fondi speculativi italiani infatti, è stato in 5 anni (ultimi dati disponibili al 14/07/2018) vicino al 20% che, a capitalizzazione composta, significa il 3,7% annuo. Le performance solari (calcolate dal 31/12 di ogni anno alla medesima data dell’anno successivo), sempre in media, sono state tendenzialmente positive con l’eccezione del 2016, -2,5%, e con un 2013 particolarmente proficuo a +12,5%.
La volatilità annualizzata, calcolata sugli ultimi 5 anni, risulta piuttosto contenuta, intorno al 5%, confermando la ricerca di stabilità piuttosto che di risultato assoluto.
Suddividendo poi i fondi rispetto alla loro politica di gestione, limitandosi alle due categorie significative, le strategie Long-Short mostrano una maggiore aggressività capaci di realizzare rendimenti di dimensione più elevata sia in positivo, che in negativo (ad esempio il 2017).
La volatilità e il posizionamento sul piano rendimento-rischio conferma il diverso livello di esposizione al rischio rispetto alle strategie adottate.
Leggi tutto lo studio qui (Fondi Speculativi Italiani – Analisi dei rendimenti 2013-2018)
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