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NS: Inflation Linked Bonds Fund• HedgingInterest rate hedging allows the fund manager to reduce or increase the portfolio’sduration according to strategic analysis of the yield curves.• Currency riskMaximum unhedged exposure in other currencies is 50%. Currency exposure isusually hedged through swap contracts.• Current portfolio structure- Government bonds 100%- Rating AAA 100%- Current hedging 80%- Duration4 Years<strong>Banca</strong> <strong>Zarattini</strong> & <strong>Co</strong>. <strong>SA</strong>16
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