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Anima Sforzesco Plus: Characteristics of the Fund. Is it worth it?

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Anima Sforzesco Plus: Characteristics of the Fund.  Is it worth it?

Independent Financial Advisor and Co-Founder of Affari Miei

4 March 2024

Are you looking for information on Anima Sforzesco Plus fund?

As you know, come on My business I review the main managed savings products on a daily basis, to help you and other readers invest money in an informed manner, without scams and without running into less advantageous solutions.

Speaking of investments to be approached consciously, today I analyze the fund Anima Sforzesco Plus, handled by Anima SGR. It’s a Mixed Bond Fund which combines a portfolio of bonds with an equity component.

The Management Company presents the product as “an interesting alternative to traditional bond investing”.

We will see, in the course of the review, if indeed a mixed portfolio is it more advantageous, and for which investors is it convenient.

If you are interested, continue reading.

This article talks about:

Anima SGR: an introduction

Anima SGR it is the largest independent asset management group in Italy, and manages total assets of over 204 billion euros; it can also count on more than one million customers. There are more than 300 professionals available to customers and those who want to make investments, both in Italy and abroad.

The SGR is under the parent company Anima Holdinga public company listed on the Milan Stock Exchange since 2014.

Anima offers equity, bond, flexible, monetary, multi-asset, balanced and sustainable funds.

The company also deals with asset managementan efficient and personalized capital administration and management service, designed to aim for return objectives that are in line with the risk profile and also with the investor’s time horizon.

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Identikit of the fund

Il mixed bond fund of the system Anima falls within the profile line, with a different and growing risk-return profile. The funds that belong to this line include a mix of bond investments and equity investments.

The fund turns out to be a very interesting alternative to the classic traditional bond investment, since it is also able to offer a very diversified portfolioboth by geographical areas and by sectors but also by type.

The fund was listed in March 2016 and has assets of 744.4 million euros.

Since we are dealing with a mutual fund, I would like to point out that the management style of the fund itself is active.

What he invests in

We said that Anima Sforzesco Plus it is not a classic bond fund because it also invests in the stock market, albeit marginally.

The objective is to increase profitability compared to an investment in fixed income securities only. However, maintaining a medium-low risk profiletypical of investors who do not want to compromise the integrity of their savings.

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In percentage, at least 70% of the portfolio is represented by bonds and monetary securities qualified issuerssuch as sovereign states and supranational organizations, but also corporate bonds high rating.

The average financial duration of bonds ranges from a minimum of one year to a maximum of three years.

No more than 20% of the portfolio is invested in stocks companies with different capitalisationbelonging to developed countries.

It is important to underline the fact that preference is given to the securities of companies that stand out for having particular attention to environmental, social and governance criteria. Direct investments in financial instruments of issuers operating in the sectors linked to the production of cigarettes and other products containing tobacco, in the sector of the production of nuclear weapons, as well as in the management of casinos and gaming houses are generally excluded.

To get a detailed overview, the portfolio tends to be made up like this:

75% investments in bonds; 15% investments in shares; 10% liquidity.

The fund is exposed to exchange rate risk of no more than 35%.

The benchmark

As mentioned above, the style of management is active with reference to a benchmark.

What does it mean? It means that the manager selects the financial assets to put in the basket taking as reference a mix of known indices – an expression of the bond and stock markets of interest.

Since the approach is active, the manager can change the weight of the various components in the basket and also include alternative financial instruments, not foreseen by the benchmark.

The benchmark is made up as follows:

30% JP Morgan GBI Global Global Government Bond Market; 20% JP Morgan EMU Euro area government bond market; 20% ICE BofA Euro Large Cap Corporate Euro area corporate bond market; 15% ICE BofA Euro Treasury Bill Euro area money market; 10% MSCI EMU Euro area stock market; 5% MSCI World Global stock market.

The objective of actively managed funds is in fact to outperform the market and not to align with it, even if they rarely succeed. The degree of deviation from the benchmark is significant.

Level of risk and reward

Based on the assets in which the fund invests, a risk and return profile more or less high. Clearly, the more volatile and risky the investment, the higher the return opportunities.

Normally, bonds yield less than stocks. As a result, management companies seek to combine these two asset classes and offer more dynamic but low-risk investments.

As you can see from the Risk Indicator, the fund has been classified in category 2, low level, on a scale ranging from 1 to 7. It is not comparable to a stock fund, but it potentially performs better than a basket of just bonds and money market securities.

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Of course, if you aspire to something more advanced you’ve made the wrong choice; but if you’re a fan of safety, this investment may be slightly riskier than you think – in the end, the indicator is just a rough estimate.

Subscription and reimbursement methods for units

Let’s get to the practical questions. The subscription of the shares is carried out directly through the SGR or through one of the distributors.

Anima Sforzesco Plus offers more share categorieswhich may differ in terms of subscription methods, commission regime and also the policy regulating the use of proceeds.

The shares of Classe F we are not interested in them because they are reserved for professional investors. The Classes A and AD they are instead reserved for common investors.

Subscription can be done with payment in a single solution (in PIC mode), with a minimum amount of €500 for A shares, and €2,000 for AD shares.

Both Classes also subscribe to i Capital accumulation plans (CAP)which as you know, allow you to split the investment into periodic payments.

In this case you can opt for an initial installment amount of at least 50 euros or multiples, for both installments, and the payments can be a minimum of 12 and a maximum of 500.

The exit methods are the same for both Classes: it is possible disinvest whenever you want, simply by communicating it to the SGR, which will reimburse the value corresponding to the shares held. If you wish, you can request a partial rather than total refund.

Destination of proceeds

Class A units are ad accumulation of proceeds. The SGR does not distribute the profits generated but reinvests them in the fund itself.

Class AD units are a distribution of proceeds. The SGR distributes one annual coupon by March 31st of each year.

I, for example, always prefer to accumulate the proceeds.


We arrive at the cost statement, a fundamental part of the analysis, since it tells us how much the costs affect performance expenses.

When investing involves low-risk instruments, fees tend to be lower, but generally have a greater impact on returns, which are slim.

Let’s see what expenses must be incurred for the investment, the commission regime is the same for Class A and AD units:

Subscription charges, a maximum of 3% of the sum paid, before it is invested;
Reimbursement costs not foreseen;
Charges taken from the fund annually, equal to 1.42% (management fee: 1.30%);
Performance feeapplied only if the fund achieves a performance superior to that of the benchmark, the commission is equal to 20% of the positive difference;
Incentive fees: equal to 20% of the fund’s outperformance compared to the benchmark.

The subscription fees will have a significant impact on the investment, because a maximum of 3% eats up a significant chunk of capital, even before it is invested – it’s like starting with a disadvantage.

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Past performance

Normally I spend a few lines to analyze the past performanceskeeping in mind that they are not indicative of future ones.

We can briefly say that the fund almost always failed to outperform the benchmark.

Affari Miei’s final opinions on Anima Sforzesco Plus

I have finished the fund analysis Anima Sforzesco Plus. The time has come to make some evaluations and share my personal thoughts with you.

Personally, this fund I don’t like it too much, because I find that combining bonds with shares, in a single packaged product, does not bring all this added value.

First of all, it doesn’t give me a measure of how risky my investment actually is, because in the end the manager makes discretionary choices, which are not very clear. The maximum 20% equity investment may not fully reflect my needs and risk profile.

Isn’t it better to divide your portfolio between asset classes of different nature, with a view to diversification? By separating the various investments and capitals?

Of course these are just reflections since I don’t know your personal and financial situation and therefore I can’t know what’s best for you.

However, know that you can achieve the same results by choosing the right tools yourself, and not by investing in a single basket that has a bit of everything and a bit of nothing.

I add that, if you don’t like too flat an investment, they are also there high-yield bond fundswhich include riskier securities (low-rated bonds and so on).

What can we conclude? Is it worth investing or not? I can’t know because: first, the fund is too recent to make any assessments; second, I don’t know you and therefore I don’t know what your situation is and what you are looking for.

I’m just telling you that an investment that is not consistent with your objectives and possibilities is unlikely to be fruitful; vice versa, every tool, if well used and understood, is potentially useful.

Therefore, before investing, define your objectives and strategy.

Before investing, in the presence of doubts and uncertainties, it would be better to increase your own financial trainingand redefine investment objectives and strategy.

If you want to invest with awareness I always recommend it first training.

Read the guides for new investors, specific to the different life stages:

I greet you and wish you a good investment.

Find out what kind of investor you are

I have created a short questionnaire to help you understand what type of investor you are. At the end, I will guide you towards the best contents selected based on your starting situation:

>> Get Started Now

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