Marc Fabayre

GIF is a value-oriented manager which first follows a top-down approach to select undervalued equities with potential to produce superior returns. The firm's equity fund managers then follow a collective process to construct equity fund portfolios by stock-picking. For multifunds the firm utilizes a top-down approach to make an initial selection of funds and then selects stock from this universe to construct the fund portfolio. Fixed-income investments are selected following a macroeconomic analysis of markets and sectors, which are hedged with government and corporate bonds. GIF works closely with Generali Group's analyst and economists.

Generali Investments France is an active manager which follows a risk-cautious, fundamentals-based approach in order to generate consistent, low volatility returns over the long-term and protect invested capital. The firm combines top-down and bottom-up inputs provided by in-house research teams. They first analyze macro-economic indicators and the general political environment to evaluate their potential impact on the main financial markets. Dedicated committees decide on the strategic asset allocation and provide short-term forecast on equity and fixed-income markets driving tactical allocation to be implemented by the portfolio managers who select securities based on inputs from proprietary bottom-up securities analysis, ESG screening and quantitative models. Their bottom-up research team covers mainly European, US and Asian companies, providing equity recommendations and internal credit ratings to portfolio managers, who combine the positive aspects of equity analysis (expectations on revenues and profitability evolution) and credit analysis (debt distribution and cash flows) to analyze companies in an organic manner and identify the financial instrument with the most attractive risk/return profile (equities, convertible bonds, corporate bonds). Risk management is fully integrated in the firm's investment process and provides daily inputs to portfolio managers along with ex-ante analysis (VaR, simulations, expected yield) and ex-post risk profile measurements (tracking error and tracking error volatility, turnovers, risk and return ratios). A risk platform runs various analyses including stress testing, VaR measurement, risk sources analysis, delta adjusted market exposures and sensitivities.