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Report 6- 2017

Markets do not suddenly change, but  they pass through transient phases from one trend to another, in which the various assets do not move in sync, and often with  false signals.

We like to compare to a gear that tries to find the right move.

Here is the example that we have just spent the past month with  the central bank's complicity.

We saw the first European index correction while the benchmark  SP500 had  had a slight positive change;  let's remember that the target of the index is  positioned at about 5% above current levels. The € / $ cross pushed up to 1.14 on a more optimistic European cycle view, but the drop in yields seems  to say the contrary.  In addition the main macro-US data is not at all positive.

The fund is now positioned at 29% on equity.

At cost of repeating  this is a difficult phase as many signals are negative with residual growth spaces. Correction might be close but depth cannot be predicted.

We  feel  right to remain underweight of  equities while we grow on gold  and invest in futures  to increase the fund’s  volatility.


We attach schedule of the portfolio.

Giorgio Giovannoni

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