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Report 11/2017

In the October report, we wrote about the portfolio restructuring in which we sold all bonds  for the benefit of equity sector.

Specifically, we increased the weight in banking sector for  the quotations  reached  and that we believe are interesting.

During the month just ended, a series of negative flows for the sector were  pitted, starting from the increase in the share capital of CARIGE, to end the long-standing issue of NPLs present in bank balance sheets.

From Europe  greater rigor has been required in the exposition of impaired loans in financial statements, except then correcting  these sentences and contemplate a  procedure softer.

As can be understood the alternation of statements, more or less stringent on the NPL, has had repercussions on the monthly result.

After years in which the banking sector was absent from our portfolio, we  consider  interesting to focus in it and on the main European and Italian stocks that even trade at a discount of over 20%.


We attach schedule of the portfolio.


Giorgio Giovannoni

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