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Report 12/2017

In this report we will analyze the result obtained from our portfolio.

The positive performance, although contained in percentage, responds to the prudential strategy and to control volatility, approved by the Management Committee.

Let's break down how the different assets contributed to the final result:

- Equity:   stock’s weight  rose from 44%, at the beginning of 2017, to 48% at present.  Stable  the level of short-term hedging on indexes at  6%. The performance of the equity segment, gross of hedging, has been 6.97%.

  High Tech, Health Care / Biotech and Travel & Lsr  have been sectors which contributed to the positive result, and on average they had the greatest weight during the year; instead the Banking sector contrasted with good results in the first months of the year in relation to the investment in Banca IFIS and then suffered due to the well-known events of the NPL and changes in the valuation in the financial statements. The US market, on which we concentrated our investments, assured excellent performance even though the depreciation of 14% of the dollar against the euro reduced its final result.

- Bond: the weight assigned to the sub-fund was on average 14% up to September and then canceled from October. The decision is a consequence of the valuations achieved by the securities, including high yield, following the numerous QEs of the European Central Bank and which make no profitable the investment in bonds currently .

- Commodity: our preference is granted to Gold with a weight of 3.45% but on which we intend  to accumulate further positions as it remains a valid hedging instrument. Although the price remains below the values ??of 2016, the asset contributed to the final performance with a 12.80% in USD.

 We attach schedule of the portfolio.

Giorgio Giovannoni

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