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Report 2018/01

January recorded a new top of the markets, driven by the excellent quarterly results of the US companies and by the incoming flows  from the bond market.

The excellent performance recorded by investments in US securities, however, was partially reduced by the weakness dollar that lost 18 percent against €.

Positive performances recorded on commodities and in particulary those typically cyclical and from gold in its function as hedging and safe haven in the presence of inflation.

Our portfolio benefited from exposure to the US market, cyclical sectors and gold, even if the performance suffered the USD devaluation .

Considering  the current market situation and the levels reached by the indices, the level of portfolios protection has been  increased with adjustment of the stop losses.

We attach schedule of the portfolio.

Giorgio Giovannoni

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